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ETFs: U.S. Market Neutral Anti-Beta Fund (BTAL)

BTAL

U.S. Market Neutral Anti-Beta Fund

The Fund seeks performance results that correspond to the price and yield performance, before fees and expenses of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The target index, which is compiled by Dow Jones Indexes, is equal weighted, dollar neutral, sector neutral and is not levered. The index rebalances monthly by identifying the lowest beta stocks as long positions and highest beta stocks as short positions, of approximately equal dollar amounts, within each sector.

The Exchange Traded Fund provides investors with the means of seeking the spread return between low and high beta  stocks.  Low beta stocks are those stocks that are less volatile than the market index, and high beta stocks are those stocks that are more volatile than the market index.

Anti-beta investing entails investing in securities that have below-average betas and shorting securities that have above-average betas. The performance of the Fund will depend on the differences in the rates of return of these long positions and short positions.

Fund Details


Ticker BTAL
CUSIP 351680707
NAV Calculation Time 4:00pm ET
INAV BTALIV
Index Ticker DJTMNABT
Index Provider Dow Jones Indexes
Marginable YES
Short Selling YES
Exchange NYSE Arca
Inception Date 09/13/2011

Closing Price as of 10/23/2014 4:00 PM


Price $ 19.99
NAV $ 19.98
Prem/Disc $ 0.01
Prem/Disc % 0.05%

Quick Facts


As of Date 10/23/2014
Previous Close $ 19.96
52 Week High $ 20.52
52 Week Low $ 18.65
Shares Outstanding 300,001
Fund Net Assets $5,994,020

NAV Premium/Discount History


Date Days < -0.5% -0.5% to 0% 0% 0% to 0.5% > 0.5%

2011
76
30
10
0
12
24
250
12
141
0
77
20
03/31/2012
62
3
10
0
32
17
06/30/2012
63
5
31
0
25
2
09/30/2012
63
2
49
0
11
1
12/31/2012
62
2
51
0
9
0
252
39
102
1
97
13
03/31/2013
60
27
12
0
16
5
06/30/2013
64
2
20
1
36
5
09/30/2013
64
1
39
0
24
0
12/31/2013
64
9
31
0
21
3
61
3
51
0
6
1
03/31/2014
61
3
51
0
6
1

There is a risk that the present and future volatility of a security, relative to the market index, will not be the same as it has historically been and thus the Fund will not be invested in low beta securities. In addition, the Fund may be more volatile than the universe since it will have short exposure to the most volatile stocks in the universe and long exposure to the least volatile stocks in the universe. Short selling could cause unlimited losses, derivatives could result in losses beyond the amount invested, and the value of an investment in the Fund may fall sharply. Shares are not individually redeemable and can be redeemed only in Creation Units. The market price of shares can be at, below or above the NAV. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense subsidies and waivers in effect during certain periods. Absent these waivers, results would have been less favorable.

Expense Ratios

Gross Expense Ratio 4.74%
Net Expense Ratio*
0.99%
* FFCM has agreed (i) contractually to waive its management fees and reimburse expenses until October 31, 2014 to the extent necessary to prevent the Fund's net operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses, if any) from exceeding 1.49% and (ii) voluntarily to waive its management fees and reimburse expenses until further notice to the extent necessary to prevent such expenses from exceeding 0.99%.



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