DIVA
Fund Details
Ticker
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.
Month-end
As of 03/31/2016
Fund Performance
Quarter-end
As of 03/31/2016
DIVA
CUSIP
351680806
NAV Calculation Time
4:00pm ET
INAV
DIVAIV
Index Ticker
Index Provider
Marginable
NYSE Arca
Inception Date
01/15/2015
Quick Facts
As Of Date
12/31/2015
Closing Price
$ 24.22
52 Week High
$ 24.65
52 Week Low
$ 21.46
Shares Outstanding
150,004
3 Mo
1 Yr
3 Yr
Since
Inception
1 Yr
3 Yr
Since
Inception
Hedged Dividend Income Index
4.51%
7.05%
4.22%
N/A
2.96%
4.22%
N/A
2.96%
Market Value
Fund NAV
4.24%
6.71%
2.89%
N/A
1.61%
2.89%
N/A
1.61%
30 Day SEC Yield
Fund Market Price
4.19%
7.56%
2.85%
N/A
1.61%
2.85%
N/A
1.61%
30 Day SEC Yield
HFRI Equity Hedge Index
3.43%
-1.66%
-4.49%
N/A
N/A
-4.49%
N/A
N/A
iBoxx Investment Grade Index
3.57%
4.73%
1.32%
N/A
1.63%
1.32%
N/A
1.63%
As Of 03/31/2016
Number of Companies
Price/Earnings Ratio
Long
Short
100
195
15.57
22.92
Price to Book Ratio
1.81
2.12
Average Market Cap (blns.)
28.44
23.41
Median Market Cap (blns.)
6.88
8.53
Beta
1.01
1.03
YES
Exchange
1 Mo
Characteristics
INDXX
YES
Short Selling
Inception Date 01/15/2015
As of 03/31/2016
*Performance data quoted represents past performance and is no guarantee of future results. Current performance
may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an
investors shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not
annualized. For the most recent month end performance, please call 617-292-9801.
IDIVALS
(unsubsidized)
$3,633,097
4.17%
-0.24%
Expense Ratios
Gross Expense Ratio
6.06%
Net Expense Ratio*
0.99%
* FFCM has agreed (i) contractually
to waive its management fees and
reimburse expenses until October 31,
2016 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
1.64% and (ii) voluntarily to waive its
management fees and reimburse
expenses until further notice to the
extent necessary to prevent such
expenses from exceeding 0.99%.
(617)292-9801
www.quant-shares.com
Sector Weightings
As Of 03/31/2016
% Long Weight
% Short Weight
Basic Materials
5.89%
-3.10%
Consumer Discretionary
8.83%
-4.49%
Consumer Staples
4.02%
-2.00%
Energy
21.55%
-10.65%
Financials
24.93%
-12.37%
Health Care
3.17%
-1.54%
Industrials
7.91%
-3.89%
Technology
3.98%
-2.00%
Telecommunications
3.92%
-1.98%
Utilities
15.80%
-7.98%
What are Spread Returns?
Before investing you should carefully consider the Fund's investment objective, risks, charges, and expenses. This and other
information is in the prospectus which can be obtained by visiting www.quant-shares.com. Please read the prospectuses carefully
before you invest.
Risks: There is no guarantee that the strategy will achieve its objective. Investing involves risk, including possible loss of principal. There is risk
that during a "bull" market, when most equity securities and long only strategies are increasing in value, the strategy's short positions will likely
cause the portfolio to underperform the overall U.S. equity market and such strategies. These securities may be more volatile than a broad crosssection of securities, and momentum may be an indicator that a security's price is peaking. The value of an investment in the strategy may fall,
sometimes sharply, and you could lose money by investing in the strategy. The strategy may utilize derivatives and as a result, the strategy could
lose more than the amount it invests. When utilizing short selling the amount the strategy could lose on a short sale is potentially unlimited
because there is no limit on the price a shorted security might attain. For further risk information, please read the prospectus.
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.
Beta is a measure of an asset's sensitivity to an underlying index. Long is purchasing a stock with the expectation that it is going to rise in value.
Short is selling stock with the expectation of profiting by buying it back later at a lower price. Spread Return is the return earned between the
long and short portfolios within each ETF. Price to earnings ratio is a valuation of a company's share price compared to its per-share earnings.
Price to book is a ratio that compares a stocks book value to its market value.
The HFRI Equity Hedge Index that tracks investment managers who maintain positions both long and short in primarily equity and equity
derivative securities. Equity Hedge Managers would typically maintain at least 50% exposure to, and may in some cases be entirely invested in,
equities, both long and short. The Markit iBoxx USD Liquid Investment Grade Index is designed to provide a balanced representation of the
USD investment grade corporate market and that meet the investors demand for USD denominated, highly liquid and representative investment
grade corporate index.
The owners of Shares may purchase or redeem Shares from the Fund in Creation Units only, and the purchase and sale price of individual
Shares trading on an Exchange may be below, at, or above the most recently calculated NAV for such shares.
Distributor: Foreside Fund Services, LLC
(617)292-9801
www.quant-shares.com