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: 06/01/2020
NAV Daily Change Fact Sheet Holdings
$18.89
$0.35
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
06/02/2020WBIYMPC56585A102MARATHON PETE CORP63,11036.5000002303515.005.30%43453440.002300000460.00
06/02/2020WBIYSC80283M101SANTANDER CONSUMER USA HDG INC COM119,18117.9100002134531.714.91%43453440.002300000460.00
06/02/2020WBIYABBV00287Y109ABBVIE INC20,55890.7000001864610.604.29%43453440.002300000460.00
06/02/2020WBIYLYBN53745100LYONDELLBASELL INDUSTRIES N V SHS - A -27,58265.3400001802207.884.15%43453440.002300000460.00
06/02/2020WBIYVLO91913Y100VALERO ENERGY CORP26,82666.5800001786075.084.11%43453440.002300000460.00
06/02/2020WBIYFL344849104FOOT LOCKER INC58,78329.2000001716463.603.95%43453440.002300000460.00
06/02/2020WBIYT00206R102AT&T INC54,99930.9300001701119.073.91%43453440.002300000460.00
06/02/2020WBIYLEG524660107LEGGETT & PLATT INC51,23431.7900001628728.863.75%43453440.002300000460.00
06/02/2020WBIYPM718172109PHILIP MORRIS INTL INC21,93873.7900001618805.023.73%43453440.002300000460.00
06/02/2020WBIYHBI410345102HANESBRANDS INC155,48410.2900001599930.363.68%43453440.002300000460.00
06/02/2020WBIYIPG460690100INTERPUBLIC GROUP COS INC86,26817.4700001507101.963.47%43453440.002300000460.00
06/02/2020WBIYXOM30231G102EXXON MOBIL CORP31,74446.2800001469112.323.38%43453440.002300000460.00
06/02/2020WBIYIP460146103INTL PAPER CO38,21834.7300001327311.143.05%43453440.002300000460.00
06/02/2020WBIYHRB093671105BLOCK H & R INC71,84617.3700001247965.022.87%43453440.002300000460.00
06/02/2020WBIYOZK06417N103BANK OZK52,25923.0200001203002.182.77%43453440.002300000460.00
06/02/2020WBIYHFC436106108HOLLYFRONTIER CORP35,89631.1400001117801.442.57%43453440.002300000460.00
06/02/2020WBIYBIG089302103BIG LOTS INC27,83337.3100001038449.232.39%43453440.002300000460.00
06/02/2020WBIYIBM459200101INTERNATIONAL BUSINESS MACHS COM7,726124.890000964900.142.22%43453440.002300000460.00
06/02/2020WBIYDK24665A103DELEK US HLDGS INC NEW43,97119.640000863590.441.99%43453440.002300000460.00
06/02/2020WBIYRF7591EP100REGIONS FINANCIAL CORP NEW72,91811.480000837098.641.93%43453440.002300000460.00
06/02/2020WBIYWYND98310W108WYNDHAM DESTINATIONS INC22,64933.250000753079.251.73%43453440.002300000460.00
06/02/2020WBIYFFBC320209109FIRST FINL BANCORP OH52,60813.430000706525.441.63%43453440.002300000460.00
06/02/2020WBIYCMA200340107COMERICA INC17,49937.580000657612.421.51%43453440.002300000460.00
06/02/2020WBIYNUS67018T105NU SKIN ENTERPRISES INC17,34837.410000648988.681.49%43453440.002300000460.00
06/02/2020WBIYPSX718546104PHILLIPS 668,18578.830000645223.551.48%43453440.002300000460.00
06/02/2020WBIYSTXG7945M107SEAGATE TECHNOLOGY PLC11,96052.145000623654.201.44%43453440.002300000460.00
06/02/2020WBIYVIAC92556H206VIACOMCBS INC26,64221.530000573602.261.32%43453440.002300000460.00
06/02/2020WBIYCFG174610105CITIZENS FINANCIAL GROUP INC COM22,78724.730000563522.511.30%43453440.002300000460.00
06/02/2020WBIYPFG74251V102PRINCIPAL FINANCIAL GROUP INC COM14,30639.520000565373.121.30%43453440.002300000460.00
06/02/2020WBIYSNV87161C501SYNOVUS FINL CORP25,78519.790000510285.151.17%43453440.002300000460.00
06/02/2020WBIYPRU744320102PRUDENTIAL FINL INC8,36360.880000509139.441.17%43453440.002300000460.00
06/02/2020WBIYHBAN446150104HUNTINGTON BANCSHARES INC55,5879.100000505841.701.16%43453440.002300000460.00
06/02/2020WBIYFITB316773100FIFTH THIRD BANCORP25,07419.820000496966.681.14%43453440.002300000460.00
06/02/2020WBIYSPTN847215100SPARTANNASH CO22,69021.390000485339.101.12%43453440.002300000460.00
06/02/2020WBIYWBS947890109WEBSTER FINL CORP CONN16,94728.500000482989.501.11%43453440.002300000460.00
06/02/2020WBIYUNM91529Y106UNUM GROUP29,67516.060000476580.501.10%43453440.002300000460.00
06/02/2020WBIYKEY493267108KEYCORP38,75611.850000459258.601.06%43453440.002300000460.00
06/02/2020WBIYNAVI63938C108NAVIENT CORPORATION57,2927.670000439429.641.01%43453440.002300000460.00
06/02/2020WBIYCIT125581801CIT GROUP INC21,47019.230000412868.100.95%43453440.002300000460.00
06/02/2020WBIYWFC949746101WELLS FARGO CO NEW13,90527.090000376686.450.87%43453440.002300000460.00
06/02/2020WBIYCash&OtherCash&OtherCash & Other367,0051.000000367004.930.84%43453440.00230000046Y
06/02/2020WBIYAROC03957W106ARCHROCK INC47,9926.500000311948.000.72%43453440.002300000460.00
06/02/2020WBIYTSEL9340P101TRINSEO S A13,74621.000000288666.000.66%43453440.002300000460.00
06/02/2020WBIYKHC500754106KRAFT HEINZ CO9,14930.425000278358.330.64%43453440.002300000460.00
06/02/2020WBIYPBI724479100PITNEY BOWES INC99,7082.580000257246.640.59%43453440.002300000460.00
06/02/2020WBIYMCY589400100MERCURY GENL CORP NEW6,08540.610000247111.850.57%43453440.002300000460.00
06/02/2020WBIYHOPE43940T109HOPE BANCORP INC25,7269.360000240795.360.55%43453440.002300000460.00
06/02/2020WBIYGEF397624107GREIF INC6,61034.100000225401.000.52%43453440.002300000460.00
06/02/2020WBIYHEES404030108H & E EQUIPMENT SERVICES INC COM13,40016.860000225924.000.52%43453440.002300000460.00
06/02/2020WBIYBHLB084680107BERKSHIRE HILLS BANCORP INC20,11110.760000216394.360.50%43453440.002300000460.00
06/02/2020WBIYBPFH101119105BOSTON PRIVATE FINL HLDGS INC COM25,1176.710000168535.070.39%43453440.002300000460.00
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: 06/01/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,300,000
43.45
$18.87
6,575
-0.12%
0.70%
Performance Month End
As of: 05/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
2.52%
21.87%
-28.33%
-14.20%
-2.30%
-3.28%
Market
2.48%
21.96%
-28.13%
-14.06%
-2.22%
-3.28%
Performance Quarter End
As of: 03/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
-30.57
-41.19
-41.19
-34.16
-9.25
-9.10
Market
-30.60
-41.07
-41.07
-34.18
-9.35
-9.12

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: 4/30/2020
30-Day SEC Yield 30-Day Unsubsidized SEC Yield
5.98%
5.61%

WBIY Top Holdings
As of: 06/02/2020
Security Name Weightings Shares
MARATHON PETE CORP
SANTANDER CONSUMER USA HDG INC COM
ABBVIE INC
LYONDELLBASELL INDUSTRIES N V SHS - A -
VALERO ENERGY CORP
FOOT LOCKER INC
AT&T INC
LEGGETT & PLATT INC
PHILIP MORRIS INTL INC
HANESBRANDS INC
5.30%
4.91%
4.29%
4.15%
4.11%
3.95%
3.91%
3.75%
3.73%
3.68%
63,110
119,181
20,558
27,582
26,826
58,783
54,999
51,234
21,938
155,484
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: 06/01/2020
NAV Daily Change Fact Sheet Holdings
$17.32
$0.10
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
06/02/2020WBITJNK78468R622SPDR SER TR BLOOMBERG BRCLYS152,689102.18000015601762.0242.39%36805850.002125000850.00
06/02/2020WBITHYG464288513ISHARES TR IBOXX HI YD ETF188,60582.72000015601405.6042.39%36805850.002125000850.00
06/02/2020WBITANGL92189F437VANECK VECTORS ETF TR FALLEN ANGEL HG185,07828.0600005193288.6814.11%36805850.002125000850.00
06/02/2020WBITCash&OtherCash&OtherCash & Other408,6791.000000408679.371.11%36805850.00212500085Y
Fund Goals

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

Prices
As of: 06/01/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,125,000
36.81
$17.33
2,203
0.03%
0.67%
Performance Month End
As of: 05/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 5/28/2019
NAV
1.68%
2.55%
-14.61%
-10.35%
 
-8.18%
Market
1.66%
2.61%
-14.59%
-10.39%
 
-8.14%
Performance Quarter End
As of: 03/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 5/28/2019
NAV
-15.32
-16.74
-16.74
 
 
-10.53
Market
-15.30
-16.76
-16.76
 
 
-10.54

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.

Fund Characteristics
As of: 4/30/2020
30-Day SEC Yield
2.61%

WBIT Top Holdings
As of: 06/02/2020
Security Name Weightings Shares
SPDR SER TR BLOOMBERG BRCLYS
ISHARES TR IBOXX HI YD ETF
VANECK VECTORS ETF TR FALLEN ANGEL HG
Cash & Other
42.39%
42.39%
14.11%
1.11%
152,689
188,605
185,078
408,679
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: 06/01/2020
NAV Daily Change Fact Sheet Holdings
$16.60
$0.10
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
06/02/2020WBINJNK78468R622SPDR SER TR BLOOMBERG BRCLYS110,630102.18000011304173.4041.90%26978412.501625000650.00
06/02/2020WBINHYG464288513ISHARES TR IBOXX HI YD ETF136,65282.72000011303853.4441.90%26978412.501625000650.00
06/02/2020WBINANGL92189F437VANECK VECTORS ETF TR FALLEN ANGEL HG134,09728.0600003762761.8213.95%26978412.501625000650.00
06/02/2020WBINCash&OtherCash&OtherCash & Other607,2211.000000607221.372.25%26978412.50162500065Y
Fund Goals

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

Prices
As of: 06/01/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,625,000
26.98
$16.59
715
-0.07%
0.77%
Performance Month End
As of: 05/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 7/18/2019
NAV
1.68%
2.54%
-14.66%
 
 
-11.38%
Market
1.69%
2.44%
-14.63%
 
 
-11.44%
Performance Quarter End
As of: 03/31/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 7/18/2019
NAV
-15.35
-16.78
-16.78
 
 
-13.58
Market
-15.16
-16.67
-16.67
 
 
-13.55

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: 4/30/2020
30-Day SEC Yield
2.53%

WBIN Top Holdings
As of: 06/02/2020
Security Name Weightings Shares
SPDR SER TR BLOOMBERG BRCLYS
ISHARES TR IBOXX HI YD ETF
VANECK VECTORS ETF TR FALLEN ANGEL HG
Cash & Other
41.90%
41.90%
13.95%
2.25%
110,630
136,652
134,097
607,221
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: 06/01/2020
NAV Daily Change Fact Sheet Holdings
$23.73
$0.13
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
06/02/2020WBIIHYG464288513ISHARES TR IBOXX HI YD ETF306,59582.72000025361538.4032.88%77126400.003250000650.00
06/02/2020WBIIJNK78468R622SPDR SER TR BLOOMBERG BRCLYS248,210102.18000025362097.8032.88%77126400.003250000650.00
06/02/2020WBIIUSHY46435U853ISHARES TR BROAD USD HIGH276,39938.22000010563969.7813.70%77126400.003250000650.00
06/02/2020WBIIANGL92189F437VANECK VECTORS ETF TR FALLEN ANGEL HG300,86128.0600008442159.6610.95%77126400.003250000650.00
06/02/2020WBIIVCIT92206C870VANGUARD SCOTTSDALE FDS INT-TERM CORP63,44393.3700005923672.917.68%77126400.003250000650.00
06/02/2020WBIICash&OtherCash&OtherCash & Other1,471,4221.0000001471422.351.91%77126400.00325000065Y
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: 06/01/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
3,300,000
78.31
$23.73
8,068
-0.01%
1.29%
Performance Month End
As of: 05/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
1.85%
3.07%
-5.99%
-2.16%
0.98%
1.06
1.48%
Market
1.83%
3.30%
-5.88%
-2.07%
0.96%
1.03
1.47%
Performance Quarter End
As of: 03/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-8.03
-8.79
-8.79
-2.90
0.42
0.83
0.97
Market
-8.07
-8.88
-8.88
-3.01
0.40
0.80
0.93

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: 4/30/2020
30-Day SEC Yield
2.07%
WBII Top Holdings
As of: 06/02/2020
Security Name Weightings Shares
ISHARES TR IBOXX HI YD ETF
SPDR SER TR BLOOMBERG BRCLYS
ISHARES TR BROAD USD HIGH
VANECK VECTORS ETF TR FALLEN ANGEL HG
VANGUARD SCOTTSDALE FDS INT-TERM CORP
Cash & Other
32.88%
32.88%
13.70%
10.95%
7.68%
1.91%
306,595
248,210
276,399
300,861
63,443
1,471,422
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: 06/01/2020
NAV Daily Change Fact Sheet Holdings
$26.55
- $0.13
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
06/02/2020WBIEEBAY278642103EBAY INC.52,41845.2000002369293.605.26%45028547.651696278330.00
06/02/2020WBIEAAPL037833100APPLE INC7,046321.8500002267755.105.04%45028547.651696278330.00
06/02/2020WBIEROK773903109ROCKWELL AUTOMATION INC10,385214.6700002229347.954.95%45028547.651696278330.00
06/02/2020WBIECSCO17275R102CISCO SYS INC47,66146.3000002206704.304.90%45028547.651696278330.00
06/02/2020WBIEFMC302491303F M C CORP21,73998.8800002149552.324.77%45028547.651696278330.00
06/02/2020WBIELRCX512807108LAM RESEARCH CORP7,847270.9700002126301.594.72%45028547.651696278330.00
06/02/2020WBIEHD437076102HOME DEPOT INC8,332247.2900002060420.284.58%45028547.651696278330.00
06/02/2020WBIEFBHS34964C106FORTUNE BRANDS HOME & SEC INC COM33,21361.3800002038613.944.53%45028547.651696278330.00
06/02/2020WBIEAMAT038222105APPLIED MATLS INC35,87355.6850001997588.014.44%45028547.651696278330.00
06/02/2020WBIEMCK58155Q103MCKESSON CORP12,078158.9400001919677.324.26%45028547.651696278330.00
06/02/2020WBIECash&OtherCash&OtherCash & Other1,918,8791.0000001918879.324.26%45028547.65169627833Y
06/02/2020WBIESPGI78409V104S&P Global Inc5,824327.3000001906195.204.23%45028547.651696278330.00
06/02/2020WBIEABBV00287Y109ABBVIE INC20,53290.7000001862252.404.14%45028547.651696278330.00
06/02/2020WBIELOW548661107LOWES COS INC14,249129.3200001842680.684.09%45028547.651696278330.00
06/02/2020WBIEGOOGL02079K305ALPHABET INC1,2741434.8700001828024.384.06%45028547.651696278330.00
06/02/2020WBIEHII446413106HUNTINGTON INGALLS INDS INC9,267195.5300001811976.514.02%45028547.651696278330.00
06/02/2020WBIEAMZN023135106AMAZON COM INC7282471.0400001798917.124.00%45028547.651696278330.00
06/02/2020WBIEMSFT594918104MICROSOFT CORP9,455182.8300001728657.653.84%45028547.651696278330.00
06/02/2020WBIEILMN452327109ILLUMINA INC4,141365.4100001513162.813.36%45028547.651696278330.00
06/02/2020WBIEJNJ478160104JOHNSON & JOHNSON8,844147.1900001301748.362.89%45028547.651696278330.00
06/02/2020WBIESHW824348106SHERWIN WILLIAMS CO1,621582.460000944167.662.10%45028547.651696278330.00
06/02/2020WBIEINTU461202103INTUIT3,114289.950000902904.302.01%45028547.651696278330.00
06/02/2020WBIETSCO892356106TRACTOR SUPPLY CO7,332122.660000899343.122.00%45028547.651696278330.00
06/02/2020WBIECOST22160K105COSTCO WHSL CORP NEW2,815308.290000867836.351.93%45028547.651696278330.00
06/02/2020WBIEORCL68389X105ORACLE CORP16,22153.060000860686.261.91%45028547.651696278330.00
06/02/2020WBIESAIC808625107SCIENCE APPLICATIONS INTL CORP COM8,44489.950000759537.801.69%45028547.651696278330.00
06/02/2020WBIECHD171340102CHURCH & DWIGHT INC7,51275.300000565653.601.26%45028547.651696278330.00
06/02/2020WBIEHUM444859102HUMANA INC876401.500000351714.000.78%45028547.651696278330.00
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 improving fundamental growth trends

Prices
As of: 06/01/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,696,278
45.03
$26.54
2,793
-0.02%
1.13%
Performance Month End
As of: 05/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
4.20%
4.84%
-4.93%
3.31%
3.87%
1.60
1.89%
Market
4.16%
4.92%
-4.58%
3.22%
3.91%
1.56
1.89%
Performance Quarter End
As of: 03/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-2.33
-9.32
-9.32
-0.96
3.31
0.79
1.09
Market
-2.17
-9.05
-9.05
-0.96
3.20
0.75
1.07

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: 4/30/2020
30-Day SEC Yield
-0.51%
WBIE Top Holdings
As of: 06/02/2020
Security Name Weightings Shares
EBAY INC.
APPLE INC
ROCKWELL AUTOMATION INC
CISCO SYS INC
F M C CORP
LAM RESEARCH CORP
HOME DEPOT INC
FORTUNE BRANDS HOME & SEC INC COM
APPLIED MATLS INC
MCKESSON CORP
5.26%
5.04%
4.95%
4.90%
4.77%
4.72%
4.58%
4.53%
4.44%
4.26%
52,418
7,046
10,385
47,661
21,739
7,847
8,332
33,213
35,873
12,078
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: 06/01/2020
NAV Daily Change Fact Sheet Holdings
$26.03
- $0.02
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
06/02/2020WBIFCash&OtherCash&OtherCash & Other2,912,2691.0000002912268.906.26%46558065.70178831535Y
06/02/2020WBIFEBAY278642103EBAY INC.57,96445.2000002619972.805.63%46558065.701788315350.00
06/02/2020WBIFAAPL037833100APPLE INC7,288321.8500002345642.805.04%46558065.701788315350.00
06/02/2020WBIFACNG1151C101ACCENTURE PLC IRELAND11,285203.3800002295143.304.93%46558065.701788315350.00
06/02/2020WBIFCSCO17275R102CISCO SYS INC49,50346.3000002291988.904.92%46558065.701788315350.00
06/02/2020WBIFROK773903109ROCKWELL AUTOMATION INC10,588214.6700002272925.964.88%46558065.701788315350.00
06/02/2020WBIFABBV00287Y109ABBVIE INC23,78190.7000002156936.704.63%46558065.701788315350.00
06/02/2020WBIFHD437076102HOME DEPOT INC8,654247.2900002140047.664.60%46558065.701788315350.00
06/02/2020WBIFTSCO892356106TRACTOR SUPPLY CO17,382122.6600002132076.124.58%46558065.701788315350.00
06/02/2020WBIFSPGI78409V104S&P Global Inc6,033327.3000001974600.904.24%46558065.701788315350.00
06/02/2020WBIFAMP03076C106AMERIPRISE FINL INC13,449143.9400001935849.064.16%46558065.701788315350.00
06/02/2020WBIFGOOGL02079K305ALPHABET INC1,3191434.8700001892593.534.07%46558065.701788315350.00
06/02/2020WBIFINTU461202103INTUIT6,437289.9500001866408.154.01%46558065.701788315350.00
06/02/2020WBIFAMZN023135106AMAZON COM INC7542471.0400001863164.164.00%46558065.701788315350.00
06/02/2020WBIFILMN452327109ILLUMINA INC4,292365.4100001568339.723.37%46558065.701788315350.00
06/02/2020WBIFSHW824348106SHERWIN WILLIAMS CO2,434582.4600001417707.643.05%46558065.701788315350.00
06/02/2020WBIFMSFT594918104MICROSOFT CORP7,359182.8300001345445.972.89%46558065.701788315350.00
06/02/2020WBIFORCL68389X105ORACLE CORP25,23653.0600001339022.162.88%46558065.701788315350.00
06/02/2020WBIFOC690742101OWENS CORNING NEW22,63353.8800001219466.042.62%46558065.701788315350.00
06/02/2020WBIFLMT539830109LOCKHEED MARTIN CORP2,777388.9600001080141.922.32%46558065.701788315350.00
06/02/2020WBIFTGT87612E106TARGET CORP7,711119.490000921387.391.98%46558065.701788315350.00
06/02/2020WBIFINTC458140100INTEL CORP14,72261.860000910702.921.96%46558065.701788315350.00
06/02/2020WBIFCOST22160K105COSTCO WHSL CORP NEW2,919308.290000899898.511.93%46558065.701788315350.00
06/02/2020WBIFFB30303M102FACEBOOK INC3,846231.910000891925.861.92%46558065.701788315350.00
06/02/2020WBIFLOW548661107LOWES COS INC6,435129.320000832174.201.79%46558065.701788315350.00
06/02/2020WBIFHUM444859102HUMANA INC1,815401.500000728722.501.57%46558065.701788315350.00
06/02/2020WBIFMCK58155Q103MCKESSON CORP4,412158.940000701243.281.51%46558065.701788315350.00
06/02/2020WBIFIPG460690100INTERPUBLIC GROUP COS INC38,15717.470000666602.791.43%46558065.701788315350.00
06/02/2020WBIFFMC302491303F M C CORP5,02698.880000496970.881.07%46558065.701788315350.00
06/02/2020WBIFJNJ478160104JOHNSON & JOHNSON3,106147.190000457172.140.98%46558065.701788315350.00
06/02/2020WBIFCAH14149Y108CARDINAL HEALTH INC6,73154.700000368185.700.79%46558065.701788315350.00
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: 06/01/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,788,315
46.56
$26.02
880
-0.08%
1.18%
Performance Month End
As of: 05/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
3.57%
3.90%
-6.32%
-1.24%
1.12%
2.03
1.52%
Market
3.54%
3.98%
-6.35%
-1.23%
1.13%
1.97
1.51%
Performance Quarter End
As of: 03/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-2.14
-9.84
-9.84
-9.18
0.23
1.66
0.87
Market
-1.92
-9.93
-9.93
-9.25
0.19
1.62
0.85

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: 4/30/2020
30-Day SEC Yield
-0.48%
WBIF Top Holdings
As of: 06/02/2020
Security Name Weightings Shares
Cash & Other
EBAY INC.
APPLE INC
ACCENTURE PLC IRELAND
CISCO SYS INC
ROCKWELL AUTOMATION INC
ABBVIE INC
HOME DEPOT INC
TRACTOR SUPPLY CO
S&P Global Inc
6.26%
5.63%
5.04%
4.93%
4.92%
4.88%
4.63%
4.60%
4.58%
4.24%
2,912,269
57,964
7,288
11,285
49,503
10,588
23,781
8,654
17,382
6,033
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: 06/01/2020
NAV Daily Change Fact Sheet Holdings
$22.81
- $0.02
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
06/02/2020WBIGCash&OtherCash&OtherCash & Other4,449,7011.0000004449700.527.14%62281480.63273018354Y
06/02/2020WBIGAAPL037833100APPLE INC11,696321.8500003764357.606.04%62281480.632730183540.00
06/02/2020WBIGEBAY278642103EBAY INC.78,20845.2000003535001.605.68%62281480.632730183540.00
06/02/2020WBIGCSCO17275R102CISCO SYS INC66,60046.3000003083580.004.95%62281480.632730183540.00
06/02/2020WBIGROK773903109ROCKWELL AUTOMATION INC14,181214.6700003044235.274.89%62281480.632730183540.00
06/02/2020WBIGMSFT594918104MICROSOFT CORP16,409182.8300003000057.474.82%62281480.632730183540.00
06/02/2020WBIGSPGI78409V104S&P Global Inc9,174327.3000003002650.204.82%62281480.632730183540.00
06/02/2020WBIGABBV00287Y109ABBVIE INC31,86290.7000002889883.404.64%62281480.632730183540.00
06/02/2020WBIGHD437076102HOME DEPOT INC11,643247.2900002879197.474.62%62281480.632730183540.00
06/02/2020WBIGGOOGL02079K305ALPHABET INC1,9881434.8700002852521.564.58%62281480.632730183540.00
06/02/2020WBIGAMZN023135106AMAZON COM INC1,1412471.0400002819456.644.53%62281480.632730183540.00
06/02/2020WBIGACNG1151C101ACCENTURE PLC IRELAND13,421203.3800002729562.984.38%62281480.632730183540.00
06/02/2020WBIGIPG460690100INTERPUBLIC GROUP COS INC144,81017.4700002529830.704.06%62281480.632730183540.00
06/02/2020WBIGCVS126650100CVS HEALTH CORP38,51165.6400002527862.044.06%62281480.632730183540.00
06/02/2020WBIGILMN452327109ILLUMINA INC6,724365.4100002457016.843.95%62281480.632730183540.00
06/02/2020WBIGSTXG7945M107SEAGATE TECHNOLOGY PLC47,21352.1450002461921.893.95%62281480.632730183540.00
06/02/2020WBIGTSCO892356106TRACTOR SUPPLY CO17,566122.6600002154645.563.46%62281480.632730183540.00
06/02/2020WBIGK487836108KELLOGG CO30,91066.1100002043460.103.28%62281480.632730183540.00
06/02/2020WBIGSHW824348106SHERWIN WILLIAMS CO3,260582.4600001898819.603.05%62281480.632730183540.00
06/02/2020WBIGSON835495102SONOCO PRODS CO28,85552.4200001512579.102.43%62281480.632730183540.00
06/02/2020WBIGLOW548661107LOWES COS INC10,586129.3200001368981.522.20%62281480.632730183540.00
06/02/2020WBIGINTU461202103INTUIT4,445289.9500001288827.752.07%62281480.632730183540.00
06/02/2020WBIGCOST22160K105COSTCO WHSL CORP NEW3,934308.2900001212812.861.95%62281480.632730183540.00
06/02/2020WBIGORCL68389X105ORACLE CORP22,66953.0600001202817.141.93%62281480.632730183540.00
06/02/2020WBIGINTC458140100INTEL CORP16,82261.8600001040608.921.67%62281480.632730183540.00
06/02/2020WBIGMCK58155Q103MCKESSON CORP3,180158.940000505429.200.81%62281480.632730183540.00
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: 06/01/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,730,183
62.28
$22.79
2,443
-0.10%
1.04%
Performance Month End
As of: 05/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
2.86%
3.10%
-7.26%
-0.33%
1.66%
-0.14
-0.31%
Market
2.81%
3.19%
-6.87%
-0.24%
1.67%
-0.18
-0.33%
Performance Quarter End
As of: 03/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-2.20
-10.06
-10.06
-8.28
1.45
-0.11
-0.87
Market
-1.96
-9.74
-9.74
-8.33
1.35
-0.13
-0.89

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: 4/30/2020
30-Day SEC Yield
-0.46%
WBIG Top Holdings
As of: 06/02/2020
Security Name Weightings Shares
Cash & Other
APPLE INC
EBAY INC.
CISCO SYS INC
ROCKWELL AUTOMATION INC
MICROSOFT CORP
S&P Global Inc
ABBVIE INC
HOME DEPOT INC
ALPHABET INC
7.14%
6.04%
5.68%
4.95%
4.89%
4.82%
4.82%
4.64%
4.62%
4.58%
4,449,701
11,696
78,208
66,600
14,181
16,409
9,174
31,862
11,643
1,988
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: 06/01/2020
NAV Daily Change Fact Sheet Holdings
$26.32
- $0.05
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
06/02/2020WBILEBAY278642103EBAY INC.64,96645.2000002936463.205.25%55980197.822127182420.00
06/02/2020WBILAAPL037833100APPLE INC8,691321.8500002797198.355.00%55980197.822127182420.00
06/02/2020WBILCSCO17275R102CISCO SYS INC59,19046.3000002740497.004.90%55980197.822127182420.00
06/02/2020WBILROK773903109ROCKWELL AUTOMATION INC12,700214.6700002726309.004.87%55980197.822127182420.00
06/02/2020WBILKLAC482480100KLA CORP15,172175.9600002669665.124.77%55980197.822127182420.00
06/02/2020WBILHD437076102HOME DEPOT INC10,348247.2900002558956.924.57%55980197.822127182420.00
06/02/2020WBILV92826C839VISA INC12,900194.3500002507115.004.48%55980197.822127182420.00
06/02/2020WBILSEIC784117103SEI INVTS CO43,64854.6800002386672.644.26%55980197.822127182420.00
06/02/2020WBILMCK58155Q103MCKESSON CORP15,015158.9400002386484.104.26%55980197.822127182420.00
06/02/2020WBILDOV260003108DOVER CORP24,22397.7500002367798.254.23%55980197.822127182420.00
06/02/2020WBILSPGI78409V104S&P Global Inc7,233327.3000002367360.904.23%55980197.822127182420.00
06/02/2020WBILAMP03076C106AMERIPRISE FINL INC16,135143.9400002322471.904.15%55980197.822127182420.00
06/02/2020WBILGOOGL02079K305ALPHABET INC1,5821434.8700002269964.344.05%55980197.822127182420.00
06/02/2020WBILAMZN023135106AMAZON COM INC9062471.0400002238762.244.00%55980197.822127182420.00
06/02/2020WBILJNJ478160104JOHNSON & JOHNSON13,731147.1900002021065.893.61%55980197.822127182420.00
06/02/2020WBILTSCO892356106TRACTOR SUPPLY CO15,609122.6600001914599.943.42%55980197.822127182420.00
06/02/2020WBILILMN452327109ILLUMINA INC5,147365.4100001880765.273.36%55980197.822127182420.00
06/02/2020WBILSHW824348106SHERWIN WILLIAMS CO2,923582.4600001702530.583.04%55980197.822127182420.00
06/02/2020WBILMSFT594918104MICROSOFT CORP8,823182.8300001613109.092.88%55980197.822127182420.00
06/02/2020WBILHUM444859102HUMANA INC3,268401.5000001312102.002.34%55980197.822127182420.00
06/02/2020WBILODFL679580100OLD DOMINION FREIGHT LINE INC COM7,444167.8500001249475.402.23%55980197.822127182421116.60
06/02/2020WBILABBV00287Y109ABBVIE INC13,12890.7000001190709.602.13%55980197.822127182420.00
06/02/2020WBILINTU461202103INTUIT3,871289.9500001122396.452.00%55980197.822127182420.00
06/02/2020WBILTGT87612E106TARGET CORP9,240119.4900001104087.601.97%55980197.822127182420.00
06/02/2020WBILCOST22160K105COSTCO WHSL CORP NEW3,495308.2900001077473.551.92%55980197.822127182420.00
06/02/2020WBILFB30303M102FACEBOOK INC4,608231.9100001068641.281.91%55980197.822127182420.00
06/02/2020WBILORCL68389X105ORACLE CORP20,14353.0600001068787.581.91%55980197.822127182420.00
06/02/2020WBILGG3922B107GENPACT LIMITED24,26036.440000884034.401.58%55980197.822127182420.00
06/02/2020WBILCash&OtherCash&OtherCash & Other781,2791.000000781279.261.40%55980197.82212718242Y
06/02/2020WBILCTAS172908105CINTAS CORP1,718250.940000431114.920.77%55980197.822127182420.00
06/02/2020WBILCHD171340102CHURCH & DWIGHT INC2,07175.300000155946.300.28%55980197.822127182420.00
06/02/2020WBILACNG1151C101ACCENTURE PLC IRELAND600203.380000122028.000.22%55980197.822127182420.00
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 strong measures of financial health and potential for growth.

Prices
As of: 06/01/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,127,182
55.98
$26.30
973
-0.08%
1.21%
Performance Month End
As of: 05/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
4.00%
4.77%
-3.43%
1.92%
2.61%
2.51
1.53%
Market
3.99%
4.77%
-3.31%
2.03%
2.64%
2.50
1.52%
Performance Quarter End
As of: 03/31/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-2.15
-7.83
-7.83
-3.76
1.72
1.75
0.73
Market
-1.86
-7.71
-7.71
-3.72
1.66
1.74
0.72

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: 4/30/2020
30-Day SEC Yield
-0.51%
WBIL Top Holdings
As of: 06/02/2020
Security Name Weightings Shares
EBAY INC.
APPLE INC
CISCO SYS INC
ROCKWELL AUTOMATION INC
KLA CORP
HOME DEPOT INC
VISA INC
SEI INVTS CO
MCKESSON CORP
DOVER CORP
5.25%
5.00%
4.90%
4.87%
4.77%
4.57%
4.48%
4.26%
4.26%
4.23%
64,966
8,691
59,190
12,700
15,172
10,348
12,900
43,648
15,015
24,223
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).

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.