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ETFs: U.S. Market Neutral Quality Fund (QLT)


U.S. Market Neutral Quality 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 Quality 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 quality stocks as long positions and lowest quality 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 high and low  ranked  stocks. Stocks with a higher return on equity and a lower debt-to-equity ratio (above average quality characteristcs) within each sector receive higher rankings, and stocks with a lower return on equity and a higher debt-to-equity ratio (below average quality characteristics) within each sector receive lower rankings.

Quality investing entails investing in securities that have above-average quality characteristics and shorting securities that have below-average quality characteristics. The performance of the fund will depend on the difference in the rates of return between these long positions and short positions.

Fund Details

Ticker QLT
CUSIP 351680509
NAV Calculation Time 4:00pm ET
Index Ticker DJTMNQUT
Index Provider Dow Jones Indexes
Marginable YES
Short Selling YES
Exchange NYSE Arca
Inception Date 09/07/2011

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 may be periods when the quality style is out of favor, and during which the investment performance of a fund using a quality strategy may suffer. There is a risk that quality factors may in some or all periods not be good indicators of the market price of a security. 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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