Quarterly ETF commentary
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- Brendan Wilcox
- 5 years ago
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1 BLCN The Reality Shares Nasdaq NexGen Economy ETF seeks longterm growth by tracking the investment returns, before fees and expenses, of the Reality Shares NASDAQ Blockchain Economy Index. Seeks to invest in blockchain-related companies The Reality Shares Nasdaq NexGen Economy ETF (ticker: BLCN) returned -6.07% in its inaugural quarter, in-line with the Reality Shares Nasdaq Blockchain Economy Index and the MSCI ACWI Total Return Index at -5.98% and -5.02%, respectively. While regulatory headwinds in the fintech industry indirectly affected the Fund s performance this quarter, BLCN s underlying stock holdings are implementing and developing technologies that may lead to outperformance in the long run. The Fund utilizes the Reality Shares Blockchain Score methodology to seek companies that may benefit most from investments in blockchain technology, evaluated on several factors including economic impact and innovation. As the first passively managed exchange-traded fund investing in companies utilizing blockchain technology, BLCN currently allocates to companies across the globe and includes sectors like Information Technology, Financials, Consumer Discretionary, and Industrial. BLCN s first quarter highlights include: Intel corp. (INTC), with an average weighting of 2.40%, returned 21.53% during the quarter and was the top contributor to the fund's performance during the quarter Amazon Inc. (AMZN), with an average weight of 1.46%, returned 10.92% for the quarter Overstock (OSTK), with an average weight of 2.19% for the quarter, was a main detractor to performance falling 48.40% Inception 1 Inception 1 BLCN NAV Returns % - BLCN Market Price Returns % - Reality Shares Nasdaq Blockchain Economy Index % -5.98% - MSCI ACWI Total Return Index % -5.02% - 1 Inception date is 1/17/2018 performance data current to the most recent month end. Expense ratio: 0.68%
2 LEAD appreciation by tracking the performance, before fees and expenses, of the Reality Shares DIVCON Leaders Dividend Index. Seeks to invest in dividend growth companies * The Reality Shares DIVCON Leaders Dividend ETF (ticker: LEAD) returned 0.55% in the first quarter, performing in-line with the Reality Shares DIVCON Leaders Dividend Index, returning 0.66%, and outpacing the S&P 500, which returned -0.76%. The Fund invests in companies with the highest potential for dividend growth within the next 12 months as measured by DIVCON, Reality Shares dividend health methodology. Despite the S&P 500 s mid-quarter correction that erased nearly 11% of market value, LEAD s holdings in different sectors with strong dividend growth, buffered the Fund s decline. As of March 31st, the Fund has no exposure to the Energy, Utilities, Telecommunications, and Real Estate sectors. In the first quarter of 2018, no company in the S&P 500 cut its dividend - something that has not happened in the last 15 years. Furthermore, going forward the recently passed tax code overhaul may contribute to higher earnings expectations for U.S. stocks, supporting the potential for future dividend increases. Additionally, scheduled interest rate increases for 2018 may impact LEAD s outperformance potential. Stocks with high rates of dividend growth not yield have historically outperformed in rising rate environments, 3 and LEAD specifically seeks stocks with the highest potential for future period dividend growth as indicated by DIVCON. LEAD s first quarter highlights include: NVIDIA Corp. (NVDA), the Fund s top holding with an average weight of 2.24%, rallied 19.76% during the quarter Dentsply Sirona (XRAY), with an average weight of 1.58%, was a detractor for the quarter, returning % after missing on earnings expectations LEAD holdings recorded a median 5-year dividend growth of 14.88% at quarter-end, compared to 6.47% for the S&P 500 during the same period 23 out of LEAD s 55 holdings have already reported dividend increases this year, and none have reported cuts to their dividend Inception 4 Inception 4 LEAD NAV Returns 0.55% 0.55% 17.95% 36.43% 14.95% LEAD Market Price Returns 0.62% 0.62% 18.08% 36.96% 15.14% DIVCON Leaders Dividend Index 0.66% 0.66% 18.53% 38.31% 15.65% S&P 500 Total Return Index -0.76% -0.76% 13.99% 37.16% 15.22% 4 Inception date is 1/6/2016 performance data current to the most recent month end. Expense ratio: 0.43% 3 Source: Ned Davis Research, Inc. Past Performance is no guarantee of future results. Based on the average performance after all rate hikes since 1972 which occurred on the following dates: 1/15/73, 8/31/80, 4/9/84, 9/4/87, 2/4/94, 3/25/97, 6/30/99, 6/30/99, 6/30/04.
3 GARD appreciation by tracking the performance, before fees and expenses, of the Reality Shares DIVCON Dividend Guard Index. Seeks to invest in dividend growth companies with a dynamic market hedge* The Reality Shares DIVCON Dividend Guard ETF (ticker: GARD) returned 0.44% in the first quarter, in-line with the Reality Shares DIVCON Dividend Guard Index s 0.66% and outpacing the S&P 500 s -0.76%. The Fund incorporates two market indicators into its methodology: a dynamic hedge to help time the implementation of a short allocation for portfolio downside mitigation potential, and a dividend health rating methodology. When the Guard Indicator sees the potential for a market rise, GARD holds a 100% long allocation of stocks with the highest potential for dividend growth within the next 12 months as determined by DIVCON. If the Guard Indicator sees the potential for market decline, the Fund s allocation adjusts to a 50% long-short allocation, evenly split between the highest rated and lowest rated DIVCON stocks. GARD maintained it s 100% long position for the duration of the quarter. As of the quarter-end, the information technology sector, GARD s heaviest sector weighting, was the best performer in the S&P 500. Important highlights for the quarter include: Top holding NVIDIA (NVDA), with an average weight of 2.25%, grew 19.76% Top holding Estee Lauder Companies (EL), averaging 1.99% of the Fund s holdings over the duration of the quarter, contributed to the GARD s performance after returning 17.99% Tractor Supply Company (TSCO), representing an average weighting of 1.77%, declined 15.35% during the quarter GARD had no exposure to the energy and telecommunications sectors, which in the first quarter were the worst performing sectors in the S&P 500 Inception 5 Inception 5 GARD NAV Returns 0.44% 0.44% 17.47% 5.65% 2.52% GARD Market Price Returns 0.17% 0.17% 17.35% 5.80% 2.58% DIVCON Dividend Guard Index 0.66% 0.66% 18.55% 7.81% 3.46% S&P 500 Total Return Index -0.76% -0.76% 13.99% 46.26% 18.79% 5 Inception date is 1/14/2016 performance data current to the most recent month end. Expense ratio: 1.41%
4 DFND appreciation by tracking the performance, before fees and expenses, of the Reality Shares DIVCON Dividend Defender Index. Seeks dividend growth leaders while short-selling expected dividend cutters* The Reality Shares DIVCON Dividend Defender ETF (ticker: DFND) advanced 0.73% during the quarter, in-line with the Reality Shares DIVCON Dividend Defender Index at 0.81% and outperforming the S&P 500 s -0.76% return. DFND seeks to outperform by incorporating a 75% long position in stocks with dividend growth potential, and a 25% short position in stocks with the highest potential to cut dividends within the next 12 months, as indicated by DIVCON. Unlike LEAD, which had no exposure to sectors indicating potential dividend weakness according to our methodology, DFND s short position in underperforming sectors like Energy added to the Fund s overall return. After a mostly stable 2017, volatility returned to the S&P 500 in the beginning of If markets continue to experience weakness or volatility, DFND s long-short allocation might provide downside mitigation. Though the Fund had holdings with negative performance, the DFND showed its capability to potentially outperform the S&P 500 in dividend growth as measured by DIVCON, while maintaining lower volatility when measured by standard deviation. Notable highlights include: Short holding Devon Energy Corp. (DVN), with an average weight of 1.35%, bolstered the Fund s returns after falling 28.13% during the quarter NVIDIA (NVDA), weighing 1.72% on average during the quarter, returned nearly 19.76% for the Fund Dentsply Sirona (XRAY), which held an average weight on 1.21% during the quarter, detracted from the Fund s returns, falling 23.44% during the quarter The Fund s 1-year price volatility of 7.89% was significantly lower than that of the S&P 500 s 10.77% Inception 6 Inception 6 DFND NAV Returns 0.73% 0.73% 12.20% 15.81% 6.87% DFND Market Price Returns 0.23% 0.23% 12.23% 16.14% 7.01% DIVCON Dividend Defender Index 0.81% 0.81% 12.77% 17.61% 7.21% S&P 500 Total Return Index -0.76% -0.76% 13.99% 46.26% 18.79% 6 Inception date is 1/14/2016 performance data current to the most recent month end. Expense ratio: 1.38%
5 DIVY appreciation based on the growth of expected dividends, not stock price, of large cap companies. Actively targets long term capital appreciation generated by dividend growth expectations* The Reality Shares DIVS ETF (ticker: DIVY) climbed 3.70% during the quarter, outperforming its benchmark indices, the Barclays US Aggregate Bond Index and the HFRX Global Hedge Fund Index, which returned -1.46% and -1.02%, respectively. In the first quarter, DIVY benefited from another quarter of strong dividend growth in the S&P 500, though political and economic uncertainty persists. Looking ahead, dividend growth expectations should remain positive for the remainder of the year according to S&P 500 analysts, and will be bolstered by the successful passage of the U.S. tax reform, anticipated healthy earnings from equities markets, and an economic outlook from the Federal Reserve. Stocks with higher rates of dividend growth can potentially remain competitive when interest rates rise, by offering higher dividend payouts to investors while fixed income yields increase. The Fund has historically endured rising rates and is designed to potentially outperform amid future interest rate increases. From its inception in December 2014 through March 31, 2018, DIVY achieved a correlation of to the Barclay s Aggregate Bond Index. 7 DIVY s performance and lower volatility amid rising interest rates environment supports our belief that DIVY is a potential fixed income alternative. Notable highlights include: 2018 dividend expectations increased this quarter, and may surpass $1 trillion in payouts for the first time in history 8 Looming political and trade policy uncertainty may negatively affect short-term dividend growth expectations, and can reduce the Fund s gains The Federal Reserve raised rates in the first quarter, and indicated three to four possible additional rate increases this year, driven by an improved economic outlook 9 In the 1st quarter, several S&P 500 constituents announced double and even triple digit dividend increases 8 (Ann.) 3Y (Ann.) Incep 10 (Cum.) Incep 10 (Ann.) Std Dev. Incep 10 DIVY NAV Returns 3.70% 3.70% 4.89% 6.11% 21.37% 6.08% 4.2% DIVY Market Price Returns 4.76% 4.76% 5.62% 5.81% 22.10% 6.27% 5.7% Barclays US Aggregate Bond Index -1.46% -1.46% 1.20% 1.20% 5.50% 1.65% 3.2% HFRX Global Hedge Fund Index -1.02% -1.02% 3.20% 0.51% 5.50% 1.65% 3.9% 10 Inception date is 12/18/2014 performance data current to the most recent month end. Expense ratio: 0.85% 7 Correlation based on weekly returns since inception (Dec. 18, Mar. 31, 2018). 8 S&P Global, Howard Silverblatt, March Wall Street Journal, Fed Raises Rates and Signals Faster Pace in Coming Years, Nick Timiraos, March 21, 2018
6 Top 10 holdings BLCN TOP HOLDINGS 1 Intel Corp US 2.37% 2 IBM US 2.19% 3 Microsoft Corp US 2.08% 4 SAP SE GY 1.99% 5 Cisco Systems Inc US 1.99% 6 Nasdaq Inc US 1.96% 7 Hitachi Ltd JP 1.96% 8 Barclays PLC UK 1.87% 9 SBI Holdings Inc JP 1.86% 10 Accenture PLC US 1.85% Total 20.12% LEAD TOP HOLDINGS 1 NVIDIA Corp 2.28% 2 Mastercard Inc 2.26% 3 Estee Lauder Cos Inc/The 2.22% 4 Texas Instruments Inc 2.14% 5 S&P Global Inc 2.13% 6 ResMed Inc 2.10% 7 Maxim Integrated Products Inc 2.10% 8 Visa Inc 2.08% 9 Activision Blizzard Inc 2.07% 10 Motorola Solutions Inc 2.07% Total 21.45% GARD TOP HOLDINGS 1 NVIDIA Corp 2.28% 2 Mastercard Inc 2.25% 3 Estee Lauder Cos Inc/The 2.21% 4 Texas Instruments Inc 2.14% 5 S&P Global Inc 2.13% 6 ResMed Inc 2.10% 7 Comerica Inc 2.10% 8 Maxim Integrated Products Inc 2.08% 9 Visa Inc 2.08% 10 Zoetis Inc 2.07% Total 21.44% DFND TOP HOLDINGS Top 5 Long Holdings 1 NVIDIA Corp 1.71% 2 Mastercard Inc 1.70% 3 Estee Lauder Cos Inc/The 1.67% 4 Texas Instruments Inc 1.61% 5 S&P Global Inc 1.60% Top 5 Short Holdings 1 CenturyLink Inc -2.53% 2 Noble Energy Inc -2.25% 3 NRG Energy Inc -2.16% 4 Anadarko Petroleum Corp -2.02% 5 FirstEnergy Corp -1.79% Contact or info@realityshares.com or visit realityshares.com for more information Subject to change
7 ABOUT REALITY SHARES At Reality Shares, we strive to deliver ETFs based on innovative investment methodologies. Ranging from disruptive fintech to a proprietary dividend health rating system called DIVCON, Reality Shares is focused on offering investors access to innovative market segments. Our ETFs include BLCN, investing in companies involved in blockchain technology, DIVY, an alternative ETF actively targeting long-term capital appreciation generated by dividend growth expectations, and a series of rules-based DIVCON ETFs that seek to analyze and rank companies' dividend growth prospects. Definitions Barclays US Aggregate Bond Index: Broad- based bond index representing investment grade bonds traded in the US. Correlation: A statistic which measures the relationship between two securities, and how closely their fluctuations coincide with one another. Dividend cutters: stocks with a likelihood of dividend cuts within the next 12 months as determined by Reality Shares' DIVCON methodology Dividend growth leaders: stocks with the highest potential for dividend growth within the next 12 months as determined by Reality Shares DIVCON methodology HFRX Global Hedge Fund Index: Represents the overall composition of the hedge fund universe. Indexes are unmanaged and one cannot invest directly in an index. MSCI ACWI Total Return Index: An index designed to track the broad stock market performance of the world, weighted by market capitalization. Reality Shares DIVCON Dividend Defender Index: An index 75% long of the large-cap U.S. stocks most likely to increase their dividend and 25% short of the large-cap U.S. stocks least likely to raise their dividend, as rated by the Reality Shares DIVCON methodology. Reality Shares DIVCON Dividend Guard Index: An index using the Guard Indicator to make market timing decisions. When the Guard Indicator is positive, the Index is composed of the large-cap U.S. stocks most likely to raise their dividend,, and when the Guard Indicator is negative, the Index is 50% long of the large-cap U.S. stocks most likely to increase their dividend and 50% short of the large-cap U.S. stocks least likely to raise their dividend, as rated by the Reality Shares DIVCON methodology. Reality Shares DIVCON Leaders Dividend Index: An index composed of the large-cap U.S. stocks most likely to raise their dividend, as rated by DIVCON. Reality Shares NASDAQ Blockchain Economy Index: An index developed in partnership with NASDAQ that represents the highest scoring companies according to the Blockchain Score methodology. S&P 500 Index: A broad stock market index of 500 large companies based on market capitalization. Sharpe Ratio: A measure of volatility that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment. Sortino Ratio: A measurement of volatility that seeks to differentiate between overall volatility and harmful volatility. It does this by comparing standard deviation and downside deviation. Standard deviation: A statistical measure of risk based on historical price volatility. Greater standard deviations indicate higher historical volatility. Carefully consider the investment objective, risks, charges and expenses before investing in Reality Shares ETFs. This and other important information can be found in the Fund's prospectus, which may be obtained by calling or by visiting us at realityshares.com. Please read the prospectus carefully before investing. The DIVY Fund is actively managed and may fail to achieve its investment objective. There is no guarantee the Fund s investment strategies will be successful. The Fund s derivative investments in swaps, futures and forwards are subject to a number of risks, including correlation risk, market risk, counterparty credit risk and liquidity risk, which may negatively impact the Fund s investment strategies and could cause the Fund to lose money. The Fund does not capture dividend payments or generate dividend income, and is not appropriate for investors seeking dividend income. The Fund uses a dividend isolation strategy whereby investment returns are based primarily on the change in expected dividend values reflected in the prices of the Fund's portfolio holdings. For LEAD, DFND, GARD, and BLCN, there is no guarantee or assurance the methodology used to create the respective Benchmark Indexes will result in the Funds achieving positive returns. The Funds may be more susceptible to a single adverse economic or other occurrence and may therefore be more volatile than a more diversified fund. Each Benchmark Index is constructed using a rules-based methodology based on quantitative models developed by Reality Shares. These quantitative models may be incomplete, flawed or based on inaccurate assumptions and, therefore, may lead to the selection of assets that produce inferior investment returns or provide exposure to greater risk of loss. The investment portfolio for DFND includes securities sold short. The investment portfolio for GARD may include securities sold short. Securities sold short create special risks which may result in increased volatility of returns and counter-party risk. Investments in short sales may also incur dividend and borrowing expenses and may result in the Fund being less tax-efficient. Principal risks for BLCN include Authorized Participant Concentration Risk, Blockchain Technology Risk, Depositary Receipt Risk, Emerging Markets Risk, Equity Risk, ETF Trading Risk, Foreign Issuer Exposure Risk, Geographic Concentration Risk, Non-Blockchain Technology Business Line Risk, Index Performance Risk, Index Tracking Error Risk, Sector Risk, Industry Concentration Risk, Market Risk, and Non-Diversification Risk. See prospectus for full description of risks. BLCN is new and has limited trading history. Blockchain technology is a new and developing technology protocol developed by companies in a manner for optimizing business practices. Blockchain technology is not a product or service with an individually attributable revenue stream. Blockchain technology may never develop optimized transactional processes that lead to increased economic returns to any company in which the Fund invests. There can be no assurance that blockchain technology will affect the primary lines of business in the Fund s portfolio companies to have a positive impact on a company s financial condition. The Benchmark Index for BLCN was created and is maintained through a collaboration between Reality Shares and Nasdaq, and the Fund is listed on the Nasdaq exchange. ETF shares are not individually redeemable. Investors buy and sell shares of the Fund on a secondary market. Only market makers or authorized participants may trade directly with the Fund, typically in blocks of 25,000 shares. Brokerage commissions will reduce returns. Market Price is based on the midpoint of the bid/ask spread at the close of the market and does not represent the returns an investor would receive if shares were traded at other times. Reality Shares Advisors, LLC is the Investment Advisor. ALPS Distributors, Inc. is the Distributor for the Fund. ALPS Distributors, Inc. is not affiliated with Reality Shares Advisors, LLC. Copyright 2018 Reality Shares, Inc. All rights reserved. RLT Exp. 7/31/2018
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