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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

Bw 5161397070001 620x349

Revenue Weighted Strategy

Small Cap Revenue ETF

The strategy is comprised of the same securities as the S&P 600 Index. Each security in the fund is ranked by top line revenue, instead of market capitalization.

RWJ CUSIP: 68386C302

PRICES (as of 9/21/2017)
Closing Price
$65.17
Mid-Point Price
$65.21
Premium/Discount
0.03%
TICKERS & ISIN
Index Bloomberg Ticker
REVWST
Reuters Bridge Ticker
RWJ.IV
ISIN
US68386C3025
Investment Style
US Domestic Multi Factor Exposure
Fund Inception
February 19, 2008
Total Assets (as of 8/31/2017)
$508 million
Benchmark
S&P 600 Small Cap Index
NAV (as of 9/22/17)
  • A
$65.88

Equity

Fixed Income

Municipal Bond
performance
analytics
holdings
as of 8/31/2017
  • B
as of 6/30/2017
  • B

Market Price
Market Price
Market Price
Market Price
  • B
Cumulative
Annualized
3 mo ytd as of 9/22/17
1 yr 3 yr 5 yr since inception
Small Cap Revenue ETF (NAV)
-0.32% -1.43% 20.75% 6.28% 15.51% 11.72%
Cumulative
Annualized
3 mo ytd as of 9/22/17
1 yr 3 yr 5 yr since inception
Small Cap Revenue ETF (Market Price)
-0.29% -1.43% 20.76% 6.25% 15.51% 11.72%
Cumulative
Annualized
3 mo ytd as of 9/22/17
1 yr 3 yr 5 yr since inception
Small Cap Revenue ETF (NAV)
-2.24% -1.43% 7.91% 5.05% 13.37% 10.93%
Cumulative
Annualized
3 mo ytd as of 9/22/17
1 yr 3 yr 5 yr since inception
Small Cap Revenue ETF (Market Price)
-2.24% -1.43% 7.89% 5.06% 13.38% 10.92%
Gross Expense Ratio: 0.56% | 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 Small Cap Revenue ETF S&P 600 Small Cap Index
2009 48.21% 25.57%
2010 25.68% 26.31%
2011 -0.74% 1.02%
2012 18.58% 16.33%
2013 45.53% 41.31%
2014 6.49% 5.76%
2015 -8.51% -1.97%
2016 30.52% 26.56%

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 Small Cap Revenue ETF S&P 600 Small Cap Index OFI Rev Weighted Sm Cap Ix
8/31/2012 0.00 0.00 0.00
9/30/2012 3.70 2.33 3.74
10/31/2012 1.52 0.25 1.66
11/30/2012 3.88 1.26 4.12
12/31/2012 7.80 4.60 8.16
1/31/2013 14.06 10.64 14.46
2/28/2013 15.35 12.20 15.78
3/31/2013 19.58 16.96 20.05
4/30/2013 19.09 16.64 19.61
5/31/2013 26.69 21.72 27.32
6/30/2013 26.02 21.54 26.74
7/31/2013 35.17 29.86 36.08
8/31/2013 31.39 26.69 32.28
9/30/2013 40.73 34.58 41.81
10/31/2013 44.95 39.44 46.10
11/30/2013 52.81 45.71 54.11
12/31/2013 56.88 47.81 58.15
1/31/2014 49.22 42.11 50.41
2/28/2014 57.43 48.45 58.79
3/31/2014 59.24 49.48 60.70
4/30/2014 55.97 45.31 57.51
5/31/2014 57.17 45.70 58.81
6/30/2014 63.87 52.57 65.68
7/31/2014 54.25 44.19 55.97
8/31/2014 61.54 50.38 63.47
9/30/2014 51.22 42.31 52.88
10/31/2014 61.34 52.40 63.32
11/30/2014 61.95 51.98 64.17
12/31/2014 67.06 56.32 69.43
1/31/2015 57.77 50.86 59.88
2/28/2015 69.52 59.95 71.96
3/31/2015 72.19 62.52 74.81
4/30/2015 68.38 58.74 70.95
5/31/2015 71.38 61.17 74.00
6/30/2015 70.53 62.83 73.33
7/31/2015 66.23 61.45 69.04
8/31/2015 57.32 53.09 60.11
9/30/2015 49.21 47.74 52.10
10/31/2015 60.57 56.74 63.73
11/30/2015 62.90 60.94 66.08
12/31/2015 52.84 53.24 55.88
1/31/2016 40.69 43.79 43.53
2/29/2016 45.20 45.39 48.15
3/31/2016 60.16 57.31 63.71
4/30/2016 64.44 59.16 68.18
5/31/2016 63.70 61.80 67.46
6/30/2016 62.90 62.78 66.75
7/31/2016 74.00 71.07 78.14
8/31/2016 73.53 73.39 77.79
9/30/2016 75.75 74.50 80.27
10/31/2016 67.74 66.69 72.04
11/30/2016 91.21 87.61 96.24
12/31/2016 99.49 93.93 104.76
1/31/2017 96.73 93.16 102.03
2/28/2017 101.07 96.23 106.59
3/31/2017 97.35 95.99 102.75
4/30/2017 99.34 97.76 104.89
5/31/2017 91.56 93.56 96.89
6/30/2017 96.72 99.35 102.30
7/31/2017 95.93 101.28 101.54
8/31/2017 87.27 96.12 92.67

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 9/22/2017

Date 2012 2013 2014 2015 2016
Short Term 0.0111
Long Term 0.1306 0.1214 0.0969
Total Amount of Distribution 0.1417 0.1214 0.0969
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.

Analytics

(As of 8/31/2017)

Morningstar 8/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
654
Category
Small Blend
Performance Statistics
3Y
Alpha
-5.32
Information Ratio
-0.92
Sharpe Ratio
0.35
Standard Deviation
17.24
Sortino Ratio
0.60
Beta
1.19
Bull Beta
1.20
Bear Beta
1.03
Excess Return
-4.21
Dividends
  • C
Est. Frequency
Quarterly
Last Pay Date
7/11/2017
Per Share ($)
$0.13
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.51
Portfolio Characteristics
Fund
Benchmark
Average Market Cap (weighted)
$1.42 B
-
Price/Book
1.75
-
Number of Holdings
601
-
Turnover Ratio
44.07%
-
Price/Sales Ratio
0.25
-

Top Holdings

(24.7% of assets as of 09/21/17)

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Portfolio Holdings Breakdown

Country 4
Developed Markets 4
Equity Sector 4
Industry 4
Asset Allocation 4
Country Small Cap Revenue ETF S&P 600 Small Cap Index Overweight / Underweight
United States 99.9% 100.0% -0.1%
Developed Markets Small Cap Revenue ETF S&P 600 Small Cap Index Overweight / Underweight
Americas 99.9% 100.0% -0.1%
Equity Sector Small Cap Revenue ETF S&P 600 Small Cap Index Overweight / Underweight
Consumer Discretionary 27.9% 15.1% 12.8%
Industrials 22.1% 18.6% 3.5%
Information Technology 11.2% 15.2% -4.0%
Health Care 10.2% 12.8% -2.6%
Financials 9.7% 16.5% -6.9%
Consumer Staples 6.3% 3.1% 3.2%
Materials 6.3% 5.3% 1.1%
Energy 3.0% 3.0% 0.0%
Real Estate 1.3% 6.2% -4.9%
Utilities 1.1% 2.9% -1.8%
Telecommunication Services 0.7% 1.2% -0.5%
Industry Small Cap Revenue ETF S&P 600 Small Cap Index Overweight / Underweight
Specialty Retail 12.1% 3.9% 8.2%
Health Care Providers & Services 7.3% 3.3% 4.0%
Electronic Equipment Instruments & Components 5.8% 4.2% 1.6%
Commercial Services & Supplies 4.7% 3.1% 1.6%
Machinery 4.3% 5.5% -1.2%
Capital Markets 3.6% 2.0% 1.6%
Food & Staples Retailing 3.4% 0.4% 3.0%
Hotels Restaurants & Leisure 2.8% 3.0% -0.2%
Professional Services 2.7% 2.0% 0.6%
Insurance 2.6% 3.0% -0.4%
Chemicals 2.6% 3.0% -0.4%
Household Durables 2.2% 2.0% 0.3%
Distributors 2.0% 0.2% 1.9%
Auto Components 2.0% 1.7% 0.3%
Aerospace & Defense 2.0% 2.0% 0.0%
Energy Equipment & Services 1.9% 1.9% 0.1%
Banks 1.9% 7.8% -5.9%
Multiline Retail 1.9% 0.5% 1.4%
Building Products 1.8% 2.0% -0.2%
Textiles Apparel & Luxury Goods 1.8% 1.3% 0.5%
Asset Allocation Small Cap Revenue ETF S&P 600 Small Cap 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. Small-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 small-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. 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 RWJ, the last trade price was used to calculate market return because 4:00pm EST midpoint bid/ask prices are not available on those dates.

    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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