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ETFs: U.S. Market Neutral High Beta Fund (BTAH)


U.S. Market Neutral High 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 High 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 highest beta stocks as long positions and lowest beta stocks as short positions, of approximately equal dollar amounts, within each sector.

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

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

Fund Details

Ticker BTAH
CUSIP 351680301
NAV Calculation Time 4:00pm ET
Index Ticker DJTMNBET
Index Provider Dow Jones Indexes
Marginable YES
Short Selling YES
Exchange NYSE Arca
Inception Date 09/13/2011

Closing Price as of 11/19/2012 4:00 PM

Price NA
Prem/Disc $ 0.00
Prem/Disc % 0.00%

Quick Facts

As of Date 11/19/2012
Previous Close NA
52 Week High NA
52 Week Low NA
Shares Outstanding NA
Fund Net Assets NA

NAV Premium/Discount History

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


The number of days the Fund’s shares traded at a premium or discount noted in the table above was determined based on the midpoint of the bid/ask spread at approximately 4 PM EST.

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 that the Fund will not be invested in high beta securities. In addition, the Fund may be more volatile than the universe since it will have long exposure to the most volatile stocks in the universe and short 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 approximately 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

Net Expense Ratio*
* FFCM has agreed (i) contractually to waive its management fees and reimburse expenses until November 13, 2017 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 0.75%

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