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Revenue Weighted Strategy

The strategy invests in the 60 stocks in the S&P 900 with the highest 12 month trailing dividend yield, and weights them by revenue.

Morningstar Overall Rating

Rated 5 stars by Morningstar among 1,100 funds in the Large Value Category for the 3- year period 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 9/30/13
58%
Performance & Distributions
×

Revenue Weighted Strategy

Gross Expense Ratio:
      0.62%
    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.

    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.

    Cumulative Returns
    • A

    Compare to Indices

    Ultra Dividend Revenue ETF
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns %
    Data as of 8/22/17
      2014 2015 2016 YTD
    Ultra Dividend Revenue ETF 21.53 -5.18 28.45
    S&P 900 Index 13.36 1.11 12.61
    Capital Gains Distributions ($ per share)
    Data as of 8/22/17
      2012 2013 2014 2015 2016
    Short Term 0.0311
    Long Term 0.0198
    Total Amount of Distribution 0.0311 0.0198
    Record Date 12/31/14 12/30/16
    Ex Div Date 12/29/14 12/28/16
    Pay Date 1/5/15 1/4/17

    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
    • C

    as of 7/31/17

    as of 6/30/17

    YTD (as of 8/22/17)
    1 Year 6.66% 6.62%
    3 Year 11.49% 11.49%
    Since Inception 12.75% 12.75%
    1 Year 11.10% 11.18%
    3 Year 9.69% 9.68%
    Since Inception 12.41% 12.43%
    Performance History with Indices
    ×
    Gross Expense Ratio
    0.62%
    Net Expense Ratio
    0.39%
    NAV
    • D
    as of 8/22/17
    $32.63
    Closing Price
    as of 8/21/2017
    Market Close $32.31
    Bid/Ask Midpoint $32.35
    Bid/Ask Prem/Disc 0.03%
    Yields

    monthly as of 7/31/17

    Standardized YLD 5.84%
    Unsubsidized SEC Yield
    5.74%
    Tickers & ISIN
    Index Bloomberg Ticker REVWDIVT
    Reuters Bridge Ticker RDIV.IV
    ISIN US68386C4015

    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.

    Top Holdings

    08/21/17

    See Full Holdings

    LyondellBasell Industries NV
    5.7%
    Target Corp.
    5.6%
    Verizon Communications, Inc.
    5.4%
    General Motors Co.
    5.3%
    Valero Energy Corp.
    5.1%
    AT&T, Inc.
    5.0%
    Ford Motor Co.
    4.9%
    Staples, Inc.
    4.7%
    Southern Co. (The)
    4.6%
    Macy's, Inc.
    4.4%
    Kohl's Corp.
    4.2%
    PBF Energy, Inc.
    3.7%
    FirstEnergy Corp.
    3.5%
    CenturyLink, Inc.
    2.9%
    HollyFrontier Corp.
    2.7%
    Entergy Corp.
    2.4%
    Occidental Petroleum Corp.
    2.3%
    ONEOK, Inc. LP
    2.2%
    L Brands, Inc.
    2.0%
    GameStop Corp., Cl. A
    2.0%
    ×
    • 5.7%
      LyondellBasell Industries NV
    • Manufacturers and sells petrochemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    ×
    • 5.6%
      Target Corp.
    • Operates department and discount stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Multiline Retail
    ×
    • 5.4%
      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
    ×
    • 5.3%
      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
    ×
    • 5.1%
      Valero Energy Corp.
    • Engages in manufacturing and marketing of transportation fuels, other petrochemical products and power
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 5.0%
      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
    ×
    • 4.9%
      Ford Motor Co.
    • Manufactures automobiles and trucks
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Automobiles
    ×
    • 4.7%
      Staples, Inc.
    • Operates as office superstores and smaller stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 4.6%
      Southern Co. (The)
    • Generates and supplies electricity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Utilities
    INDUSTRY Electric Utilities
    ×
    • 4.4%
      Macy's, Inc.
    • Operates department stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Multiline Retail
    ×
    • 4.2%
      Kohl's Corp.
    • Owns and operates department stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Multiline Retail
    ×
    • 3.7%
      PBF Energy, Inc.
    • Operates as petroleum refiners and suppliers
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 3.5%
      FirstEnergy Corp.
    • Generates, transmits and distributes electricity and provides energy-related services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Utilities
    INDUSTRY Electric Utilities
    ×
    • 2.7%
      HollyFrontier Corp.
    • Engages in producing and marketing oil refineries
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.4%
      Entergy Corp.
    • Generates, transmits and distributes electricity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Utilities
    INDUSTRY Electric Utilities
    ×
    • 2.3%
      Occidental Petroleum Corp.
    • Explores, develops, produces, and markets crude oil and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.2%
      ONEOK, Inc. LP
    • Purchases, gathers, compresses, transports and stores natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.0%
      L Brands, Inc.
    • Engages in the retail business
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 2.0%
      GameStop Corp., Cl. A
    • Retails video game products and PC entertainment software
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    Holdings Breakdown

    as of 08/21/17

    99.5%

    United States

    99.5%

    Americas

    35.6%

    Consumer Discretionary

    16.3%

    Energy

    14.6%

    Telecommunication Services

    10.5%

    Utilities

    9.7%

    Real Estate

    No Holding
    in
    Real Estate
    8.1%

    Materials

    2.3%

    Financials

    No Holding
    in
    Financials
    1.9%

    Information Technology

    No Holding
    in
    Information Technology
    0.6%

    Industrials

    No Holding
    in
    Industrials
    16.1%

    Oil Gas & Consumable Fuels

    14.6%

    Diversified Telecommunication Services

    14.2%

    Multiline Retail

    10.5%

    Electric Utilities

    10.2%

    Automobiles

    9.7%

    Equity Real Estate Investment Trusts (REITs)

    No Holding
    in
    Equity Real Estate Investment Trusts (REITs)
    9.4%

    Specialty Retail

    6.6%

    Chemicals

    1.9%

    Technology Hardware Storage & Peripherals

    No Holding
    in
    Technology Hardware Storage & Peripherals
    1.2%

    Paper & Forest Products

    No Holding
    in
    Paper & Forest Products
    0.9%

    Consumer Finance

    No Holding
    in
    Consumer Finance
    0.9%

    Leisure Products

    No Holding
    in
    Leisure Products
    0.9%

    Internet & Direct Marketing Retail

    No Holding
    in
    Internet & Direct Marketing Retail
    0.8%

    Insurance

    No Holding
    in
    Insurance
    0.6%

    Commercial Services & Supplies

    No Holding
    in
    Commercial Services & Supplies
    0.4%

    Thrifts & Mortgage Finance

    No Holding
    in
    Thrifts & Mortgage Finance
    0.3%

    Metals & Mining

    No Holding
    in
    Metals & Mining
    0.3%

    Energy Equipment & Services

    No Holding
    in
    Energy Equipment & Services
    0.2%

    Banks

    No Holding
    in
    Banks
    99.5%

    Risk Measurements

    as of 07/31/17

    Alpha 2.55%
    Beta 0.83
    Bear Beta 0.64
    Bull Beta 0.95
    Excess Return 0.65
    Sharpe Ratio
    0.97
    Standard Deviation
    11.58%
    Sortino Ratio
    2.08
    Information Ratio
    0.08
    Equity Style
    Total Assets
    as of 7/31/17
    $507.7 MM
    Portfolio Statistics

    as of 7/31/17

    Avg Market Cap (weighted) 40.53 BN
    Price/Book Value (LTM) 1.87
    Turnover Ratio
    208.25%
    Number of Securities
    as of 08/21/17
    60
    Dividends ($ per share)
    • B
    Est Frequency Quarterly
    Pay Date 7/11/17
    Per Share ($) 0.3512
    12-Month Distribution ($) 1.2806
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top Holdings

    08/21/17

    See Full Holdings

    LyondellBasell ...
    5.7%
    Target Corp.
    5.6%
    Verizon Communi...
    5.4%
    General Motors ...
    5.3%
    Valero Energy C...
    5.1%
    AT&T, Inc.
    5.0%
    Ford Motor Co.
    4.9%
    Staples, Inc.
    4.7%
    Southern Co. (T...
    4.6%
    Macy's, Inc.
    4.4%
    Kohl's Corp.
    4.2%
    PBF Energy, Inc...
    3.7%
    FirstEnergy Cor...
    3.5%
    CenturyLink, In...
    2.9%
    HollyFrontier C...
    2.7%
    Entergy Corp.
    2.4%
    Occidental Petr...
    2.3%
    ONEOK, Inc. LP
    2.2%
    L Brands, Inc.
    2.0%
    GameStop Corp.,...
    2.0%
    Holdings Breakdown

    as of 08/21/17

    Reset
    99.5%

    United States

    99.5%

    Americas

    35.6%

    Consumer Discretionary

    16.3%

    Energy

    14.6%

    Telecommunication Services

    10.5%

    Utilities

    9.7%

    Real Estate

    No Holding
    in
    Real Estate
    8.1%

    Materials

    2.3%

    Financials

    No Holding
    in
    Financials
    1.9%

    Information Technology

    No Holding
    in
    Information Technology
    0.6%

    Industrials

    No Holding
    in
    Industrials
    16.1%

    Oil Gas & Consumable Fuels

    14.6%

    Diversified Telecommunication Services

    14.2%

    Multiline Retail

    10.5%

    Electric Utilities

    10.2%

    Automobiles

    9.7%

    Equity Real Estate Investment Trusts (REITs)

    No Holding
    in
    Equity Real Estate Investment Trusts (REITs)
    9.4%

    Specialty Retail

    6.6%

    Chemicals

    1.9%

    Technology Hardware Storage & Peripherals

    No Holding
    in
    Technology Hardware Storage & Peripherals
    1.2%

    Paper & Forest Products

    No Holding
    in
    Paper & Forest Products
    0.9%

    Consumer Finance

    No Holding
    in
    Consumer Finance
    0.9%

    Leisure Products

    No Holding
    in
    Leisure Products
    0.9%

    Internet & Direct Marketing Retail

    No Holding
    in
    Internet & Direct Marketing Retail
    0.8%

    Insurance

    No Holding
    in
    Insurance
    0.6%

    Commercial Services & Supplies

    No Holding
    in
    Commercial Services & Supplies
    0.4%

    Thrifts & Mortgage Finance

    No Holding
    in
    Thrifts & Mortgage Finance
    0.3%

    Metals & Mining

    No Holding
    in
    Metals & Mining
    0.3%

    Energy Equipment & Services

    No Holding
    in
    Energy Equipment & Services
    0.2%

    Banks

    No Holding
    in
    Banks
    99.5%

    ×
    • 5.7%
      LyondellBasell Industries NV
    • Manufacturers and sells petrochemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    ×
    • 5.6%
      Target Corp.
    • Operates department and discount stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Multiline Retail
    ×
    • 5.4%
      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
    ×
    • 5.3%
      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
    ×
    • 5.1%
      Valero Energy Corp.
    • Engages in manufacturing and marketing of transportation fuels, other petrochemical products and power
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 5.0%
      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
    ×
    • 4.9%
      Ford Motor Co.
    • Manufactures automobiles and trucks
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Automobiles
    ×
    • 4.7%
      Staples, Inc.
    • Operates as office superstores and smaller stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 4.6%
      Southern Co. (The)
    • Generates and supplies electricity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Utilities
    INDUSTRY Electric Utilities
    ×
    • 4.4%
      Macy's, Inc.
    • Operates department stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Multiline Retail
    ×
    • 4.2%
      Kohl's Corp.
    • Owns and operates department stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Multiline Retail
    ×
    • 3.7%
      PBF Energy, Inc.
    • Operates as petroleum refiners and suppliers
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 3.5%
      FirstEnergy Corp.
    • Generates, transmits and distributes electricity and provides energy-related services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Utilities
    INDUSTRY Electric Utilities
    ×
    • 2.7%
      HollyFrontier Corp.
    • Engages in producing and marketing oil refineries
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.4%
      Entergy Corp.
    • Generates, transmits and distributes electricity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Utilities
    INDUSTRY Electric Utilities
    ×
    • 2.3%
      Occidental Petroleum Corp.
    • Explores, develops, produces, and markets crude oil and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.2%
      ONEOK, Inc. LP
    • Purchases, gathers, compresses, transports and stores natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.0%
      L Brands, Inc.
    • Engages in the retail business
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 2.0%
      GameStop Corp., Cl. A
    • Retails video game products and PC entertainment software
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×

    Management

    Frank A. Vallario

    Managed Fund since 8/17

    Sean P. Reichert

    Managed Fund since 9/14

    Investment Approach

    Oppenheimer Ultra Dividend Revenue ETF is designed to give investors access to consistent dividend-paying companies across the large- and mid-cap investment universe. Our transparent investment process first ranks all stocks in the S&P 900 Index by trailing 12 month dividend yield, then weights the 60 highest yielders by revenue. Our selection process allows investors access to high yielding stocks from the sectors of the market we believe have the best current opportunity. Revenue weighting enables us to overweight dividend stocks with attractive fundamentals so intra-sector weightings are optimized.

    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. There is no guarantee that the issuers of stocks will declare dividends in the future, or that dividends will remain at their current levels or increase over time. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer. Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk. 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. The Subsidized 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It is a "subsidized" yield, which means it includes contractual expense reimbursements and it would be lower without those reimbursements. The Unsubsidized 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It excludes contractual expense reimbursements, resulting in a lower yield.
    5. 5. Holdings are subject to change, and are dollar weighted based on total new assets.
    6. 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.
    7. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    8. C. 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.

      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.
    9. D. 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.
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