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ETFs: U.S. Market Neutral Value Fund (CHEP)

CHEP

U.S. Market Neutral Value 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 Value 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 most undervalued stocks as long positions and the most overvalued 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. Undervalued stocks within each sector receive higher rankings and overvalued stocks receive lower rankings.

Value investing entails investing in securities that have below-average valuations based on ratios such as earnings to price, book to price, and cash flow from operations to price and shorting securities that have above-average valuations based on the same ratios. The performance of the Fund will depend on the difference in the rates of return between the long positions and the short positions.

Fund Details


Ticker CHEP
CUSIP 351680202
NAV Calculation Time 4:00pm ET
INAV CHEPIV
Index Ticker DJTMNSVT
Index Provider Dow Jones Indexes
Marginable YES
Short Selling YES
Exchange NYSE Arca
Inception Date 09/13/2011

Closing Price as of 04/17/2014 4:00 PM


Price $ 28.16
NAV $ 28.17
Prem/Disc ($ 0.01)
Prem/Disc % -0.04%

Quick Facts


As of Date 04/17/2014
Previous Close $ 28.33
52 Week High $ 28.47
52 Week Low $ 25.33
Shares Outstanding 50,000
Fund Net Assets $1,408,500

NAV Premium/Discount History


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

2011
76
12
25
0
25
14
250
3
170
0
72
5
03/31/2012
62
3
30
0
24
5
06/30/2012
63
0
47
0
16
0
09/30/2012
63
0
55
0
8
0
12/31/2012
62
0
38
0
24
0
252
39
134
0
74
5
03/31/2013
60
36
19
0
5
0
06/30/2013
64
0
44
0
18
2
09/30/2013
64
0
31
0
32
1
12/31/2013
64
3
40
0
19
2

There may be periods when the value style is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks, including those in the Target Index, are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down. 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 4.80%
Net Expense Ratio*
1.49%
* 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%.



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