Prepare and Protect:

Let us help you navigate the cycles

ACTIVE RISK-MANAGED ETFS

 

WBI’s active investment process seeks to manage risk to capital, unleash the benefits of compounding, and grow capital efficiently through good and bad market cycles. Our Bull|Bear ETFs combine our time-tested, multi-factor security selection models with our advanced dynamic trailing stop process to protect capital.

TREND SWITCH ETFS

 

WBI has utilized domestic stock and fixed income trend models in our quantitative management process for nearly 30 years. The Trend Switch ETFs are designed to give investors simple solutions aiming to optimize outcomes in bull and bear market cycles.

POWER FACTOR ETFS

 

WBI’s multi-factor security selection models have been time-tested over three decades to develop the most powerful factor combinations to find the strongest dividend stocks to buy. Our Power Factor ETF unleashes the power of WBI’s sophisticated security selection to identify 50 stocks that have a deep value bias, quality fundamentals, and an attractive yield. Quarterly rebalancing provides a more active approach than you would find in similar offerings.

FEATURED PRODUCTS

WBIE

WBI Bull|Bear
Rising Income 3000 ETF

WBIY

WBI Power Factor® High Dividend ETF

WBIT

WBI Bull|Bear Trend Switch US 3000 Total Return

WBII

WBI Bull|Bear
Global Income ETF

ALL FUNDS

Fund Information
 As of: 08/06/2020
NAV Daily Change Fact Sheet Holdings
$19.12
$0.00
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
08/07/2020WBIYPM718172109PHILIP MORRIS INTL INC41,93277.1200003233795.847.69%42066200.002200000440.00
08/07/2020WBIYXOM30231G102EXXON MOBIL CORP71,35643.6400003113975.847.40%42066200.002200000440.00
08/07/2020WBIYT00206R102AT&T INC103,97029.8400003102464.807.38%42066200.002200000440.00
08/07/2020WBIYKHC500754106KRAFT HEINZ CO58,42535.2800002061234.004.90%42066200.002200000440.00
08/07/2020WBIYIBM459200101INTERNATIONAL BUSINESS MACHS COM15,775124.4900001963829.754.67%42066200.0022000004425713.25
08/07/2020WBIYLYBN53745100LYONDELLBASELL INDUSTRIES N V SHS - A -29,95265.4400001960058.884.66%42066200.002200000440.00
08/07/2020WBIYCTL156700106CENTURYLINK INC185,00510.5600001953652.804.64%42066200.002200000440.00
08/07/2020WBIYABBV00287Y109ABBVIE INC20,02792.5700001853899.394.41%42066200.002200000440.00
08/07/2020WBIYIP460146103INTL PAPER CO46,51735.2700001640654.593.90%42066200.002200000440.00
08/07/2020WBIYSTXG7945M107SEAGATE TECHNOLOGY PLC31,47844.9600001415250.883.36%42066200.002200000440.00
08/07/2020WBIYIPG460690100INTERPUBLIC GROUP COS INC75,47218.5300001398496.163.32%42066200.002200000440.00
08/07/2020WBIYXRX98421M106XEROX HOLDINGS CORP60,12016.350000982962.002.34%42066200.002200000440.00
08/07/2020WBIYSPKE846511103SPARK ENERGY INC103,2767.910000816913.161.94%42066200.002200000440.00
08/07/2020WBIYHESM428103105HESS MIDSTREAM LP41,02919.040000781192.161.86%42066200.002200000440.00
08/07/2020WBIYDHTY2065G121DHT HOLDINGS INC136,1455.680000773303.601.84%42066200.002200000440.00
08/07/2020WBIYHBI410345102HANESBRANDS INC52,48714.270000748989.491.78%42066200.002200000440.00
08/07/2020WBIYSWM808541106SCHWEITZER-MAUDUIT INTL INC22,37533.020000738822.501.76%42066200.002200000440.00
08/07/2020WBIYSGU85512C105STAR GROUP L P80,2379.230000740587.511.76%42066200.002200000440.00
08/07/2020WBIYGEF397624107GREIF INC19,74237.260000735586.921.75%42066200.002200000440.00
08/07/2020WBIYVGR92240M108VECTOR GROUP LTD80,7758.980000725359.501.72%42066200.002200000440.00
08/07/2020WBIYWYND98310W108WYNDHAM DESTINATIONS INC23,01627.430000631328.881.50%42066200.002200000440.00
08/07/2020WBIYHFC436106108HOLLYFRONTIER CORP25,44724.620000626505.141.49%42066200.002200000440.00
08/07/2020WBIYCMA200340107COMERICA INC12,72638.130000485242.381.15%42066200.002200000440.00
08/07/2020WBIYPRU744320102PRUDENTIAL FINL INC6,95164.650000449382.151.07%42066200.002200000440.00
08/07/2020WBIYHBAN446150104HUNTINGTON BANCSHARES INC47,8259.300000444772.501.06%42066200.002200000440.00
08/07/2020WBIYCash&OtherCash&OtherCash & Other439,4061.000000439405.841.04%42066200.00220000044Y
08/07/2020WBIYFHN320517105FIRST HORIZON NATL CORP44,8129.340000418544.080.99%42066200.002200000440.00
08/07/2020WBIYKEY493267108KEYCORP33,01312.180000402098.340.96%42066200.002200000440.00
08/07/2020WBIYUNM91529Y106UNUM GROUP23,22317.170000398738.910.95%42066200.002200000440.00
08/07/2020WBIYFITB316773100FIFTH THIRD BANCORP18,86719.775000373094.930.89%42066200.002200000440.00
08/07/2020WBIYCFG174610105CITIZENS FINANCIAL GROUP INC COM15,04024.760000372390.400.89%42066200.002200000440.00
08/07/2020WBIYOMF68268W103ONEMAIN HLDGS INC12,45729.720000370222.040.88%42066200.0022000004429024.81
08/07/2020WBIYRF7591EP100REGIONS FINANCIAL CORP NEW34,25810.840000371356.720.88%42066200.002200000440.00
08/07/2020WBIYNAVI63938C108NAVIENT CORPORATION41,4488.460000350650.080.83%42066200.002200000440.00
08/07/2020WBIYMCY589400100MERCURY GENL CORP NEW7,56944.450000336442.050.80%42066200.002200000440.00
08/07/2020WBIYOZK06417N103BANK OZK12,92024.700000319124.000.76%42066200.002200000440.00
08/07/2020WBIYSNV87161C501SYNOVUS FINL CORP15,72720.190000317528.130.75%42066200.002200000440.00
08/07/2020WBIYWSBC950810101WESBANCO INC15,12120.980000317238.580.75%42066200.002200000440.00
08/07/2020WBIYWBS947890109WEBSTER FINL CORP CONN11,61527.020000313837.300.75%42066200.002200000440.00
08/07/2020WBIYPFG74251V102PRINCIPAL FINANCIAL GROUP INC COM7,31642.950000314222.200.75%42066200.002200000440.00
08/07/2020WBIYASB045487105ASSOCIATED BANC CORP23,62613.180000311390.680.74%42066200.002200000440.00
08/07/2020WBIYHWC410120109HANCOCK WHITNEY CORPORATION15,87119.400000307897.400.73%42066200.002200000440.00
08/07/2020WBIYFCF319829107FIRST COMWLTH FINL CORP PA38,3257.980000305833.500.73%42066200.002200000440.00
08/07/2020WBIYSASR800363103SANDY SPRING BANCORP INC13,07123.200000303247.200.72%42066200.002200000440.00
08/07/2020WBIYFFG30239F106FBL FINL GROUP INC8,52435.100000299192.400.71%42066200.002200000440.00
08/07/2020WBIYFNLC31866P102FIRST BANCORP INC ME14,33920.860000299111.540.71%42066200.002200000440.00
08/07/2020WBIYWDR930059100WADDELL & REED FINL INC19,92614.870000296299.620.70%42066200.002200000440.00
08/07/2020WBIYBHLB084680107BERKSHIRE HILLS BANCORP INC29,9649.630000288553.320.69%42066200.002200000440.00
08/07/2020WBIYHOPE43940T109HOPE BANCORP INC34,6088.370000289668.960.69%42066200.002200000444845.12
08/07/2020WBIYUBFO911460103UNITED SEC BANCSHARES CALIF46,4036.140000284914.420.68%42066200.002200000440.00
08/07/2020WBIYPFS74386T105PROVIDENT FINL SVCS INC21,39413.300000284540.200.68%42066200.002200000440.00
Fund Goals

  • Multi-factor smart beta ETF
  • Power Factor® approach focuses on generating the highest dividend yield with a deep value bias and multi-factor fundamental analysis to confirm quality
  • Designed to track the Solactive Power Factor® High Dividend Index

Prices
 As of: 08/06/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,200,000
42.07
$19.10
9,419
-0.11%
0.70%
Performance Month End
 As of: 07/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
0.09%
0.09%
-26.70%
-19.60%
-2.54%
-2.53%
Market
-0.10%
-0.10%
-26.64%
-19.67%
-2.65%
-2.59%
Performance Quarter End
 As of: 06/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
2.18
24.53
-26.76
-19.24
-2.53
-2.61
Market
2.17
24.60
-26.57
-19.08
-2.69
-2.62

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.  The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For most recent month-end performance, please see the monthly performance tab.

Fund Characteristics
 As of: 7/31/2020
30-Day SEC Yield 30-Day Unsubsidized SEC Yield
5.46%
5.17%

WBIY Top Holdings
 As of: 08/07/2020
Security Name Weightings Shares
PHILIP MORRIS INTL INC
EXXON MOBIL CORP
AT&T INC
KRAFT HEINZ CO
INTERNATIONAL BUSINESS MACHS COM
LYONDELLBASELL INDUSTRIES N V SHS - A -
CENTURYLINK INC
ABBVIE INC
INTL PAPER CO
SEAGATE TECHNOLOGY PLC
7.69%
7.40%
7.38%
4.90%
4.67%
4.66%
4.64%
4.41%
3.90%
3.36%
41,932
71,356
103,970
58,425
15,775
29,952
185,005
20,027
46,517
31,478
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 08/06/2020
NAV Daily Change Fact Sheet Holdings
$18.41
$0.09
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
08/07/2020WBITIWV464287689ISHARES TR RUSSELL 3000 ETF66,270195.28000012941205.6036.51%35446372.501925000770.00
08/07/2020WBITVTI922908769VANGUARD INDEX FDS TOTAL STK MKT73,281169.66000012432854.4635.08%35446372.501925000770.00
08/07/2020WBITSCHB808524102SCHWAB STRATEGIC TR US BRD MKT ETF124,90779.6300009946344.4128.06%35446372.501925000770.00
08/07/2020WBITCash&OtherCash&OtherCash & Other124,0041.000000124004.270.35%35446372.50192500077Y
Fund Goals

  • Manage risk to capital
  • Seeks current income and long-term capital appreciation

Prices
 As of: 08/06/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,925,000
35.45
$18.39
2,156
-0.13%
0.67%
Performance Month End
 As of: 07/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 5/28/2019
NAV
5.66%
5.66%
-10.12%
-6.77%
 
-2.92%
Market
5.14%
5.14%
-10.40%
-7.00%
 
-3.16%
Performance Quarter End
 As of: 06/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 5/28/2019
NAV
-0.38
2.16
-14.94
-11.65
 
-7.91
Market
-0.23
2.37
-14.79
-11.55
 
-7.75

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.  The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For most recent month-end performance, please see the monthly performance tab.

Fund Characteristics
 As of: 7/31/2020
30-Day SEC Yield
1.04%

WBIT Top Holdings
 As of: 08/07/2020
Security Name Weightings Shares
ISHARES TR RUSSELL 3000 ETF
VANGUARD INDEX FDS TOTAL STK MKT
SCHWAB STRATEGIC TR US BRD MKT ETF
Cash & Other
36.51%
35.08%
28.06%
0.35%
66,270
73,281
124,907
124,004
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 08/06/2020
NAV Daily Change Fact Sheet Holdings
$17.32
$0.04
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
08/07/2020WBINJNK78468R622SPDR SER TR BLOOMBERG BRCLYS71,484106.0200007578733.6841.68%18182640.001050000420.00
08/07/2020WBINHYG464288513ISHARES TR IBOXX HI YD ETF88,30685.3800007539566.2841.47%18182640.001050000420.00
08/07/2020WBINANGL92189F437VANECK VECTORS ETF TR FALLEN ANGEL HG94,25230.6900002892593.8815.91%18182640.001050000420.00
08/07/2020WBINCash&OtherCash&OtherCash & Other170,6841.000000170683.800.94%18182640.00105000042Y
Fund Goals

  • Manage risk to capital
  • Seeks current income and long-term capital appreciation

Prices
 As of: 08/06/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,050,000
18.18
$17.31
2,345
-0.04%
0.77%
Performance Month End
 As of: 07/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 7/18/2019
NAV
5.49%
5.49%
-10.09%
-6.74%
 
-6.41%
Market
5.56%
5.56%
-10.08%
-6.80%
 
-6.50%
Performance Quarter End
 As of: 06/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 7/18/2019
NAV
-0.13
2.41
-14.77
 
 
-11.49
Market
-0.22
2.22
-14.82
 
 
-11.64

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.  The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For most recent month-end performance, please see the monthly performance tab.

Fund Characteristics
 As of: 7/31/2020
30-Day SEC Yield
5.16%

WBIN Top Holdings
 As of: 08/07/2020
Security Name Weightings Shares
SPDR SER TR BLOOMBERG BRCLYS
ISHARES TR IBOXX HI YD ETF
VANECK VECTORS ETF TR FALLEN ANGEL HG
Cash & Other
41.68%
41.47%
15.91%
0.94%
71,484
88,306
94,252
170,684
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 08/06/2020
NAV Daily Change Fact Sheet Holdings
$24.75
$0.06
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
08/07/2020WBIIJNK78468R622SPDR SER TR BLOOMBERG BRCLYS217,666106.02000023076949.3232.72%70534935.002850000570.00
08/07/2020WBIIHYG464288513ISHARES TR IBOXX HI YD ETF268,86785.38000022955864.4632.55%70534935.002850000570.00
08/07/2020WBIIUSHY46435U853ISHARES TR BROAD USD HIGH242,38340.0200009700167.6613.75%70534935.002850000570.00
08/07/2020WBIIANGL92189F437VANECK VECTORS ETF TR FALLEN ANGEL HG287,56830.6900008825461.9212.51%70534935.002850000570.00
08/07/2020WBIIVCIT92206C870VANGUARD SCOTTSDALE FDS INT-TERM CORP55,63597.1000005402158.507.66%70534935.002850000570.00
08/07/2020WBIICash&OtherCash&OtherCash & Other567,9221.000000567921.960.81%70534935.00285000057Y
Fund Goals

  • Manage risk to capital
  • Generate high current yield that helps to promote compounding
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in income-producing debt and equity securities of foreign and domestic companies

Prices
 As of: 08/06/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,850,000
70.54
$24.73
5,626
-0.08%
1.29%
Performance Month End
 As of: 07/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
5.13%
5.13%
-1.06%
1.80%
2.49%
2.22
2.31%
Market
5.01%
5.01%
-1.06%
1.72%
2.47%
2.17
2.28%
Performance Quarter End
 As of: 06/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
0.10
3.18
-5.89
-2.97
1.02
1.17
1.47
Market
0.10
3.41
-5.78
-2.87
0.96
1.15
1.47

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.  The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For most recent month-end performance, please see the monthly performance tab.

Fund Characteristics
 As of: 7/31/2020
30-Day SEC Yield
4.42%
WBII Top Holdings
 As of: 08/07/2020
Security Name Weightings Shares
SPDR SER TR BLOOMBERG BRCLYS
ISHARES TR IBOXX HI YD ETF
ISHARES TR BROAD USD HIGH
VANECK VECTORS ETF TR FALLEN ANGEL HG
VANGUARD SCOTTSDALE FDS INT-TERM CORP
Cash & Other
32.72%
32.55%
13.75%
12.51%
7.66%
0.81%
217,666
268,867
242,383
287,568
55,635
567,922
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 08/06/2020
NAV Daily Change Fact Sheet Holdings
$28.01
$0.00
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
08/07/2020WBIEFBHS34964C106FORTUNE BRANDS HOME & SEC INC COM28,94578.4300002270156.355.24%43315885.611546278300.00
08/07/2020WBIENVDA67066G104NVIDIA CORPORATION4,626453.4200002097520.924.84%43315885.611546278300.00
08/07/2020WBIETTWO874054109TAKE-TWO INTERACTIVE SOFTWARE COM11,834177.3400002098641.564.84%43315885.611546278300.00
08/07/2020WBIEPGR743315103PROGRESSIVE CORP OHIO23,33389.6100002090870.134.83%43315885.611546278300.00
08/07/2020WBIELEN526057104LENNAR CORP27,71073.2900002030865.904.69%43315885.611546278300.00
08/07/2020WBIESIRI82968B103SIRIUS XM HOLDINGS INC338,2505.9200002002440.004.62%43315885.611546278300.00
08/07/2020WBIEFMC302491303F M C CORP18,493108.2500002001867.254.62%43315885.611546278300.00
08/07/2020WBIELOW548661107LOWES COS INC12,956151.1900001958817.644.52%43315885.611546278300.00
08/07/2020WBIEGOOGL02079K305ALPHABET INC1,2991504.9500001954930.054.51%43315885.611546278300.00
08/07/2020WBIECDW12514G108CDW CORP16,913114.7900001941443.274.48%43315885.611546278300.00
08/07/2020WBIECLX189054109CLOROX CO DEL8,161236.1500001927220.154.45%43315885.611546278300.00
08/07/2020WBIEPG742718109PROCTER AND GAMBLE CO14,349132.7100001904255.794.40%43315885.611546278300.00
08/07/2020WBIESPGI78409V104S&P Global Inc5,083352.5700001792113.314.14%43315885.611546278300.00
08/07/2020WBIEITW452308109ILLINOIS TOOL WKS INC9,374187.9500001761843.304.07%43315885.611546278300.00
08/07/2020WBIEDG256677105DOLLAR GEN CORP NEW8,732192.5500001681346.603.88%43315885.611546278300.00
08/07/2020WBIEMCK58155Q103MCKESSON CORP10,735151.7500001629036.253.76%43315885.611546278300.00
08/07/2020WBIETGT87612E106TARGET CORP11,668129.0100001505288.683.48%43315885.611546278300.00
08/07/2020WBIEMNST61174X109MONSTER BEVERAGE CORP NEW17,16083.5100001433031.603.31%43315885.611546278300.00
08/07/2020WBIEACNG1151C101ACCENTURE PLC IRELAND5,972230.8900001378875.083.18%43315885.611546278300.00
08/07/2020WBIECCEPG25839104COCA COLA EUROPEAN PARTNERS P SHS27,66240.6100001123353.822.59%43315885.611546278300.00
08/07/2020WBIELRCX512807108LAM RESEARCH CORP2,697377.8100001018953.572.35%43315885.611546278300.00
08/07/2020WBIESTT857477103STATE STR CORP13,39566.540000891303.302.06%43315885.611546278300.00
08/07/2020WBIECOST22160K105COSTCO WHSL CORP NEW2,560343.310000878873.602.03%43315885.611546278300.00
08/07/2020WBIEEBAY278642103EBAY INC.15,16255.080000835122.961.93%43315885.611546278300.00
08/07/2020WBIEMSFT594918104MICROSOFT CORP3,594216.350000777561.901.80%43315885.611546278300.00
08/07/2020WBIEAMZN023135106AMAZON COM INC2403225.000000774000.001.79%43315885.611546278300.00
08/07/2020WBIEJNJ478160104JOHNSON & JOHNSON4,293147.550000633432.151.46%43315885.611546278300.00
08/07/2020WBIESTZ21036P108CONSTELLATION BRANDS INC3,008171.090000514638.721.19%43315885.611546278300.00
08/07/2020WBIECash&OtherCash&OtherCash & Other403,6461.000000403645.600.93%43315885.61154627830Y
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small-, mid- and large-cap securities with improving fundamental growth trends

Prices
 As of: 08/06/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,546,278
43.32
$28.00
4,061
-0.05%
1.13%
Performance Month End
 As of: 07/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
5.31%
5.31%
-1.86%
2.06%
4.78%
2.73
2.38%
Market
5.10%
5.10%
-1.72%
1.86%
4.67%
2.66
2.34%
Performance Quarter End
 As of: 06/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-1.98
2.77
-6.81
-1.81
2.92
2.03
1.51
Market
-2.00
2.82
-6.49
-1.73
2.83
1.99
1.51

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.  The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For most recent month-end performance, please see the monthly performance tab.

*Effective October 25, 2019, The Fund’s name and Strategy changed. The Fund was previously named WBI BullBear Rising Income 1000 ETF. Performance prior to October 25, 2019 reflects a large-cap investment strategy. The Fund now intends to invest in small, mid, and large caps.

Fund Characteristics
 As of: 7/31/2020
30-Day SEC Yield
-0.18%
WBIE Top Holdings
 As of: 08/07/2020
Security Name Weightings Shares
FORTUNE BRANDS HOME & SEC INC COM
NVIDIA CORPORATION
TAKE-TWO INTERACTIVE SOFTWARE COM
PROGRESSIVE CORP OHIO
LENNAR CORP
SIRIUS XM HOLDINGS INC
F M C CORP
LOWES COS INC
ALPHABET INC
CDW CORP
5.24%
4.84%
4.84%
4.83%
4.69%
4.62%
4.62%
4.52%
4.51%
4.48%
28,945
4,626
11,834
23,333
27,710
338,250
18,493
12,956
1,299
16,913
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 08/06/2020
NAV Daily Change Fact Sheet Holdings
$27.23
$0.05
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
08/07/2020WBIFACNG1151C101ACCENTURE PLC IRELAND9,997230.8900002308207.335.34%43251405.771588315310.00
08/07/2020WBIFTTWO874054109TAKE-TWO INTERACTIVE SOFTWARE COM12,712177.3400002254346.085.21%43251405.771588315310.00
08/07/2020WBIFPG742718109PROCTER AND GAMBLE CO16,190132.7100002148574.904.97%43251405.771588315310.00
08/07/2020WBIFNVDA67066G104NVIDIA CORPORATION4,646453.4200002106589.324.87%43251405.771588315310.00
08/07/2020WBIFSTT857477103STATE STR CORP30,30766.5400002016627.784.66%43251405.771588315310.00
08/07/2020WBIFAMP03076C106AMERIPRISE FINL INC13,028154.8100002016864.684.66%43251405.7715883153113549.12
08/07/2020WBIFITW452308109ILLINOIS TOOL WKS INC10,599187.9500001992082.054.61%43251405.771588315310.00
08/07/2020WBIFGOOGL02079K305ALPHABET INC1,3141504.9500001977504.304.57%43251405.771588315310.00
08/07/2020WBIFLMT539830109LOCKHEED MARTIN CORP5,174379.7400001964774.764.54%43251405.771588315310.00
08/07/2020WBIFLOW548661107LOWES COS INC12,797151.1900001934778.434.47%43251405.771588315310.00
08/07/2020WBIFCLX189054109CLOROX CO DEL8,159236.1500001926747.854.45%43251405.771588315310.00
08/07/2020WBIFNRG629377508NRG ENERGY INC55,40333.9800001882593.944.35%43251405.771588315310.00
08/07/2020WBIFIPG460690100INTERPUBLIC GROUP COS INC101,29018.5300001876903.704.34%43251405.771588315310.00
08/07/2020WBIFMCK58155Q103MCKESSON CORP12,257151.7500001859999.754.30%43251405.771588315310.00
08/07/2020WBIFSPGI78409V104S&P Global Inc5,140352.5700001812209.804.19%43251405.771588315310.00
08/07/2020WBIFHSY427866108HERSHEY CO12,310143.6700001768577.704.09%43251405.771588315310.00
08/07/2020WBIFTGT87612E106TARGET CORP13,518129.0100001743957.184.03%43251405.771588315310.00
08/07/2020WBIFMNST61174X109MONSTER BEVERAGE CORP NEW17,23683.5100001439378.363.33%43251405.771588315310.00
08/07/2020WBIFEBAY278642103EBAY INC.22,60155.0800001244863.082.88%43251405.771588315310.00
08/07/2020WBIFMSFT594918104MICROSOFT CORP5,456216.3500001180405.602.73%43251405.771588315310.00
08/07/2020WBIFLPLA50212V100LPL FINL HLDGS INC13,83982.7300001144900.472.65%43251405.771588315310.00
08/07/2020WBIFAMZN023135106AMAZON COM INC3413225.0000001099725.002.54%43251405.771588315310.00
08/07/2020WBIFJNJ478160104JOHNSON & JOHNSON7,316147.5500001079475.802.50%43251405.771588315310.00
08/07/2020WBIFCOST22160K105COSTCO WHSL CORP NEW2,587343.310000888142.972.05%43251405.771588315310.00
08/07/2020WBIFPGR743315103PROGRESSIVE CORP OHIO9,00589.610000806938.051.87%43251405.771588315310.00
08/07/2020WBIFCash&OtherCash&OtherCash & Other456,0621.000000456062.211.05%43251405.77158831531Y
08/07/2020WBIFSIRI82968B103SIRIUS XM HOLDINGS INC53,3355.920000315743.200.73%43251405.771588315310.00
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small-, mid- and large-cap securities with consistent fundamentals and strong value characteristics

Prices
 As of: 08/06/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,588,315
43.25
$27.21
2,355
-0.08%
1.18%
Performance Month End
 As of: 07/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
4.04%
4.04%
-4.19%
-3.65%
0.97%
2.51
1.86%
Market
3.80%
3.80%
-4.41%
-3.91%
0.81%
2.46
1.82%
Performance Quarter End
 As of: 06/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-1.69
2.15
-7.91
-5.33
0.01
2.09
1.20
Market
-1.67
2.24
-7.92
-5.30
-0.11
2.03
1.20

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.  The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For most recent month-end performance, please see the monthly performance tab.

*Effective October 25, 2019, The Fund’s name and Strategy changed. The Fund was previously named WBI BullBear Value 1000 ETF. Performance prior to October 25, 2019 reflects a large-cap investment strategy. The Fund now intends to invest in small, mid, and large caps.

Fund Characteristics
 As of: 7/31/2020
30-Day SEC Yield
0.11%
WBIF Top Holdings
 As of: 08/07/2020
Security Name Weightings Shares
ACCENTURE PLC IRELAND
TAKE-TWO INTERACTIVE SOFTWARE COM
PROCTER AND GAMBLE CO
NVIDIA CORPORATION
STATE STR CORP
AMERIPRISE FINL INC
ILLINOIS TOOL WKS INC
ALPHABET INC
LOCKHEED MARTIN CORP
LOWES COS INC
5.34%
5.21%
4.97%
4.87%
4.66%
4.66%
4.61%
4.57%
4.54%
4.47%
9,997
12,712
16,190
4,646
30,307
13,028
10,599
1,314
5,174
12,797
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 08/06/2020
NAV Daily Change Fact Sheet Holdings
$23.72
- $0.08
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
08/07/2020WBIGNVDA67066G104NVIDIA CORPORATION6,900453.4200003128598.005.21%60014928.692530183500.00
08/07/2020WBIGPG742718109PROCTER AND GAMBLE CO22,664132.7100003007739.445.01%60014928.692530183500.00
08/07/2020WBIGAMZN023135106AMAZON COM INC9053225.0000002918625.004.86%60014928.692530183500.00
08/07/2020WBIGACNG1151C101ACCENTURE PLC IRELAND12,429230.8900002869731.814.78%60014928.692530183500.00
08/07/2020WBIGIPG460690100INTERPUBLIC GROUP COS INC153,59318.5300002846078.294.74%60014928.692530183500.00
08/07/2020WBIGSTT857477103STATE STR CORP42,33666.5400002817037.444.69%60014928.692530183500.00
08/07/2020WBIGITW452308109ILLINOIS TOOL WKS INC14,850187.9500002791057.504.65%60014928.692530183500.00
08/07/2020WBIGGOOGL02079K305ALPHABET INC1,8411504.9500002770612.954.62%60014928.692530183500.00
08/07/2020WBIGLOW548661107LOWES COS INC18,000151.1900002721420.004.53%60014928.692530183500.00
08/07/2020WBIGCLX189054109CLOROX CO DEL11,405236.1500002693290.754.49%60014928.692530183500.00
08/07/2020WBIGINTU461202103INTUIT8,500312.2300002653955.004.42%60014928.692530183500.00
08/07/2020WBIGK487836108KELLOGG CO37,98169.2300002629424.634.38%60014928.692530183500.00
08/07/2020WBIGTGT87612E106TARGET CORP19,959129.0100002574910.594.29%60014928.692530183500.00
08/07/2020WBIGEMR291011104EMERSON ELEC CO39,58065.1200002577449.604.29%60014928.692530183500.00
08/07/2020WBIGCAH14149Y108CARDINAL HEALTH INC47,90653.1100002544287.664.24%60014928.692530183500.00
08/07/2020WBIGEBAY278642103EBAY INC.43,08555.0800002373121.803.95%60014928.692530183500.00
08/07/2020WBIGLMT539830109LOCKHEED MARTIN CORP6,086379.7400002311097.643.85%60014928.692530183500.00
08/07/2020WBIGSPGI78409V104S&P Global Inc6,358352.5700002241640.063.74%60014928.692530183500.00
08/07/2020WBIGTTWO874054109TAKE-TWO INTERACTIVE SOFTWARE COM11,784177.3400002089774.563.48%60014928.692530183500.00
08/07/2020WBIGAMAT038222105APPLIED MATLS INC32,26563.6100002052376.653.42%60014928.692530183500.00
08/07/2020WBIGQCOM747525103QUALCOMM INC15,191111.0600001687112.462.81%60014928.692530183500.00
08/07/2020WBIGCOST22160K105COSTCO WHSL CORP NEW3,646343.3100001251708.262.09%60014928.692530183500.00
08/07/2020WBIGMSFT594918104MICROSOFT CORP5,538216.3500001198146.302.00%60014928.692530183500.00
08/07/2020WBIGJNJ478160104JOHNSON & JOHNSON6,060147.550000894153.001.49%60014928.692530183500.00
08/07/2020WBIGKMB494368103KIMBERLY CLARK CORP5,543156.470000867313.211.45%60014928.692530183500.00
08/07/2020WBIGMCK58155Q103MCKESSON CORP5,651151.750000857539.251.43%60014928.692530183500.00
08/07/2020WBIGCash&OtherCash&OtherCash & Other640,8361.000000640836.441.07%60014928.69253018350Y
Fund Goals

  • Manage risk to capital
  • Generate an attractive current yield that helps promote compounding
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small-, mid- and large-cap securities that present themselves as undervalued opportunities with attractive dividend yields

Prices
 As of: 08/06/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,530,183
60.01
$23.70
5,951
-0.10%
1.04%
Performance Month End
 As of: 07/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
3.63%
3.63%
-5.16%
-1.68%
1.36%
0.99
0.07%
Market
3.43%
3.43%
-4.92%
-1.89%
1.22%
0.93
0.03%
Performance Quarter End
 As of: 06/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-1.31
1.75
-8.48
-5.22
0.84
0.39
-0.53
Market
-1.29
1.86
-8.07
-5.07
0.74
0.33
-0.54

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.  The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For most recent month-end performance, please see the monthly performance tab.

*Effective October 25, 2019, The Fund’s name and Strategy changed. The Fund was previously named WBI BullBear Yield 1000 ETF. Performance prior to October 25, 2019 reflects a large-cap investment strategy. The Fund now intends to invest in small, mid, and largecaps.

Fund Characteristics
 As of: 7/31/2020
30-Day SEC Yield
0.48%
WBIG Top Holdings
 As of: 08/07/2020
Security Name Weightings Shares
NVIDIA CORPORATION
PROCTER AND GAMBLE CO
AMAZON COM INC
ACCENTURE PLC IRELAND
INTERPUBLIC GROUP COS INC
STATE STR CORP
ILLINOIS TOOL WKS INC
ALPHABET INC
LOWES COS INC
CLOROX CO DEL
5.21%
5.01%
4.86%
4.78%
4.74%
4.69%
4.65%
4.62%
4.53%
4.49%
6,900
22,664
905
12,429
153,593
42,336
14,850
1,841
18,000
11,405
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 08/06/2020
NAV Daily Change Fact Sheet Holdings
$27.22
$0.02
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
08/07/2020WBILTTWO874054109TAKE-TWO INTERACTIVE SOFTWARE COM16,099177.3400002854996.665.31%53816719.141977182390.00
08/07/2020WBILNVDA67066G104NVIDIA CORPORATION6,256453.4200002836595.525.27%53816719.141977182390.00
08/07/2020WBILPG742718109PROCTER AND GAMBLE CO20,567132.7100002729446.575.07%53816719.141977182390.00
08/07/2020WBILITW452308109ILLINOIS TOOL WKS INC13,475187.9500002532626.254.71%53816719.141977182390.00
08/07/2020WBILDOV260003108DOVER CORP23,846105.2400002509553.044.66%53816719.141977182390.00
08/07/2020WBILGOOGL02079K305ALPHABET INC1,6671504.9500002508751.654.66%53816719.141977182390.00
08/07/2020WBILMNST61174X109MONSTER BEVERAGE CORP NEW29,77283.5100002486259.724.62%53816719.141977182390.00
08/07/2020WBILMCK58155Q103MCKESSON CORP16,348151.7500002480809.004.61%53816719.141977182390.00
08/07/2020WBILTGT87612E106TARGET CORP19,236129.0100002481636.364.61%53816719.141977182390.00
08/07/2020WBILCDW12514G108CDW CORP21,550114.7900002473724.504.60%53816719.141977182390.00
08/07/2020WBILCLX189054109CLOROX CO DEL10,413236.1500002459029.954.57%53816719.141977182390.00
08/07/2020WBILLOW548661107LOWES COS INC16,072151.1900002429925.684.52%53816719.141977182390.00
08/07/2020WBILAMZN023135106AMAZON COM INC7163225.0000002309100.004.29%53816719.141977182390.00
08/07/2020WBILDG256677105DOLLAR GEN CORP NEW11,679192.5500002248791.454.18%53816719.141977182390.00
08/07/2020WBILSIRI82968B103SIRIUS XM HOLDINGS INC378,4655.9200002240512.804.16%53816719.141977182390.00
08/07/2020WBILHSY427866108HERSHEY CO15,383143.6700002210075.614.11%53816719.141977182390.00
08/07/2020WBILSPGI78409V104S&P Global Inc6,126352.5700002159843.824.01%53816719.141977182390.00
08/07/2020WBILSTZ21036P108CONSTELLATION BRANDS INC12,543171.0900002145981.873.99%53816719.141977182390.00
08/07/2020WBILLPLA50212V100LPL FINL HLDGS INC25,87582.7300002140638.753.98%53816719.141977182390.00
08/07/2020WBILJNJ478160104JOHNSON & JOHNSON13,049147.5500001925379.953.58%53816719.141977182390.00
08/07/2020WBILEBAY278642103EBAY INC.22,21255.0800001223436.962.27%53816719.141977182390.00
08/07/2020WBILMSFT594918104MICROSOFT CORP5,601216.3500001211776.352.25%53816719.141977182390.00
08/07/2020WBILCOST22160K105COSTCO WHSL CORP NEW3,246343.3100001114384.262.07%53816719.141977182390.00
08/07/2020WBILAMP03076C106AMERIPRISE FINL INC5,608154.810000868174.481.61%53816719.141977182395832.32
08/07/2020WBILLMT539830109LOCKHEED MARTIN CORP2,046379.740000776948.041.44%53816719.141977182390.00
08/07/2020WBILCash&OtherCash&OtherCash & Other452,8861.000000452885.970.84%53816719.14197718239Y
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small-, mid- and large-cap securities with strong measures of financial health and potential for growth.

Prices
 As of: 08/06/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,977,182
53.82
$27.20
3,331
-0.09%
1.21%
Performance Month End
 As of: 07/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
2.96%
2.96%
-1.69%
-0.75%
2.24%
2.86
1.79%
Market
2.71%
2.71%
-1.78%
-1.03%
2.14%
2.77
1.75%
Performance Quarter End
 As of: 06/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-1.12
3.59
-4.52
-3.74
1.74
2.46
1.31
Market
-1.10
3.62
-4.37
-3.69
1.65
2.40
1.31

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.  The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For most recent month-end performance, please see the monthly performance tab.

Effective October 25, 2019, The Fund’s name and Strategy changed. The Fund was previously named WBI BullBear Quality 1000 ETF. Performance prior to October 25, 2019 reflects a large-cap investment strategy. The Fund now intends to invest in small, mid, and large caps.

Fund Characteristics
 As of: 7/31/2020
30-Day SEC Yield
-0.09%
WBIL Top Holdings
 As of: 08/07/2020
Security Name Weightings Shares
TAKE-TWO INTERACTIVE SOFTWARE COM
NVIDIA CORPORATION
PROCTER AND GAMBLE CO
ILLINOIS TOOL WKS INC
DOVER CORP
ALPHABET INC
MONSTER BEVERAGE CORP NEW
MCKESSON CORP
TARGET CORP
CDW CORP
5.31%
5.27%
5.07%
4.71%
4.66%
4.66%
4.62%
4.61%
4.61%
4.60%
16,099
6,256
20,567
13,475
23,846
1,667
29,772
16,348
19,236
21,550
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

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Market Disruptions Resulting from COVID-19.  The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.

An investment in the Funds is subject to risk, including the possible loss of principal. There is no guarantee the Advisor’s investment strategy or quantitative models used in the investment strategy will be successful. To the extent that a Fund invests in dividend-paying equities, if stocks held by the Fund reduce or stop paying dividends, the Funds’ ability to generate income may be affected. Small and medium capitalization companies may involve greater volatility and risk than investing in larger and more established companies. Foreign and emerging market securities carry additional risks such as currency fluctuation, economic or financial instability, lack of timely or reliable financial information, or unfavorable political or legal developments.

There are risks specific to WBIN, WBIT, and WBII which can primarily invest in debt securities. During periods of rising interest rates, the market value of the debt securities held by the Fund will generally decline. Credit risk is the risk that an issuer will not make timely payments of principal and interest. The debt securities that are rated below investment grade (i.e., “junk bonds”) are subject to additional risk factors such as increased possibility of default liquidation of the security.

There are risks specific to WBIY and WBIG which focus on high yielding securities. The Funds invest in high yielding stocks, which may be speculative, higher risk investments. It is possible these companies could pay out more than they can support and may reduce or stop paying dividends at any time, which could have a material adverse effect on the companies’ stock price and the Fund’s performance.

WBIF focuses on value securities. Value style investing involves the risk that an investment made in undervalued securities may not appreciate as anticipated or remain undervalued for long periods of time.

WBIY is not actively managed and the Sub-Advisor does not attempt to take defensive positions in declining markets. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index.

For a full list of investment risks associated with the funds, including but not limited to market risk, portfolio turnover risk, securities business risk, mortgage-backed securities risk, master limited partnership risk, real estate investment trust risk, ETF risk, and trading price risk, please read the prospectus.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in creation units only. Total returns are calculated using the daily 4:00 p.m. EST net asset value (NAV). Market price returns reflect the last trade on a given date where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.