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Revenue Weighted Strategy

The strategy is comprised of the same securities as the S&P 500 Index. Each security in the fund is ranked by top line revenue, instead of market capitalization.

Morningstar Overall Rating

Rated 5 stars by Morningstar among 1,100 funds in the Large Value Category for the 3- and 5- year periods ended 7/31/17, based on risk-adjusted performance.
CHALLENGE OLD THINKING.
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CHALLENGE OLD THINKING.
The market-cap weighted index has been around since 1957 – decades before the research that identified the factors that drive stocks’ returns.
THE REALITY
Market-cap weighting is a price-driven approach that is susceptible to short-term thinking. Revenue weighting is based on a reliable, tangible indicator of a company’s success.

Learn more about Challenge the Index

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Cumulative Total Returns

as of 7/31/17

Since Inception 2/19/08
119%
Performance & Distributions
×

Revenue Weighted Strategy

Gross Expense Ratio:
      0.55%
    Net Expense Ratio:   0.39%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes on an individual's investment.

    On 2/22/2008 and 3/31/2008 for RWL, the last trade price was used to calculate market return because 4:00pm EST midpoint bid/ask prices are not available on those dates. On 9/30/2008, the last trade price for RWL was used to calculate market return because an uncorrected, failed trade resulted in an incorrect 4:00pm EST midpoint bid/ask price on that date.

    The NAV return is based on the net asset value of the Fund and the market return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund's NAV is calculated at market close. MKT and NAV assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

    "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.

    Returns are preliminary and subject to change until the first business day of the month.

    Cumulative Returns
    • A

    Compare to Indices

    Large Cap Revenue ETF
    VALUE of $10,000.00

    Calendar Year Returns %
    Data as of 8/18/17
      2009 2010 2011 2012 2013 2014 2015 2016 YTD
    Large Cap Revenue ETF 30.18 16.93 0.38 18.08 37.68 13.35 -1.21 12.25 6.35
    S&P 500 Index 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96
    Capital Gains Distributions ($ per share)
    Data as of 8/20/17
      2012 2013 2014 2015 2016
    Short Term
    Long Term 0.0379 0.0277
    Total Amount of Distribution 0.0379 0.0277
    Record Date 12/31/14 12/31/15
    Ex Div Date 12/29/14 12/29/15
    Pay Date 1/5/15 1/4/16

    There is no guarantee of the payment of any dividend or other distributions at any level.

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • B

    as of 7/31/17

    as of 6/30/17

    YTD (as of 8/18/17)
    6.35% 6.30%
    1 Year 14.24% 14.30%
    3 Year 9.45% 9.44%
    5 Year 15.25% 15.30%
    Since Inception 8.70% 8.71%
    YTD (as of 8/18/17)
    6.35% 6.30%
    1 Year 15.96% 15.98%
    3 Year 8.31% 8.32%
    5 Year 15.04% 15.06%
    Since Inception 8.58% 8.58%
    Performance History with Indices
    ×
    Gross Expense Ratio
    0.55%
    Net Expense Ratio
    0.39%
    NAV
    • C
    as of 8/18/17
    $45.86
    Closing Price
    as of 8/18/2017
    Market Close $45.83
    Bid/Ask Midpoint $45.88
    Bid/Ask Prem/Disc 0.05%
    Tickers & ISIN
    Index Bloomberg Ticker REVWLT
    Reuters Bridge Ticker RWL.IV
    ISIN US68386C1045

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes on an individual's investment.

    On 2/22/2008 and 3/31/2008 for RWL, the last trade price was used to calculate market return because 4:00pm EST midpoint bid/ask prices are not available on those dates. On 9/30/2008, the last trade price for RWL was used to calculate market return because an uncorrected, failed trade resulted in an incorrect 4:00pm EST midpoint bid/ask price on that date.

    The NAV return is based on the net asset value of the Fund and the market return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund's NAV is calculated at market close. MKT and NAV assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

    Top Holdings

    08/18/17

    See Full Holdings

    Wal-Mart Stores, Inc.
    4.8%
    Berkshire Hathaway, Inc., Cl....
    2.3%
    Apple, Inc.
    2.3%
    UnitedHealth Group, Inc.
    1.9%
    Exxon Mobil Corp.
    1.8%
    McKesson Corp.
    1.7%
    CVS Health Corp.
    1.6%
    General Motors Co.
    1.6%
    AT&T, Inc.
    1.5%
    Amazon.com, Inc.
    1.3%
    Ford Motor Co.
    1.3%
    Verizon Communications, Inc.
    1.2%
    AmerisourceBergen Corp.
    1.2%
    Walgreens Boots Alliance Inc....
    1.1%
    JPMorgan Chase & Co.
    1.1%
    Boeing Co.
    1.1%
    Chevron Corp.
    1.0%
    Costco Wholesale Corp.
    1.0%
    Cardinal Health, Inc.
    1.0%
    Kroger Co.
    1.0%
    ×
    • 4.8%
      Wal-Mart Stores, Inc.
    • Operates retail discount department stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    • 2.3%
      Berkshire Hathaway, Inc., Cl. B
    • Operates as a holding company which offers insurance and distribution services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Diversified Financial Services
    ×
    • 2.3%
      Apple, Inc.
    • Designs, manufactures, and markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Technology Hardware Storage & Peripherals
    ×
    • 1.9%
      UnitedHealth Group, Inc.
    • Provides hospital and medical service plans
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.8%
      Exxon Mobil Corp.
    • Explores, develops and distributes crude oil, natural gas and petroleum products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 1.7%
      McKesson Corp.
    • Distributes pharmaceuticals and provides healthcare software and health information technology services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.6%
      CVS Health Corp.
    • Operates as an integrated pharmacy health care provider
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    • 1.6%
      General Motors Co.
    • Develops, manufactures and markets cars, trucks and automobile parts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Automobiles
    ×
    • 1.5%
      AT&T, Inc.
    • Provides DSL internet, local and long-distance voice and data services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    ×
    • 1.3%
      Amazon.com, Inc.
    • Provides on-line retail shopping services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Internet & Direct Marketing Retail
    ×
    • 1.3%
      Ford Motor Co.
    • Manufactures automobiles and trucks
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Automobiles
    ×
    • 1.2%
      Verizon Communications, Inc.
    • Provides wired and wireless telecommunication services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    ×
    • 1.2%
      AmerisourceBergen Corp.
    • Distributes pharmaceutical products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.1%
      Walgreens Boots Alliance Inc.
    • Provides drug store services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    • 1.1%
      JPMorgan Chase & Co.
    • Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 1.1%
      Boeing Co.
    • Develops and manufactures jetliners, aircraft and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    ×
    • 1.0%
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 1.0%
      Costco Wholesale Corp.
    • Sells goods through membership warehouses
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    • 1.0%
      Cardinal Health, Inc.
    • Manufactures and distributes pharmaceuticals, medical, surgical and laboratory supplies as well as develops drug delivery systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.0%
      Kroger Co.
    • Operates supermarkets and convenience stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    Holdings Breakdown

    as of 08/18/17

    99.8%

    United States

    99.8%

    Americas

    16.0%

    Consumer Discretionary

    15.5%

    Health Care

    15.1%

    Consumer Staples

    14.1%

    Financials

    11.5%

    Industrials

    11.2%

    Information Technology

    6.9%

    Energy

    2.9%

    Utilities

    No Holding
    in
    Utilities
    2.9%

    Materials

    No Holding
    in
    Materials
    2.8%

    Telecommunication Services

    0.9%

    Real Estate

    No Holding
    in
    Real Estate
    10.4%

    Health Care Providers & Services

    10.2%

    Food & Staples Retailing

    6.3%

    Oil Gas & Consumable Fuels

    4.6%

    Banks

    4.4%

    Insurance

    No Holding
    in
    Insurance
    3.4%

    Technology Hardware Storage & Peripherals

    3.3%

    Aerospace & Defense

    3.3%

    Specialty Retail

    No Holding
    in
    Specialty Retail
    3.0%

    Automobiles

    2.9%

    Media

    No Holding
    in
    Media
    2.8%

    Diversified Telecommunication Services

    2.4%

    Diversified Financial Services

    2.2%

    Pharmaceuticals

    No Holding
    in
    Pharmaceuticals
    2.2%

    IT Services

    No Holding
    in
    IT Services
    2.1%

    Food Products

    No Holding
    in
    Food Products
    2.0%

    Chemicals

    No Holding
    in
    Chemicals
    1.9%

    Electric Utilities

    No Holding
    in
    Electric Utilities
    1.8%

    Capital Markets

    No Holding
    in
    Capital Markets
    1.7%

    Software

    No Holding
    in
    Software
    1.7%

    Internet & Direct Marketing Retail

    99.8%

    Risk Measurements

    as of 07/31/17

    Alpha -1.09%
    Beta 0.98
    Bear Beta 1.09
    Bull Beta 0.99
    Excess Return -1.43
    Sharpe Ratio
    0.90
    Standard Deviation
    10.30%
    Sortino Ratio
    1.63
    Information Ratio
    -0.67
    Equity Style
    Total Assets
    as of 7/31/17
    $727 MM
    Portfolio Statistics

    as of 7/31/17

    Avg Market Cap (weighted) 129.56 BN
    Price/Book Value (LTM) 2.64
    Turnover Ratio
    14.13%
    Number of Securities
    as of 08/18/17
    505
    Dividends ($ per share)
    • D
    Est Frequency Quarterly
    Pay Date 7/11/17
    Per Share ($) 0.2069
    12-Month Distribution ($) 0.7884
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top Holdings

    08/18/17

    See Full Holdings

    Wal-Mart Stores...
    4.8%
    Berkshire Hatha...
    2.3%
    Apple, Inc.
    2.3%
    UnitedHealth Gr...
    1.9%
    Exxon Mobil Cor...
    1.8%
    McKesson Corp.
    1.7%
    CVS Health Corp...
    1.6%
    General Motors ...
    1.6%
    AT&T, Inc.
    1.5%
    Amazon.com, Inc...
    1.3%
    Ford Motor Co.
    1.3%
    Verizon Communi...
    1.2%
    AmerisourceBerg...
    1.2%
    Walgreens Boots...
    1.1%
    JPMorgan Chase ...
    1.1%
    Boeing Co.
    1.1%
    Chevron Corp.
    1.0%
    Costco Wholesal...
    1.0%
    Cardinal Health...
    1.0%
    Kroger Co.
    1.0%
    Holdings Breakdown

    as of 08/18/17

    Reset
    99.8%

    United States

    99.8%

    Americas

    16.0%

    Consumer Discretionary

    15.5%

    Health Care

    15.1%

    Consumer Staples

    14.1%

    Financials

    11.5%

    Industrials

    11.2%

    Information Technology

    6.9%

    Energy

    2.9%

    Utilities

    No Holding
    in
    Utilities
    2.9%

    Materials

    No Holding
    in
    Materials
    2.8%

    Telecommunication Services

    0.9%

    Real Estate

    No Holding
    in
    Real Estate
    10.4%

    Health Care Providers & Services

    10.2%

    Food & Staples Retailing

    6.3%

    Oil Gas & Consumable Fuels

    4.6%

    Banks

    4.4%

    Insurance

    No Holding
    in
    Insurance
    3.4%

    Technology Hardware Storage & Peripherals

    3.3%

    Aerospace & Defense

    3.3%

    Specialty Retail

    No Holding
    in
    Specialty Retail
    3.0%

    Automobiles

    2.9%

    Media

    No Holding
    in
    Media
    2.8%

    Diversified Telecommunication Services

    2.4%

    Diversified Financial Services

    2.2%

    Pharmaceuticals

    No Holding
    in
    Pharmaceuticals
    2.2%

    IT Services

    No Holding
    in
    IT Services
    2.1%

    Food Products

    No Holding
    in
    Food Products
    2.0%

    Chemicals

    No Holding
    in
    Chemicals
    1.9%

    Electric Utilities

    No Holding
    in
    Electric Utilities
    1.8%

    Capital Markets

    No Holding
    in
    Capital Markets
    1.7%

    Software

    No Holding
    in
    Software
    1.7%

    Internet & Direct Marketing Retail

    99.8%

    ×
    • 4.8%
      Wal-Mart Stores, Inc.
    • Operates retail discount department stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    • 2.3%
      Berkshire Hathaway, Inc., Cl. B
    • Operates as a holding company which offers insurance and distribution services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Diversified Financial Services
    ×
    • 2.3%
      Apple, Inc.
    • Designs, manufactures, and markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Technology Hardware Storage & Peripherals
    ×
    • 1.9%
      UnitedHealth Group, Inc.
    • Provides hospital and medical service plans
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.8%
      Exxon Mobil Corp.
    • Explores, develops and distributes crude oil, natural gas and petroleum products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 1.7%
      McKesson Corp.
    • Distributes pharmaceuticals and provides healthcare software and health information technology services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.6%
      CVS Health Corp.
    • Operates as an integrated pharmacy health care provider
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    • 1.6%
      General Motors Co.
    • Develops, manufactures and markets cars, trucks and automobile parts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Automobiles
    ×
    • 1.5%
      AT&T, Inc.
    • Provides DSL internet, local and long-distance voice and data services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    ×
    • 1.3%
      Amazon.com, Inc.
    • Provides on-line retail shopping services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Internet & Direct Marketing Retail
    ×
    • 1.3%
      Ford Motor Co.
    • Manufactures automobiles and trucks
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Automobiles
    ×
    • 1.2%
      Verizon Communications, Inc.
    • Provides wired and wireless telecommunication services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    ×
    • 1.2%
      AmerisourceBergen Corp.
    • Distributes pharmaceutical products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.1%
      Walgreens Boots Alliance Inc.
    • Provides drug store services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    • 1.1%
      JPMorgan Chase & Co.
    • Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 1.1%
      Boeing Co.
    • Develops and manufactures jetliners, aircraft and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    ×
    • 1.0%
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 1.0%
      Costco Wholesale Corp.
    • Sells goods through membership warehouses
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×
    • 1.0%
      Cardinal Health, Inc.
    • Manufactures and distributes pharmaceuticals, medical, surgical and laboratory supplies as well as develops drug delivery systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.0%
      Kroger Co.
    • Operates supermarkets and convenience stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    ×

    Management

    Frank A. Vallario

    Managed Fund since 8/17

    Sean P. Reichert

    Managed Fund since 9/14

    Investment Approach

    Oppenheimer Large Cap Revenue ETF gives investors access to the same broad basket of stocks as the S&P 500. Our transparent investment process re-weights the S&P 500 by each company’s revenue, producing a portfolio which we think is a better representation of companies’ economic contribution to the index. By ranking through revenue instead of market capitalization, we remove the traditional index’s bias towards overvalued stocks while maintaining the transparency and broad diversification that has historically attracted investors to index strategies.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

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    1. 1. Special Risks: An investment in the Fund is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of its respective index, known as non-correlation risk, due to operating expenses incurred by the Fund. The alternate weighting approach employed by the Fund (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because the Fund is rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on Fund performance.
    2. 2. The net expense ratio takes into account contractual fee waivers and/or expense reimbursements, without which performance would have been less. These undertakings may not be amended or withdrawn until December 2, 2017, unless approved by the Board.
    3. 3. Access Index Definitions
    4. 4. Holdings are subject to change, and are dollar weighted based on total new assets.
    5. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes on an individual's investment.
    6. B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes on an individual's investment.

      On 2/22/2008 and 3/31/2008 for RWL, the last trade price was used to calculate market return because 4:00pm EST midpoint bid/ask prices are not available on those dates. On 9/30/2008, the last trade price for RWL was used to calculate market return because an uncorrected, failed trade resulted in an incorrect 4:00pm EST midpoint bid/ask price on that date.

      The NAV return is based on the net asset value of the Fund and the market return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund's NAV is calculated at market close. MKT and NAV assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

      "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.

      Returns are preliminary and subject to change until the first business day of the month.
    7. C. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
    8. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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