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ETFs: Hedged Dividend Income Fund (DIVA)

DIVA

Hedged Dividend Income Fund

The Hedged Dividend Income ETF seeks performance results that correspond to the price and yield performance, before fees and expenses, of the INDXX Hedged Dividend Income Index ("Index"). The Index is designed to generate high current yield and capital appreciation. The index rebalances monthly by identifying the highest dividend stocks as long positions, and the lowest dividend stocks as short positions. The Index invests in stocks with stable or growing dividends that trade at high yields; to reduce risk the Index shorts stocks in each sector which have unstable or low dividends. The Index in 100% long and 50% short at the time of rebalances. The maximum weight for any sector in the long portfolio is 25% and 15% for industries. Sector and industry weights in the short portfolio are 50% of the size of the long sector weights. The Index has 100 long positions and approximately 150-200 short positions.

Fund Details


Ticker DIVA
CUSIP 351680806
NAV Calculation Time 4:00pm ET
INAV DIVAIV
Index Ticker IDIVALS
Index Provider INDXX
Marginable YES
Short Selling YES
Exchange NYSE Arca
Inception Date 01/15/2015

Closing Price as of 03/24/2017 4:00 PM


Price $ 25.46
NAV $ 25.48
Prem/Disc ($ 0.02)
Prem/Disc % -0.08%

Quick Facts


As of Date 03/24/2017
Previous Close $ 25.46
52 Week High $ 26.03
52 Week Low $ 23.45
Shares Outstanding 150,004
Fund Net Assets $3,821,892

NAV Premium/Discount History


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

243
26
102
0
114
1
03/31/2015
52
0
18
0
34
0
06/30/2015
63
3
16
0
43
1
09/30/2015
64
17
22
0
25
0
12/31/2015
64
6
46
0
12
0
252
52
100
0
96
1
03/31/2016
61
51
6
0
1
0
06/30/2016
64
1
35
0
28
0
09/30/2016
64
0
27
0
36
1
12/31/2016
63
0
32
0
31
0

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 dividend 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 the high dividend securities. In addition, the Fund may be more volatile than the universe since it will have short exposure to the lowest dividend stocks in the universe and long exposure to the highest dividend stocks in the universe. Short selling could cause unlimited losses, 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 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 5.38%
Net Expense Ratio*
0.75%
* 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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