First Trust AlphaDEX TM U.S. Technology Sector Index ETF

Size: px
Start display at page:

Download "First Trust AlphaDEX TM U.S. Technology Sector Index ETF"

Transcription

1 First Trust AlphaDEX TM U.S. Technology Sector Index ETF Interim June 30, 2015 i

2 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM U.S. Technology Sector Index ETF (the First Trust ETF ) This interim management report of fund performance contains financial highlights, but does not contain the complete unaudited interim financial report of the First Trust ETF. All references to dollars contained herein are to Canadian dollars. Securityholders may also contact us to request a copy of the First Trust ETF s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosures relating to the First Trust ETF by calling , by writing to us at FT Portfolios Canada Co., 330 Bay Street, Suite 1300, Toronto, Ontario M5H 2S8 or by visiting our web site at or SEDAR at Forward Looking Statements This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent beliefs regarding future events. By their nature, forward-looking statements are based on assumptions and are subject to inherent risks and uncertainties. There is significant risk that forward-looking statements will not prove to be accurate. Readers of this document should not place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the expectations, estimates or intentions expressed or implied in the forward-looking statements. These factors include but are not limited to market and general economic conditions, interest rates, foreign currency exchange rates, the extent of industry sector exposure, the performance of the securities of the issuers held in the portfolio and regulatory developments and the risks detailed in the First Trust ETF s prospectus. The Manager does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. i

3 Investment Objective and Strategy The fundamental investment objective of First Trust AlphaDEX U.S. Technology Sector Index ETF (the First Trust ETF ) is to replicate, to the extent possible, the performance of the StrataQuant Technology Index ("Index"), net of expenses. The investment strategy of the First Trust ETF is to invest in and hold the constituent securities of the applicable Index in the same proportion as they are reflected in the Index or securities intended to replicate the performance of such Index. The Index results from applying the AlphaDEX methodology to the Russell 1000 Index, a market index representing the large capitalization segment of the U.S. equity universe, and then selecting the constituent securities for the Index from those qualifying stocks included in the Technology Sector. The First Trust ETF may also hold cash and cash equivalents or other money market instruments to fund current liabilities. The First Trust ETF offers one class of units on the TSX with the symbol: FHQ The inception date of the First Trust ETF was October 30, Risk The risks associated with an investment in the First Trust ETF remain as discussed in the First Trust ETF s most recent prospectus. During the period, there were no changes to the First Trust ETF that materially affected the overall risk level associated with an investment in the First Trust ETF. Results of Operations The First Trust ETF s net asset value as of June 30, 2015 was $3,332,010 or $22.21 per unit. The First Trust ETF s net asset value as of December 31, 2014 was $2,195,622 or $21.96 per unit. The First Trust ETF did not declare quarterly cash distributions during the period. Investment Performance The First Trust ETF returned 1.17%, net of fees and expenses, from January 1, 2015 to June 30, This compares with the Russell 1000 Technology Index (the benchmark ) total return of 8.28%. The First Trust ETF underperformed the benchmark. The portfolio held 85 equity securities as of June 30, The top ten equity holdings accounted for 21.49% of the portfolio. The AlphaDEX stock selection process is a rules-based process and can result in industry weightings that differ from that of the benchmark. Currency movements significantly detracted from returns and were the major cause of underperformance during the period. Effective January 30, 2015, the First Trust ETF discontinued hedging its exposure against the U.S. Dollar. During the month of January, the U.S. Dollar appreciated 8.78% against the Canadian Dollar. Since the First Trust ETF was still hedged against the U.S. Dollar at this time, the portfolio did not participate in these gains in the U.S. Dollar. In the subsequent five months of the period, the U.S. Dollar depreciated 1.96% against the Canadian Dollar further detracting from returns. The First Trust ETF benefitted from positive stock selection with Semiconductors and Semiconductors Equipment and Communications Equipment. Positions in Freescale Semiconductor, Inc. and Skyworks Solutions, Inc. significantly contributed to performance. While an underweight position in laggard Intel Corporation, aided relative returns. Also aiding the First Trust ETF was its position in Palo Alto Networks, Inc. Detracting from returns was the portfolio s allocation to Electronic Equipment Instruments, which had a significant overweight, but underperformed during the period. The top five stocks by contribution to portfolio return were Freescale Semiconductor Inc, Skyworks Solutions, Inc., Electronic Arts Inc., Palo Alto Networks, Inc., and DST Systems, Inc. The bottom five stocks by contribution to return were Twitter, Inc., Yahoo! Inc., Western Digital Corporation, SanDisk Corporation, and Micron Technology, Inc. 1i

4 Recent Developments As of June 30th, 2015, Technology accounted for 16.30% of the weight of the Russell The Russell 1000 Technology Benchmark returned 8.28% underperforming the broad Russell 1000 Index which returned 9.31%, as investors continued to favor Health Care, Consumer Discretionary and Telecoms over Utilities, Energy and Industrials. During the period, benchmark levels were consistently shifting as broad investor sentiment was focused on two areas of concern, interest rates and turmoil in Greece. Initially, investors enjoyed a drop in interest rates when the yield on the US Government 10 Year Treasury bottomed at 1.64% at the end of January, before peaking at 2.48% on June 10th. As of the end June, the yield on the US 10 Year Treasury stood at 2.35%. Additional worry came at the end of the period, when Greece s Prime Minister announced his government s decision to hold a referendum on whether to accept further austerity measures to resolve negotiations with the EU and the IMF. During the last week of June, the Russell 1000 Index fell 2.86%. The Russell 1000 Index finished June trading at a price/earnings multiple of and a dividend yield of 1.96%. Effective after the close of business on January 30, 2015, the First Trust ETF no longer hedged its exposure to the U.S. dollar. The First Trust ETF will provide the same exposure to various segments of the U.S. equity market but in a non-us currency hedged manner. International Financial Reporting Standards The financial statements of the First Trust ETF have been prepared in compliance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB). The First Trust ETF adopted this basis of accounting in 2014 as required by Canadian securities legislation and the Canadian Accounting Standards Board. Related Party Transactions FT Portfolios Canada Co. is the Manager of the First Trust ETF and is a Canadian affiliate of First Trust Advisors L.P., the investment advisor (the Advisor ) of the First Trust ETF. Pursuant to terms of the declaration of trust of the First Trust ETF, the Manager provides or arranges for all management, administrative and other services required by the First Trust ETF. The Manager receives a management fee from the First Trust ETF. For further details, please see Management Fees. The Manager has retained the Advisor to provide certain services to the First Trust ETF pursuant to an investment advisory agreement. The Advisor receives advisory fees from the Manager out of the management fee. 2i

5 Financial Highlights The following tables show selected key financial information about the First Trust ETF and are intended to help you understand the First Trust ETF s financial performance for the past year. The date of inception of the First Trust ETF was October 30, The information are derived from the First Trust ETF s interim unaudited financial statements for the six-month period ending June 30 and from the annual financial statements for the period from since inception to December 31. Net Asset Value per Unit June 30, 2015 December 31, 2014 Net asset value, beginning of period (1) $21.96 $20.00 (a) Increase (Decrease) from operations: Total revenue Total expenses (0.11) (0.04) Realized gains (losses) for the period (0.37) (0.60) Unrealized gains (losses) for the period Total increase (decrease) from operations (2) $0.01 $2.01 Distributions: From income (excluding dividends) - (0.05) From dividends - - From capital gains - (0.12) Return of capital - - Total annual distributions (3) - $(0.17) Net asset value, end of period (4) $22.21 $21.96 (a) Initial offering price (1) This information is provided as at June 30 and from October 30, 2014 (the date of inception) to the period ended December 31, 2014 and is prepared under IFRS. (2) Net asset value and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the period. (3) Distributions were either paid in cash or reinvested in additional units of the First Trust ETF. (4) This table is not intended to be a reconciliation of beginning to ending net asset value per unit. Ratios and Supplemental Data June 30, 2015 December 31, 2014 Net asset value (000 s) $3,332 $2,196 Number of units outstanding 150, ,000 Management expense ratio (1) 0.79% 0.79% Management expense ratio before waivers or absorption 0.80% 0.82% Trading expense ratio (2) 0.06% 0.01% Portfolio turnover rate (3) 50.89% 5.70% Net asset value per unit $22.21 $21.96 (1) Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. (2) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. (3) The First Trust ETF s portfolio turnover rate indicates how actively the First Trust ETF s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the First Trust ETF buying and selling all of the securities in its portfolio once in the course of the period. The higher a First Trust ETF s s portfolio turnover rate in a period, the greater the trading cost payable by the First Trust ETF in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between high turnover rate and the performance of a First Trust ETF. 3i

6 Management Fees The First Trust ETF will pay the Manager a management fee equal to up to 0.70% based on the average daily NAV of the First Trust ETF. The management fee, plus applicable taxes including HST, will be accrued daily and paid quarterly in arrears. The Manager may, from time to time in its discretion, waive all or a portion of the management fee charged at any given time. Past Performance General The past performance information shown assumes that all distributions made by the First Trust ETF in the period shown were reinvested in additional securities of the First Trust ETF. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the First Trust ETF has performed in the past does not necessarily indicate how it will perform in the future. Year by Year Returns The bar chart below shows the First Trust ETF s performance for the six-month period ended June 30, 2015 and for the period from October 30, 2014 to December 31, 2014 and illustrate how the investment fund s performance has changed from year to year. The chart also shows, in percentage terms, how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year % First Trust AlphaDEX TM U.S. Technology Sector Index ETF 10.00% 8.00% 8.38% 6.00% 4.00% 2.00% 1.17% 0.00% *Oct 30/14 to Dec 31/14 Jan 1/15 to Jun 30/15 FHQ 8.38% 1.17% *Date of Inception 4i

7 Summary of Investment Portfolio The table sets out the percentage (based on total net asset value) of the First Trust ETF s top 25 holdings as at June 30, This summary of portfolio holdings may change due to ongoing portfolio transactions of the First Trust ETF. A quarterly update is available at Top 25 Holdings % of ETF Total Net Asset Value SunEdison Inc. 2.51% Palo Alto Networks Inc. 2.40% DST Systems Inc. 2.29% Electronic Arts Inc. 2.28% Skyworks Solutions Inc. 2.13% Avago Technologies Ltd. 2.11% Freescale Semiconductor Ltd. 1.97% Intel Corp. 1.96% ON Semiconductor Corp. 1.94% Fortinet Inc. 1.90% Avnet Inc. 1.86% Lam Research Corp. 1.86% CDW Corp. 1.85% SanDisk Corp. 1.84% Yahoo! Inc. 1.78% Corning Inc. 1.75% Western Digital Corp. 1.73% CommScope Holding Inc. 1.72% Dolby Laboratories Inc., Class 'A' 1.67% Apple Inc. 1.62% Cisco Systems Inc. 1.61% Red Hat Inc. 1.61% Tech Data Corp. 1.60% Amphenol Corp., Class 'A' 1.58% Cognizant Technology Solutions Corp., Class 'A' 1.58% Portfolio Breakdown The table sets out the percentage (based on total net asset value) of the First Trust ETF s portfolio, by industry, as at June 30, Industry Weightings % of ETF Total Net Asset Value Semiconductors & Semiconductor Equipment 24.75% Software 23.23% Electronic Equipment, Instruments & Components 16.17% Technology Hardware, Storage & Peripherals 9.48% Communications Equipment 8.58% Internet Software & Services 8.39% IT Services 8.09% Wireless Telecommunication Services 0.79% Internet & Catalog Retail 0.28% Cash and Cash Equivalents 0.35% 5i

8 F Co. 330 Bay Street, Suite 1300 Toronto, ON M5H 2S8 i

First Trust AlphaDEX TM U.S. Health Care Sector Index ETF

First Trust AlphaDEX TM U.S. Health Care Sector Index ETF First Trust AlphaDEX TM U.S. Health Care Sector Index ETF Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 (the First Trust ETF ) This interim management report of fund

More information

First Trust AlphaDEX TM U.S. Financial Sector Index ETF. Interim Management Report of Fund Performance June 30, 2015

First Trust AlphaDEX TM U.S. Financial Sector Index ETF. Interim Management Report of Fund Performance June 30, 2015 Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM U.S. Financial Sector Index ETF (the First Trust ETF ) This interim management report of fund performance

More information

First Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF

First Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF First Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM U.S. Consumer Staples Sector Index

More information

First Trust AlphaDEX TM U.S. Utilities Sector Index ETF. Interim Management Report of Fund Performance June 30, 2016

First Trust AlphaDEX TM U.S. Utilities Sector Index ETF. Interim Management Report of Fund Performance June 30, 2016 Interim Management Report of Fund Performance June 30, 2016 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2016 First Trust AlphaDEX TM U.S. Utilities Sector

More information

First Trust AlphaDEX TM U.S. Energy Sector Index ETF. Annual Management Report of Fund Performance December 31, 2015

First Trust AlphaDEX TM U.S. Energy Sector Index ETF. Annual Management Report of Fund Performance December 31, 2015 Annual Management Report of Fund Performance December 31, 2015 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2015 First Trust AlphaDEX TM U.S. Energy Sector

More information

First Trust AlphaDEX TM U.S. Materials Sector Index ETF. Annual Management Report of Fund Performance December 31, 2014

First Trust AlphaDEX TM U.S. Materials Sector Index ETF. Annual Management Report of Fund Performance December 31, 2014 Annual December 31, 2014 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2014 First Trust AlphaDEX TM U.S. Materials Sector Index ETF (the First Trust ETF ) This annual management report of fund

More information

First Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF

First Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF First Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF Annual Management Report of Fund Performance December 31, 2015 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND

More information

First Trust AlphaDEX TM U.S. Energy Sector Index ETF. Annual Management Report of Fund Performance December 31, 2016

First Trust AlphaDEX TM U.S. Energy Sector Index ETF. Annual Management Report of Fund Performance December 31, 2016 Annual December 31, 2016 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2016 First Trust AlphaDEX TM U.S. Energy Sector Index ETF (the First Trust ETF )

More information

First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged)

First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) Interim June 30, 2016 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2016 First Trust AlphaDEX TM U.S.

More information

First Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF

First Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF First Trust AlphaDEX TM U.S. Consumer Staples Sector Index ETF Annual December 31, 2016 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2016 First Trust

More information

First Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF

First Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF First Trust AlphaDEX TM U.S. Consumer Discretionary Sector Index ETF Interim Management Report of Fund Performance June 30, 2017 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND

More information

First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged)

First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) Interim June 30, 2017 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2017 (the First Trust ETF ) This

More information

First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)

First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)

More information

First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged)

First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) First Trust AlphaDEX TM U.S. Dividend ETF (CAD-Hedged) Annual December 31, 2016 blank (Page intentionally left blank) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2016 First Trust AlphaDEX

More information

First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) Annual Management Report of Fund Performance December 31, 2013

First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) Annual Management Report of Fund Performance December 31, 2013 First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) Annual December 31, 2013 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2013 First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged)

More information

First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim Management Report of Fund Performance June 30, 2014

First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim Management Report of Fund Performance June 30, 2014 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2014 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2014 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)

More information

First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged)

First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Annual December 31, 2014 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2014 (the First Trust ETF ) This annual management report

More information

First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Interim Management Report of Fund Performance June 30, 2014

First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Interim Management Report of Fund Performance June 30, 2014 First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Interim June 30, 2014 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2014 First Trust AlphaDEX TM Emerging Market Dividend ETF

More information

First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)

First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2017 blank (Page intentionally left blank) INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2017 First Trust AlphaDEX

More information

First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Annual Management Report of Fund Performance December 31, 2013

First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Annual Management Report of Fund Performance December 31, 2013 First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Annual December 31, 2013 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2013 First Trust AlphaDEX TM Emerging Market Dividend

More information

Interim Management Report of Fund Performance For the six-month period ended June 30, 2017

Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 WisdomTree U.S. High Dividend Index ETF (HID/HID.B) This interim management report of fund performance contains

More information

BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) (the ETF )

BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management

More information

Interim Management Report of Fund Performance For the six-month period ended June 30, 2018

Interim Management Report of Fund Performance For the six-month period ended June 30, 2018 Interim Management Report of Fund Performance For the six-month period ended June 30, 2018 (DGRC) This interim management report of fund performance contains financial highlights, but does not contain

More information

MARQUEST MUTUAL FUNDS, INC.

MARQUEST MUTUAL FUNDS, INC. MARQUEST MUTUAL FUNDS, INC. FLEX DIVIDEND AND INCOME GROWTH SERIES FUND SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Period ended June 30, 2018 SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2018

More information

BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) (the ETF )

BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) (the ETF ) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc.

More information

Annual Management Report of Fund Performance December 31, 2017

Annual Management Report of Fund Performance December 31, 2017 Annual Management Report of Fund Performance December 31, 2017 (DGRC) This annual management report of fund performance contains financial highlights, but does not contain the complete annual financial

More information

BMO MSCI USA Value Index ETF (ZVU) (the ETF )

BMO MSCI USA Value Index ETF (ZVU) (the ETF ) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO MSCI USA Value Index ETF (ZVU) (the ETF ) For the period from October 4, 2017 (the performance launch date) to December 31, 2017 (the Period ) Manager:

More information

DIVIDEND FUND (GWLIM)

DIVIDEND FUND (GWLIM) Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

Sprott Short-Term Bond Class

Sprott Short-Term Bond Class Sprott Short-Term Bond Class Sprott Corporate Class Inc. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31 The annual management report of fund performance is an analysis and explanation that is

More information

BMO Aggregate Bond Index ETF (ZAG) (the ETF )

BMO Aggregate Bond Index ETF (ZAG) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Aggregate Bond Index ETF (ZAG) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager

More information

2018 Annual Management Report of Fund Performance

2018 Annual Management Report of Fund Performance (the Fund ) For the 12-month period ended September 30, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

DIVIDEND CLASS (GWLIM)

DIVIDEND CLASS (GWLIM) Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

U.S. DIVIDEND FUND (GWLIM)

U.S. DIVIDEND FUND (GWLIM) Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

BMO Low Volatility Canadian Equity ETF (ZLB) (the ETF )

BMO Low Volatility Canadian Equity ETF (ZLB) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Low Volatility Canadian Equity ETF (ZLB) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the

More information

Interim Management Report of Fund Performance For the six-month period ended June 30, 2017

Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 WisdomTree International Quality Dividend Growth Index ETF (IQD/IQD.B) This interim management report of fund

More information

BMO Mid Federal Bond Index ETF (ZFM) (the ETF )

BMO Mid Federal Bond Index ETF (ZFM) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Mid Federal Bond Index ETF (ZFM) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager

More information

2018 Annual Management Report of Fund Performance For the period ended December 31, 2018

2018 Annual Management Report of Fund Performance For the period ended December 31, 2018 STONE SMALL COMPANIES FUND (formerly MARQUEST SMALL COMPANIES FUND) 2018 Annual Management Report of Fund Performance For the period ended December 31, 2018 This annual Management Report of Fund Performance

More information

2018 Interim Management Report of Fund Performance

2018 Interim Management Report of Fund Performance 2018 Interim Management Report of Fund Performance Brandes Canadian Money Market Fund BRANDES CANADIAN MONEY MARKET FUND This interim management report of fund performance contains financial highlights

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

CANADIAN GROWTH FUND (GWLIM)

CANADIAN GROWTH FUND (GWLIM) Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

Interim Management Report of Fund Performance For the six-month period ended June 30, 2017

Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 Interim Management Report of Fund Performance For the six-month period ended June 30, 2017 WisdomTree International Quality Dividend Growth Variably Hedged Index ETF (DQI) This interim management report

More information

Fidelity U.S. Dividend Currency Neutral Fund

Fidelity U.S. Dividend Currency Neutral Fund Fidelity U.S. Dividend Currency Neutral Fund Annual Management Report of Fund Performance June 3, 18 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited

More information

2018 Semi-Annual Management Report of Fund Performance

2018 Semi-Annual Management Report of Fund Performance (the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

Fidelity American Disciplined Equity Fund

Fidelity American Disciplined Equity Fund Fidelity American Disciplined Equity Fund Semi-Annual Management Report of Fund Performance December 31, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not

More information

BMO Equal Weight Utilities Index ETF (ZUT) (the ETF )

BMO Equal Weight Utilities Index ETF (ZUT) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Equal Weight Utilities Index ETF (ZUT) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the

More information

Sprott Focused U.S. Dividend Class

Sprott Focused U.S. Dividend Class Sprott Focused U.S. Dividend Class Sprott Corporate Class Inc. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31 The annual management report of fund performance is an analysis and explanation that

More information

First Trust Senior Loan ETF (CAD-Hedged)

First Trust Senior Loan ETF (CAD-Hedged) Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust Senior Loan ETF (CAD-Hedged) (the First Trust ETF ) This interim management report of fund performance contains

More information

Mackenzie US Large Cap Equity Index ETF

Mackenzie US Large Cap Equity Index ETF Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

BMO Long Corporate Bond Index ETF (ZLC) (the ETF )

BMO Long Corporate Bond Index ETF (ZLC) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Long Corporate Bond Index ETF (ZLC) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager

More information

2018 Semi-Annual Management Report of Fund Performance

2018 Semi-Annual Management Report of Fund Performance (the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

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

2014 Annual Management Report of Fund Performance

2014 Annual Management Report of Fund Performance (the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

MARQUEST MUTUAL FUNDS, INC.

MARQUEST MUTUAL FUNDS, INC. MARQUEST MUTUAL FUNDS, INC. ENERGY SERIES FUND SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Period ended June 30, 2018 SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2018 A NOTE ON FORWARD-LOOKING

More information

Ninepoint Enhanced Equity Class

Ninepoint Enhanced Equity Class Ninepoint Enhanced Equity Class Ninepoint Corporate Class Inc. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE DECEMBER 31 The annual management report of fund performance is an analysis and explanation that

More information

Sprott Short-Term Bond Fund

Sprott Short-Term Bond Fund Sprott Short-Term Bond Fund SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement and

More information

2017 Annual Management Report of Fund Performance

2017 Annual Management Report of Fund Performance (the Fund ) For the 12-month period ended September 30, (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

2015 Semi-Annual Management Report of Fund Performance

2015 Semi-Annual Management Report of Fund Performance (the Fund ) For the six-month period ended June 30, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio Manager: BMO Asset Management Inc. (the portfolio manager ) 2015 Semi-Annual

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

INCOME FUND (PORTICO)

INCOME FUND (PORTICO) Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

Semi-Annual Management Report of Fund Performance

Semi-Annual Management Report of Fund Performance June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements

More information

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp.

Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Fidelity Canadian Growth Company Class of the Fidelity Capital Structure Corp. Annual Management Report of Fund Performance November 3, 17 Caution Regarding Forward-looking Statements Certain portions

More information

Sprott Focused Global Dividend Class

Sprott Focused Global Dividend Class Sprott Focused Global Dividend Class Sprott Corporate Class Inc. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE DECEMBER 31 The annual management report of fund performance is an analysis and explanation

More information

Fidelity U.S. Equity Investment Trust

Fidelity U.S. Equity Investment Trust Fidelity U.S. Equity Investment Trust Semi-Annual Management Report of Fund Performance December 31, 2017 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not

More information

Ninepoint Global Infrastructure Fund

Ninepoint Global Infrastructure Fund Ninepoint Global Infrastructure Fund INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement

More information

BMO Low Volatility US Equity ETF (ZLU/ZLU.U) (the ETF )

BMO Low Volatility US Equity ETF (ZLU/ZLU.U) (the ETF ) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Low Volatility US Equity ETF (ZLU/ZLU.U) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the

More information

Sprott Enhanced Balanced Fund

Sprott Enhanced Balanced Fund Sprott Enhanced Balanced Fund SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement and

More information

GLOBAL DIVIDEND EQUITY CLASS (SETANTA) (Formerly Global Dividend Class (Setanta)) FOREIGN EQUITY FUND

GLOBAL DIVIDEND EQUITY CLASS (SETANTA) (Formerly Global Dividend Class (Setanta)) FOREIGN EQUITY FUND Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

Ninepoint Short-Term Bond Fund

Ninepoint Short-Term Bond Fund Ninepoint Short-Term Bond Fund INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement and

More information

Sentry Canadian Income Class. Annual Management Report of Fund Performance

Sentry Canadian Income Class. Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights, but does not contain the annual financial statements of the investment fund. You can get a copy of the annual financial

More information

Fidelity American Disciplined Equity Fund

Fidelity American Disciplined Equity Fund Fidelity American Disciplined Equity Fund Annual Management Report of Fund Performance June 3, 17 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited

More information

BMO Long Corporate Bond Index ETF (ZLC) (the ETF )

BMO Long Corporate Bond Index ETF (ZLC) (the ETF ) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Long Corporate Bond Index ETF (ZLC) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager

More information

2015 Semi-Annual Management Report of Fund Performance

2015 Semi-Annual Management Report of Fund Performance (the Fund ) For the six-month period ended March 31, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

BMO Short Provincial Bond Index ETF (ZPS/ZPS.L) (the ETF )

BMO Short Provincial Bond Index ETF (ZPS/ZPS.L) (the ETF ) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Short Provincial Bond Index ETF (ZPS/ZPS.L) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc.

More information

CANADIAN LOW VOLATILITY CLASS (LONDON CAPITAL)

CANADIAN LOW VOLATILITY CLASS (LONDON CAPITAL) Annual Management Report of Fund Performance For the Year Ended March 31, This Annual Management Report of Fund Performance contains financial highlights but does not contain the complete annual financial

More information

Annual Management Report of Fund Performance

Annual Management Report of Fund Performance (the Fund ) For the period ended September 30, 2012 Manager: BMO Investments Inc. Portfolio manager: BMO Asset Management Inc., Toronto, Ontario Annual Management Report of Fund Performance This annual

More information

BMO Long Provincial Bond Index ETF (ZPL) (the ETF )

BMO Long Provincial Bond Index ETF (ZPL) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Long Provincial Bond Index ETF (ZPL) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the

More information

2017 Interim Management Report of Fund Performance

2017 Interim Management Report of Fund Performance 2017 Interim Management Report of Fund Performance Sionna Diversified Income Fund TABLE OF CONTENTS Management Discussion of Fund Performance 4 Financial Highlights 6 Management Fees 8 Past Performance

More information

Fidelity U.S. Dividend Investment Trust

Fidelity U.S. Dividend Investment Trust Fidelity U.S. Dividend Investment Trust Semi-Annual Management Report of Fund Performance December 31, 2017 Caution Regarding Forward-looking Statements Certain portions of this report, including, but

More information

BMO Mid Corporate Bond Index ETF (ZCM) (the ETF )

BMO Mid Corporate Bond Index ETF (ZCM) (the ETF ) ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Mid Corporate Bond Index ETF (ZCM) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager

More information

Fidelity Event Driven Opportunities Fund

Fidelity Event Driven Opportunities Fund Fidelity Event Driven Opportunities Fund Annual Management Report of Fund Performance June 3, 18 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited

More information

Fidelity Canadian Equity Private Pool of the Fidelity Capital Structure Corp.

Fidelity Canadian Equity Private Pool of the Fidelity Capital Structure Corp. Fidelity Canadian Equity Private Pool of the Fidelity Capital Structure Corp. Annual Management Report of Fund Performance November 3, Caution Regarding Forward-looking Statements Certain portions of this

More information

CORE PLUS BOND FUND (PORTICO)

CORE PLUS BOND FUND (PORTICO) Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

BMO Short Provincial Bond Index ETF (ZPS/ZPS.L) (the ETF )

BMO Short Provincial Bond Index ETF (ZPS/ZPS.L) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE (ZPS/ZPS.L) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager and portfolio manager

More information

W.A.M. COLLINS INCOME POOL

W.A.M. COLLINS INCOME POOL MANAGEMENT REPORT OF FUND PERFORMANCE W.A.M. COLLINS INCOME POOL December 31, 2018 This annual management report of fund performance contains financial highlights but does not contain the complete annual

More information

RBC CANADIAN DIVIDEND FUND

RBC CANADIAN DIVIDEND FUND CANADIAN EQUITY FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this annual management report of

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

Fidelity U.S. Dividend Currency Neutral Fund

Fidelity U.S. Dividend Currency Neutral Fund Fidelity U.S. Dividend Currency Neutral Fund Annual Management Report of Fund Performance June 3, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited

More information

Ninepoint Resource Class

Ninepoint Resource Class Ninepoint Resource Class Ninepoint Corporate Class Inc. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE DECEMBER 30 The annual management report of fund performance is an analysis and explanation that is

More information

Annual Management Report of Fund Performance December 31, 2017

Annual Management Report of Fund Performance December 31, 2017 Annual Management Report of Fund Performance December 31, 2017 WisdomTree Europe Hedged Equity Index ETF (EHE/EHE.B) This annual management report of fund performance contains financial highlights, but

More information

2017 Annual Management Report of Fund Performance

2017 Annual Management Report of Fund Performance (the Fund ) For the 12-month period ended September 30, 2017 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

BMO U.S. Equity Class (the Fund ) (formerly BMO American Equity Class )

BMO U.S. Equity Class (the Fund ) (formerly BMO American Equity Class ) (the Fund ) (formerly BMO American Equity Class ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management

More information

Fidelity Global Technology Fund

Fidelity Global Technology Fund Fidelity Global Technology Fund Semi-Annual Management Report of Fund Performance September 3, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to,

More information

Ninepoint Global Real Estate Fund

Ninepoint Global Real Estate Fund Ninepoint Global Real Estate Fund INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE JUNE 30 The interim management report of fund performance is an analysis and explanation that is designed to complement and

More information

Annual Management Report of Fund Performance

Annual Management Report of Fund Performance December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of

More information

2015 Semi-Annual Management Report of Fund Performance

2015 Semi-Annual Management Report of Fund Performance (the Fund ) For the six-month period ended June 30, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio Manager: Guardian Capital LP (the portfolio manager ) 2015 Semi-Annual

More information

Semi-Annual Management Report of Fund Performance

Semi-Annual Management Report of Fund Performance (the Fund ) For the period ended March 31, 2013 Manager: BMO Investments Inc. Portfolio manager: Monegy, Inc., Toronto, Ontario Semi-Annual Management Report of Fund Performance This semi-annual management

More information

BMO Laddered Preferred Share Index ETF (ZPR) (the ETF )

BMO Laddered Preferred Share Index ETF (ZPR) (the ETF ) SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Laddered Preferred Share Index ETF (ZPR) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the

More information

CORPORATE BOND FUND (PORTICO)

CORPORATE BOND FUND (PORTICO) Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the

More information

Fidelity Global Equity Currency Neutral Private Pool of the Fidelity Capital Structure Corp.

Fidelity Global Equity Currency Neutral Private Pool of the Fidelity Capital Structure Corp. Fidelity Global Equity Currency Neutral Private Pool of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31, 2017 Caution Regarding Forward-looking Statements

More information

RBC CANADIAN DIVIDEND CLASS

RBC CANADIAN DIVIDEND CLASS CANADIAN EQUITY FUND Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Corporate Class Inc. approved this interim management report of fund performance on November

More information