11.3% -1.5% Year-to-Date 1-Year 3-Year 5-Year Since WT Index Inception

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "11.3% -1.5% Year-to-Date 1-Year 3-Year 5-Year Since WT Index Inception"

Transcription

1 WisdomTree ETFs WISDOMTREE HIGH DIVIDEND FUND DHS Nearly 10 years ago, WisdomTree launched its first dividend-focused strategies based on our extensive research regarding the importance of focusing on fundamentals 1, rather than market capitalization 2, for weighting indexes. And since June 2006, those strategies have been tested through some unprecedented market events. Since the global financial crisis, the S&P 500 Index has undergone a largely sustained rally. At this time, we believe we might be entering the later stages of this bull market 3 rally a time when investors may appreciate more defensive 4, higher-dividend-paying exposures, as opposed to positioning that can be more cyclical 5 and momentum 6 driven. The WisdomTree High Dividend Fund (DHS) embodies this type of defensive exposure. The Fund tracks the returns of the WisdomTree High Dividend Index before fees and is designed to deliver income and growth potential through exposure to high-dividend-yielding U.S. companies. In the following analysis, we will review the core tenets of the WisdomTree High Dividend Index, its methodology and its impressive, real-time returns. We find it interesting that the first quarter of 2016 has provided somewhat of a real-time study of a period when tilting toward more defensive exposure has performed well versus more traditional market cap-weighted indexes like the S&P 500 and Russell FIGURE 1: FIRST-QUARTER 2016 FAVORED HIGH DIVIDEND POSITIONING Avg. Ann. Return 16% 14% 12% 1 8% 6% 4% 2% 11.3% 8.1% 8.4% 1.8% 1.3% 1.6% 13.6% 11.8% 11.6% 10.2% 9.4% WT High Dividend Index S&P 500 Index Russel 1000 Value Index 6.6% 7.3% 5.8% -2% -4% -1.5% Year-to-Date 1-Year 3-Year 5-Year Since WT Index Inception Source: Bloomberg, with data from 6/1/06. WisdomTree Index inception to 3/31/16. Past performance is not indicative of future results. You cannot invest directly in an index.. 1 Fundamentals: Attributes related to a company s actual operations and production as opposed to changes in share price. 2 Market capitalization: Market cap = share price x number of shares outstanding. 3 Bull market: A long term series upward or bullish movements in a market where the average upward move outpaces that of the average downward move. 4 Defensive: Sectors that comprise equities that tend to contract less when gross domestic product (GDP) and markets experience a downturn, as demand for their goods and services remains; typically defined as Consumer Staples, Health Care, Telecommunication Services and Utilities. 5 Cyclical: Sectors are Consumer Discretionary, Energy, Financials, Industrials, Information Technology and Materials. 6 Momentum: Characterized by high sensitivity to sentiment and perception of potential, with lower sensitivity to actual business operations.

2 FOCUSING ON FUNDAMENTALS REDUCED RISK AND ENHANCED PERFORMANCE One of the common challenges with market capitalization weighting is that it tends to over-weight overvalued stocks and under-weight undervalued ones. Professor Jeremy Siegel, in his book, The Future for Investors, illustrates the importance of both focusing on fundamentals and reducing the risk 7 of being exposed to overvalued stocks over long periods. By sorting the S&P 500 Index into quintiles 8 based on dividends (ranked from highest payers to lowest) and rebalancing on an annual basis, we find that higher dividend yield quintiles: 1. Significantly outperformed the S&P 500 and the lower dividend payers 2. Had lower risk than the S&P 500 Index and the lower dividend payers FIGURE 2: MITIGATING THE RISK OF EXPOSURE TO EXPENSIVE VALUATIONS HAS PAID DIVIDENDS $1,000,000 $970,606 $855,859 Lowest Low Mid High Highest S&P 500 $307,868 $211,633 $200,895 $153,502 $100,000 Growth of $1,000 $10,000 $1, Dividend Yield Return (p.a.) Beta Highest 12.6% 0.93 High 12.4% 0.83 Mid 9.7% 0.92 Low 9.1% 1.07 Lowest 9.6% 1.24 S&P 500 Index 10.4% Source: Professor Jeremy Siegel, The Future for Investors, with updates through 12/31/15. You cannot invest directly in an index. Past performance is not indicative of future results. Data from 12/31/1957 to 12/31/2015. Each stock in the S&P 500 is ranked from highest to lowest by dividend yield on December 31 of every year and placed into quintiles, baskets of stocks, with 100 stocks in each basket. The stocks in the quintiles are weighted by their market capitalization. The dividend yield is defined as each stock s annual dividends per share divided by its stock price as of December 31 of that year Risk: Also standard deviation, which measures the spread of actual returns around an average return during a specific period. Higher risk indicates greater potential for returns to be farther away from this average. 8 Quintiles: Classification into five groups based on ranking, with an equal number of values in each group.

3 INTRODUCING WISDOMTREE S HIGH DIVIDEND APPROACH The risk-adjusted outperformance demonstrated by Professor Siegel s research is the foundation upon which the WisdomTree High Dividend Index was built. At its core, the methodology focuses on: + Stock Selection: From the initial universe of all U.S. dividend-paying companies meeting WisdomTree s market capitalization and liquidity requirements, the top 3, ranked on the basis of dividend yield, are selected. + Weighting: Once these firms are selected, they are weighted on the basis of the cash dividends that they pay. Although firms in the WisdomTree High Dividend Index must demonstrate relatively higher dividend yields 9, this is not a yield-weighted Index the firms with the largest weights are those that are paying out the largest amounts of cash dividends. As figure 3 illustrates, when compared to the S&P 500, the WisdomTree High Dividend Index has two-thirds of its weight in the highest quintile and the balance in the high quintile, with no weight given to mid, low, lowest or non-dividend payers. FIGURE 3: WEIGHT IN S&P 500 DIVIDEND YIELD QUINTILES % WT High Dividend Index WT Dividend Index S&P 500 Index Index Weight % 33.3% 26.2% 20.3% % 17.9% 15.4% 11.8% 13.9% 14.2% 6.3% Highest High Mid Low Lowest Non-Dividend Payer Sources: WisdomTree, Bloomberg, with data as of 11/30/15 Index screening date. You cannot invest directly in an index. Subject to change. 9 Dividend yield: Dividends over the prior 12 months are added together and divided by the current share price. Higher values indicate more dividends are being generated per unit of share price.

4 A METHODOLOGY THAT TILTS TOTAL RETURNS TOWARD DIVIDENDS Most equity indexes have two components driving total returns price return and dividend return. The price return reflects changes in the share prices of the underlying constituents, and the dividend return is a result of dividend payments. Dividend-focused methodologies tilt the profile of total returns toward the dividend component. Over the nearly 10 years since launch: + Price Returns Were Challenged for Value Strategies: Due to its focus on relatively higher-yielding dividend payers in the United States, it could be said that the WisdomTree High Dividend Index tilts toward the value 10 side of the style spectrum. This Index, along with the Russell 1000 Value, had price returns that lagged those of the S&P 500 Index over the period. Why? Quite simply, growth 11 outperformed value and the S&P 500 Index contains elements of both styles. + Dividends Show a Different Story: In these hypothetical investments, there wasn t a significant difference between the dividends of the S&P 500 Index and those of the Russell 1000 Value Index. The dividends for the WisdomTree High Dividend Index, however, were approximately $1,400 to $1,600 higher. It is interesting to note that even in a period in which the overall focus on value was out of favor, the tilt toward higher dividends still delivered. FIGURE 4: DIVIDEND VS. PRICE RETURNS ON A HYPOTHETICAL $10,000 Change/Impact on Hypothetical $10,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $12,120 $16,217 $13,551 $3,969 $2,389 WT High Dividend Index S&P 500 Index Russel 1000 Value Index $2,598 $2,000 Price Impact Hypothetical Dividends Source: Bloomberg, for period 6/1/06 to 3/31/16. You cannot invest directly in an index. Past performance is not indicative of future results. 10 Value: Characterized by lower price levels relative to fundamentals, such as earnings or dividends. Prices are lower because investors are less certain of the performance of these fundamentals in the future. 11 Growth: Characterized by higher price levels relative to fundamentals, such as dividends or earnings. Price levels are higher because investors are willing to pay more due to their expectations of future improvements in these fundamentals.

5 A METHODOLOGY THAT PROVIDES EXPOSURE TO DEFENSIVE SECTORS Certain sectors tend toward relatively higher dividend yields than others, so it s no surprise that the WisdomTree High Dividend Index has higher exposure to defensive sectors than many other indexes which may make it ideally suited for bear markets and later stages of bull markets, like now. FIGURE 5: WISDOMTREE HIGH DIVIDEND INDEX IS MORE EXPOSED TO DEFENSIVE SECTORS 8 Cyclical Sectors Defensive Sectors % 66.4% 69.1% 71.6% % Index Weight % 34.9% 33.6% 30.9% 28.4% 2 1 WT High Dividend WT Dividend S&P 500 Value S&P 500 S&P 500 Growth Source: Bloomberg, with data as of 3/31/16. You cannot invest directly in an index. Subject to change. Cyclical sectors are Consumer Discretionary, Energy, Financials, Industrials, Information Technology and Materials. Defensive sectors are Consumer Staples, Health Care, Telecommunication Services and Utilities.

6 WISDOMTREE HIGH DIVIDEND INDEX IS MORE EXPOSED TO DEFENSIVE SECTORS We are truly excited to be able to look at nearly 10 years of live history to examine how this approach has done in real time. + Performance over the Short Term: Many think of a high dividend approach as just another value strategy. So we find it interesting that over 2016 s first quarter and over the last year a somewhat defensive period when value tends to outperform the WisdomTree High Dividend Index significantly outperformed the Russell 1000 Value Index. + The Phenomenal Five Years: Over the five years ending March 31, 2016, the WisdomTree High Dividend Index delivered a return stronger than the S&P 500 Index with a single-digit average annual volatility AND a beta of Strong Risk/Return Characteristics: Over the one-, three- and five-year periods, the WisdomTree High Dividend Index outperformed the Russell 1000 Value Index with lower average annual risk. In fact, the WisdomTree High Dividend Index outperformed the Russell 1000 Value Index over EVERY period shown in figure 6.

7 FIGURE 6: UNDERSTANDING THE RISK/RETURN TRADE-OFFS OVER TIME Relative to S&P 500 Index Period Index Avg. Ann. Return Avg. Ann. Std. Dev. Sharpe Ratio Up Capture Down Capture Beta Correlation 1-Year 3-Year 5-Year 6/1/2006 to 3/31/2016 WisdomTree High Dividend Index 8.38% 13.26% Russell 1000 Value Index -2.28% 14.45% % % S&P 500 Index 1.78% 14.66% WisdomTree High Dividend Index 11.27% 10.05% % 69.41% Russell 1000 Value Index % % S&P 500 Index 11.82% 11.35% WisdomTree High Dividend Index 13.61% 9.87% % 54.97% Russell 1000 Value Index 9.44% 12.67% % % S&P 500 Index 11.58% 12.22% WisdomTree High Dividend Index 6.65% % 93.42% Russell 1000 Value Index 5.02% 16.21% % % S&P 500 Index % Standard deviation: A measure of how widely an investment or investment strategy s returns move compared to its average returns for an observed period. A higher value implies more risk, in that there is more of a chance the actual return observed is farther away from the average return. Sharpe ratio: Measure of risk-adjusted return. Higher values indicate greater return per unit of risk, specifically standard deviation, which is viewed as being desirable. Up capture: A risk statistic measuring the propensity of an index or investment vehicle to deliver positive returns when an underlying benchmark is delivering positive returns. Higher values indicate greater magnitudes of positive returns relative to this benchmark. Down capture: A risk statistic measuring the propensity of an index or investment vehicle to deliver negative returns when an underlying benchmark is delivering negative returns. Higher values indicate greater magnitudes of negative returns relative to this benchmark. Beta: Measure of the volatility of an index or investment relative to a benchmark. A reading of 1.00 indicates that the investment has moved in lockstep with the benchmark; a reading of indicates that the investment has moved in the exact opposite direction of the benchmark. Correlation: Statistical measure of how two sets of returns move in relation to each other. Correlation coefficients range from -1 to 1. A correlation of 1 means the two subjects of analysis move in lockstep with each other. A correlation of -1 means the two subjects of analysis have moved in exactly opposite directions. Sources: Bloomberg, Zephyr StyleADVISOR, for period from 6/1/06 to 3/31/16. You cannot invest directly in an index. Past performance is not indicative of future results. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns.

8 PLACING THE TRACK RECORD IN APPROPRIATE HISTORICAL CONTEXT The one-, three- and five-year risk statistics be it average annual standard deviation or beta compared to the S&P 500 Index look very different from the since inception figure. Why? At its inception, the WisdomTree High Dividend Index had no caps on either constituent or sector exposures. So: + The financial sector made up approximately one-third of the total cash dividends paid in the United States as of the 2007 screening date These financial companies had relatively higher yields, qualifying for the WisdomTree High Dividend Index and ultimately constituting more than 5 13 of the Index in This extreme over-weight to Financials is responsible for the increased risk in the since inception period. At the November 30, 2012, screening date, new constituent- and sector-capping rules were put in place 5% for any individual constituent and 25% for any individual sector. It is, however, worth noting that the Financials sector hasn t breached a level of 2 since after the global financial crisis. In fact, no sector has because the Dividend Stream 14 itself has become more balanced. Understanding High Dividend Financials of Today Focusing on high dividends within the WisdomTree High Dividend Index has led to a completely different type of Financials exposure as of March 31, 2016, compared to the S&P 500 Index, although the aggregate sector exposures are similar. + Predominantly Real Estate: Nearly all the weight in Financials in the WisdomTree High Dividend Index was in real estate, whereas the exposures in Financials for the S&P 500 Index were much more evenly distributed. + Smaller Market Capitalizations: The WisdomTree High Dividend Index had an average market cap of $3.9 billion and was exposed fairly evenly to large-cap and mid-cap Financials firms, whereas the average market cap for the S&P 500 Financials was more than $33 billion and was nearly all large caps. The bottom line is that when many people think of Financials, they think of large banks first. Those are largely, if not almost completely, avoided in the WisdomTree High Dividend Index. 12 Source: Bloomberg screening date refers to 11/30/ Source: Bloomberg, with data as of 9/30/ Dividend Stream : References the WisdomTree Dividend Index universe. For each firm, the most current indicated dividend per share for each constituent is multiplied by the number of shares outstanding, and then the sum is taken for all constituent firms

9 FIGURE 7: THE DIFFERENCE WITHIN THE FINANCIALS SECTOR Index Weight 14% 12% 1 8% 6% 4% 2% 12.22% 3.03% GICS Industry Group Exposures: Financial Sectors 5.24% 1.12% 0.99% WT High Dividend Index S&P 500 Index 2.61% 0.36% 4.75% Real Estate Banks Insurance Diversified Financials Index Weight % 95.7% Above $10 Billion Market Capitalization Size Breakdown of Financial Sector 46.3% 4.3% Between $2 Billion & $10 Billion WT High Dividend Index S&P 500 Index Below $2 Billion Source: Bloomberg, with data as of 3/31/16. You cannot invest directly in an index. Subject to change. CONCLUSION The WisdomTree High Dividend Fund has had an impressive performance record over its nearly 10-year history. And we believe it provides access to the defensive sectors investors want during late-stage bull and bear markets. It offers investors: + Access to high-dividend stocks + A dividend-weighted portfolio that may provide more income + A history of impressive risk-adjusted returns We can t wait to see what the next 10 years will bring.

10 WISDOMTREE HIGH DIVIDEND FUND Quick Facts Ticker: DHS Exchange: NYSE Expense Ratio: 0.38% Structure: Open-end ETF Exposure: Domestic, dividend-paying stocks across the market capitalization spectrum with relatively higher dividend yields Rebalancing: The portfolio is rebalanced on an annual basis At WisdomTree, we do things differently. We build our ETFs with proprietary methodologies, smart structures and/or uncommon access to provide investors with the potential for income, performance, diversification and more. For more information or to invest in DHS, contact your WisdomTree representative or call WISE (9473). Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus containing this and other important information, please call WISE (9473), or visit wisdomtree. com to view or download a prospectus. Investors should read the prospectus carefully before investing. There are risks associated with investing, including possible loss of principal. Funds focusing their investments on certain sectors may be more vulnerable to any single economic or regulatory development. This may result in greater share price volatility. Please read the Fund s prospectus for specific details regarding the Fund s risk profile. Dividends are not guaranteed, and a company currently paying dividends may cease paying dividends at any time. Double-digit returns were achieved primarily during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A fund s performance, especially for very short periods, should not be the sole factor in making your investment decision. The Global Industry Classification Standard ( GICS ) was developed by and is the exclusive property and a service mark of MSCI Inc. ( MSCI ) and Standard & Poor s ( S&P ), a division of The McGraw-Hill Companies, Inc., and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits), even if notified of the possibility of such damages. WisdomTree High Dividend Index: Measures the performance of the 3 highest-yielding dividend-paying equities in the WisdomTree Dividend Index; weighted by indicated cash dividends. S&P 500 Index: A market capitalization-weighted benchmark of 500 stocks selected by the Standard & Poor s Index Committee, designed to represent the performance of the leading industries in the United States economy. S&P 500 Value Index: A market capitalization-weighted benchmark designed to measure the value segment of the S&P 500 Index. S&P 500 Growth Index: A market capitalization-weighted benchmark designed to measure the growth segment of the S&P 500 Index. WisdomTree Dividend Index: Measures the performance of dividend-paying companies incorporated in the United States that pay regular cash dividends and meet WisdomTree s eligibility requirements; weighted by indicated cash dividends. Russell 1000 Value Index: A measure of the large-cap value segment of the U.S. equity universe, selecting from the Russell 1000 Index. WisdomTree Funds are distributed by Foreside Fund Services, LLC, in the U.S. only. WTGM-1347

The Forgotten Dividend Payers: Mid- & Small-Cap Equities

The Forgotten Dividend Payers: Mid- & Small-Cap Equities WisdomTree Research MARKET INSIGHTS [ April 2013 ] The Forgotten Payers: Mid- & Small-Cap Equities BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & TRIPP ZIMMERMAN, CFA, RESEARCH ANALYST With interest rates

More information

Traditionally, venturing outside the United States has involved two investments:

Traditionally, venturing outside the United States has involved two investments: WisdomTree ETFs INTERNATIONAL HEDGED EQUITY FUND HDWM Approximately 50% of the world s equity opportunity set is outside of the United States, 1 and the majority of that is in developed international stocks,

More information

The Forgotten Dividend Payers: Mid- and Small-Cap Equities

The Forgotten Dividend Payers: Mid- and Small-Cap Equities Research MARKET INSIGHTS [ March 2014 ] The Forgotten Payers: Mid- and Small-Cap Equities BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & TRIPP ZIMMERMAN, CFA, RESEARCH ANALYST Last year, longer-term interest

More information

Source: Nyshka Chandran, Nikkei Skids 3.8% After Abe Fires Third Arrow, CNBC.com, June 5,

Source: Nyshka Chandran, Nikkei Skids 3.8% After Abe Fires Third Arrow, CNBC.com, June 5, WisdomTree ETFs JAPAN HEDGED SMALLCAP EQUITY FUND DXJS The Land of the Rising Sun offers the potential for an exciting investment opportunity. Since Shinzo Abe was elected prime minister in late 2012,

More information

DFE. Dial Up Economic Sensitivity With European Small-Cap Stocks. WisdomTree Europe EUROPE SMALLCAP DIVIDEND UCITS ETF

DFE. Dial Up Economic Sensitivity With European Small-Cap Stocks. WisdomTree Europe EUROPE SMALLCAP DIVIDEND UCITS ETF EUROPE SMALLCAP DIVIDEND UCITS ETF DFE Dial Up Economic Sensitivity With European Small-Cap Stocks At WisdomTree, we believe that small caps can be an interesting complement to many regional equity allocations

More information

Completing Emerging Market Equity Allocations with Small Caps

Completing Emerging Market Equity Allocations with Small Caps WisdomTree ETFs EMERGING MARKETS SMALLCAP DIVIDEND FUND DGS Completing Emerging Market Equity Allocations with Small Caps The world economy is increasingly powered by the evolution of the emerging market

More information

Traditionally, venturing outside the United States has required two investments: + The equities, frequently the primary interest.

Traditionally, venturing outside the United States has required two investments: + The equities, frequently the primary interest. DDWM/DDLS A NEW CHAPTER: DYNAMIC CURRENCY-HEDGED EQUITIES Approximately 50% of the world s equity opportunity set is outside of the United States, 1 and the majority of that is in developed international

More information

Don t Let Currency Risk Weaken the Strength of Germany s Equity Market

Don t Let Currency Risk Weaken the Strength of Germany s Equity Market GERMANY EQUITY UCITS ETF GBP HEDGED DXGP Don t Let Currency Risk Weaken the Strength of Germany s Equity Market Germany is Europe s engine of growth. As the policy picture has shifted and the European

More information

Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades

Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades Developed Market (DM) Valuations Remain Attractive Developed Market (ex US) valuations remain attractive relative to history

More information

Global Small Caps Leading the Way: Comparing Regional Opportunities

Global Small Caps Leading the Way: Comparing Regional Opportunities Research MARKET INSIGHTS [ October 2013 ] Global s Leading the Way: Comparing Regional Opportunities BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & TRIPP ZIMMERMAN, CFA, RESEARCH ANALYST For the first

More information

McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment

McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment March 25, 2014 McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment This paper analyzes the historic performance of the McKinley Capital Management, LLC

More information

WisdomTree SMART BETA

WisdomTree SMART BETA WisdomTree SMART BETA WISDOMTREE AND SMART WisdomTree and SMART BETA In the past two decades, exchange-traded funds (ETFs) have exploded onto the investment scene. New ETFs are coming to market all the

More information

Looking Under the Hood of Smart Beta

Looking Under the Hood of Smart Beta WisdomTree Research MARKET INSIGHTS [ March 2014 ] Looking Under the Hood of Smart Beta BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH, CHRISTOPHER GANNATTI, CFA, ASSOCIATE DIRECTOR OF RESEARCH & ESWARIE

More information

Additional series available. Morningstar TM Rating. Funds in category. Equity style Market cap %

Additional series available. Morningstar TM Rating. Funds in category. Equity style Market cap % Sun Life BlackRock Canadian Equity Fund Series A $11.7604 Net asset value per security (NAVPS) as of July 08, 2016 $0.1379 1.19% Benchmark S&P/TSX Capped Composite Index Fund category Canadian Focused

More information

Total Effect: The total effect represents the opportunity cost of an investment manager's investment decisions relative to the overall benchmark.

Total Effect: The total effect represents the opportunity cost of an investment manager's investment decisions relative to the overall benchmark. vs. //0 to //0 GICS Sector Weight Return To Return Weight Return To Return Effect Effect Effect Total 00.00-0.9-0.9 00.00 0.7 0.7 -.0-0.8 -.8 Consumer Discretionary.. 0.8..7 0. 0.7 0.0 0. Financials 7.7.0

More information

Assessing the Valuations in Various Emerging Market Strategies

Assessing the Valuations in Various Emerging Market Strategies WisdomTree Research MARKET INSIGHTS [ August 2013 ] Assessing the Valuations in Various Emerging Market Strategies BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & CHRISTOPHER GANNATTI, CFA, RESEARCH ANALYST

More information

Dividends of the S&P 500 and NASDAQ-100 Indexes

Dividends of the S&P 500 and NASDAQ-100 Indexes Dividends of the S&P 500 and NASDAQ-100 Indexes Key Metrics for the S&P 500: Dividend & Price Growth (Q2 2015): The S&P 500 dividend* increased from $41.18 to $42.58 (up 3.38%), and the price of the index

More information

Additional series available. Morningstar TM Rating. Funds in category. Fixed income %

Additional series available. Morningstar TM Rating. Funds in category. Fixed income % Sun Life Granite Conservative Portfolio Series A $11.1385 Net asset value per security (NAVPS) as of December 23, 2016 $0.0221 0.20% Benchmark Blended benchmark Fund category Global Fixed Income Balanced

More information

What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012

What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012 What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School CoBank Executive Forum ~ August 23, 2012 Important Information This presentation represents the opinion of Jeremy

More information

The Dividends of a Quality and Growth Factor Approach

The Dividends of a Quality and Growth Factor Approach WisdomTree Research MARKET INSIGHTS [ September 2015 ] The Dividends of a and Growth Factor Approach BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH & CHRISTOPHER GANNATTI, CFA, ASSOCIATE DIRECTOR OF RESEARCH

More information

THE BENEFITS OF SMALL CAPITALIZATION INVESTING

THE BENEFITS OF SMALL CAPITALIZATION INVESTING Mutual Funds White Paper A Nationwide White Paper THE BENEFITS OF SMALL CAPITALIZATION INVESTING EXECUTIVE SUMMARY Small capitalization stocks have generally outperformed larger peers over time. Volatility

More information

Goldman Sachs ActiveBeta Equity Indexes Methodology

Goldman Sachs ActiveBeta Equity Indexes Methodology GOLDMAN SACHS ASSET MANAGEMENT Goldman Sachs ActiveBeta Equity Indexes Methodology Last updated 14 August 2015 Table of Contents I. Introduction... 1 A. Index Overview... 1 B. Index Details... 1 II. Index

More information

Additional series available. Morningstar TM Rating. Funds in category. Equity style Market cap % Giant 48.7 Large 45.5 Medium 5.7 Small 0.1 Micro 0.

Additional series available. Morningstar TM Rating. Funds in category. Equity style Market cap % Giant 48.7 Large 45.5 Medium 5.7 Small 0.1 Micro 0. Sun Life MFS Global Value Fund Series A $20.8051 Net asset value per security (NAVPS) as of December 16, 2016 $-0.0726-0.35% Benchmark MSCI World C$ Index Fund category Global Equity Additional series

More information

Evolving beyond plain vanilla ETFs

Evolving beyond plain vanilla ETFs SCHWAB CENTER FOR FINANCIAL RESEARCH Journal of Investment Research Evolving beyond plain vanilla ETFs Anthony B. Davidow, CIMA Vice President, Alternative Beta and Asset Allocation Strategist, Schwab

More information

S&P 500 Low Volatility Index

S&P 500 Low Volatility Index S&P 500 Low Volatility Index Craig J. Lazzara, CFA S&P Indices December 2011 For Financial Professional/Not for Public Distribution There s nothing passive about how you invest. PROPRIETARY. Permission

More information

AlphaSolutions Reduced Volatility Bull-Bear

AlphaSolutions Reduced Volatility Bull-Bear AlphaSolutions Reduced Volatility Bull-Bear An investment model based on trending strategies coupled with market analytics for downside risk control Portfolio Goals Primary: Seeks long term growth of capital

More information

Mid-Caps An Overlooked Asset Class

Mid-Caps An Overlooked Asset Class Mid-Caps An Overlooked Asset Class Date DD, YYYY March 2014 By Brian J. Lazorishak, CFA, CIC, CIPM, CMT Senior Portfolio Manager Chase Mid-Cap Growth Fund (CHAMX) As investors, we are all looking for that

More information

Style Top Performing Bottom Performing U.S.

Style Top Performing Bottom Performing U.S. White Paper Growth Investing in Times of Market Volatility February 2016 Executive Summary With the frequency of market corrections increasing throughout 201 and 2016, many investors may be dismayed by

More information

INTERNATIONAL SMALL CAP STOCK INVESTING

INTERNATIONAL SMALL CAP STOCK INVESTING INTERNATIONAL SMALL CAP STOCK INVESTING J U N E 3 0, 2 0 1 4 Copyright 2014 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.

More information

J.P. Morgan Equity Risk Premium Multi-Factor (Long Only) Index Series

J.P. Morgan Equity Risk Premium Multi-Factor (Long Only) Index Series J.P. Morgan Equity Risk Premium Multi-Factor (Long Only) Index Series QUESTIONS AND ANSWERS These Questions and Answers highlight selected information to help you better understand: 1. JPERPLMF: J.P. Morgan

More information

Fund commentary. John Hancock Multifactor ETFs Q1 2016

Fund commentary. John Hancock Multifactor ETFs Q1 2016 Fund commentary John Hancock Multifactor ETFs Seek: To pursue results that closely correspond, before fees and expenses, with the indexes Use for: Core or targeted equity exposure MANAGED BY Lukas J. Smart,

More information

ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF. www.alpsfunds.com 866.759.5679

ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF. www.alpsfunds.com 866.759.5679 ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF www.alpsfunds.com 866.759.5679 Why and Growth? Tilting exposure towards high-quality companies has historically produced higher returns on an absolute

More information

NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com

NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com NORTHCOAST ASSET MANAGEMENT An established leader in the field of tactical investment management, specializing in quantitative research

More information

Active indexing: Being passive-aggressive with ETFs

Active indexing: Being passive-aggressive with ETFs Active indexing: Being passive-aggressive with ETFs Jim Rowley, CFA Senior Investment Analyst Vanguard Investment Strategy Group FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION. Agenda Evolution

More information

The Case for Revenue Weighting

The Case for Revenue Weighting The Case for Revenue Weighting Vince Lowry Lead Portfolio Manager Oppenheimer Revenue Factor Team Executive Summary Market-cap-weighted index funds have become an increasingly popular way to gain access

More information

Additional series available. Morningstar TM Rating. Funds in category. Fixed income % of fixed income allocation

Additional series available. Morningstar TM Rating. Funds in category. Fixed income % of fixed income allocation Sun Life MFS Global Total Return Fund Series A $15.6659 Net asset value per security (NAVPS) as of August 05, 2016 $0.1591 1.03% Benchmark Blended benchmark Fund category Global Neutral Balanced Additional

More information

Considering Capex Efficiency

Considering Capex Efficiency EQUITY 101 U.S. Considering Capex Efficiency CONTRIBUTOR Kelly Tang, CFA Director, Global Research & Design kelly.tang@spdji.com Financial theory states that if management cannot find enough valuecreating

More information

Sterling Capital Stratton Small Cap Value Fund

Sterling Capital Stratton Small Cap Value Fund Overview Investment Objective The Small Cap Value Fund seeks long-term capital appreciation. The Fund uses a value investment approach to invest primarily in common stock of small capitalization companies

More information

Assessing the Risks of a Yield-Tilted Equity Portfolio

Assessing the Risks of a Yield-Tilted Equity Portfolio Engineered Portfolio Solutions RESEARCH BRIEF Summer 2011 Update 2014: This Parametric study from 2011 is intended to illustrate common risks and characteristics associated with dividendtilted equity portfolios,

More information

The New GICS Framework: The Impact of Adding Real Estate as the 11th Equity Sector

The New GICS Framework: The Impact of Adding Real Estate as the 11th Equity Sector JUNE 2016 The New GICS Framework: The Impact of Adding Real Estate as the 11th Equity Sector Denise Chisholm l Sector Strategist Michael Escovitz l Quantitative Analyst Matt Goulet, CFA l VP, Sector and

More information

PROSHARES S&P 500 EX-FINANCIALS ETF

PROSHARES S&P 500 EX-FINANCIALS ETF SUMMARY PROSPECTUS SEPTEMBER 17, 2015 SPXN PROSHARES S&P 500 EX-FINANCIALS ETF SPXN LISTED ON NYSE ARCA This Summary Prospectus is designed to provide investors with key fund information in a clear and

More information

THE DIVERSIFICATION BENEFITS AND GROWTH POTENTIAL OF EMERGING MARKETS EQUITIES

THE DIVERSIFICATION BENEFITS AND GROWTH POTENTIAL OF EMERGING MARKETS EQUITIES THE EMERGING MARKETS SMALL-CAP OPPORTUNITY SEPTEMBER 2014 THE DIVERSIFICATION BENEFITS AND GROWTH POTENTIAL OF EMERGING MARKETS EQUITIES are now well accepted concepts. As the asset class has become more

More information

Invesco Alpha Strategies EAFE Select 20 Portfolio. An International Unit Trust Investor Guide

Invesco Alpha Strategies EAFE Select 20 Portfolio. An International Unit Trust Investor Guide Invesco Alpha Strategies EAFE Select 20 Portfolio An International Unit Trust Investor Guide Before investing, investors should carefully read the prospectus and consider the investment objectives, risks,

More information

U.S. SMALL CAP EQUITY: WHICH BENCHMARK IS BEST?

U.S. SMALL CAP EQUITY: WHICH BENCHMARK IS BEST? EXECUTIVE SUMMARY We find persistent performance disparities when comparing three leading benchmarks for U.S. small cap equity, with the MSCI U.S. Small Cap 1750 and the S&P Small Cap 600 outperforming

More information

MML SERIES INVESTMENT FUND

MML SERIES INVESTMENT FUND This Prospectus describes the following Funds. MML SERIES INVESTMENT FUND MML Money Market Fund seeks to maximize current income, preserve capital and maintain liquidity by investing in money market instruments.

More information

SPDR S&P 400 Mid Cap Value ETF

SPDR S&P 400 Mid Cap Value ETF SPDR S&P 400 Mid Cap Value ETF Summary Prospectus-October 31, 2015 Before you invest in the SPDR S&P 400 Mid Cap Value ETF (the Fund ), you may want to review the Fund's prospectus and statement of additional

More information

The New GICS Real Estate Sector and S&P U.S. Benchmarks

The New GICS Real Estate Sector and S&P U.S. Benchmarks The New GICS Real Estate Sector and S&P U.S. Benchmarks Within the Global Industry Classification Standard (GICS), the real estate industry group will be elevated to the sector level, effective in the

More information

THE DIVIDENDS OF A QUALITY AND GROWTH FACTOR APPROACH

THE DIVIDENDS OF A QUALITY AND GROWTH FACTOR APPROACH THE DIVIDENDS OF A QUALITY AND GROWTH FACTOR APPROACH + Co-authored by JEREMY SCHWARTZ [ CFA, WisdomTree Director of Research ] CHRISTOPHER GANNATTI [ CFA, WisdomTree Associate Director of Research ] THE

More information

Global Dividend Indexes FOR REGISTERED REPRESENTATIVE OR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC USE OR VIEWING.

Global Dividend Indexes FOR REGISTERED REPRESENTATIVE OR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC USE OR VIEWING. Global Dividend Indexes The History of Indexes The Dow Jones Industrial Average Established in 1896 and featured 12 stocks. Price-Weighted: Takes sum of stock prices divided by number of stocks (not an

More information

RYT Sector Weights. Price Chart

RYT Sector Weights. Price Chart March 11, 2016 GUGGENHEIM SP 500 EQL WEIGHT TECHNOLOGY (RYT) $89.67 Risk: Med Zacks ETF Rank 2 - Buy 2 Fund Type Issuer Technology - broad RYDEXSGI RYT Sector Weights Benchmark Index SP EQUAL WEIGHT INDEX

More information

WHAT A RISING U.S. DOLLAR MEANS FOR U.S. EQUITIES

WHAT A RISING U.S. DOLLAR MEANS FOR U.S. EQUITIES WHAT A RISING U.S. DOLLAR MEANS FOR U.S. EQUITIES + Co-authored by JEREMY SCHWARTZ [ CFA, WisdomTree Director of Research ] QINDONG (BRUCE) LIU [ Ph.D., CFA, WisdomTree Equity Strategist ] CHRISTOPHER

More information

Using Smart Beta Strategies to Manage a Total Equity Portfolio. Rolf Agather, Managing Director, Research, North America Russell Indexes

Using Smart Beta Strategies to Manage a Total Equity Portfolio. Rolf Agather, Managing Director, Research, North America Russell Indexes Using Smart Beta Strategies to Manage a Total Equity Portfolio Rolf Agather, Managing Director, Research, North America Russell Indexes MARCH 30, 2015 Important Information Copyright Russell Investments

More information

Quarterly, after the close on the third Friday of January, April, July and October

Quarterly, after the close on the third Friday of January, April, July and October Description The S&P 500 Dividend Aristocrats index measures the performance of S&P 500 constituents that have increased dividends every year for the last 25 consecutive years. Index Attributes Since 1926,

More information

Understanding the JPMorgan ETF Efficiente SM 5 Index

Understanding the JPMorgan ETF Efficiente SM 5 Index Fact Sheet Understanding the JPMorgan ETF Efficiente SM 5 Index FAM-1197 3/15 Important Information Disclaimers This document contains important information prepared by Symetra Life Insurance Company (

More information

dividend-focused investing

dividend-focused investing Topics in... dividend-focused investing quality, dividends and portfolio application Using a quality dividend focus strategy to enhance outcomes Portfolios created through the proprietary Quality Dividend

More information

De-Risking Solutions: Low and Managed Volatility

De-Risking Solutions: Low and Managed Volatility De-Risking Solutions: Low and Managed Volatility NCPERS May 17, 2016 Richard Yasenchak, CFA Senior Vice President, Client Portfolio Manager, INTECH FOR INSTITUTIONAL INVESTOR USE C-0416-1610 12-30-16 AGENDA

More information

Emerging Market Volatility

Emerging Market Volatility EGA Wealth Management Expert Series Emerging Market Volatility Remedies for the Chronically Underweight Wealth managers often contemplate aligning emerging market (EM) allocations with global market capitalization

More information

Vanguard PRIMECAP Core Fund As of June 30, 2013

Vanguard PRIMECAP Core Fund As of June 30, 2013 Product Summary Multi-cap equity, investing in a broad spectrum of stocks covering both growth and value stocks and a range of industries. Seeks long-term capital appreciation. Invests in out-of-favor

More information

ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU)

ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU) ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF (ASX Code: ZYAU) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors

More information

Deutsche Alternative Asset Allocation VIP

Deutsche Alternative Asset Allocation VIP Alternative Deutsche Alternative Asset Allocation VIP All-in-one exposure to alternative asset classes : a key piece in asset allocation Building a portfolio of stocks, bonds and cash has long been recognized

More information

Why Look Beyond the U.S. for Dividends?

Why Look Beyond the U.S. for Dividends? Why Look Beyond the U.S. for s? Market Commentary January 2016 WHEN INVESTORS ARE LOOKING FOR YIELD, many may consider dividend-paying equities. s offer a consistent form of return and may buffer risk

More information

India Stands Out from Emerging Market Peers

India Stands Out from Emerging Market Peers WisdomTree Research MARKET INSIGHTS [ October 2015 ] India Stands Out from Emerging Market Peers BY JEREMY SCHWARTZ, CFA, DIRECTOR OF RESEARCH, TRIPP ZIMMERMAN, CFA, ASSOCIATE DIRECTOR OF RESEARCH & GAURAV

More information

POPULAR BOND INDEXES MAY CONTAIN SIGNIFICANT EXPOSURE TO NON-U.S. ISSUERS. Non-U.S. Exposure in the Most Popular Corporate Bond Indexes

POPULAR BOND INDEXES MAY CONTAIN SIGNIFICANT EXPOSURE TO NON-U.S. ISSUERS. Non-U.S. Exposure in the Most Popular Corporate Bond Indexes WisdomTree ETFs STRATEGIC CORPORATE BOND FUND CRDT In the current market environment, investors have increasingly targeted corporate bonds 1 as one approach to enhance income in their portfolios. Through

More information

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios

More information

LYXOR ETF Risk Balanced ETFs

LYXOR ETF Risk Balanced ETFs Committed to Transparency, Liquidity and Efficiency LYXOR ETF Risk Balanced ETFs A better balance of risk and performance OCTOBER 2014 This communication is for retail clients in the UK A NEW GENERATION

More information

Is It Time to Give Up on Active Management?

Is It Time to Give Up on Active Management? Is It Time to Give Up on Active Management? CFA Society of Pittsburgh 3 rd Annual Endowments and Foundations Conference May 2015 Gregory Woodard Portfolio Strategist Manning & Napier Advisors, LLC (Manning

More information

Quantitative Review of U.S. Equities First Quarter 2016

Quantitative Review of U.S. Equities First Quarter 2016 Quantitative Review of U.S. Equities First Quarter 216 U.S. equities finished the first quarter of 216 with a slight gain, despite dropping over 1% through mid- February, as measured by the S&P 5 Index.

More information

An Economic Perspective on Dividends

An Economic Perspective on Dividends 2016 An Economic Perspective on Dividends Table of Contents Corporate Outlook... 1 2 Market Environment... 3 4 Payout Ratio... 5 Long-term View... 6 8 Global View... 9 12 Active Management... 13 Risk Considerations

More information

This is what bull markets are all about

This is what bull markets are all about 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 11 12 This is what bull markets are all about Richard Bernstein This is what bull markets are all about Investors have the impression

More information

MFS AGGRESSIVE GROWTH ALLOCATION FUND

MFS AGGRESSIVE GROWTH ALLOCATION FUND Q3 16 Investment Update MFS AGGRESSIVE GROWTH ALLOCATION FUND A diversified portfolio consisting primarily of MFS stock funds Provides convenient access to a broadly diversified, professionally managed

More information

GLOBAL LISTED INFRASTRUCTURE

GLOBAL LISTED INFRASTRUCTURE JUNE 2016 GLOBAL LISTED INFRASTRUCTURE A Case for Investing Jeremy Anagnos, CFA Chief Investment Officer - Infrastructure INTRODUCTION Listed appeals to investors in many ways. It has a history of attractive

More information

AN INTEGRATED INVESTMENT PROCESS FOCUSED ON FUNDAMENTALS

AN INTEGRATED INVESTMENT PROCESS FOCUSED ON FUNDAMENTALS SEPTEMBER 30, 2016 PFDAX PACIFIC FUNDS SM SMALL/MID-CAP SUBADVISED BY: ROTHSCHILD ASSET MANAGEMENT INC. Class A Class C Advisor Class Investor Class 133 PFPCX 333 PFMDX 033 PFIRX 633 A TIME-TESTED PROCESS

More information

ZACKS MID CAP CORE INDEX (ZAXMC)

ZACKS MID CAP CORE INDEX (ZAXMC) ZACKS MID CAP CORE INDEX (ZAXMC) Table of Contents 1. About Zacks 2. Index Summary 3. Index Methodology 3.1. Overview 3.2. Constituent Criteria 3.3. Rebalancing Frequency 4. Index Calculation & Dissemination

More information

Bank of Montreal Claymore ETFs Protected Deposit Notes Fundamental Class (Canada), Series 1

Bank of Montreal Claymore ETFs Protected Deposit Notes Fundamental Class (Canada), Series 1 Bank of Montreal Claymore ETFs Protected Deposit Notes Fundamental Class (Canada), Series 1 Investment Highlights Opportunity: To provide exposure to the performance of the broad Canadian equity market.

More information

Index Dashboard: S&P 500 Factor Indices

Index Dashboard: S&P 500 Factor Indices Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Jun 28 Jun 29 Jun 21 Jun 211 Jun 212 Jun 213 Jun 214 Jun 215 Jun 216 Sep 213 Dec 213 Mar 214 Jun 214 Sep 214 Dec 214 Mar 215 Jun 215 Sep 215 Dec 215 Mar 216 Jun

More information

Harnessing Innovation and Growth Within Tech

Harnessing Innovation and Growth Within Tech SPDR SPOTLIGHT Harnessing Innovation and Growth Within Tech by David B. Mazza, Head of ETF and Mutual Fund Research, Matthew Bartolini, CFA, Research Strategist, and Jared Rowley, CFA, Research Strategist,

More information

Understanding China s Onshore Market An Overview of the KraneShares Bosera MSCI China A Share ETF (ticker: KBA)

Understanding China s Onshore Market An Overview of the KraneShares Bosera MSCI China A Share ETF (ticker: KBA) Understanding China s Onshore Market An Overview of the KraneShares Bosera MSCI China A Share ETF (ticker: KBA) KBA 9/30/2016 info@kraneshares.com Introduction to KraneShares About KraneShares Krane Funds

More information

Schwab Institutional Large Cap Value Trust Fund

Schwab Institutional Large Cap Value Trust Fund Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Large Value Benchmark Russell 1000 Value Index 1 Unit Class Inception Date 1/3/2002 Fund Inception Date 1/3/2002

More information

The Merits of a Sector-Specialist, Sector-Neutral Investing Strategy

The Merits of a Sector-Specialist, Sector-Neutral Investing Strategy leadership series investment insights July 211 The Merits of a Sector-Specialist, Sector-Neutral Investing Strategy Perhaps the primary concern faced by asset managers, investors, and advisors is the need

More information

HIGH DIVIDENDS: MYTH VS. REALITY A STUDY OF DIVIDEND YIELDS, RISK AND RETURNS

HIGH DIVIDENDS: MYTH VS. REALITY A STUDY OF DIVIDEND YIELDS, RISK AND RETURNS HIGH DIVIDENDS: MYTH VS. REALITY A STUDY OF DIVIDEND YIELDS, RISK AND RETURNS EXECUTIVE SUMMARY This paper examines the relationship between dividend yields, risk and returns, through an exhaustive analysis

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

RPV Sector Weights. Price Chart

RPV Sector Weights. Price Chart February 11, 2016 GUGGENHEIM SP 500 PURE VALUE ETF (RPV) $43.58 Risk: Med Zacks ETF Rank 3 - Hold 3 Fund Type Issuer Style Box - Large Cap Value RYDEXSGI RPV Sector Weights Benchmark Index SP 500 PURE

More information

Best Styles: Harvesting Risk Premium in Equity Investing

Best Styles: Harvesting Risk Premium in Equity Investing Strategy Best Styles: Harvesting Risk Premium in Equity Investing Harvesting risk premiums is a common investment strategy in fixed income or foreign exchange investing. In equity investing it is still

More information

ANZ ETFS S&P 500 HIGH YIELD LOW VOLATILITY ETF (ASX CODE: ZYUS)

ANZ ETFS S&P 500 HIGH YIELD LOW VOLATILITY ETF (ASX CODE: ZYUS) ANZ ETFS S&P 500 HIGH YIELD LOW VOLATILITY ETF (ASX CODE: ZYUS) DIVERSIFY WITH HIGH YIELDING U.S. EQUITIES 1 WHAT IS ANZ ETFS S&P 500 HIGH YIELD LOW VOLATILITY ETF? AT A GLANCE Benchmark S&P 500 Low Volatility

More information

INTERNATIONAL EQUITIES: BLUEPRINT FOR A DIFFERENTIATED MARKET ENVIRONMENT

INTERNATIONAL EQUITIES: BLUEPRINT FOR A DIFFERENTIATED MARKET ENVIRONMENT BENJAMIN SEGAL, CFA Portfolio Manager, Head of Global Equity Team MARCH 2016 INTERNATIONAL EQUITIES: BLUEPRINT FOR A DIFFERENTIATED MARKET ENVIRONMENT International equity market returns have started diverging

More information

ishares Edge Minimum Volatility ETFs

ishares Edge Minimum Volatility ETFs ishares Edge Minimum Volatility ETFs A new approach for the core of your portfolio Establishing an appropriate asset allocation and staying invested in the markets are important determinants of successful

More information

Diversify your global asset allocation approach by focusing on income and income growth.

Diversify your global asset allocation approach by focusing on income and income growth. Diversify your global asset allocation approach by focusing on income and income growth. Institutional investors have embraced global asset allocation (GAA) strategies as a way to pursue returns with low

More information

A Case for Dividend Investing

A Case for Dividend Investing A Case for Dividend Investing Many investors may be surprised to learn that dividends paid by companies have accounted for 45% of the total return for Australian equities over the last 10 years 1. Buying

More information

INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets

INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets INVESTMENT INSIGHTS All-access, Flexible Approach to Emerging Markets Second Quarter 2015 1 1 Please note that the information herein represents the opinion of the portfolio manager and these opinions

More information

Update on MSCI Equal Weighted Indices

Update on MSCI Equal Weighted Indices Introduction Update on MSCI Equal Weighted Indices Market capitalization weighted benchmarks are used for different purposes in the investment process, such as research, asset allocation, performance benchmarking,

More information

Investing Toward Retirement

Investing Toward Retirement ONS Congress 2013 Investing Toward Retirement Janet L Marcantonio, CFP, CRPC Thomas Robinson, CFP Marcantonio Robinson Wealth Advisory Group UBS Financial Services 1 Learning objectives Understand the

More information

CURRENCY HEDGED INDEXES

CURRENCY HEDGED INDEXES INVESTOR INSIGHT CURRENCY HEDGED INDEXES Why Do They Matter? March 2015 CURRENCY HEDGED INDEXES Currency exposure has substantially impacted the performance and the volatility of global equity indexes

More information

The Power of Mid-Caps: Investing in a Sweet Spot of the Market

The Power of Mid-Caps: Investing in a Sweet Spot of the Market Mid-Cap White Paper The Power of Mid-Caps: Investing in a Sweet Spot of the Market We believe U.S. mid-cap companies offer untapped potential for investors. In this paper, we discuss the merits of allocating

More information

State Street Target Retirement Funds - Class K

State Street Target Retirement Funds - Class K The State Street Target Retirement Funds - Class K (the "Funds") represent units of ownership in the State Street Target Retirement Non-Lending Series Funds. The Funds seek to offer complete, low cost

More information

Navellier Covered Call Portfolio

Navellier Covered Call Portfolio Navellier Covered Call Portfolio Process and results for the quarter ending December 31, 2014 Please see important disclosures at the end of the presentation NCD 15 121 NAVELLIER.COM 800.887.8671 Firm

More information

Volatility Driving Emerging Market Currencies Away from Long-Term Fundamental Trends

Volatility Driving Emerging Market Currencies Away from Long-Term Fundamental Trends WisdomTree Research Investment Insights [ January 2012 ] Volatility Driving Emerging Market Currencies Away from Long-Term Fundamental Trends By Jeremy Schwartz, CFA, director of research, Rick Harper,

More information

Which Nasdaq-100 ETF is Right for You?

Which Nasdaq-100 ETF is Right for You? May 2016 Which Nasdaq-100 ETF is Right for You? Dorsey Wright ETF Spotlight Market breadth is an important technique used in technical analysis, as it helps to gauge the general direction of the market.

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

THE IMPORTANCE OF SECTORS IN GLOBAL EQUITY INVESTING

THE IMPORTANCE OF SECTORS IN GLOBAL EQUITY INVESTING INDEX RESEARCH & DESIGN August 2010 THE IMPORTANCE OF SECTORS IN GLOBAL EQUITY INVESTING Investors have traditionally structured global equity portfolios based on regional factors. For example, a typical

More information

The Search for Alpha: Emerging Markets Small Cap

The Search for Alpha: Emerging Markets Small Cap The Search for Alpha: Emerging Markets Small Cap FOURTH QUARTER 2014 In brief As one of the most mispriced asset classes, emerging markets small cap provides an abundant source of alpha for investment

More information