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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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Revenue Weighted Strategy

Large Cap Revenue ETF

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

RWL CUSIP: 68386C104

CLOSING PRICE (as of 7/20/2017)
Market Close
$46.81
Bid/Ask Midpoint
$46.84
Bid/Ask Prem/Disc
0.11%
TICKERS & ISIN
Index Bloomberg Ticker
REVWLT
Reuters Bridge Ticker
RWL.IV
ISIN
US68386C1045
Investment Style
US Domestic Multi Factor Exposure
Fund Inception
February 19, 2008
Total Assets (as of 6/30/2017)
$689 million
Fund Index
S&P 500 Index
NAV (as of 7/21/17)
  • A
$46.77

Equity

Fixed Income

Municipal Bond
performance
analytics
holdings
as of 6/30/2017
  • B
as of 6/30/2017
  • B

Market Price
Market Price
Market Price
Market Price
  • B
Cumulative
Annualized
3 mo ytd as of 7/21/17
1 yr 3 yr 5 yr since inception
Large Cap Revenue ETF (NAV)
2.46% 8.46% 15.96% 8.31% 15.04% 8.58%
Cumulative
Annualized
3 mo ytd as of 7/21/17
1 yr 3 yr 5 yr since inception
Large Cap Revenue ETF (Market Price)
2.48% 8.46% 15.98% 8.32% 15.06% 8.58%
Cumulative
Annualized
3 mo ytd as of 7/21/17
1 yr 3 yr 5 yr since inception
Large Cap Revenue ETF (NAV)
2.46% 8.46% 15.96% 8.31% 15.04% 8.58%
Cumulative
Annualized
3 mo ytd as of 7/21/17
1 yr 3 yr 5 yr since inception
Large Cap Revenue ETF (Market Price)
2.48% 8.46% 15.98% 8.32% 15.06% 8.58%
Gross Expense Ratio: 0.55% | Net Expense Ratio: 0.39%

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


Year Large Cap Revenue ETF S&P 500 Index
2009 30.18% 26.46%
2010 16.93% 15.06%
2011 0.38% 2.11%
2012 18.08% 16.00%
2013 37.68% 32.39%
2014 13.35% 13.69%
2015 -1.21% 1.38%
2016 12.23% 11.96%

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 Large Cap Revenue ETF S&P 500 Index OFI Rev Weighted Lg Cap Ix
6/30/2012 0.00 0.00 0.00
7/31/2012 0.85 1.39 0.85
8/31/2012 3.60 3.67 3.68
9/30/2012 6.55 6.35 6.70
10/31/2012 6.05 4.39 6.22
11/30/2012 6.57 4.99 6.80
12/31/2012 8.61 5.95 8.93
1/31/2013 15.43 11.44 15.79
2/28/2013 17.52 12.95 17.96
3/31/2013 23.00 17.19 23.49
4/30/2013 24.71 19.44 25.29
5/31/2013 28.56 22.24 29.19
6/30/2013 26.98 20.60 27.69
7/31/2013 33.97 26.73 34.81
8/31/2013 29.90 23.06 30.76
9/30/2013 33.52 26.92 34.46
10/31/2013 40.31 32.76 41.38
11/30/2013 45.90 36.80 47.08
12/31/2013 49.53 40.27 50.78
1/31/2014 43.26 35.42 44.52
2/28/2014 49.17 41.61 50.57
3/31/2014 51.67 42.80 53.19
4/30/2014 53.50 43.86 55.12
5/31/2014 56.42 47.23 58.13
6/30/2014 58.52 50.27 60.36
7/31/2014 56.42 48.20 58.37
8/31/2014 62.81 54.13 64.92
9/30/2014 59.47 51.97 61.61
10/31/2014 63.19 55.68 65.44
11/30/2014 68.70 59.87 71.00
12/31/2014 69.50 59.47 71.85
1/31/2015 64.38 54.68 66.69
2/28/2015 74.12 63.57 76.63
3/31/2015 72.25 60.98 74.92
4/30/2015 72.77 62.53 75.55
5/31/2015 74.61 64.62 77.31
6/30/2015 71.06 61.43 73.59
7/31/2015 72.83 64.81 75.51
8/31/2015 62.50 54.87 65.06
9/30/2015 58.47 51.04 60.87
10/31/2015 69.30 63.78 71.89
11/30/2015 69.76 64.26 72.37
12/31/2015 67.46 61.67 69.92
1/31/2016 58.37 53.65 60.80
2/29/2016 59.69 53.44 62.21
3/31/2016 70.81 63.85 73.65
4/30/2016 71.51 64.49 74.43
5/31/2016 73.13 67.44 76.13
6/30/2016 73.73 67.87 76.82
7/31/2016 79.51 74.06 82.79
8/31/2016 79.55 74.31 82.94
9/30/2016 78.74 74.34 82.18
10/31/2016 75.02 71.16 78.48
11/30/2016 85.05 77.50 88.77
12/31/2016 87.94 81.01 91.77
1/31/2017 90.45 84.44 94.41
2/28/2017 97.62 91.77 101.79
3/31/2017 96.63 91.99 100.81
4/30/2017 97.86 93.96 102.15
5/31/2017 99.94 96.69 104.34
6/30/2017 101.46 97.92 105.98

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 7/21/2017

Date 2012 2013 2014 2015 2016
Short Term
Long Term 0.0379 0.0277
Total Amount of Distribution 0.0379 0.0277
Record Date 12/31/14 12/31/15
Ex Div Date 12/29/14 12/29/15
Pay Date 1/5/15 1/4/16

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

Analytics

(As of 6/30/2017)

Morningstar 6/30/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
1091
Category
Large Value
Performance Statistics
3Y
Alpha
-1.00
Information Ratio
-0.61
Sharpe Ratio
0.80
Standard Deviation
10.36
Sortino Ratio
1.44
Beta
0.98
Bull Beta
0.99
Bear Beta
1.08
Excess Return
-1.30
Dividends
  • C
Est. Frequency
Quarterly
Last Pay Date
7/11/2017
Per Share ($)
$0.21
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.74
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$126.10 B
-
Price/Book
2.64
-
Number of Holdings
505
-
Turnover Ratio
14.13%
-

Top Holdings

(31.3% of assets as of 07/20/17)

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Portfolio Holdings Breakdown

Country 4
Developed Markets 4
Equity Sector 4
Industry 4
Asset Allocation 4
Country Large Cap Revenue ETF S&P 500 Index Overweight / Underweight
United States 99.9% 100.0% -0.1%
Developed Markets Large Cap Revenue ETF S&P 500 Index Overweight / Underweight
Americas 99.9% 100.0% -0.1%
Equity Sector Large Cap Revenue ETF S&P 500 Index Overweight / Underweight
Consumer Discretionary 16.3% 12.2% 4.1%
Health Care 16.1% 14.5% 1.6%
Consumer Staples 14.5% 8.9% 5.7%
Financials 13.8% 14.3% -0.5%
Industrials 11.5% 10.2% 1.3%
Information Technology 11.1% 23.0% -11.9%
Energy 7.2% 6.0% 1.2%
Materials 2.9% 2.9% 0.1%
Utilities 2.8% 3.2% -0.4%
Telecommunication Services 2.7% 2.1% 0.6%
Real Estate 0.9% 2.9% -2.0%
Industry Large Cap Revenue ETF S&P 500 Index Overweight / Underweight
Health Care Providers & Services 10.9% 2.8% 8.1%
Food & Staples Retailing 9.7% 1.8% 7.9%
Oil Gas & Consumable Fuels 6.5% 5.1% 1.4%
Banks 4.6% 6.3% -1.8%
Insurance 4.3% 2.8% 1.5%
Specialty Retail 3.5% 2.1% 1.4%
Technology Hardware Storage & Peripherals 3.3% 4.3% -1.0%
Automobiles 3.1% 0.5% 2.6%
Aerospace & Defense 3.1% 2.4% 0.7%
Media 2.9% 3.0% -0.1%
Diversified Telecommunication Services 2.7% 2.1% 0.6%
Pharmaceuticals 2.3% 5.0% -2.7%
Diversified Financial Services 2.3% 1.6% 0.7%
IT Services 2.2% 3.9% -1.7%
Chemicals 2.0% 2.1% -0.1%
Food Products 2.0% 1.3% 0.7%
Capital Markets 1.8% 2.9% -1.1%
Electric Utilities 1.8% 2.0% -0.2%
Software 1.7% 5.1% -3.3%
Internet & Direct Marketing Retail 1.7% 2.9% -1.1%
Asset Allocation Large Cap Revenue ETF S&P 500 Index Overweight / Underweight
Equity 99.9% 100.0% -0.1%
  1. 1. Special Risks: An investment in the Fund is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of its respective index, known as non-correlation risk, due to operating expenses incurred by the Fund. The alternate weighting approach employed by the Fund (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because the Fund is rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on Fund performance.
  2. 2. The net expense ratio takes into account contractual fee waivers and/or expense reimbursements, without which performance would have been less. These undertakings may not be amended or withdrawn until December 2, 2017, unless approved by the Board.
  3. 3. Access Index Definitions
  4. 4. Holdings are subject to change, and are dollar weighted based on total new assets.
  5. A. 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. ↩
  6. B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes on an individual's investment.

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

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

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

    Returns are preliminary and subject to change until the first business day of the month.
    ↩
  7. C. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
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