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: 10/22/2020
NAV Daily Change Fact Sheet Holdings
$19.72
$0.49
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
10/23/2020WBIYT00206R102AT&T INC96,82028.2800002738069.606.61%41418090.002100000420.00
10/23/2020WBIYXOM30231G102EXXON MOBIL CORP77,14634.8600002689309.566.49%41418090.002100000420.00
10/23/2020WBIYVLO91913Y100VALERO ENERGY CORP63,94841.2800002639773.446.37%41418090.002100000420.00
10/23/2020WBIYSTXG7945M107SEAGATE TECHNOLOGY PLC37,91751.7900001963721.434.74%41418090.002100000420.00
10/23/2020WBIYWBA931427108WALGREENS BOOTS ALLIANCE INC COM52,04937.5100001952357.994.71%41418090.002100000420.00
10/23/2020WBIYABBV00287Y109ABBVIE INC23,06584.3100001944610.154.70%41418090.002100000420.00
10/23/2020WBIYLYBN53745100LYONDELLBASELL INDUSTRIES N V SHS - A -25,28077.0800001948582.404.70%41418090.002100000420.00
10/23/2020WBIYPM718172109PHILIP MORRIS INTL INC25,29174.8600001893284.264.57%41418090.002100000420.00
10/23/2020WBIYIBM459200101INTERNATIONAL BUSINESS MACHS COM16,026115.7600001855169.764.48%41418090.002100000420.00
10/23/2020WBIYCOP20825C104CONOCOPHILLIPS56,54031.9100001804191.404.36%41418090.002100000420.00
10/23/2020WBIYLUMN156700106LUMEN TECHNOLOGIES INC176,5979.6800001709458.964.13%41418090.002100000420.00
10/23/2020WBIYOMC681919106OMNICOM GROUP INC31,73951.5800001637097.623.95%41418090.002100000420.00
10/23/2020WBIYHRB093671105BLOCK H & R INC59,29218.6800001107574.562.67%41418090.002100000420.00
10/23/2020WBIYXRX98421M106XEROX HOLDINGS CORP49,22719.890000979125.032.36%41418090.002100000420.00
10/23/2020WBIYKEY493267108KEYCORP71,53613.080000935690.882.26%41418090.002100000420.00
10/23/2020WBIYIP460146103INTERNATIONAL PAPER CO17,21546.590000802046.851.94%41418090.002100000420.00
10/23/2020WBIYHBAN446150104HUNTINGTON BANCSHARES INC72,62510.380000753847.501.82%41418090.002100000420.00
10/23/2020WBIYCash&OtherCash&OtherCash & Other711,0961.000000711096.431.72%41418090.00210000042Y
10/23/2020WBIYCMA200340107COMERICA INC12,14845.120000548117.761.32%41418090.002100000420.00
10/23/2020WBIYPFG74251V102PRINCIPAL FINANCIAL GROUP INC COM11,91542.940000511630.101.24%41418090.002100000420.00
10/23/2020WBIYGEF397624107GREIF INC11,41343.820000500117.661.21%41418090.002100000420.00
10/23/2020WBIYSWM808541106SCHWEITZER-MAUDUIT INTL INC14,40834.330000494626.641.19%41418090.002100000420.00
10/23/2020WBIYFHN320517105FIRST HORIZON NATL CORP42,77611.450000489785.201.18%41418090.002100000420.00
10/23/2020WBIYUVV913456109UNIVERSAL CORP VA11,46641.780000479049.481.16%41418090.002100000420.00
10/23/2020WBIYSGU85512C105STAR GROUP L P50,4649.450000476884.801.15%41418090.002100000420.00
10/23/2020WBIYVGR92240M108VECTOR GROUP LTD46,20310.200000471270.601.14%41418090.002100000420.00
10/23/2020WBIYBGS05508R106B & G FOODS INC NEW16,57428.110000465895.141.12%41418090.002100000420.00
10/23/2020WBIYRF7591EP100REGIONS FINANCIAL CORP NEW32,70213.800000451287.601.09%41418090.002100000420.00
10/23/2020WBIYUNM91529Y106UNUM GROUP19,30719.640000379189.480.92%41418090.002100000420.00
10/23/2020WBIYORI680223104OLD REP INTL CORP19,00317.160000326091.480.79%41418090.002100000420.00
10/23/2020WBIYNYCB649445103NEW YORK CMNTY BANCORP INC35,8858.730000313276.050.76%41418090.002100000420.00
10/23/2020WBIYOZK06417N103BANK OZK12,33424.080000297002.720.72%41418090.002100000420.00
10/23/2020WBIYWBS947890109WEBSTER FINL CORP CONN9,01232.790000295503.480.71%41418090.002100000420.00
10/23/2020WBIYUNB905400107UNION BANKSHARES INC11,52525.140000289738.500.70%41418090.002100000420.00
10/23/2020WBIYPFS74386T105PROVIDENT FINL SVCS INC20,42213.830000282436.260.68%41418090.002100000420.00
10/23/2020WBIYFHB32051X108FIRST HAWAIIAN INC16,67616.770000279656.520.68%41418090.002100000420.00
10/23/2020WBIYHOPE43940T109HOPE BANCORP INC33,0368.550000282457.800.68%41418090.002100000420.00
10/23/2020WBIYSNV87161C501SYNOVUS FINL CORP10,61726.540000281775.180.68%41418090.002100000420.00
10/23/2020WBIYFNB302520101F N B CORP35,0397.890000276457.710.67%41418090.002100000420.00
10/23/2020WBIYFCF319829107FIRST COMWLTH FINL CORP PA30,4809.080000276758.400.67%41418090.002100000420.00
10/23/2020WBIYFNLC31866P102FIRST BANCORP INC ME11,33924.080000273043.120.66%41418090.002100000420.00
10/23/2020WBIYCFFI12466Q104C & F FINL CORP8,90930.500000271724.500.66%41418090.002100000420.00
10/23/2020WBIYCATY149150104CATHAY GEN BANCORP11,09624.380000270520.480.65%41418090.002100000420.00
10/23/2020WBIYASB045487105ASSOCIATED BANC CORP18,95014.240000269848.000.65%41418090.002100000420.00
10/23/2020WBIYSAFT78648T100SAFETY INS GROUP INC3,80769.770000265614.390.64%41418090.002100000420.00
10/23/2020WBIYATLO031001100AMES NATL CORP13,31920.010000266513.190.64%41418090.002100000420.00
10/23/2020WBIYPFBI74050M105PREMIER FINL BANCORP INC21,52312.150000261504.450.63%41418090.002100000420.00
10/23/2020WBIYMCY589400100MERCURY GENL CORP NEW6,31641.580000262619.280.63%41418090.002100000420.00
10/23/2020WBIYPWOD708430103PENNS WOODS BANCORP INC12,14921.060000255857.940.62%41418090.002100000420.00
10/23/2020WBIYWDR930059100WADDELL & REED FINL INC14,53316.950000246334.350.59%41418090.002100000420.00
10/23/2020WBIYNAVI63938C108NAVIENT CORPORATION26,0269.150000238137.900.57%41418090.002100000420.00
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: 10/22/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,100,000
41.42
$19.72
5,336
-0.04%
0.70%
Performance Month End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
-3.69%
0.23%
-26.60%
-19.54%
-3.54%
-2.38%
Market
-3.70%
0.29%
-26.36%
-19.34%
-3.54%
-2.37%
Performance Quarter End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
-3.69
0.23
-26.60
-19.54
-3.54
-2.38
Market
-3.70
0.29
-26.36
-19.34
-3.54
-2.37

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: 9/30/2020
30-Day SEC Yield 30-Day Unsubsidized SEC Yield
6.13%
5.80%

WBIY Top Holdings
As of: 10/23/2020
Security Name Weightings Shares
AT&T INC
EXXON MOBIL CORP
VALERO ENERGY CORP
SEAGATE TECHNOLOGY PLC
WALGREENS BOOTS ALLIANCE INC COM
ABBVIE INC
LYONDELLBASELL INDUSTRIES N V SHS - A -
PHILIP MORRIS INTL INC
INTERNATIONAL BUSINESS MACHS COM
CONOCOPHILLIPS
6.61%
6.49%
6.37%
4.74%
4.71%
4.70%
4.70%
4.57%
4.48%
4.36%
96,820
77,146
63,948
37,917
52,049
23,065
25,280
25,291
16,026
56,540
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: 10/22/2020
NAV Daily Change Fact Sheet Holdings
$19.43
$0.05
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
10/23/2020WBITUSHY46435U853ISHARES TR BROAD USD HIGH305,38639.89000012181847.5439.81%30601935.001575000630.00
10/23/2020WBITHYLB233051432DBX ETF TR XTRACK USD HIGH250,54748.62000012181595.1439.81%30601935.001575000630.00
10/23/2020WBITANGL92189F437VANECK VECTORS ETF TR FALLEN ANGEL HG197,31130.1300005944980.4319.43%30601935.001575000630.00
10/23/2020WBITCash&OtherCash&OtherCash & Other291,7271.000000291726.830.95%30601935.00157500063Y
Fund Goals

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

Prices
As of: 10/22/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,575,000
30.60
$19.40
7,114
-0.18%
0.67%
Performance Month End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 5/28/2019
NAV
-3.71%
8.92%
-7.35%
-6.50%
 
-0.33%
Market
-3.65%
8.91%
-7.19%
-6.24%
 
-0.19%
Performance Quarter End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 5/28/2019
NAV
-3.71
8.92
-7.35
-6.50
 
-0.33
Market
-3.65
8.91
-7.19
-6.24
 
-0.19

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: 9/30/2020
30-Day SEC Yield
1.03%

WBIT Top Holdings
As of: 10/23/2020
Security Name Weightings Shares
ISHARES TR BROAD USD HIGH
DBX ETF TR XTRACK USD HIGH
VANECK VECTORS ETF TR FALLEN ANGEL HG
Cash & Other
39.81%
39.81%
19.43%
0.95%
305,386
250,547
197,311
291,727
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: 10/22/2020
NAV Daily Change Fact Sheet Holdings
$16.59
$0.04
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
10/23/2020WBINUSHY46435U853ISHARES TR BROAD USD HIGH168,25739.8900006711771.7340.46%16587000.001000000400.00
10/23/2020WBINHYLB233051432DBX ETF TR XTRACK USD HIGH137,93348.6200006706302.4640.43%16587000.001000000400.00
10/23/2020WBINANGL92189F437VANECK VECTORS ETF TR FALLEN ANGEL HG100,57130.1300003030204.2318.27%16587000.001000000400.00
10/23/2020WBINCash&OtherCash&OtherCash & Other137,6901.000000137689.640.83%16587000.00100000040Y
Fund Goals

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

Prices
As of: 10/22/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,000,000
16.59
$16.58
3,334
-0.07%
0.77%
Performance Month End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 7/18/2019
NAV
-2.51%
2.81%
-12.38%
-11.57%
 
-7.55%
Market
-2.52%
2.84%
-12.41%
-11.59%
 
-7.65%
Performance Quarter End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year Since Inception 7/18/2019
NAV
-2.51
2.81
-12.38
-11.57
 
-7.55
Market
-2.52
2.84
-12.41
-11.59
 
-7.65

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: 9/30/2020
30-Day SEC Yield
4.59%

WBIN Top Holdings
As of: 10/23/2020
Security Name Weightings Shares
ISHARES TR BROAD USD HIGH
DBX ETF TR XTRACK USD HIGH
VANECK VECTORS ETF TR FALLEN ANGEL HG
Cash & Other
40.46%
40.43%
18.27%
0.83%
168,257
137,933
100,571
137,690
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: 10/22/2020
NAV Daily Change Fact Sheet Holdings
$23.86
$0.04
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
10/23/2020WBIIHYLB233051432DBX ETF TR XTRACK USD HIGH425,11648.62000020669139.9233.31%62045620.002600000520.00
10/23/2020WBIIUSHY46435U853ISHARES TR BROAD USD HIGH424,38639.89000016928757.5427.28%62045620.002600000520.00
10/23/2020WBIIANGL92189F437VANECK VECTORS ETF TR FALLEN ANGEL HG553,80730.13000016686204.9126.89%62045620.002600000520.00
10/23/2020WBIIVCLT92206C813VANGUARD SCOTTSDALE FDS LG-TERM COR BD43,521105.9600004611485.167.43%62045620.002600000520.00
10/23/2020WBIIVCIT92206C870VANGUARD SCOTTSDALE FDS INT-TERM CORP25,92395.7300002481608.794.00%62045620.002600000520.00
10/23/2020WBIICash&OtherCash&OtherCash & Other662,3631.000000662363.171.07%62045620.00260000052Y
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: 10/22/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,600,000
62.05
$23.84
11,680
-0.10%
1.29%
Performance Month End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-2.18%
2.79%
-3.26%
-2.78%
1.57%
2.09
1.87%
Market
-2.24%
2.74%
-3.19%
-2.72%
1.55%
2.05
1.86%
Performance Quarter End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-2.18
2.79
-3.26
-2.78
1.57
2.09
1.87
Market
-2.24
2.74
-3.19
-2.72
1.55
2.05
1.86

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: 9/30/2020
30-Day SEC Yield
3.91%
WBII Top Holdings
As of: 10/23/2020
Security Name Weightings Shares
DBX ETF TR XTRACK USD HIGH
ISHARES TR BROAD USD HIGH
VANECK VECTORS ETF TR FALLEN ANGEL HG
VANGUARD SCOTTSDALE FDS LG-TERM COR BD
VANGUARD SCOTTSDALE FDS INT-TERM CORP
Cash & Other
33.31%
27.28%
26.89%
7.43%
4.00%
1.07%
425,116
424,386
553,807
43,521
25,923
662,363
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: 10/22/2020
NAV Daily Change Fact Sheet Holdings
$27.57
- $0.10
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
10/23/2020WBIECash&OtherCash&OtherCash & Other7,429,4811.0000007429481.1218.63%39873016.69144627828Y
10/23/2020WBIEHBI410345102HANESBRANDS INC113,51817.6200002000187.165.02%39873016.691446278280.00
10/23/2020WBIEABC03073E105AMERISOURCEBERGEN CORP19,88498.7200001962948.484.92%39873016.691446278280.00
10/23/2020WBIESTXG7945M107SEAGATE TECHNOLOGY PLC37,16451.7900001924723.564.83%39873016.691446278280.00
10/23/2020WBIEEXPD302130109EXPEDITORS INTL WASH INC18,54894.2700001748519.964.39%39873016.691446278280.00
10/23/2020WBIEBBY086516101BEST BUY INC14,768117.4600001734649.284.35%39873016.691446278280.00
10/23/2020WBIEAIZ04621X108ASSURANT INC13,894124.5900001731053.464.34%39873016.691446278280.00
10/23/2020WBIEWMT931142103WALMART INC12,060143.5500001731213.004.34%39873016.691446278280.00
10/23/2020WBIEUPS911312106UNITED PARCEL SERVICE INC9,598172.9900001660358.024.16%39873016.691446278280.00
10/23/2020WBIEORCL68389X105ORACLE CORP26,74559.6900001596409.054.00%39873016.691446278280.00
10/23/2020WBIEADBE00724F101ADOBE SYSTEMS INCORPORATED3,238483.6000001565896.803.93%39873016.691446278280.00
10/23/2020WBIEGDX92189F106VANECK VECTORS ETF TR GOLD MINERS ETF37,60539.1900001473739.953.70%39873016.691446278280.00
10/23/2020WBIEBR11133T103BROADRIDGE FINL SOLUTIONS INC COM8,942144.7800001294622.763.25%39873016.691446278280.00
10/23/2020WBIEGDXJ92189F791VANECK VECTORS ETF TR JR GOLD MINERS E20,62957.1200001178328.482.96%39873016.691446278280.00
10/23/2020WBIECTAS172908105CINTAS CORP3,343338.5000001131605.502.84%39873016.691446278280.00
10/23/2020WBIETTC891092108TORO CO11,51984.420000972433.982.44%39873016.691446278280.00
10/23/2020WBIETGT87612E106TARGET CORP5,465159.600000872214.002.19%39873016.691446278280.00
10/23/2020WBIEAMAT038222105APPLIED MATLS INC14,00161.700000863861.702.17%39873016.691446278280.00
10/23/2020WBIESHOP82509L107SHOPIFY INC8591007.070000865073.132.17%39873016.691446278280.00
10/23/2020WBIELOW548661107LOWES COS INC4,992171.250000854880.002.14%39873016.691446278280.00
10/23/2020WBIEBNTX09075V102BIONTECH SE9,56386.360000825860.682.07%39873016.691446278280.00
10/23/2020WBIEPFE717081103PFIZER INC21,73637.430000813578.482.04%39873016.691446278280.00
10/23/2020WBIEAZN046353108ASTRAZENECA PLC15,39651.960000799976.162.01%39873016.691446278280.00
10/23/2020WBIEUNP907818108UNION PAC CORP4,172187.140000780748.081.96%39873016.691446278280.00
10/23/2020WBIEMRNA60770K107MODERNA INC10,90670.840000772581.041.94%39873016.691446278280.00
10/23/2020WBIEV92826C839VISA INC3,914197.990000774932.861.94%39873016.691446278280.00
10/23/2020WBIETXN882508104TEXAS INSTRS INC3,575148.220000529886.501.33%39873016.691446278280.00
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: 10/22/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,446,278
39.87
$27.56
9,391
-0.05%
1.13%
Performance Month End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-5.78%
4.07%
-3.01%
0.51%
4.77%
4.33
2.12%
Market
-5.69%
4.27%
-2.50%
0.69%
4.90%
4.33
2.14%
Performance Quarter End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-5.78
4.07
-3.01
0.51
4.77
4.33
2.12
Market
-5.69
4.27
-2.50
0.69
4.90
4.33
2.14

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: 9/30/2020
30-Day SEC Yield
0.57%
WBIE Top Holdings
As of: 10/23/2020
Security Name Weightings Shares
Cash & Other
HANESBRANDS INC
AMERISOURCEBERGEN CORP
SEAGATE TECHNOLOGY PLC
EXPEDITORS INTL WASH INC
BEST BUY INC
ASSURANT INC
WALMART INC
UNITED PARCEL SERVICE INC
ORACLE CORP
18.63%
5.02%
4.92%
4.83%
4.39%
4.35%
4.34%
4.34%
4.16%
4.00%
7,429,481
113,518
19,884
37,164
18,548
14,768
13,894
12,060
9,598
26,745
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: 10/22/2020
NAV Daily Change Fact Sheet Holdings
$26.32
- $0.08
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
10/23/2020WBIFCash&OtherCash&OtherCash & Other4,751,4571.0000004751457.2412.13%39176766.91148831529Y
10/23/2020WBIFBBY086516101BEST BUY INC17,396117.4600002043334.165.22%39176766.911488315290.00
10/23/2020WBIFABC03073E105AMERISOURCEBERGEN CORP19,73198.7200001947844.324.97%39176766.911488315290.00
10/23/2020WBIFHBI410345102HANESBRANDS INC107,60517.6200001896000.104.84%39176766.911488315290.00
10/23/2020WBIFUGI902681105UGI CORP NEW50,07435.6900001787141.064.56%39176766.911488315290.00
10/23/2020WBIFWMT931142103WALMART INC11,928143.5500001712264.404.37%39176766.911488315290.00
10/23/2020WBIFUPS911312106UNITED PARCEL SERVICE INC9,871172.9900001707584.294.36%39176766.911488315290.00
10/23/2020WBIFAIZ04621X108ASSURANT INC13,657124.5900001701525.634.34%39176766.911488315290.00
10/23/2020WBIFSTXG7945M107SEAGATE TECHNOLOGY PLC30,86951.7900001598705.514.08%39176766.911488315290.00
10/23/2020WBIFDG256677105DOLLAR GEN CORP NEW7,378214.3200001581252.964.04%39176766.911488315290.00
10/23/2020WBIFORCL68389X105ORACLE CORP26,50559.6900001582083.454.04%39176766.911488315290.00
10/23/2020WBIFADBE00724F101ADOBE SYSTEMS INCORPORATED3,202483.6000001548487.203.95%39176766.911488315290.00
10/23/2020WBIFMRK58933Y105MERCK & CO. INC18,75079.2100001485187.503.79%39176766.911488315290.00
10/23/2020WBIFLEN526057104LENNAR CORP18,99576.5400001453877.303.71%39176766.911488315290.00
10/23/2020WBIFGDXJ92189F791VANECK VECTORS ETF TR JR GOLD MINERS E23,85057.1200001362312.003.48%39176766.911488315290.00
10/23/2020WBIFGDX92189F106VANECK VECTORS ETF TR GOLD MINERS ETF29,67039.1900001162767.302.97%39176766.911488315290.00
10/23/2020WBIFCTAS172908105CINTAS CORP3,303338.5000001118065.502.85%39176766.911488315290.00
10/23/2020WBIFTTC891092108TORO CO11,43084.420000964920.602.46%39176766.911488315290.00
10/23/2020WBIFTGT87612E106TARGET CORP5,423159.600000865510.802.21%39176766.911488315290.00
10/23/2020WBIFSHOP82509L107SHOPIFY INC8501007.070000856009.502.18%39176766.911488315290.00
10/23/2020WBIFLOW548661107LOWES COS INC4,954171.250000848372.502.17%39176766.911488315290.00
10/23/2020WBIFBNTX09075V102BIONTECH SE9,43086.360000814374.802.08%39176766.911488315290.00
10/23/2020WBIFPFE717081103PFIZER INC21,50037.430000804745.002.05%39176766.911488315290.00
10/23/2020WBIFUNP907818108UNION PAC CORP4,140187.140000774759.601.98%39176766.911488315290.00
10/23/2020WBIFV92826C839VISA INC3,884197.990000768993.161.96%39176766.911488315290.00
10/23/2020WBIFMRNA60770K107MODERNA INC10,75570.840000761884.201.94%39176766.911488315290.00
10/23/2020WBIFHPQ40434L105HP INC35,39719.350000684931.951.75%39176766.911488315290.00
10/23/2020WBIFAZN046353108ASTRAZENECA PLC11,34551.960000589486.201.50%39176766.911488315290.00
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: 10/22/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,488,315
39.18
$26.30
8,368
-0.09%
1.18%
Performance Month End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-6.63%
1.99%
-6.08%
-2.33%
-0.09%
3.71
1.48%
Market
-6.60%
2.12%
-5.96%
-2.35%
-0.02%
3.68
1.49%
Performance Quarter End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-6.63
1.99
-6.08
-2.33
-0.09
3.71
1.48
Market
-6.60
2.12
-5.96
-2.35
-0.02
3.68
1.49

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: 9/30/2020
30-Day SEC Yield
0.74%
WBIF Top Holdings
As of: 10/23/2020
Security Name Weightings Shares
Cash & Other
BEST BUY INC
AMERISOURCEBERGEN CORP
HANESBRANDS INC
UGI CORP NEW
WALMART INC
UNITED PARCEL SERVICE INC
ASSURANT INC
SEAGATE TECHNOLOGY PLC
DOLLAR GEN CORP NEW
12.13%
5.22%
4.97%
4.84%
4.56%
4.37%
4.36%
4.34%
4.08%
4.04%
4,751,457
17,396
19,731
107,605
50,074
11,928
9,871
13,657
30,869
7,378
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: 10/22/2020
NAV Daily Change Fact Sheet Holdings
$22.95
- $0.10
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
10/23/2020WBIGCash&OtherCash&OtherCash & Other7,599,0031.0000007599002.8314.21%53480263.05233018346Y
10/23/2020WBIGBBY086516101BEST BUY INC23,756117.4600002790379.765.22%53480263.052330183460.00
10/23/2020WBIGABC03073E105AMERISOURCEBERGEN CORP27,53398.7200002718057.765.08%53480263.052330183460.00
10/23/2020WBIGSTXG7945M107SEAGATE TECHNOLOGY PLC52,25851.7900002706441.825.06%53480263.052330183460.00
10/23/2020WBIGHBI410345102HANESBRANDS INC146,58517.6200002582827.704.83%53480263.052330183460.00
10/23/2020WBIGUGI902681105UGI CORP NEW68,52835.6900002445764.324.57%53480263.052330183460.00
10/23/2020WBIGHPQ40434L105HP INC125,30419.3500002424632.404.53%53480263.052330183460.00
10/23/2020WBIGWMT931142103WALMART INC16,211143.5500002327089.054.35%53480263.052330183460.00
10/23/2020WBIGUPS911312106UNITED PARCEL SERVICE INC13,056172.9900002258557.444.22%53480263.052330183460.00
10/23/2020WBIGAIZ04621X108ASSURANT INC17,960124.5900002237636.404.18%53480263.052330183460.00
10/23/2020WBIGDG256677105DOLLAR GEN CORP NEW10,064214.3200002156916.484.03%53480263.052330183460.00
10/23/2020WBIGADBE00724F101ADOBE SYSTEMS INCORPORATED4,352483.6000002104627.203.94%53480263.052330183460.00
10/23/2020WBIGLEN526057104LENNAR CORP25,95076.5400001986213.003.71%53480263.052330183460.00
10/23/2020WBIGGDX92189F106VANECK VECTORS ETF TR GOLD MINERS ETF47,24939.1900001851688.313.46%53480263.052330183460.00
10/23/2020WBIGGDXJ92189F791VANECK VECTORS ETF TR JR GOLD MINERS E28,07857.1200001603815.363.00%53480263.052330183460.00
10/23/2020WBIGCTAS172908105CINTAS CORP4,495338.5000001521557.502.85%53480263.052330183460.00
10/23/2020WBIGTTC891092108TORO CO15,71884.4200001326913.562.48%53480263.052330183460.00
10/23/2020WBIGTGT87612E106TARGET CORP7,567159.6000001207693.202.26%53480263.052330183460.00
10/23/2020WBIGLOW548661107LOWES COS INC6,913171.2500001183851.252.21%53480263.052330183460.00
10/23/2020WBIGSHOP82509L107SHOPIFY INC1,1611007.0700001169208.272.19%53480263.052330183460.00
10/23/2020WBIGBNTX09075V102BIONTECH SE12,89086.3600001113180.402.08%53480263.052330183460.00
10/23/2020WBIGPFE717081103PFIZER INC29,21837.4300001093629.742.04%53480263.052330183460.00
10/23/2020WBIGUNP907818108UNION PAC CORP5,777187.1400001081107.782.02%53480263.052330183460.00
10/23/2020WBIGV92826C839VISA INC5,420197.9900001073105.802.01%53480263.052330183460.00
10/23/2020WBIGMRNA60770K107MODERNA INC14,70170.8400001041418.841.95%53480263.052330183460.00
10/23/2020WBIGAZN046353108ASTRAZENECA PLC19,75251.9600001026313.921.92%53480263.052330183460.00
10/23/2020WBIGMS617446448MORGAN STANLEY16,91451.770000875637.781.64%53480263.052330183460.00
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: 10/22/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
2,330,183
53.48
$22.93
11,765
-0.11%
1.04%
Performance Month End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-6.60%
1.42%
-7.18%
-3.28%
-0.03%
2.13
-0.28%
Market
-6.55%
1.60%
-6.60%
-3.20%
0.07%
2.17
-0.26%
Performance Quarter End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-6.60
1.42
-7.18
-3.28
-0.03
2.13
-0.28
Market
-6.55
1.60
-6.60
-3.20
0.07
2.17
-0.26

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: 9/30/2020
30-Day SEC Yield
0.95%
WBIG Top Holdings
As of: 10/23/2020
Security Name Weightings Shares
Cash & Other
BEST BUY INC
AMERISOURCEBERGEN CORP
SEAGATE TECHNOLOGY PLC
HANESBRANDS INC
UGI CORP NEW
HP INC
WALMART INC
UNITED PARCEL SERVICE INC
ASSURANT INC
14.21%
5.22%
5.08%
5.06%
4.83%
4.57%
4.53%
4.35%
4.22%
4.18%
7,599,003
23,756
27,533
52,258
146,585
68,528
125,304
16,211
13,056
17,960
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: 10/22/2020
NAV Daily Change Fact Sheet Holdings
$26.62
- $0.09
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
10/23/2020WBILCash&OtherCash&OtherCash & Other6,966,6231.0000006966622.9914.32%48647076.29182718236Y
10/23/2020WBILBBY086516101BEST BUY INC21,479117.4600002522923.345.19%48647076.291827182360.00
10/23/2020WBILABC03073E105AMERISOURCEBERGEN CORP24,28098.7200002396921.604.93%48647076.291827182360.00
10/23/2020WBILHBI410345102HANESBRANDS INC133,42417.6200002350930.884.83%48647076.291827182360.00
10/23/2020WBILEXPD302130109EXPEDITORS INTL WASH INC23,67894.2700002232125.064.59%48647076.291827182360.00
10/23/2020WBILPG742718109PROCTER AND GAMBLE CO15,630141.4500002210863.504.54%48647076.291827182360.00
10/23/2020WBILWMT931142103WALMART INC14,778143.5500002121381.904.36%48647076.291827182360.00
10/23/2020WBILAIZ04621X108ASSURANT INC16,776124.5900002090121.844.30%48647076.291827182360.00
10/23/2020WBILUPS911312106UNITED PARCEL SERVICE INC11,628172.9900002011527.724.13%48647076.291827182360.00
10/23/2020WBILSTXG7945M107SEAGATE TECHNOLOGY PLC38,34451.7900001985835.764.08%48647076.291827182360.00
10/23/2020WBILORCL68389X105ORACLE CORP32,74959.6900001954787.814.02%48647076.291827182360.00
10/23/2020WBILTTC891092108TORO CO22,82084.4200001926464.403.96%48647076.291827182360.00
10/23/2020WBILADBE00724F101ADOBE SYSTEMS INCORPORATED3,967483.6000001918441.203.94%48647076.291827182360.00
10/23/2020WBILLEN526057104LENNAR CORP23,54576.5400001802134.303.70%48647076.291827182360.00
10/23/2020WBILGDX92189F106VANECK VECTORS ETF TR GOLD MINERS ETF43,30939.1900001697279.713.49%48647076.291827182360.00
10/23/2020WBILGDXJ92189F791VANECK VECTORS ETF TR JR GOLD MINERS E25,16957.1200001437653.282.96%48647076.291827182360.00
10/23/2020WBILCTAS172908105CINTAS CORP4,100338.5000001387850.002.85%48647076.291827182360.00
10/23/2020WBILTGT87612E106TARGET CORP6,673159.6000001065010.802.19%48647076.291827182360.00
10/23/2020WBILSHOP82509L107SHOPIFY INC1,0511007.0700001058430.572.18%48647076.291827182360.00
10/23/2020WBILLOW548661107LOWES COS INC6,096171.2500001043940.002.15%48647076.291827182360.00
10/23/2020WBILUGI902681105UGI CORP NEW28,49435.6900001016950.862.09%48647076.291827182360.00
10/23/2020WBILPFE717081103PFIZER INC26,63737.430000997022.912.05%48647076.291827182360.00
10/23/2020WBILUNP907818108UNION PAC CORP5,095187.140000953478.301.96%48647076.291827182360.00
10/23/2020WBILV92826C839VISA INC4,780197.990000946392.201.95%48647076.291827182360.00
10/23/2020WBILAZN046353108ASTRAZENECA PLC17,94251.960000932266.321.92%48647076.291827182360.00
10/23/2020WBILBNTX09075V102BIONTECH SE10,13386.360000875085.881.80%48647076.291827182360.00
10/23/2020WBILMRNA60770K107MODERNA INC10,28270.840000728376.881.50%48647076.291827182360.00
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: 10/22/2020
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,827,182
48.65
$26.60
9,159
-0.11%
1.21%
Performance Month End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-5.72%
1.17%
-3.40%
-0.86%
1.89%
4.00
1.45%
Market
-5.65%
1.32%
-3.11%
-0.71%
2.01%
3.98
1.47%
Performance Quarter End
As of: 09/30/2020
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-5.72
1.17
-3.40
-0.86
1.89
4.00
1.45
Market
-5.65
1.32
-3.11
-0.71
2.01
3.98
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.

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: 9/30/2020
30-Day SEC Yield
0.49%
WBIL Top Holdings
As of: 10/23/2020
Security Name Weightings Shares
Cash & Other
BEST BUY INC
AMERISOURCEBERGEN CORP
HANESBRANDS INC
EXPEDITORS INTL WASH INC
PROCTER AND GAMBLE CO
WALMART INC
ASSURANT INC
UNITED PARCEL SERVICE INC
SEAGATE TECHNOLOGY PLC
14.32%
5.19%
4.93%
4.83%
4.59%
4.54%
4.36%
4.30%
4.13%
4.08%
6,966,623
21,479
24,280
133,424
23,678
15,630
14,778
16,776
11,628
38,344
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.