Spoof Access

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ESGF
Oppenheimer

Global ESG Revenue ETF

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Overview
NAV
  • A
(as of 11/16/2018)
$28.52
Daily Change
(as of 11/16/2018)
$0.12
0.41%
YTD
(as of 11/16/2018)
-6.52%
Expense Ratio
(as of 11/16/2018)
0.45%

The strategy provides access to the top 50% of securities in the MSCI All Country World Index by ESG score, and is weighted by top line revenue instead of market capitalization.

Why ESGF?
1. Broad exposure to developed and emerging market companies with best in class ESG practices.
2. Greater exposure to lower valuation companies than the market-cap benchmark.
3. Consider for global exposure at the core of your portfolio.

Why Consider a Revenue Weighting Strategy?

A revenue weighting approach may be a more prudent way to access the broad market.

Smart beta revenue img1
Total Assets
(as of 11/16/2018)
$22.80 MM
Number of Holdings
(as of 11/16/2018)
1275
Inception Date
October 27, 2016
Investment Style
Alternatively Weighted Strategy
Tracked Index
OFI Revenue Weighted Global ESG Index
Bloomberg Index Ticker
M1CXOHA
Broad Benchmark
MSCI ACWI
Style Benchmark
MSCI ACWI Value Index
Reuters Bridge Ticker
ESGF.IV
ISIN
US68386C7810
CUSIP
68386C781
Closing Price
(as of 11/16/2018)
$28.72
Midpoint Price
(as of 11/16/2018)
$28.77
Premium/Discount
(as of 11/16/2018)
0.88%
Premium/Discount Analysis
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Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2018
  • B
as of 09/30/2018
  • B

Market Price
Market Price
Market Price
Market Price
  • B
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
1 yr since inception
Global ESG Revenue ETF (NAV)
1.29% 3.98% 0.46% 5.99% 13.75%
MSCI ACWI
0.44% 4.28% 3.83% 9.77% 15.62%
MSCI ACWI Value Index
1.02% 3.98% -0.05% 4.79% 12.05%
OFI Revenue Weighted Global ESG Index
1.28% 4.01% 0.52% 6.15% 14.11%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
1 yr since inception
Global ESG Revenue ETF (Market Price)
0.84% 3.49% -0.26% 4.83% 13.68%
MSCI ACWI
0.44% 4.28% 3.83% 9.77% 15.62%
MSCI ACWI Value Index
1.02% 3.98% -0.05% 4.79% 12.05%
OFI Revenue Weighted Global ESG Index
1.28% 4.01% 0.52% 6.15% 14.11%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-10-31
1 yr since inception
Global ESG Revenue ETF (NAV)
-7.55% -7.10% -7.12% -3.88% 8.80%
MSCI ACWI
-7.49% -6.36% -3.96% -0.52% 10.54%
MSCI ACWI Value Index
-5.53% -5.28% -5.58% -2.25% 8.40%
OFI Revenue Weighted Global ESG Index
-7.52% -7.05% -7.04% -3.70% 9.15%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-10-31
1 yr since inception
Global ESG Revenue ETF (Market Price)
-7.15% -7.37% -7.39% -4.55% 8.97%
MSCI ACWI
-7.49% -6.36% -3.96% -0.52% 10.54%
MSCI ACWI Value Index
-5.53% -5.28% -5.58% -2.25% 8.40%
OFI Revenue Weighted Global ESG Index
-7.52% -7.05% -7.04% -3.70% 9.15%
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.


Year Global ESG Revenue ETF MSCI ACWI MSCI ACWI Value Index OFI Revenue Weighted Global ESG Index
2017 27.71% 23.97% 18.26% 28.33%

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.


Date Global ESG Revenue ETF MSCI AC World Index OFI Rev Weighted Glbl ESG Ix
10/31/2017 0.00 0.00 0.00
11/1/2017 0.36 0.29 0.41
11/2/2017 0.63 0.37 0.67
11/3/2017 0.46 0.46 0.51
11/6/2017 0.43 0.57 0.48
11/7/2017 0.46 0.61 0.51
11/8/2017 0.79 0.78 0.82
11/9/2017 0.33 0.44 0.39
11/10/2017 0.20 0.30 0.22
11/13/2017 -0.50 0.06 -0.43
11/14/2017 -0.53 -0.14 -0.51
11/15/2017 -1.16 -0.68 -1.14
11/16/2017 -0.10 0.13 -0.07
11/17/2017 -0.13 0.13 -0.09
11/20/2017 -0.13 0.25 -0.10
11/21/2017 0.23 0.90 0.28
11/22/2017 0.63 1.09 0.65
11/24/2017 1.16 1.48 1.17
11/27/2017 0.83 1.22 0.85
11/28/2017 1.16 1.71 1.19
11/29/2017 1.46 1.65 1.51
11/30/2017 1.69 1.94 1.72
12/1/2017 1.06 1.54 1.10
12/4/2017 1.62 1.63 1.67
12/5/2017 1.42 1.32 1.46
12/6/2017 0.89 0.91 0.94
12/7/2017 1.06 1.14 1.11
12/8/2017 1.46 1.68 1.53
12/11/2017 1.85 2.12 1.92
12/12/2017 1.85 2.14 1.92
12/13/2017 1.89 2.25 1.95
12/14/2017 1.69 1.99 1.75
12/15/2017 1.72 2.31 1.81
12/18/2017 2.85 3.24 2.94
12/19/2017 2.55 2.93 2.63
12/20/2017 2.65 2.90 2.72
12/21/2017 2.78 3.15 2.86
12/22/2017 2.81 3.17 2.89
12/26/2017 2.88 3.14 2.97
12/27/2017 3.18 3.40 3.26
12/28/2017 3.40 3.67 3.48
12/29/2017 3.50 3.58 3.59
1/2/2018 4.10 4.34 4.19
1/3/2018 4.33 4.82 4.44
1/4/2018 5.66 5.66 5.76
1/5/2018 6.33 6.35 6.43
1/8/2018 6.36 6.47 6.46
1/9/2018 6.56 6.63 6.67
1/10/2018 6.70 6.57 6.82
1/11/2018 7.10 6.98 7.20
1/12/2018 7.93 7.69 8.04
1/16/2018 8.53 7.93 8.63
1/17/2018 8.83 8.48 8.92
1/18/2018 8.66 8.40 8.78
1/19/2018 9.19 8.92 9.30
1/22/2018 9.79 9.57 9.91
1/23/2018 10.36 10.11 10.49
1/24/2018 10.69 10.28 10.81
1/25/2018 10.96 10.42 11.10
1/26/2018 11.26 11.16 11.40
1/29/2018 10.59 10.47 10.73
1/30/2018 9.59 9.38 9.71
1/31/2018 9.46 9.42 9.60
2/1/2018 9.49 9.35 9.61
2/2/2018 7.56 7.38 7.68
2/5/2018 5.06 4.20 5.18
2/6/2018 3.37 3.65 3.47
2/7/2018 4.00 3.72 4.10
2/8/2018 2.20 1.18 2.29
2/9/2018 1.43 1.23 1.52
2/12/2018 2.50 2.43 2.59
2/13/2018 2.73 2.76 2.84
2/14/2018 3.87 4.10 3.94
2/15/2018 5.06 5.40 5.17
2/16/2018 5.66 5.68 5.77
2/20/2018 5.16 5.12 5.25
2/21/2018 4.96 4.94 5.06
2/22/2018 4.86 4.82 4.95
2/23/2018 5.76 6.02 5.87
2/26/2018 6.43 6.90 6.54
2/27/2018 5.93 5.98 6.04
2/28/2018 4.83 4.83 4.94
3/1/2018 3.57 3.59 3.66
3/2/2018 2.97 3.49 3.08
3/5/2018 3.47 4.15 3.58
3/6/2018 4.36 4.84 4.47
3/7/2018 4.30 4.72 4.40
3/8/2018 4.60 5.21 4.70
3/9/2018 5.30 6.39 5.42
3/12/2018 5.96 6.77 6.07
3/13/2018 5.73 6.37 5.84
3/14/2018 5.23 5.89 5.35
3/15/2018 5.16 5.82 5.27
3/16/2018 5.11 5.83 5.23
3/19/2018 4.24 4.70 4.34
3/20/2018 4.14 4.80 4.24
3/21/2018 4.11 4.73 4.22
3/22/2018 3.11 3.02 3.20
3/23/2018 1.54 1.18 1.65
3/26/2018 2.31 2.71 2.41
3/27/2018 2.71 2.16 2.81
3/28/2018 2.44 1.65 2.56
3/29/2018 2.91 2.51 3.02
4/2/2018 2.47 1.34 2.56
4/3/2018 2.37 1.79 2.48
4/4/2018 2.47 2.19 2.57
4/5/2018 3.64 3.17 3.75
4/6/2018 3.04 1.92 3.14
4/9/2018 3.38 2.31 3.50
4/10/2018 4.41 3.71 4.54
4/11/2018 4.21 3.39 4.33
4/12/2018 4.31 3.77 4.42
4/13/2018 4.38 3.62 4.50
4/16/2018 4.71 4.04 4.83
4/17/2018 5.28 4.78 5.40
4/18/2018 5.95 5.23 6.10
4/19/2018 5.95 4.98 6.11
4/20/2018 5.21 4.11 5.34
4/23/2018 4.98 3.90 5.13
4/24/2018 4.61 3.18 4.73
4/25/2018 4.01 2.84 4.15
4/26/2018 4.44 3.58 4.58
4/27/2018 4.74 3.88 4.89
4/30/2018 4.58 3.56 4.72
5/1/2018 4.11 3.42 4.26
5/2/2018 3.91 3.00 4.06
5/3/2018 3.41 2.65 3.47
5/4/2018 3.81 3.43 3.92
5/7/2018 4.04 3.81 4.16
5/8/2018 3.81 3.77 3.93
5/9/2018 4.04 4.44 4.17
5/10/2018 4.61 5.21 4.75
5/11/2018 5.28 5.69 5.45
5/14/2018 5.44 5.93 5.58
5/15/2018 4.54 5.04 4.68
5/16/2018 4.31 5.23 4.44
5/17/2018 4.54 5.25 4.68
5/18/2018 4.34 5.00 4.50
5/21/2018 4.54 5.43 4.67
5/22/2018 4.71 5.41 4.85
5/23/2018 3.84 5.07 3.95
5/24/2018 3.51 4.87 3.63
5/25/2018 3.14 4.59 3.24
5/29/2018 1.47 3.29 1.55
5/30/2018 1.74 3.92 1.83
5/31/2018 1.64 3.69 1.73
6/1/2018 2.21 4.51 2.33
6/4/2018 3.04 5.25 3.17
6/5/2018 2.64 5.13 2.78
6/6/2018 3.34 5.95 3.46
6/7/2018 3.54 6.00 3.68
6/8/2018 3.14 5.86 3.28
6/11/2018 3.68 6.19 3.83
6/12/2018 3.64 6.25 3.79
6/13/2018 3.48 5.98 3.62
6/14/2018 3.28 5.97 3.42
6/15/2018 2.64 5.50 2.78
6/18/2018 1.87 5.05 2.00
6/19/2018 0.95 4.20 1.06
6/20/2018 1.18 4.57 1.30
6/21/2018 0.51 3.91 0.62
6/22/2018 1.12 4.39 1.24
6/25/2018 0.00 2.94 0.12
6/26/2018 0.00 3.03 0.10
6/27/2018 -0.37 2.34 -0.28
6/28/2018 -0.84 2.45 -0.74
6/29/2018 0.00 3.13 0.11
7/2/2018 -1.01 2.70 -0.90
7/3/2018 -0.51 2.69 -0.39
7/5/2018 0.20 3.30 0.32
7/6/2018 0.85 4.13 0.97
7/9/2018 1.62 5.09 1.74
7/10/2018 1.82 5.31 1.97
7/11/2018 0.78 4.37 0.91
7/12/2018 0.98 5.03 1.10
7/13/2018 1.35 5.26 1.50
7/16/2018 1.25 5.12 1.38
7/17/2018 1.52 5.36 1.66
7/18/2018 1.66 5.52 1.80
7/19/2018 1.42 5.11 1.56
7/20/2018 1.79 5.41 1.93
7/23/2018 1.69 5.42 1.82
7/24/2018 2.33 6.05 2.49
7/25/2018 2.57 6.62 2.69
7/26/2018 3.11 6.63 3.27
7/27/2018 3.38 6.42 3.52
7/30/2018 3.38 6.06 3.52
7/31/2018 3.45 6.24 3.61
8/1/2018 3.21 6.07 3.35
8/2/2018 2.43 5.79 2.57
8/3/2018 2.90 6.20 3.04
8/6/2018 2.80 6.27 2.92
8/7/2018 3.48 6.78 3.63
8/8/2018 3.34 6.76 3.50
8/9/2018 3.21 6.68 3.35
8/10/2018 1.52 5.47 1.65
8/13/2018 0.64 4.71 0.77
8/14/2018 1.01 5.15 1.17
8/15/2018 -0.03 4.00 0.09
8/16/2018 0.58 4.68 0.73
8/17/2018 0.91 5.01 1.06
8/20/2018 1.35 5.45 1.50
8/21/2018 1.82 5.86 1.98
8/22/2018 2.26 6.12 2.41
8/23/2018 1.89 5.80 2.05
8/24/2018 2.36 6.37 2.50
8/27/2018 3.38 7.39 3.54
8/28/2018 3.58 7.52 3.72
8/29/2018 3.68 7.89 3.85
8/30/2018 3.14 7.36 3.29
8/31/2018 2.63 7.08 2.81
9/4/2018 1.52 6.35 1.67
9/5/2018 1.08 5.71 1.23
9/6/2018 0.91 5.31 1.04
9/7/2018 0.61 5.09 0.72
9/10/2018 0.88 5.18 1.02
9/11/2018 0.74 5.31 0.89
9/12/2018 1.15 5.55 1.27
9/13/2018 1.72 6.15 1.85
9/14/2018 2.13 6.45 2.26
9/17/2018 2.23 6.05 2.37
9/18/2018 2.87 6.61 3.02
9/19/2018 3.41 6.98 3.56
9/20/2018 4.32 7.84 4.47
9/21/2018 4.96 8.19 5.13
9/24/2018 4.56 7.79 4.71
9/25/2018 4.52 7.84 4.68
9/26/2018 4.59 7.73 4.73
9/27/2018 4.45 7.78 4.60
9/28/2018 3.98 7.54 4.13
10/1/2018 3.88 7.71 4.04
10/2/2018 3.64 7.36 3.80
10/3/2018 3.60 7.38 3.75
10/4/2018 2.82 6.32 2.99
10/5/2018 2.04 5.60 2.21
10/8/2018 1.77 5.20 1.93
10/9/2018 1.40 4.97 1.56
10/10/2018 0.25 2.72 0.40
10/11/2018 -2.09 0.44 -1.95
10/12/2018 -1.65 1.54 -1.51
10/15/2018 -1.82 1.08 -1.69
10/16/2018 -0.50 2.81 -0.34
10/17/2018 -0.67 2.73 -0.53
10/18/2018 -1.59 1.49 -1.44
10/19/2018 -1.86 1.41 -1.73
10/22/2018 -2.33 1.15 -2.21
10/23/2018 -3.66 0.04 -3.54
10/24/2018 -4.98 -2.03 -4.86
10/25/2018 -4.91 -1.30 -4.77
10/26/2018 -5.59 -2.47 -5.45
10/29/2018 -5.42 -2.80 -5.28
10/30/2018 -4.84 -1.83 -4.70
10/31/2018 -3.89 -0.52 -3.70

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.

$ per share as of 11/17/2018

Date 2013 2014 2015 2016 2017
Short Term 0.1129
Long Term
Total Amount of Distribution 0.1129
Record Date 12/29/17
Ex Div Date 12/28/17
Pay Date 1/2/18

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

Portfolio

Top Holdings

(14.8% of assets as of 11/16/2018)

×

Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 9
Country Global ESG Revenue ETF MSCI AC World Index Overweight / Underweight
United States 28.0% 55.6% -27.6%
Japan 15.0% 7.4% 7.6%
France 9.6% 3.3% 6.3%
United Kingdom 7.1% 5.2% 1.9%
Germany 6.5% 2.7% 3.7%
South Korea 3.6% 1.6% 2.0%
Canada 3.5% 3.0% 0.6%
Switzerland 2.8% 2.6% 0.2%
Spain 2.3% 0.9% 1.4%
Italy 2.3% 0.7% 1.6%
Netherlands 2.0% 1.1% 1.0%
Brazil 1.9% 0.9% 1.0%
Australia 1.9% 2.1% -0.2%
Sweden 1.3% 0.8% 0.5%
Taiwan 1.1% 1.3% -0.2%
India 1.0% 1.0% 0.0%
China 0.9% 3.4% -2.5%
South Africa 0.8% 0.7% 0.1%
Singapore 0.8% 0.4% 0.4%
Thailand 0.7% 0.3% 0.5%
Developed Markets Global ESG Revenue ETF MSCI AC World Index Overweight / Underweight
Europe 37.0% 19.1% 18.0%
Americas 31.5% 58.6% -27.0%
Asia Pacific 18.4% 11.0% 7.3%
Net Cash and Equivalents 0.5% - -
Middle East 0.1% 0.2% -0.1%
Emerging Markets Global ESG Revenue ETF MSCI AC World Index Overweight / Underweight
Asia Pacific 8.1% 8.2% -0.1%
Americas 2.6% 1.4% 1.2%
Africa 0.8% 0.7% 0.1%
Europe 0.8% 0.7% 0.1%
Net Cash and Equivalents 0.5% - -
Middle East 0.2% 0.2% 0.0%
Equity Sector Global ESG Revenue ETF MSCI AC World Index Overweight / Underweight
Financials 18.2% 17.5% 0.7%
Industrials 15.1% 10.4% 4.7%
Consumer Discretionary 10.8% 10.1% 0.7%
Consumer Staples 10.6% 8.4% 2.2%
Information Technology 10.5% 15.1% -4.6%
Health Care 7.9% 12.2% -4.3%
Energy 7.5% 6.4% 1.1%
Materials 6.2% 5.0% 1.2%
Utilities 6.0% 3.1% 2.8%
Communication Services 5.6% 8.7% -3.1%
Real Estate 1.1% 3.1% -2.0%
Net Cash and Equivalents 0.5% - -
Industry Global ESG Revenue ETF MSCI AC World Index Overweight / Underweight
Banks 8.7% 9.4% -0.8%
Oil Gas & Consumable Fuels 7.2% 6.1% 1.1%
Insurance 5.6% 3.8% 1.8%
Food & Staples Retailing 4.2% 1.7% 2.5%
Health Care Providers & Services 4.0% 2.1% 1.9%
Technology Hardware Storage & Peripherals 4.0% 3.2% 0.9%
Chemicals 3.2% 2.6% 0.6%
Automobiles 3.2% 1.5% 1.7%
Electric Utilities 3.1% 1.8% 1.4%
Pharmaceuticals 2.9% 5.4% -2.5%
Food Products 2.7% 1.9% 0.8%
Machinery 2.5% 1.7% 0.7%
Aerospace & Defense 2.4% 1.9% 0.5%
Diversified Telecommunication Services 2.4% 2.1% 0.4%
Industrial Conglomerates 2.4% 1.4% 1.0%
Multi-Utilities 2.2% 0.9% 1.3%
Capital Markets 2.0% 2.6% -0.6%
Specialty Retail 2.0% 1.5% 0.5%
Metals & Mining 2.0% 1.6% 0.4%
IT Services 1.9% 3.1% -1.2%
Asset Allocation Global ESG Revenue ETF MSCI AC World Index Overweight / Underweight
Equity 99.5% 100.0% -0.5%
Net Cash and Equivalents 0.5% - -
Market Cap Global ESG Revenue ETF MSCI AC World Index Overweight / Underweight
Large 84.9% 87.9% -3.0%
Mid 14.3% 12.0% 2.4%
Net Cash and Equivalents 0.5% - -
Small 0.2% 0.1% 0.1%
Analytics
(As of 10/31/2018)

Yields
Standardized Yield
2.50%
Portfolio Characteristics
Fund
Broad Benchmark
Average Market Cap (weighted)
$72.00 B
$146.25 B
Median Market Cap (weighted)
$29.57 B
$53.57 B
P/E Ratio (LTM)
13.01
16.38
P/E Ratio (NTM)
11.41
13.98
Price/Book
1.60
2.31
Price/Sales Ratio
0.62
1.92
Price/Cash Flow Ratio
7.11%
-
Turnover Ratio
73.22%
-
Dividends
  • C
Est. Frequency
Quarterly
Last Pay Date
9/27/2018
Per Share ($)
$0.1486
12-Month Distribution ($)
$0.6494
Distribution Sources
  • C
Net Income
88.10%
Net Profit from Sale
0.00%
Other Capital Sources
11.90%
Documents
  1. 1. Effective September 1, 2017, the Fund changed its investment strategy to no longer utilize a Sharpe ratio screen. Performance prior to this date is not indicative of future results.
  2. 2. Access historical premium/discount information
  3. 3. The OFI Revenue Weighted Global ESG Index is a custom index that is owned and calculated by MSCI, and is based on the MSCI ACWI Index and aims to reflect the performance of the Oppenheimer Global ESG Revenue ETF.
  4. 4. An investment in the Fund is subject to investment risk, including the possible loss of principal amount invested. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. The stocks of companies with favorable ESG practices may underperform the stock market as a whole. 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.
  5. 5. The Closing Price is the price of the last reported trade on the Fund's primary exchange.
  6. 6. The MSCI® ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  7. 7. Holdings are subject to change, and are dollar weighted based on total net assets.
  8. 8. 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.
  9. 9. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.
  10. 10. Standardized yield is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end (or quarter-end) and either that date's maximum offering price (Class A shares) or net asset value (for other share classes).
  11. A. 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.
  12. 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.
  13. C. There is no guarantee of the payment of any dividend or other distributions at any level.
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