DIVIDEND STRATEGY SERIES:

Size: px
Start display at page:

Download "DIVIDEND STRATEGY SERIES:"

Transcription

1 DIVIDEND STRATEGY SERIES: The Power of Dividend Investing Q State Street Boston, MA

2 // THE POWER OF DIVIDEND INVESTING Dividends 04 The Most Powerful Force in the Universe? 05 Dividend Growth has Generated Income Growth 06 Does Value Investing Ever Beat Dividends? 07 ETF Money Flow Trends Valuations and Portfolio Strategy 09 Dividend Stocks: Attractive Valuations? 10 Dividends & Value: Cheap & Potential Downside Protection Benefit 11 Dividends Instead of Value? Better Risk Adjusted Return Potential O Shares ETF: OUSA 13 Gameplan for Late Cycle Investing: Quality Beats Value? 14 Rotating to Value? Think Quality Dividends 15 Key Porfolio Metrics 16 O Shares FTSE U.S. Quality Dividend ETF: OUSA About O Shares ETF Definitions All investing involves risk. See page 19 to learn more about these risks. 2

3 DIVIDENDS Dividends are payments companies make to shareholders at regular intervals, usually quarterly. Dividends and compounding may be a strong force in generating investor returns and growing income. 3

4 THE MOST POWERFUL FORCE IN THE UNIVERSE? Albert Einstein once stated, Compound interest is the most powerful force in the universe. This theory is highlighted by the contribution from dividends and compounding to the long-term performance of the S&P 500. The S&P 500 is widely regarded as one of the best gauges for the large-cap U.S. stock market. Dating back to the start of 1957, the price return of the S&P 500 is over 5000%. The total return which includes the impact of dividends and compounding is over 35000%. Approximately 85% of the hypothetical total return that an investor would have earned over this long period is attributable to dividends and compounding. S&P 500 Cumulative Price Return versus Total Return since Inception Source: Bloomberg, data as of 1/31/2019. Past performance does not guarantee future results. The referenced index is shown for general market comparisons and is not meant to represent the O Shares Funds. Investors cannot directly invest in an index. 4

5 DIVIDEND GROWTH HAS GENERATED INCOME GROWTH Investors looking to boost the income generated by their portfolio may want to consider high quality dividend paying stocks. Profitable dividend paying companies have the ability to maintain and even grow dividend payments to their investors. This is demonstrated by the growth in dividends per share paid by the companies in the S&P 500. From 2010 through 2018 the dividends per share paid by the companies in the S&P 500 have more than doubled, a growth rate of nearly 11% per year. S&P 500: Dividend Growth History 5 Source: Bloomberg, data as of 1/31/2019. S&P 500 Dividends: Gross amount of all dividends that have gone EX in the last 12 months, including special cash dividends. Calculated by summing all members Dividends Per Share 12 Month (Gross) times shares in the index, divided by the index divisor. Past performance does not guarantee future results. The referenced index is shown for general market comparisons and is not meant to represent the O Shares Funds. Investors cannot directly invest in an index.

6 DOES VALUE INVESTING EVER BEAT DIVIDENDS? Investors often oversimplify the categorization of stocks into growth and value. Dividends may deserve a core allocation to an equity portfolio, not only for seeking income and risk reduction but for strong performance. Over the past 20 years, dividend stocks have outperformed value, growth and the S&P 500. Additionally, dividends have outperformed value in 1, 3, 5 and 10 year periods as well. The hypothetical growth of $10,000 invested over 20 years in dividends results in over $50,000. The hypothetical growth of $10,000 invested over 20 years in either value, growth or the S&P 500 all results in approximately $30,000. Dividends Beat Value and Growth over 20 Years Hypothetical Growth of $10,000 $57,482 Performance Summary 1 Y 3 Y 5 Y 10 Y 20 Y Dividends -1.6% 12.5% 10.5% 15.0% 9.1% Value -5.1% 12.0% 8.7% 13.6% 5.8% Growth 0.3% 15.5% 12.8% 16.2% 5.5% S&P % 14.0% 10.9% 15.0% 5.8% 6 Source: Bloomberg, data as of 1/31/2019. Past performance does not guarantee future results. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directly invest in an index.

7 ETF MONEY FLOW TRENDS In 2018, dividend ETFs experienced fund outflows in six of the first seven months of the year. Dividend ETFs experienced 5 consecutive months of positive inflows during the last 5 months of the year, culminating in an over $5 billion dollar inflow during December. In January, all 3 strategies experienced outflows. Value and growth combined for over $5 billion in ETF outflows compared to dividends at over $1 billion. Monthly Fund Flow ($ Millions) Source: Bloomberg, data as of 1/31/

8 VALUATIONS AND PORTFOLIO STRATEGY Dividend strategies can be a key component of a core equity allocation. Though it can be argued that dividend producing stocks should consistently represent a portion of a portfolio, current valuation metrics indicate that they may be attractive relative to other core investment strategies. They have outperformed in both near term and long term time periods and have potentially offered better risk adjusted return than both Growth and Value. 8

9 DIVIDEND STOCKS: ATTRACTIVE VALUATIONS? Though it can be argued that dividend stocks may always have a place in a stock portfolio, by observing the relative forward price to earnings ratio of dividend stocks versus the S&P 500, investors may get clues on whether or not dividend stocks are relatively attractive investments. For the past five years, dividend stock valuations have been roughly in line with the S&P 500 on average. Throughout this period that they have traded at a premium as high as 15%. As of January 2019, dividend stocks were approximately 11% cheaper than average. Dividend Stocks vs. S&P Relative P/E Dividend stocks are ~11% cheaper than 5 year average. 9 Source: Bloomberg, data as of 1/31/2019. Relative P/E: The 1Y forward price-to-earnings ratio of dividend stocks represented by the Dow Jones U.S. Select Dividend Index divided by the 1Y forward price-to-earnings ratio of the S&P 500. * For list of indices and financial definitions see page 18. Past performance does not guarantee future results. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directly invest in an index.

10 DIVIDENDS & VALUE: CHEAP & POTENTIAL DOWNSIDE PROTECTION BENEFIT Elevated market volatility during the last quarter of 2018 saw broad markets sell off, in particular, more growth oriented segments including technology companies (represented by the Nasdaq 100). The period demonstrated the risk reducing properties of dividend and value stocks, as both strategies experienced less downside. Even after a strong January for markets, dividends and value still outperform the S&P 500, growth and technology stocks over 3 and 6 month periods. Despite the recent outperformance, dividend and value strategies remain attractive relative to the broad market and more growth focused strategies. At a forward price to earnings ratio of 13.0x and 34% 13.9x, dividends and value remain cheaper compared to 15.8x, 19.5x and 18.4x for the S&P 500, growth Amazon and technology stocks, respectively. Moreover, at current valuations, both dividends and value are only in the middle to lower end of their 1 year ranges. Forward P/E Ratio - 1 Year 1 Year Range: High-Low Performance 3M Performance 6M Value 0.9% -2.8% Dividends 0.4% -2.8% S&P % -3.0% Growth -0.3% -3.1% Nasdaq % -4.0% 10 Source: Bloomberg, data as of 1/31/2019. * For list of indices and financial definitions see page 18. Past performance does not guarantee future results. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directly invest in an index.

11 DIVIDENDS INSTEAD OF VALUE? BETTER RISK ADJUSTED RETURN POTENTIAL The investment community often oversimplifies their equity allocations into two main buckets: Growth and Value. Growth is often viewed as a higher return potential option while Value is sometimes the default defensive equity positioning. What may come as a surprise to investors is that over 20 years, dividend strategies have not only been less risky than generic growth and value but have outperformed as well. Going back 20 years, dividends have generated an annualized return exceeding 9% compared to the S&P 500, Growth and Value which were under 6%. Dividends were less risky and generated stronger performance than Value. Risk vs. Return - 20 Years Less risk and more return More risk and more return Dividends S&P 500 Growth Value Less risk and less return More risk and less return Source: Bloomberg, data as of 1/31/2019. * For list of indices and financial definitions see page

12 OUSA: O SHARES FTSE U.S. QUALITY DIVIDEND ETF Quality Advantages. Seek companies with strong balance sheets and profitability, for long-term investors. Performance. High Quality Dividend paying companies provide a performance alternative to value investing. Diversified Portfolio. Over 100 major companies selected according to measures of financial quality. 12

13 GAMEPLAN FOR LATE CYCLE INVESTING: QUALITY BEATS VALUE? Dividends and value have outperformed since the last quarter of Quality dividend stocks performed even better. Quality dividend stocks, defined as companies that are more profitable and have stronger balance sheets, may have increased ability to maintain and grow dividends. The risk reduction benefit of quality dividends has been on display since the 4th quarter of The O Shares FTSE U.S. Quality Dividend ETF, ticker: OUSA, has outperformed the S&P 500, Value and Growth stocks since the end of September with lower volatility. OUSA vs. Growth, Value & S&P 500 September - January % Amazon Performance and Risk Metrics Performance OUSA Value Growth S&P M 5.58% 8.57% 7.51% 8.01% 3 M 1.32% 0.86% -0.25% 0.26% 6 M 1.06% -2.85% -3.13% -3.00% 1 Y -0.25% -5.10% 0.25% -2.32% S/I 9.56% 7.30% 11.44% 9.59% Volatility OUSA Value Growth S&P M 14.43% 16.27% 19.26% 17.61% 1 Y 14.75% 15.96% 20.36% 17.85% 13 Source: Bloomberg, data as of 1/31/2019. * For standard performance of OUSA, see page 16. For list of indices and financial definitions see page 18. Past performance does not guarantee future results. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

14 ROTATING TO VALUE? THINK QUALITY DIVIDENDS Value is often rotated to when the economic cycle is turning and investors want to shift their stock portfolios to a more defensive stance, but is it the best strategy? OUSA has provided nearly 30% more downside protection since inception than Value. In addition, OUSA provides: Strong performance vs. Value. Less risk. More income 34% Amazon OUSA Value Performance Yield 1M 3M 6M YTD 1Y S/I Volatility 1Y Risk Sharpe Ratio 3Y OUSA 2.9% 5.6% 1.3% 1.1% 5.6% -0.3% 9.6% 14.7% 1.09 Value 2.7% 8.6% 0.9% -2.8% 8.6% -5.1% 7.3% 16.0% Source: Bloomberg, data as of 1/31/2019. S/I: Inception Date: 07/14/2015. Upside/Downside Capture: Since Inception 07/14/2015. * For standard performance of OUSA, see page 16. For list of indices and financial definitions see page 18. Past performance does not guarantee future results. The referenced indices are shown for general market comparisons and are not meant to represent the Fund. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

15 OUSA INDEX VS. GENERIC PASSIVE INDEX OUSA Index vs. Generic Passive Index: Which portfolio would most investors prefer? OUSA Index S&P 500 Index Profitability (ROA) More Profitability Leverage Less Leverage Volatility Less Volatility Yield Number of Positions Higher Dividend Yield ~70% of S&P 500 Index Excluded 15 Source: Bloomberg. Data as of 12/31/2018. OUSA Index: FTSE USA Qual/Vol/Yield Factor 5% Capped Index. * For list of indices and financial definitions see page 18. Past performance does not guarantee future results. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

16 // O SHARES FTSE U.S. QUALITY DIVIDEND ETF: OUSA O Shares FTSE U.S. Quality Dividend ETF (OUSA) is designed to be a core investment holding, providing cost efficient access to a portfolio of large-cap and mid-cap high quality low volatility dividend paying companies in the United States selected based on fundamental metrics including: QUALITY LOW VOLATILITY DIVIDEND YIELD OUSA is an exchange traded fund (ETF) that seeks investment performance that correlates generally to price and yield before fees and expenses of the FTSE USA Qual/Vol/Yield Factor 5% Capped Index ( OUSA Target Index ). Why OUSA? Quality Advantages. Seek companies with strong balance sheets and profitability, for long-term investors. Performance. High Quality Dividend paying companies provide a performance alternative to value investing. Diversified Portfolio. Over 100 major companies selected according to measures of financial quality. Quarterly Performance (as of 12/31/2018) 1 M 3 M 6 M 1 Y QTD YTD S/I Volatility NAV -8.01% -7.69% -0.63% -3.06% -7.69% -3.06% 8.10% 11.61% Market Value -7.90% -7.67% -0.69% -3.18% -7.67% -3.18% 8.10% 11.61% Annualized daily standard deviation from inception date (7/14/2015). Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor s shares, when redeemed, may be worth more or less than original cost. Returns beyond 1 year are annualized. For most recent month end performance, please visit oshares.com. NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day. Market Price returns are generally based on market value at 4:00PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. FUND DETAILS Ticker: OUSA CUSIP: 67110P407 Intraday NAV: OUSA.IV Expense Ratio: 0.48% Inception Date: 7/14/2015 Rebalance: Quarterly / Annually 30-Day SEC Yield: 2.71% Number of Holdings: 139 Primary Listing: NYSE TOP 10 HOLDINGS Johnson & Johnson JNJ 5.03% Exxon Mobil XOM 4.67% Procter & Gamble PG 4.47% Cisco Systems CSCO 4.40% Intel INTC 3.53% Pfizer PFE 3.00% Home Depot HD 2.99% Chevron CVX 2.94% Merck & Co. MRK 2.43% Verizon VZ 2.21% SECTOR ALLOCATIONS Health Care 16.03% Consumer Goods 15.31% Industrials 13.10% Consumer Services 12.96% Technology 12.36% Energy 8.86% Financials 8.58% Utilities 7.06% Telecommunications 4.38% Basic Materials 1.11% Other 0.25% RESOURCES Website Fund Page Fact Sheet Prospectus Summary Prospectus SAI 16 Data as of 12/31/2018. Holdings subject to change. 30-Day SEC Yield: The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. A fund s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield. The 30-day SEC yield is as of the prior month end.

17 // ABOUT O SHARES ETF O Shares provides ETFs for long-term wealth management, with an emphasis on quality across our family of ETFs. O Shares provides a series of ETFs, designed for investors with objectives ranging from growth and capital appreciation, to income and wealth preservation. Each of the O Shares ETFs reflects our rules-based investment philosophy, including quality as an important characteristic. At O Shares, we prefer the ETF form of investment fund for cost-effective, tax-efficient, and transparent access to investment portfolios. At O Shares, we aim to serve investors by keeping investing simple, straightforward and easy to understand. O Shares ETFs are all managed according to rules-based indexes, and all are listed on the NYSE. 17

18 // INDICES & FINANCIAL DEFINITIONS Dividends: Represented by Dow Jones U.S. Select Dividend Index. The selection of stocks is based almost entirely on dividend yield and dividend history. Stocks are also required to have an annual average daily dollar Trading volume of more than $1.5 million. These criteria help to ensure that the index represents the most widely traded of the market s highest-yielding stocks. This is a total return index. Growth: Represented by S&P 500 Growth Index. The S&P 500 Growth Index is a market capitalization weighted index. All the stocks in the underlying parent index are allocated into value or growth. Stocks that do not have pure value or pure Growth characteristics have their market caps distributed between the value & growth indices. Leverage: Measures the average assets to average equity. Relative P/E: The 1Y forward price-to-earnings ratio of dividend stocks represented by the Dow Jones U.S. Select Dividend Index divided by the 1Y forward price-to-earnings ratio of the S&P 500. ROA (Return on Assets): Indicator of how profitable a company is relative to its total assets, in percentage. Calculated as (Trailing 12M Net Income / Average Total Assets) x 100. S&P 500: Represented by S&P 500 Index. The S&P 500 is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. S&P 500 Dividends: Gross amount of all dividends that have gone EX in the last 12 months, including special cash dividends. Calculated by summing all members Dividends Per Share 12 Month (Gross) times shares in the index, divided by the index divisor. Sharpe Ratio (3Y): A risk-adjusted measure that calculates the excess performance with respect to the risk free rate (in our case the yield 3 months linked to the currency), per unit of volatility over the last 3 years as of 10/31/2018, performance is measured as mean return. Tech: The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active nonfinancial domestic and international issues listed on the NASDAQ. No security can have more than a 24% weighting. The index was developed with a base value of 125 as of February 1, Prior to December 21,1998 the Nasdaq 100 was a cap-weighted index. Upside/Downside Capture Ratio: Measure to demonstrate relative performance against a broad benchmark during periods of market strength or weakness. Reference benchmark: S&P 500 Value: Represented by S&P 500 Value Index. The S&P 500 Value Index is a market capitalization weighted index. All the stocks in the underlying parent index are allocated into value or growth. Stocks That do not have pure value or pure growth characteristics have their market caps distributed between the value & growth indices. Prior to 12/19/2005 this index represented the S&P 500/Barra Value Index. Volatility: A statistical measure of risk. Volatility can either be measured by using the standard deviation or variance between returns from that same security or market index. Commonly, the higher the volatility, the riskier the security. The 260-day price volatility equals the annualized standard deviation of the relative price change for the 260 most recent trading days closing price, expressed as a percentage, as of 10/31/2018. Yield: The annual return on an investment, expressed as a percentage of the price. 18

19 // RULES-BASED ETFS // DESIGNED BY CONSERVATIVE LONG-TERM INVESTORS OUSA OUSM OEUR OGIG Before you invest in O Shares ETF Investments Funds, please refer to the prospectus for important information about the investment objectives, risks, charges and expenses. To obtain a prospectus containing this and other important information, please visit www. oshares.com to view or download a prospectus online. Read the prospectus carefully before you invest. There are risks involved with investing including the possible loss of principal. Concentration in a particular industry or sector will subject the Funds to loss due to adverse occurrences that may affect that industry or sector. The Funds may use derivatives which may involve risks different from, or greater than, those associated with more traditional investments. The Funds emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend after the Funds purchase of such a company s securities. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including political, diplomatic, economic, foreign market and trading risks. In addition, the Funds investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Funds returns. See the prospectus for specific risks regarding the Funds. Past performance does not guarantee future results. Shares are bought and sold at market price (not NAV), are not individually redeemable, and owners of Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations only, consisting of 50,000 Shares. Brokerage commissions will reduce returns. The market price of Shares can be at, below, or above NAV. Brokerage commissions will reduce returns. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded Shares at other times. O Shares ETF Investments Funds are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not affiliated with O Shares ETF Investments or any of its affiliates. 19

EUROPE DIVIDEND STRATEGY SERIES:

EUROPE DIVIDEND STRATEGY SERIES: EUROPE DIVIDEND STRATEGY SERIES: The Power of Dividend Investing Q1 2019 60 State Street Boston, MA 02109 info@oshares.com // THE POWER OF DIVIDEND INVESTING 03 04 05 06 07 08 The Most Powerful Force in

More information

Quarterly Scorecard 2nd Quarter 2016 what s INSIDE

Quarterly Scorecard 2nd Quarter 2016 what s INSIDE ETF Stats Ticker: NAV Symbol: Intraday Symbol: Listing Exchange:.NV.IV NYSE Arca CUSIP: 00162Q 205 Fund Inception: 7/6/2009 Dividends Paid: Quarterly Most Recent Dividend:* $0.289879 Management Fee: 0.37%

More information

Quarterly Scorecard 1st Quarter 2016 what s INSIDE

Quarterly Scorecard 1st Quarter 2016 what s INSIDE ETF Stats Ticker: NAV Symbol:.NV Intraday Symbol:.IV Listing Exchange: NYSE Arca CUSIP: 00162Q 205 Fund Inception: 7/6/2009 Dividends Paid: Quarterly Most Recent Dividend:* $0.2658 Management Fee: 0.37%

More information

O SHARES ETF INVESTMENTS

O SHARES ETF INVESTMENTS O SHARES ETF INVESTMENTS Annual Report Before investing you should carefully consider a Fund s investment objectives, risks, charges and expenses. This and other information is available in the Fund s

More information

Quarterly Scorecard 1st Quarter 2015 what s INSIDE

Quarterly Scorecard 1st Quarter 2015 what s INSIDE Quarterly Scorecard 1st Quarter 2015 what s INSIDE ETF Stats Ticker: NAV Symbol:.NV Intraday Symbol:.IV Listing Exchange: NYSE Arca CUSIP: 00162Q 205 Fund Inception: 7/6/2009 Dividends Paid: Quarterly

More information

An effective hedging tool for long-only equity holdings

An effective hedging tool for long-only equity holdings BTAL An effective hedging tool for long-only equity holdings Since the 2008 Global Financial Crisis ( GFC ), when the term tail risk entered the general lexicon, investors embraced ways to insulate their

More information

HOW DO YOU PLUS A PORTFOLIO STRATEGY WITHOUT CHANGING IT?

HOW DO YOU PLUS A PORTFOLIO STRATEGY WITHOUT CHANGING IT? HOW DO YOU PLUS A PORTFOLIO STRATEGY WITHOUT CHANGING IT? INTRODUCING PORTFOLIO + ETFs. YOUR ASSET ALLOCATION STRATEGY. PLUS A LITTLE MORE. Portfolio + ETFs are a suite of exchange traded funds that add

More information

SDOG ALPS SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION

SDOG ALPS SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION ALPS SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION discipline diversification analysis SDOG provides the potential opportunity to capture above-market returns and high dividend income in a disciplined,

More information

Direxion Introduces PortfolioPlus ETFs. Your Asset Allocation Strategy. Plus a Little More.

Direxion Introduces PortfolioPlus ETFs. Your Asset Allocation Strategy. Plus a Little More. Direxion Introduces PortfolioPlus ETFs. Your Asset Allocation Strategy. Plus a Little More. PortfolioPlus ETFs are a suite of exchange traded funds that add 25% more daily exposure to popular broad-based

More information

EDOG ALPS EMERGING SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION

EDOG ALPS EMERGING SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION ALPS EMERGING SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION diversification discipline analysis EDOG provides the potential opportunity to capture above-market returns and high dividend income

More information

Aspiriant Risk-Managed Equity Allocation Fund RMEAX Q4 2018

Aspiriant Risk-Managed Equity Allocation Fund RMEAX Q4 2018 Aspiriant Risk-Managed Equity Allocation Fund Q4 2018 Investment Objective Description The Aspiriant Risk-Managed Equity Allocation Fund ( or the Fund ) seeks to achieve long-term capital appreciation

More information

REAL ESTATE DIVERSIFIED INCOME FUND. A Professionally Managed, Diversified Interval Fund Strategy

REAL ESTATE DIVERSIFIED INCOME FUND. A Professionally Managed, Diversified Interval Fund Strategy REAL ESTATE DIVERSIFIED INCOME FUND A Professionally Managed, Diversified Interval Fund Strategy Resource Real Estate Diversified Income Fund Quarterly Performance Snapshot Resource Real Estate Diversified

More information

What s Inside. Sector Analysis. Constituent Analysis. Distribution Analysis. Performance as of 3/31/18

What s Inside. Sector Analysis. Constituent Analysis. Distribution Analysis. Performance as of 3/31/18 ALPS SECTOR DIVIDEND DOGS ETF QUARTERLY SCORECARD SDOG ETF Stats Ticker: Underlying Index: Listing Exchange: SDOG SDOGXTR NYSE Arca CUSIP: 00162Q 858 Fund Inception: 6/29/12 Dividends Paid: Quarterly Most

More information

Investment funds 8/8/2017

Investment funds 8/8/2017 Investment funds 8/8/2017 Outline for today Why funds? Types of funds Mutual funds fees and performance Active or passive management? /Michał Dzieliński, Stockholm Business School 2 Investment funds Pool

More information

In our experience, advisors often work to educate their clients about the importance of diversification across asset classes.

In our experience, advisors often work to educate their clients about the importance of diversification across asset classes. THE BTS TACTICAL FIXED INCOME FUND IN THE CONTEXT OF A BROADER PORTFOLIO by Matthew Pasts, CMT, CEO, BTS Asset Management, Inc. In our experience, advisors often work to educate their clients about the

More information

IDOG ALPS INTERNATIONAL SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION

IDOG ALPS INTERNATIONAL SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION ALPS INTERNATIONAL SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION analysis diversification discipline IDOG provides the potential opportunity to capture above-market returns and high dividend

More information

Nuance Mid Cap Value Fund (NMVLX)

Nuance Mid Cap Value Fund (NMVLX) Value Fund (NMVLX) Third Quarter Investment Objective The Value Fund seeks long term capital appreciation. The performance focus is on absolute return and Sharpe vs the Russell Midcap Value, primary benchmark,

More information

LOSS AVERSE INVESTING STRATEGIES UPDATE

LOSS AVERSE INVESTING STRATEGIES UPDATE PORTFOLIO MANAGERS: Patrick S. Adams, CFA Rick Garcia PHONE: 800-777-0818 EMAIL: information@pvgasset.com WEBSITE: www.pvgassetmanagement.com LOSS AVERSE INVESTING STRATEGIES UPDATE ADDRESS: 6898 S. University

More information

P V G A S S E T M A N A G E M E N T L O S S A V E R S E I N V E S T I N G VALUE LEADERS LONG/SHORT

P V G A S S E T M A N A G E M E N T L O S S A V E R S E I N V E S T I N G VALUE LEADERS LONG/SHORT P V G A S S E T M A N A G E M E N T L O S S A V E R S E I N V E S T I N G WWW. PVGASSETMANAGEMENT. COM VALUE LEADERS LONG/SHORT MARKET CYCLE OVERVIEW PVG has coined the phrase, Loss Averse Investing to

More information

ishares Edge Minimum Volatility ETFs

ishares Edge Minimum Volatility ETFs ishares Edge Minimum Volatility ETFs A new approach for the core of your portfolio Min Vol USA ETF Exp. Ratio: 0.15% Min Vol EAFE ETF Net Exp. Ratio: 0.20% Min Vol Emerging Markets ETF Net Exp. Ratio:

More information

Invesco PowerShares Attribution Report PowerShares QQQ (QQQ) vs. S&P 500 Index

Invesco PowerShares Attribution Report PowerShares QQQ (QQQ) vs. S&P 500 Index Invesco PowerShares Attribution Report PowerShares QQQ (QQQ) vs. S&P 500 Index March 31, 2018 Sources: Bloomberg, L.P., FactSet Research Systems, as of March 31, 2018. Not FDIC Insured May Lose Value No

More information

Seek to Improve US Equity Exposure

Seek to Improve US Equity Exposure Seek to Improve US Equity Exposure Seek Higher Returns by Investing Beyond Mega Caps Large US companies (ex mega caps) historically provided stronger returns than mega caps, 1 yet are under represented

More information

what s INSIDE PERFORMANCE SECTOR ANALYSIS COMPANY BREAKDOWN DIVIDEND REVIEW PERFORMANCE as of 3/31/15 Total Returns Fund inception date of 6/29/2012.

what s INSIDE PERFORMANCE SECTOR ANALYSIS COMPANY BREAKDOWN DIVIDEND REVIEW PERFORMANCE as of 3/31/15 Total Returns Fund inception date of 6/29/2012. SDOG ETF Stats Ticker: Underlying Index: Listing Exchange: SDOG SDOGXTR NYSE Arca CUSIP: 00162Q 858 Fund Inception: 6/29/2012 Dividends Paid: Quarterly Most Recent Dividend*: $0.3501 Gross Expense Ratio:

More information

what s INSIDE SECTOR ANALYSIS CONSTITUENT ANALYSIS DISTRIBUTION ANALYSIS PERFORMANCE as of 6/30/16 3 Month Total Returns

what s INSIDE SECTOR ANALYSIS CONSTITUENT ANALYSIS DISTRIBUTION ANALYSIS PERFORMANCE as of 6/30/16 3 Month Total Returns SDOG Quarterly Scorecard 2nd Quarter 2016 what s INSIDE ETF Stats Ticker: Underlying Index: Listing Exchange: SDOG SDOGXTR NYSE Arca CUSIP: 00162Q 858 Fund Inception: 6/29/12 Dividends Paid: Quarterly

More information

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) (the ETF )

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) (the ETF ) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO

More information

Rate Builder CDs with 5 and 7 Year Maturities Linked to Large Cap U.S. Equities

Rate Builder CDs with 5 and 7 Year Maturities Linked to Large Cap U.S. Equities Rate Builder CDs with 5 and 7 Year Maturities Linked to Large Cap U.S. Equities Overview The Rate Builder CDs provide depositors with annual interest at a rate based on the number of Reference Securities

More information

US Mega Cap. Higher Returns, Lower Risk than the Market. The Case for Mega Cap Stocks

US Mega Cap. Higher Returns, Lower Risk than the Market. The Case for Mega Cap Stocks US Mega Cap Higher Returns, Lower Risk than the Market There are many ways in which investors can get exposure to the broad market, but, surprisingly, there are few ways in which investors can get pure

More information

Does greater risk equal greater reward?

Does greater risk equal greater reward? Does greater risk equal greater reward? The simple answer is not always, which is why investors may look at lower-volatility fund options like GuideStone s Defensive Market Strategies Fund. The Fund aims

More information

Smart Beta Dashboard. Thoughts at a Glance. March By the SPDR Americas Research Team

Smart Beta Dashboard. Thoughts at a Glance. March By the SPDR Americas Research Team By the SPDR Americas Research Team Thoughts at a Glance For the first two months of Q1, US outperformed the broader market by nearly 5%. However, as 10-year Treasury yields and inflation expectations came

More information

INTERNATIONAL EQUITIES. Charting a course for global opportunities

INTERNATIONAL EQUITIES. Charting a course for global opportunities INTERNATIONAL EQUITIES Charting a course for global opportunities Three things to know about investing abroad 1 International markets have periods of outperformance Historically, non-u.s. stocks and U.S.

More information

Smart Beta ETFs: 3 ways to address investor needs

Smart Beta ETFs: 3 ways to address investor needs Smart Beta ETFs: 3 ways to address investor needs Help achieve investor goals with smart beta ETFs This guide highlights three ways investors are using ishares smart beta ETFs: 1 Lower volatility can help

More information

HEARTLAND VALUE FUND

HEARTLAND VALUE FUND HEARTLAND VALUE FUND An investor should consider the Fund s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can

More information

ishares If you have additional questions, please call iShares ( ).

ishares If you have additional questions, please call iShares ( ). ishares ishares Trust (the Trust ) Supplement dated January 26, 2018 (the Supplement ) to the Summary Prospectus dated March 1, 2017 (as revised May 9, 2017), Prospectus dated March 1, 2017 (as revised

More information

Smart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team

Smart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team By the SPDR Americas Research Team Thoughts at a Glance 2017 marked another year of factor performance shifts. s comeback in the US on the heels of the US election and the potential for a Trump-flation

More information

what s INSIDE PERFORMANCE SECTOR ANALYSIS COMPANY BREAKDOWN DIVIDEND REVIEW PERFORMANCE as of 9/30/14 Total Returns

what s INSIDE PERFORMANCE SECTOR ANALYSIS COMPANY BREAKDOWN DIVIDEND REVIEW PERFORMANCE as of 9/30/14 Total Returns SDOG Quarterly Scorecard 3rd Quarter 2014 what s INSIDE ETF Stats Ticker: SDOG Underlying Index: SDOGXTR Listing Exchange: NYSE Arca CUSIP: 00162Q 858 Fund Inception: 6/29/2012 Dividends Paid: Quarterly

More information

First Trust AlphaDEX Family of ETFs Fundamentally Different

First Trust AlphaDEX Family of ETFs Fundamentally Different First Trust AlphaDEX Family of ETFs Fundamentally Different Dan Waldron ETF Strategist, Sr. Vice President First Trust ETF Assets $32,000,000,000 $28,000,000,000 $24,000,000,000 $20,000,000,000 AlphaDEX

More information

FINAL DISCLOSURE SUPPLEMENT Dated September 27, 2011 To the Disclosure Statement dated May 18, 2011

FINAL DISCLOSURE SUPPLEMENT Dated September 27, 2011 To the Disclosure Statement dated May 18, 2011 FINAL DISCLOSURE SUPPLEMENT Dated September 27, 2011 To the Disclosure Statement dated May 18, 2011 Union Bank, N.A. Market-Linked Certificates of Deposit, due October 1, 2018 (MLCD No. 167) Average Return

More information

SUMMARY PROSPECTUS Dated December 14, 2017 Horizons ETF Trust I

SUMMARY PROSPECTUS Dated December 14, 2017 Horizons ETF Trust I SUMMARY PROSPECTUS Dated December 14, 2017 Horizons ETF Trust I Horizons S&P 500 Covered Call ETF (NYSE Arca, Inc. Ticker: HSPX) Before you invest, you may want to review the Horizons S&P 500 Covered Call

More information

Factor Investing by ishares

Factor Investing by ishares Factor Investing by ishares Smart Beta strategies for the core of your portfolio ICRMH0219U-732979-1/24 Active funds are under pressure Underperformance. High fees. Capital gains distributions. Active

More information

Calamos Growth Fund (CVGRX)

Calamos Growth Fund (CVGRX) Calamos Growth Fund (CVGRX) Active Growth Investing for Over 20 Years 2Q 2015 The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic

More information

what s INSIDE PERFORMANCE SECTOR ANALYSIS COMPANY BREAKDOWN DIVIDEND REVIEW PERFORMANCE as of 12/31/14 Total Returns

what s INSIDE PERFORMANCE SECTOR ANALYSIS COMPANY BREAKDOWN DIVIDEND REVIEW PERFORMANCE as of 12/31/14 Total Returns SDOG Quarterly Scorecard 4th Quarter 2014 what s INSIDE ETF Stats Ticker: Underlying Index: Listing Exchange: SDOG SDOGXTR NYSE Arca CUSIP: 00162Q 858 Fund Inception: 6/29/2012 Dividends Paid: Quarterly

More information

Relative. Now Relatively Simple

Relative. Now Relatively Simple Relative Value Investing Now Relatively Simple Relative Value: A Story of Cycles Stocks offer great potential for growth over time. However, not all stocks move in lock step. Different categories of stocks

More information

BALANCED FUND. 25 Years of Dynamic Asset Allocation. 4Q17 Asset Allocation. Overall Morningstar Rating TM

BALANCED FUND. 25 Years of Dynamic Asset Allocation. 4Q17 Asset Allocation. Overall Morningstar Rating TM 4Q17 Asset Allocation BALANCED FUND 25 Years of Dynamic Asset Allocation A: JDBAX C: JABCX I: JBALX N: JABNX R: JDBRX S: JABRX T: JABAX Overall Morningstar Rating TM Based on risk adjusted returns as of

More information

FINAL DISCLOSURE SUPPLEMENT Dated January 26, 2011 To the Disclosure Statement dated December 6, 2010

FINAL DISCLOSURE SUPPLEMENT Dated January 26, 2011 To the Disclosure Statement dated December 6, 2010 FINAL DISCLOSURE SUPPLEMENT Dated January 26, 2011 To the Disclosure Statement dated December 6, 2010 Union Bank, N.A. Market-Linked Certificates of Deposit, due January 31, 2017 (MLCD No. 102) Average

More information

Why Are Fixed Income ETFs Growing?

Why Are Fixed Income ETFs Growing? Fixed Income ETFs Why Are Fixed Income ETFs Growing? Lee Sterne, CFA Vice President, ETF Strategy Angus Stewart, CFP Director, Investment Product Michael Hodapp Fixed Income Regional Brokerage Consultant

More information

IS THE BEST OFFENSE A GOOD DEFENSE? A NEW APPROACH TO PREPARING FOR MARKET VOLATILITY

IS THE BEST OFFENSE A GOOD DEFENSE? A NEW APPROACH TO PREPARING FOR MARKET VOLATILITY IS THE BEST OFFENSE A GOOD DEFENSE? A NEW APPROACH TO PREPARING FOR MARKET VOLATILITY No one can look to the past and forecast exactly when Volatility is unpredictable. it will come or when it will go.

More information

Summary Prospectus. Investment Objective Brandes Value NextShares ( Value NextShares or the Fund ) seeks long term capital appreciation.

Summary Prospectus. Investment Objective Brandes Value NextShares ( Value NextShares or the Fund ) seeks long term capital appreciation. Summary Prospectus Ticker Symbol: BVNSC February 15, 2018 Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund and its risks. You can find the

More information

VANGUARD HIGH DIVIDEND YIELD ETF (VYM)

VANGUARD HIGH DIVIDEND YIELD ETF (VYM) VANGUARD HIGH DIVIDEND YIELD ETF (VYM) $87.98 USD Risk: Med Zacks ETF Rank 2 - Buy Fund Type Issuer Benchmark Index Large Cap ETFs VANGUARD FTSE HIGH DIVIDEND YIELD INDEX VYM Sector Weights Date of Inception

More information

HIGH MODERATE LOW SECURITY. Speculative Stock Junk Bonds Collectibles. Blue Chip or Growth Stocks Real Estate Mutual Funds

HIGH MODERATE LOW SECURITY. Speculative Stock Junk Bonds Collectibles. Blue Chip or Growth Stocks Real Estate Mutual Funds RETURN POTENTIAL $$$$ HIGH Speculative Stock Junk Bonds Collectibles $$$ $$ MODERATE LOW Blue Chip or Growth Stocks Real Estate Mutual Funds Corporate Bonds Preferred Stock Government Bonds $ SECURITY

More information

First Trust Canada s U. S. Sector ETFs

First Trust Canada s U. S. Sector ETFs First Trust Canada s U. S. s Energy Financials Health Care Industrials Materials Technology Utilities First Trust Portfolios Canada 1.877.622.5552 www.firsttrust.ca Sometimes it s okay to be average just

More information

SUMMARY PROSPECTUS Dated February 28, 2018 Horizons ETF Trust I. Horizons S&P 500 Covered Call ETF (NYSE Arca, Inc. Ticker: HSPX)

SUMMARY PROSPECTUS Dated February 28, 2018 Horizons ETF Trust I. Horizons S&P 500 Covered Call ETF (NYSE Arca, Inc. Ticker: HSPX) SUMMARY PROSPECTUS Dated February 28, 2018 Horizons ETF Trust I Horizons S&P 500 Covered Call ETF (NYSE Arca, Inc. Ticker: HSPX) Before you invest, you may want to review the Horizons S&P 500 Covered Call

More information

VANECK VECTORS BIOTECH ETF (BBH)

VANECK VECTORS BIOTECH ETF (BBH) VANECK VECTORS BIOTECH ETF (BBH) $132.32 USD Risk: High Zacks ETF Rank 1 - Strong Buy Fund Type Issuer Benchmark Index Health Care ETFs VAN ECK MVIS US LISTED BIOTECH 25 INDEX BBH Sector Weights Date of

More information

TIAA-CREF Lifecycle Index 2010 Fund

TIAA-CREF Lifecycle Index 2010 Fund TIAA-CREF Lifecycle Index 2010 Institutional Class (TLTIX) As of 12/31/17 Portfolio Strategies The Lifecycle Index 2010 seeks high total return over time through a combination of capital appreciation and

More information

Refers to the universe of the WisdomTree Dividend Index for the period 11/30/2007 to 11/30/2017. Sources: WisdomTree, Bloomberg. 2

Refers to the universe of the WisdomTree Dividend Index for the period 11/30/2007 to 11/30/2017. Sources: WisdomTree, Bloomberg. 2 WisdomTree U.S. Quality Dividend Growth Fund DGRW In the current fast-paced environment, large technology companies can often lead the way, creating the products and services we desire today and will rely

More information

RELY ON SPY THE LIQUIDITY LEADER LET S START

RELY ON SPY THE LIQUIDITY LEADER LET S START RELY ON SPY THE LIQUIDITY LEADER LET S START WHY DOES LIQUIDITY MATTER? For ETF investors, liquidity directly influences trading costs. Driven by trading volume, liquidity manifests itself in the bid/ask

More information

TACTICAL DIVIDEND INCOME

TACTICAL DIVIDEND INCOME TACTICAL DIVIDEND INCOME THE PROBLEM WITH BUY & HOLD WBI does not stand for We Beat Indexes ; it stands for Wealth Builders, Inc. At WBI, we believe preserving capital to unleash the powerful benefits

More information

Vanguard Total Stock Market ETF

Vanguard Total Stock Market ETF Vanguard Product Summary Seeks to track the performance of the CRSP US Total Market. Large-, mid-, and small-cap equity diversified across growth and value styles. Employs a passively managed, index-sampling

More information

Smart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team

Smart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team By the SPDR Americas Research Team Thoughts at a Glance Factor performance diverged across regions in Q2. In the US, all factors with the exception of underperformed broad US equities. As volatility in

More information

VANGUARD DIVIDEND APPREC ETF (VIG)

VANGUARD DIVIDEND APPREC ETF (VIG) VANGUARD DIVIDEND APPREC ETF (VIG) $112.45 USD Risk: Med Zacks ETF Rank 3 - Hold Fund Type Issuer Benchmark Index Large Cap ETFs VANGUARD NASDAQ US DIVIDEND ACHIEVERS SELECT INDX VIG Sector Weights Date

More information

ETF Research: Understanding Smart Beta KNOW Characteristics: Finding the Right Factors Research compiled by Michael Venuto, CIO

ETF Research: Understanding Smart Beta KNOW Characteristics: Finding the Right Factors Research compiled by Michael Venuto, CIO ETF Research: Understanding Smart Beta KNOW Characteristics: Finding the Right Factors Research compiled by Michael Venuto, CIO In this paper we will explore the evolution of smart beta investing through

More information

MIDSIZED COMPANIES. OUTSIZED POTENTIAL. DISCOVER THE POTENTIAL OF MID-CAPS

MIDSIZED COMPANIES. OUTSIZED POTENTIAL. DISCOVER THE POTENTIAL OF MID-CAPS MIDSIZED COMPANIES. OUTSIZED POTENTIAL. DISCOVER THE POTENTIAL OF MID-CAPS EQUITY S MIDDLE CHILD Whether you are one, have one, or know one, chances are you have heard the term middle child syndrome. And

More information

THE PROBLEM WITH BUY & HOLD

THE PROBLEM WITH BUY & HOLD RETIREMENT INCOME THE PROBLEM WITH BUY & HOLD WBI does not stand for We Beat Indexes ; it stands for Wealth Builders, Inc. At WBI, we believe preserving capital to unleash the powerful benefits of compounding

More information

AI: Weighted Sector Strategy DEC

AI: Weighted Sector Strategy DEC KEN STERN & ASSOCIATES DEC 31 2016 1 Tactical Rebalanced AI: Strategy DEC 31 2016 Ken Stern & Associates Strategy seeks to track the investment results of the Morgan Stanley Capital International USA Investable

More information

Dividend Capture Fund

Dividend Capture Fund HDCAX HDCEX HDCTX For Institutional Use Only Not For Retail Distribution DISCLOSURES Investors should carefully consider the investment objectives, risks, charges and expenses of the Rational Funds. This

More information

HEALTH CARE SELECT SECTOR SPDR FUND (XLV)

HEALTH CARE SELECT SECTOR SPDR FUND (XLV) HEALTH CARE SELECT SECTOR SPDR FUND (XLV) $85.30 USD Risk: Med Zacks ETF Rank 3 - Hold Fund Type Issuer Benchmark Index Health Care ETFs STATE STREET GLOBAL ADVISORS HEALTH CARE SELECT SECTOR INDEX XLV

More information

Q Performance Report

Q Performance Report Q1 2018 Performance Report Generated by: NASDAQ: TIPRX (A Shares) Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose

More information

Large Cap Value Dividend Select: Performance & Commentary

Large Cap Value Dividend Select: Performance & Commentary Large Cap Value Dividend Select: Performance & Commentary PERFORMANCE SUMMARY The strategy returned -10.59% before fees in the fourth quarter, outperforming the Russell 1000 Value Index s return of -11.72%.

More information

Business Development Companies

Business Development Companies March 2018 Business Development Companies VanEck Vectors BDC Income ETF (BIZD ) ETF disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of

More information

FINAL DISCLOSURE SUPPLEMENT Dated November 25, 2013 To the Disclosure Statement dated January 30, 2013

FINAL DISCLOSURE SUPPLEMENT Dated November 25, 2013 To the Disclosure Statement dated January 30, 2013 FINAL DISCLOSURE SUPPLEMENT Dated November 25, 2013 To the Disclosure Statement dated January 30, 2013 Union Bank, N.A. Market-Linked Certificates of Deposit, due November 29, 2018 (MLCD No. 322) Capped

More information

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) (the ETF )

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? An exchange-traded fund (ETF) is a pooled investment vehicle with shares that can be bought or sold throughout the day on a

More information

SunAmerica Focused Dividend Strategy Portfolio

SunAmerica Focused Dividend Strategy Portfolio 5-Star Overall Morningstar Rating (Out of 1,045 funds in the Large Value Category as of 3/31/13) Please see inside for important information on Morningstar ratings. SunAmerica Focused Dividend Strategy

More information

Xtrackers MSCI ESG Leaders Equity ETFs

Xtrackers MSCI ESG Leaders Equity ETFs 4Q.208 Xtrackers Xtrackers MSCI ESG Leaders Equity ETFs Seeking exposure to the highest ESG rated companies Best-in-class approach Indices target companies with the highest environmental, social, and governance

More information

INVEST IN SOMETHING REAL NOT FOR USE IN OHIO.

INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. TM INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. RISK FACTORS u Past performance is not a guarantee of future results. u Investing in real estate assets entails certain risks, including changes in: the

More information

FINAL DISCLOSURE SUPPLEMENT Dated December 20, 2013 To the Disclosure Statement dated January 30, 2013

FINAL DISCLOSURE SUPPLEMENT Dated December 20, 2013 To the Disclosure Statement dated January 30, 2013 FINAL DISCLOSURE SUPPLEMENT Dated December 20, 2013 To the Disclosure Statement dated January 30, 2013 Union Bank, N.A. Market-Linked Certificates of Deposit, due December 26, 2019 (MLCD No. 328) Average

More information

AIG Focused Dividend Strategy Fund

AIG Focused Dividend Strategy Fund Class A: FDSAX Class B: FDSBX Class C: FDSTX Class W: FDSWX 5-Star Overall Morningstar Rating (out of 1,108 funds in the Large Value category, based on risk-adjusted performance as of 9/30/17) Please see

More information

TACTICAL DIVIDEND GROWTH

TACTICAL DIVIDEND GROWTH TACTICAL DIVIDEND GROWTH THE PROBLEM WITH BUY & HOLD WBI does not stand for We Beat Indexes ; it stands for Wealth Builders, Inc. At WBI, we believe preserving capital to unleash the powerful benefits

More information

BMO S&P 500 Hedged to CAD Index ETF (ZUE) (the ETF )

BMO S&P 500 Hedged to CAD Index ETF (ZUE) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO S&P 500 Hedged to CAD Index ETF (ZUE) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the

More information

VANECK VECTORS GOLD MINERS ETF*

VANECK VECTORS GOLD MINERS ETF* VANECK VECTORS GOLD MINERS ETF* Ticker: GDX Principal U.S. Listing Exchange: NYSE Arca, Inc. SUMMARY PROSPECTUS MAY 1, 2016 GDXSUM Before you invest, you may want to review the Fund s prospectus, which

More information

Digital Contingent Coupon Certificates of Deposit Linked to an Equally Weighted Basket of 10 Reference Stocks due October 31, 2024

Digital Contingent Coupon Certificates of Deposit Linked to an Equally Weighted Basket of 10 Reference Stocks due October 31, 2024 October 3, 217 JPMorgan Chase Bank, National Association Structured Investments Digital Contingent Coupon Certificates of Deposit Linked to an Equally Weighted Basket of 1 Reference Stocks due October

More information

Manning & Napier Fund, Inc. Target 2060 Series Class K

Manning & Napier Fund, Inc. Target 2060 Series Class K Target 2060 Series Class K Fund Facts Ticker CUSIP MTKKX 56382R779 Inception Date 09/21/2015 Fund Manager Team Approach Investment Minimum* $2,000 Before Fee Waiver 10.50% After Fee Waiver** 1.13% *May

More information

Glossary of General Investment-Related Terms

Glossary of General Investment-Related Terms Glossary of General Investment-Related Terms 12b-1 Fee: A fee assessed on certain mutual funds or share classes permitted under an SEC rule to help cover the costs associated with marketing and selling

More information

FINAL DISCLOSURE SUPPLEMENT Dated December 27, 2010 To the Disclosure Statement dated November 10, 2010

FINAL DISCLOSURE SUPPLEMENT Dated December 27, 2010 To the Disclosure Statement dated November 10, 2010 FINAL DISCLOSURE SUPPLEMENT Dated December 27, 2010 To the Disclosure Statement dated November 10, 2010 Union Bank, N.A. Market-Linked Certificates of Deposit, due December 22, 2017 (MLCD No. 95) Capped

More information

AdvisorShares. ETF Product Guide. alphabaskets.com

AdvisorShares. ETF Product Guide.  alphabaskets.com AdvisorShares ETF Product Guide 1.877.843.3831 www.advisorshares.com alphabaskets.com @advisorshares info@advisorshares.com advisorshares at a Glance Concentrated CWS AdvisorShares Focused ETF Concentrated

More information

SCHV Schwab U.S. Large-Cap Value ETF

SCHV Schwab U.S. Large-Cap Value ETF Schwab U.S. Large-Cap Value ETF ETF.com segment: Equity: U.S. - Large Cap Value Competing ETFs: VTV, IWD, MGV, VONV, PWV Related ETF Channels: North America, Smart-Beta ETFs, Large Cap, U.S., Value, Equity,

More information

Calamos Phineus Long/Short Fund

Calamos Phineus Long/Short Fund Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle

More information

Discover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee

Discover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give

More information

Schwab Indexed Retirement Trust Fund 2040

Schwab Indexed Retirement Trust Fund 2040 Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Target Date 2036-2040 Benchmark 2040 Custom Index 1 Unit Class Inception Date Fund Inception Date 1/5/2009 Net Asset Value

More information

Navigating the ETF Landscape

Navigating the ETF Landscape Navigating the ETF Landscape Daniel Prince, CFA Director, Head of ishares Product Consulting May 3, 2017 Agenda What are Exchange Traded Funds (ETFs) What is driving ETF usage ETF trends and innovation

More information

UTILITIES SELECT SECTOR SPDR FUND (XLU)

UTILITIES SELECT SECTOR SPDR FUND (XLU) UTILITIES SELECT SECTOR SPDR FUND (XLU) $53.06 USD Risk: Med Zacks ETF Rank 5 - Strong Sell Fund Type Issuer Benchmark Index Utilities/Infrastructure ETFs STATE STREET GLOBAL ADVISORS UTILITIES SELECT

More information

First Trust Intermediate Duration Preferred & Income Fund Update

First Trust Intermediate Duration Preferred & Income Fund Update 1st Quarter 2015 Fund Performance Review & Current Positioning The First Trust Intermediate Duration Preferred & Income Fund (FPF) produced a total return for the first quarter of 2015 of 3.84% based on

More information

Summary Prospectus Innovator IBD ETF Leaders ETF

Summary Prospectus Innovator IBD ETF Leaders ETF Summary Prospectus Innovator IBD ETF Leaders ETF (NYSE Arca LDRS) March 13, 2018 Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

Vanguard S&P 500 Index ETF

Vanguard S&P 500 Index ETF Annual Management Report of Fund Performance December 31, 2017 Vanguard S&P 500 Index ETF Management Discussion of Fund Performance Investment Objective and Strategies The investment objective of Vanguard

More information

PORTFOLIO MANAGER LETTER ARIEL FOCUS FUND

PORTFOLIO MANAGER LETTER ARIEL FOCUS FUND PORTFOLIO MANAGER LETTER ARIEL FOCUS FUND September 30, 2009 Dear Fellow Shareholder: Ariel Focus Fund topped its primary benchmark in the third quarter, extending its outperformance streak to seven of

More information

ishares Core ETFs Build a strong foundation ICRMH0119U /10

ishares Core ETFs Build a strong foundation ICRMH0119U /10 ishares Core ETFs Build a strong foundation ICRMH0119U-726651-1/10 What are ETFs? ETFs offer a low cost, tax efficient way to invest STOCK TRADABLE DURING THE DAY ETFs DIVERSIFIED FUNDS THAT TRADE LIKE

More information

(03/18) TD EXCHANGE-TRADED FUNDS Annual Management Report of Fund Performance

(03/18) TD EXCHANGE-TRADED FUNDS Annual Management Report of Fund Performance TD Asset Management TD S&P 500 Index ETF 535244 (03/18) TD EXCHANGE-TRADED FUNDS Annual Management Report of Fund Performance for the period ended December 31, 2017 This Annual Management Report of Fund

More information

ishares Securities Lending Unlocking the Potential of Portfolios

ishares Securities Lending Unlocking the Potential of Portfolios ishares Securities Lending Unlocking the Potential of Portfolios Introduction Securities lending is a well-established practice whereby s make loans of stocks or bonds to seek an incremental increase in

More information

SunAmerica Focused Dividend Strategy Portfolio

SunAmerica Focused Dividend Strategy Portfolio 5-Star Overall Morningstar Rating (Out of 1,190 funds in the Large Value category as of 12/31/2015) Please see inside for important information on Morningstar ratings. SunAmerica Focused Dividend Strategy

More information

Innovator Lunt Low Vol/High Beta Tactical ETF

Innovator Lunt Low Vol/High Beta Tactical ETF Summary Prospectus Innovator Lunt Low Vol/High Beta Tactical ETF (formerly Elkhorn Lunt Low Vol/High Beta Tactical ETF) (Cboe BZX LVHB) April 11, 2018 Before you invest, you may want to review the Fund

More information

Equity Volatility and Covered Call Writing

Equity Volatility and Covered Call Writing December 2017 Equity Volatility and Covered Call Writing Executive Summary Amid uncertainty in the markets and investor desire for lower volatility, investors may want to consider a covered call strategy

More information