Spoof Access

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Individual Investor
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Alternatively Weighted Strategy

The strategy provides access to the same securities as the S&P 500 Financials (Sector) Index, weighted by top line revenue instead of market capitalization.
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Cumulative Total Returns

as of 9/30/17

Since Inception 11/10/08
198%
Performance & Distributions
×

Alternatively Weighted Strategy

Expense Ratio:
      0.45%

    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

    Financials Sector Revenue ETF
    VALUE of $10,000.00

    Calendar Year Returns %
    Data as of 10/23/17
      2009 2010 2011 2012 2013 2014 2015 2016 YTD
    Financials Sector Revenue ETF 26.86 17.12 -23.94 35.39 42.26 13.02 -4.07 22.23 15.38
    S&P 500 Financials (Sector) Index 17.22 12.13 -17.06 28.82 35.63 15.20 -1.53 22.80

    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 9/30/17

    as of 9/30/17

    YTD (as of 10/23/17)
    15.38%
    1 Year 34.40% 34.46%
    3 Year 11.75% 11.74%
    5 Year 17.84% 17.85%
    Since Inception 13.05% 13.04%
    YTD (as of 10/23/17)
    15.38%
    1 Year 34.40% 34.46%
    3 Year 11.75% 11.74%
    5 Year 17.84% 17.85%
    Since Inception 13.05% 13.04%
    Performance History with Indices
    ×
    Expense Ratio
    0.45%
    NAV
    • C
    as of 10/23/17
    $65.92
    Prices
    as of 10/20/2017
    Closing Price $65.97
    Mid-Point Price $65.96
    Premium/Discount -0.03%
    Tickers & ISIN
    Index Bloomberg Ticker REVWFINT
    Reuters Bridge Ticker RWW.IV
    ISIN US68386C8073

    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

    10/20/17

    Berkshire Hathaway, Inc., Cl....
    15.6%
    JPMorgan Chase & Co.
    7.4%
    Wells Fargo & Co.
    6.7%
    Bank of America Corp.
    6.7%
    Citigroup, Inc.
    5.6%
    MetLife, Inc.
    4.4%
    Prudential Financial, Inc.
    4.1%
    American International Group
    3.6%
    Morgan Stanley
    2.8%
    Goldman Sachs Group, Inc.
    2.6%
    Allstate Corp. (The)
    2.4%
    American Express Co.
    2.2%
    Chubb Ltd.
    2.1%
    Capital One Financial Corp.
    2.0%
    Travelers Cos Inc.
    1.9%
    Progressive Corp.
    1.6%
    U.S. Bancorp
    1.5%
    Aflac, Inc.
    1.4%
    Hartford Financial Services G...
    1.2%
    PNC Financial Services Group ...
    1.1%
    ×
    • 15.6%
      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
    ×
    • 7.4%
      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
    ×
    • 6.7%
      Wells Fargo & Co.
    • Operates as a diversified, community-based financial services and bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 6.7%
      Bank of America Corp.
    • Bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 5.6%
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 4.4%
      MetLife, Inc.
    • Provides insurance and financial services and also function as bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 4.1%
      Prudential Financial, Inc.
    • Provides insurance, investment, securities brokerage and other financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 3.6%
      American International Group
    • Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 2.8%
      Morgan Stanley
    • Provides diversified financial services including brokerage, investment management and venture capital services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    ×
    • 2.6%
      Goldman Sachs Group, Inc.
    • Provides investment banking, securities and asset management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    ×
    • 2.4%
      Allstate Corp. (The)
    • Engages in the provision of personal property and casualty insurance, life insurance, and retirement and investment products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 2.2%
      American Express Co.
    • Provides credit card, financial and global travel services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Consumer Finance
    ×
    • 2.1%
      Chubb Ltd.
    • Operates as a holding company for a family of property and casualty insurance companies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 2.0%
      Capital One Financial Corp.
    • Operates as a holding company which provides financial products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Consumer Finance
    ×
    • 1.9%
      Travelers Cos Inc.
    • Provides commercial, personal property and casualty insurance products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 1.6%
      Progressive Corp.
    • Provides automobile and casualty insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 1.5%
      U.S. Bancorp
    • Operates as a bank holding company, which through its subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 1.4%
      Aflac, Inc.
    • Provides supplemental life and health insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 1.2%
      Hartford Financial Services Group, Inc.
    • Provides property & casualty insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 1.1%
      PNC Financial Services Group
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    Holdings Breakdown

    as of 10/20/17

    100.1%

    United States

    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    Developed Markets 3
    Emerging Markets 3
    100.1%

    Americas

    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    100.0%

    Financials

    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    33.4%

    Banks

    31.0%

    Insurance

    16.5%

    Diversified Financial Services

    13.0%

    Capital Markets

    6.2%

    Consumer Finance

    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    100.0%

    -0.1%

    No Holding
    in
    Net Cash and Equivalents
    Morningstar

    as of 9/30/17

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 100
    Category Financial
    Risk Measurements

    as of 09/30/17

    Alpha -1.76%
    Beta 1.03
    Information Ratio
    -0.84
    Sharpe Ratio
    0.76
    Standard Deviation
    15.94%
    Equity Style
    Total Assets
    as of 9/30/17
    $35.3 MM
    Portfolio Statistics

    as of 9/30/17

    Avg Market Cap (weighted) 167.38 BN
    Price/Book Value (LTM) 1.30
    Price/Sales Ratio 1.87
    Turnover Ratio
    20.42%
    Number of Holdings
    as of 10/20/17
    69
    Dividends ($ per share)
    • D
    Est Frequency Quarterly
    Pay Date 10/6/17
    Per Share ($) 0.1907
    12-Month Distribution ($) 0.7019
    Distribution Sources
    Net Income 88.85%
    Net Profit from Sale 0.00%
    Other Capital Sources 11.15%
    Top Holdings

    10/20/17

    Berkshire Hatha...
    15.6%
    JPMorgan Chase ...
    7.4%
    Wells Fargo & C...
    6.7%
    Bank of America...
    6.7%
    Citigroup, Inc....
    5.6%
    MetLife, Inc.
    4.4%
    Prudential Fina...
    4.1%
    American Intern...
    3.6%
    Morgan Stanley
    2.8%
    Goldman Sachs G...
    2.6%
    Allstate Corp. ...
    2.4%
    American Expres...
    2.2%
    Chubb Ltd.
    2.1%
    Capital One Fin...
    2.0%
    Travelers Cos I...
    1.9%
    Progressive Cor...
    1.6%
    U.S. Bancorp
    1.5%
    Aflac, Inc.
    1.4%
    Hartford Financ...
    1.2%
    PNC Financial S...
    1.1%
    Holdings Breakdown

    as of 10/20/17

    Reset
    100.1%

    United States

    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    100.1%

    Americas

    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    100.0%

    Financials

    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    33.4%

    Banks

    31.0%

    Insurance

    16.5%

    Diversified Financial Services

    13.0%

    Capital Markets

    6.2%

    Consumer Finance

    -0.1%

    Net Cash and Equivalents

    No Holding
    in
    Net Cash and Equivalents
    100.0%

    -0.1%

    No Holding
    in
    Net Cash and Equivalents
    ×
    • 15.6%
      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
    ×
    • 7.4%
      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
    ×
    • 6.7%
      Wells Fargo & Co.
    • Operates as a diversified, community-based financial services and bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 6.7%
      Bank of America Corp.
    • Bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 5.6%
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 4.4%
      MetLife, Inc.
    • Provides insurance and financial services and also function as bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 4.1%
      Prudential Financial, Inc.
    • Provides insurance, investment, securities brokerage and other financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 3.6%
      American International Group
    • Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 2.8%
      Morgan Stanley
    • Provides diversified financial services including brokerage, investment management and venture capital services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    ×
    • 2.6%
      Goldman Sachs Group, Inc.
    • Provides investment banking, securities and asset management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    ×
    • 2.4%
      Allstate Corp. (The)
    • Engages in the provision of personal property and casualty insurance, life insurance, and retirement and investment products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 2.2%
      American Express Co.
    • Provides credit card, financial and global travel services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Consumer Finance
    ×
    • 2.1%
      Chubb Ltd.
    • Operates as a holding company for a family of property and casualty insurance companies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 2.0%
      Capital One Financial Corp.
    • Operates as a holding company which provides financial products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Consumer Finance
    ×
    • 1.9%
      Travelers Cos Inc.
    • Provides commercial, personal property and casualty insurance products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 1.6%
      Progressive Corp.
    • Provides automobile and casualty insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 1.5%
      U.S. Bancorp
    • Operates as a bank holding company, which through its subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×
    • 1.4%
      Aflac, Inc.
    • Provides supplemental life and health insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 1.2%
      Hartford Financial Services Group, Inc.
    • Provides property & casualty insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 1.1%
      PNC Financial Services Group
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Banks
    ×

    Investment Approach

    Oppenheimer Financials Sector Revenue ETF gives investors targeted access to the same stocks as the S&P 500 Financials Index, which consists of those S&P 500 companies classified in the Financials sector using the Global Industry Classification Standard (GICS) system. We weight each security in the index by revenue instead of by market capitalization, producing what we think is a better representation of the economic reality of the Financials investment universe.

    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

    ×
    1. 1. Special Risks: An investment in the Fund is subject to investment risk, including the possible loss of principal amount invested. Securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. 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. 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.
    2. 2. Access Index Definitions
    3. 3. Holdings are subject to change, and are dollar weighted based on total new assets.
    4. 4. Negative net cash may be the result of a variety of factors including, but not limited to, (1) pending receivables or (2) amounts owed to the fund due to balancing amounts with respect to purchases and redemptions of creation units, but is not the result of the use of leverage.
    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.

      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.
    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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