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Individual Investor
×

Revenue Weighted Strategy

The strategy is comprised of the same securities as the S&P 400 Mid Cap Index. Each security in the fund is ranked by top line revenue, instead of market capitalization.
Cumulative Total Returns

as of 4/30/17

Since Inception 2/20/08
145%
Performance & Distributions
×

Revenue Weighted Strategy

Gross Expense Ratio:
      0.57%
    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

    Mid Cap Revenue ETF
    VALUE of $10,000.00

    Calendar Year Returns %
    Data as of 5/26/17
      2009 2010 2011 2012 2013 2014 2015 2016 YTD
    Mid Cap Revenue ETF 51.88 23.26 -1.56 15.84 40.60 9.48 -5.79 21.58 1.65
    S&P 400 Mid Cap Index 37.38 26.64 -1.73 17.88 33.50 9.77 -2.18 20.74
    Capital Gains Distributions ($ per share)
    Data as of 5/28/17
      2012 2013 2014 2015 2016
    Short Term
    Long Term 0.1375 0.2153 0.1693
    Total Amount of Distribution 0.1375 0.2153 0.1693
    Record Date 12/31/12 12/31/13 12/31/14
    Ex Div Date 12/27/12 12/27/13 12/29/14
    Pay Date 1/4/13 1/3/14 1/5/15

    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 4/28/17

    as of 3/31/17

    YTD (as of 5/26/17)
    1.65%
    1 Year 17.15% 17.23%
    3 Year 8.34% 8.39%
    5 Year 12.98% 13.00%
    Since Inception 10.26% 10.26%
    YTD (as of 5/26/17)
    1.65%
    1 Year 17.38% 17.43%
    3 Year 8.00% 8.03%
    5 Year 12.96% 12.97%
    Since Inception 10.37% 10.37%
    Performance History with Indices
    ×
    Gross Expense Ratio
    0.57%
    Net Expense Ratio
    0.39%
    NAV
    • C
    as of 5/26/17
    $54.89
    Closing Price
    as of 5/25/2017
    Market Close $55.05
    Bid/Ask Midpoint $55.08
    Bid/Ask Prem/Disc 0.04%
    Tickers & ISIN
    Index Bloomberg Ticker REVWMT
    Reuters Bridge Ticker RWK.IV
    ISIN US68386C2035

    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

    05/26/17

    See Full Holdings

    World Fuel Services Corp.
    2.1%
    Tech Data Corp.
    2.1%
    Molina Healthcare, Inc.
    2.1%
    Arrow Electronics Inc.
    1.9%
    ManpowerGroup, Inc.
    1.6%
    Tenet Healthcare Corp.
    1.5%
    Jabil Circuit, Inc.
    1.5%
    WellCare Health Plans, Inc.
    1.4%
    Avnet, Inc.
    1.3%
    Aecom Technology Corp.
    1.3%
    SYNNEX Corp.
    1.1%
    Office Depot, Inc.
    1.0%
    Reinsurance Group of America
    0.9%
    J.C. Penney Co., Inc.
    0.8%
    Live Nation Entertainment, In...
    0.8%
    Murphy USA, Inc.
    0.8%
    HollyFrontier Corp.
    0.7%
    Owens & Minor, Inc.
    0.7%
    CST Brands, Inc.
    0.7%
    GameStop Corp., Cl. A
    0.7%
    ×
    • 2.1%
      World Fuel Services Corp.
    • Sells and markets marine, aviation and land fuel products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.1%
      Tech Data Corp.
    • Distributes technology products, services and solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 2.1%
      Molina Healthcare, Inc.
    • Provides health care services to persons eligible for Medicaid
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.9%
      Arrow Electronics Inc.
    • Distributes electronic components and computer products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 1.6%
      ManpowerGroup, Inc.
    • Offers a complete range of workforce solutions and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Industrials
    INDUSTRY Professional Services
    ×
    • 1.5%
      Tenet Healthcare Corp.
    • Provides health care services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.5%
      Jabil Circuit, Inc.
    • Designs, manufactures & services electronics products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 1.4%
      WellCare Health Plans, Inc.
    • Provides managed care services to government-sponsored healthcare programs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.3%
      Avnet, Inc.
    • Distributes electronic components, enterprise computing and storage products, and embedded subsystems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 1.3%
      Aecom Technology Corp.
    • Provide planning, consulting, architectural and engineering design, and program and construction management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Industrials
    INDUSTRY Construction & Engineering
    ×
    • 1.1%
      SYNNEX Corp.
    • Develops and distributes computer systems and complementary products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 1.0%
      Office Depot, Inc.
    • Provides office products, services and solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 0.9%
      Reinsurance Group of America
    • Provides life reinsurance, international life and disability insurance as well as asset-intensive products and financial reinsurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 0.8%
      J.C. Penney Co., Inc.
    • Retails mens and womens clothing
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Multiline Retail
    ×
    • 0.8%
      Live Nation Entertainment, Inc.
    • Provides live entertainment events promotion and production services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Media
    ×
    • 0.8%
      Murphy USA, Inc.
    • Markets and distributes of retail motor fuel and gasoline product
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 0.7%
      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
    ×
    • 0.7%
      Owens & Minor, Inc.
    • Distributes medical and surgical products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 0.7%
      CST Brands, Inc.
    • Operates as a holding company that is engaged in the business of retailing of motor fuel and convenience merchandise items in the U.S. and eastern Canada
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 0.7%
      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 05/26/17

    100.2%

    United States

    100.2%

    Americas

    18.1%

    Consumer Discretionary

    17.4%

    Information Technology

    16.3%

    Industrials

    10.6%

    Health Care

    10.2%

    Financials

    9.4%

    Materials

    No Holding
    in
    Materials
    5.6%

    Consumer Staples

    No Holding
    in
    Consumer Staples
    5.5%

    Energy

    3.4%

    Utilities

    No Holding
    in
    Utilities
    2.8%

    Real Estate

    No Holding
    in
    Real Estate
    0.8%

    Telecommunication Services

    No Holding
    in
    Telecommunication Services
    9.9%

    Electronic Equipment Instruments & Components

    7.2%

    Health Care Providers & Services

    6.3%

    Insurance

    5.7%

    Specialty Retail

    4.6%

    Oil Gas & Consumable Fuels

    4.1%

    Machinery

    No Holding
    in
    Machinery
    3.2%

    Chemicals

    No Holding
    in
    Chemicals
    3.0%

    Food Products

    No Holding
    in
    Food Products
    2.9%

    Containers & Packaging

    No Holding
    in
    Containers & Packaging
    2.8%

    Construction & Engineering

    2.7%

    Banks

    No Holding
    in
    Banks
    2.7%

    Metals & Mining

    No Holding
    in
    Metals & Mining
    2.6%

    Household Durables

    No Holding
    in
    Household Durables
    2.6%

    IT Services

    No Holding
    in
    IT Services
    2.2%

    Equity Real Estate Investment Trusts (REITs)

    No Holding
    in
    Equity Real Estate Investment Trusts (REITs)
    2.2%

    Hotels Restaurants & Leisure

    No Holding
    in
    Hotels Restaurants & Leisure
    1.9%

    Professional Services

    1.9%

    Media

    1.8%

    Multiline Retail

    1.6%

    Food & Staples Retailing

    No Holding
    in
    Food & Staples Retailing
    100.2%

    Risk Measurements

    as of 04/30/17

    Alpha -2.68%
    Beta 1.11
    Bear Beta 0.97
    Bull Beta 1.26
    Excess Return -1.90
    Sharpe Ratio
    0.63
    Standard Deviation
    13.82%
    Sortino Ratio
    1.13
    Information Ratio
    -0.51
    Equity Style
    Total Assets
    as of 4/30/17
    $313 MM
    Portfolio Statistics

    as of 4/30/17

    Avg Market Cap (weighted) 4.52 BN
    Price/Book Value (LTM) 2.16
    Turnover Ratio
    24.64%
    Number of Securities
    as of 05/26/17
    400
    Dividends ($ per share)
    • D
    Est Frequency Quarterly
    Pay Date 4/10/17
    Per Share ($) 0.1145
    12-Month Distribution ($) 0.6651
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top Holdings

    05/26/17

    See Full Holdings

    World Fuel Serv...
    2.1%
    Tech Data Corp....
    2.1%
    Molina Healthca...
    2.1%
    Arrow Electroni...
    1.9%
    ManpowerGroup, ...
    1.6%
    Tenet Healthcar...
    1.5%
    Jabil Circuit, ...
    1.5%
    WellCare Health...
    1.4%
    Avnet, Inc.
    1.3%
    Aecom Technolog...
    1.3%
    SYNNEX Corp.
    1.1%
    Office Depot, I...
    1.0%
    Reinsurance Gro...
    0.9%
    J.C. Penney Co....
    0.8%
    Live Nation Ent...
    0.8%
    Murphy USA, Inc...
    0.8%
    HollyFrontier C...
    0.7%
    Owens & Minor, ...
    0.7%
    CST Brands, Inc...
    0.7%
    GameStop Corp.,...
    0.7%
    Holdings Breakdown

    as of 5/26/17

    Reset
    100.2%

    United States

    100.2%

    Americas

    18.1%

    Consumer Discretionary

    17.4%

    Information Technology

    16.3%

    Industrials

    10.6%

    Health Care

    10.2%

    Financials

    9.4%

    Materials

    No Holding
    in
    Materials
    5.6%

    Consumer Staples

    No Holding
    in
    Consumer Staples
    5.5%

    Energy

    3.4%

    Utilities

    No Holding
    in
    Utilities
    2.8%

    Real Estate

    No Holding
    in
    Real Estate
    0.8%

    Telecommunication Services

    No Holding
    in
    Telecommunication Services
    9.9%

    Electronic Equipment Instruments & Components

    7.2%

    Health Care Providers & Services

    6.3%

    Insurance

    5.7%

    Specialty Retail

    4.6%

    Oil Gas & Consumable Fuels

    4.1%

    Machinery

    No Holding
    in
    Machinery
    3.2%

    Chemicals

    No Holding
    in
    Chemicals
    3.0%

    Food Products

    No Holding
    in
    Food Products
    2.9%

    Containers & Packaging

    No Holding
    in
    Containers & Packaging
    2.8%

    Construction & Engineering

    2.7%

    Banks

    No Holding
    in
    Banks
    2.7%

    Metals & Mining

    No Holding
    in
    Metals & Mining
    2.6%

    Household Durables

    No Holding
    in
    Household Durables
    2.6%

    IT Services

    No Holding
    in
    IT Services
    2.2%

    Equity Real Estate Investment Trusts (REITs)

    No Holding
    in
    Equity Real Estate Investment Trusts (REITs)
    2.2%

    Hotels Restaurants & Leisure

    No Holding
    in
    Hotels Restaurants & Leisure
    1.9%

    Professional Services

    1.9%

    Media

    1.8%

    Multiline Retail

    1.6%

    Food & Staples Retailing

    No Holding
    in
    Food & Staples Retailing
    100.2%

    ×
    • 2.1%
      World Fuel Services Corp.
    • Sells and markets marine, aviation and land fuel products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.1%
      Tech Data Corp.
    • Distributes technology products, services and solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 2.1%
      Molina Healthcare, Inc.
    • Provides health care services to persons eligible for Medicaid
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.9%
      Arrow Electronics Inc.
    • Distributes electronic components and computer products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 1.6%
      ManpowerGroup, Inc.
    • Offers a complete range of workforce solutions and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Industrials
    INDUSTRY Professional Services
    ×
    • 1.5%
      Tenet Healthcare Corp.
    • Provides health care services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.5%
      Jabil Circuit, Inc.
    • Designs, manufactures & services electronics products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 1.4%
      WellCare Health Plans, Inc.
    • Provides managed care services to government-sponsored healthcare programs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 1.3%
      Avnet, Inc.
    • Distributes electronic components, enterprise computing and storage products, and embedded subsystems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 1.3%
      Aecom Technology Corp.
    • Provide planning, consulting, architectural and engineering design, and program and construction management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Industrials
    INDUSTRY Construction & Engineering
    ×
    • 1.1%
      SYNNEX Corp.
    • Develops and distributes computer systems and complementary products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    ×
    • 1.0%
      Office Depot, Inc.
    • Provides office products, services and solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 0.9%
      Reinsurance Group of America
    • Provides life reinsurance, international life and disability insurance as well as asset-intensive products and financial reinsurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    ×
    • 0.8%
      J.C. Penney Co., Inc.
    • Retails mens and womens clothing
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Multiline Retail
    ×
    • 0.8%
      Live Nation Entertainment, Inc.
    • Provides live entertainment events promotion and production services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Media
    ×
    • 0.8%
      Murphy USA, Inc.
    • Markets and distributes of retail motor fuel and gasoline product
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 0.7%
      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
    ×
    • 0.7%
      Owens & Minor, Inc.
    • Distributes medical and surgical products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    ×
    • 0.7%
      CST Brands, Inc.
    • Operates as a holding company that is engaged in the business of retailing of motor fuel and convenience merchandise items in the U.S. and eastern Canada
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    DEVELOPED MARKETS Americas
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    ×
    • 0.7%
      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

    Vincent T. Lowry

    Managed Fund since 2/08

    Justin V. Lowry

    Managed Fund since 9/14

    Sean P. Reichert

    Managed Fund since 9/14

    Investment Approach

    Oppenheimer Mid Cap Revenue ETF gives investors access to the same broad basket of stocks as the S&P MidCap 400. Our transparent investment process re-weights the S&P 400 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. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. 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.

      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 p.m. ET daily.
    8. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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