Prepare and Protect:

Let us help you navigate the cycles

ACTIVE RISK-MANAGED ETFS

 

WBI’s active investment process seeks to manage risk to capital, unleash the benefits of compounding, and grow capital efficiently through good and bad market cycles. Our Bull|Bear ETFs combine our time-tested, multi-factor security selection models with our advanced dynamic trailing stop process to protect capital.

POWER FACTOR ETFS

 

WBI’s multi-factor security selection models have been time-tested over three decades to develop the most powerful factor combinations to find the strongest dividend stocks to buy. Our Power Factor ETF unleashes the power of WBI’s sophisticated security selection to identify 50 stocks that have a deep value bias, quality fundamentals, and an attractive yield. Quarterly rebalancing provides a more active approach than you would find in similar offerings.

FEATURED PRODUCTS

WBIF

WBI Bull|Bear
Value 3000 ETF

WBIY

WBI Power Factor® High Dividend ETF

WBIG

WBI Bull|Bear
Yield 3000 ETF

WBIL

WBI Bull|Bear
Quality 3000 ETF

ALL FUNDS

Fund Information
As of: 03/24/2023
NAV Daily Change Median 30 Day Spread Percentage Fact Sheet
$25.51
$0.21
0.31%
Fund Goals

  • Multi-factor smart beta ETF
  • Power Factor® approach focuses on generating the highest dividend yield with a deep value bias and multi-factor fundamental analysis to confirm quality
  • Designed to track the Solactive Power Factor® High Dividend Index

Prices
As of: 03/24/2023
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Net*/Gross Expense Ratio
2,900,000
73.97
$25.50
1,213
-0.03%
0.70% / 0.94%
Performance Month End
As of: 02/28/2023
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
-5.25%
3.92%
3.92%
2.35%
12.64%
6.83%
Market
-5.05%
4.00%
4.00%
2.56%
12.72%
6.86%
Performance Quarter End
As of: 12/31/2022
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
-5.51
15.83
-0.48
-0.48
5.22
6.34
Market
-5.43
15.76
-0.45
-0.45
5.35
6.35

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please see the monthly performance table above.

*The Fund’s investment sub-advisor has agreed to limit the Fund’s Total Annual Fund Operating Expenses to no more than 0.70% of the average daily net assets for the Fund until at least October 31, 2023.

Fund Characteristics
As of: 2/28/2023
30-Day SEC Yield 30-Day Unsubsidized SEC Yield
5.38%
5.16%

WBIY Top Holdings
As of: 03/27/2023
Security Name Weightings Shares
INTEL CORP
SEAGATE TECHNOLOGY HLDNGS PLC ORD SHS
ALTRIA GROUP INC
LYONDELLBASELL INDUSTRIES N V SHS - A -
DOW INC
VERIZON COMMUNICATIONS INC
KINDER MORGAN INC DEL
3M CO
CITIGROUP INC
FORD MTR CO DEL
5.47%
5.32%
5.28%
5.07%
4.84%
4.80%
4.71%
4.52%
4.39%
4.32%
137,706
63,789
88,781
43,344
69,146
94,260
207,578
33,045
75,345
277,591
Download Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
03/27/2023WBIYINTC458140100INTEL CORP137,70629.3600004043048.165.47%73973780.002900000580.00
03/27/2023WBIYSTXG7997R103SEAGATE TECHNOLOGY HLDNGS PLC ORD SHS63,78961.6400003931953.965.32%73973780.002900000580.00
03/27/2023WBIYMO02209S103ALTRIA GROUP INC88,78143.9700003903700.575.28%73973780.002900000580.00
03/27/2023WBIYLYBN53745100LYONDELLBASELL INDUSTRIES N V SHS - A -43,34486.5700003752290.085.07%73973780.002900000580.00
03/27/2023WBIYDOW260557103DOW INC69,14651.7800003580379.884.84%73973780.002900000580.00
03/27/2023WBIYVZ92343V104VERIZON COMMUNICATIONS INC94,26037.6600003549831.604.80%73973780.002900000580.00
03/27/2023WBIYKMI49456B101KINDER MORGAN INC DEL207,57816.7900003485234.624.71%73973780.002900000580.00
03/27/2023WBIYMMM88579Y1013M CO33,045101.1400003342171.304.52%73973780.002900000580.00
03/27/2023WBIYC172967424CITIGROUP INC75,34543.1100003248122.954.39%73973780.002900000580.00
03/27/2023WBIYF345370860FORD MTR CO DEL277,59111.5100003195072.414.32%73973780.002900000580.00
03/27/2023WBIYPXD723787107PIONEER NAT RES CO16,588192.2200003188545.364.31%73973780.002900000580.00
03/27/2023WBIYIP460146103INTERNATIONAL PAPER CO81,91234.4800002824325.763.82%73973780.002900000580.00
03/27/2023WBIYWHR963320106WHIRLPOOL CORP20,465127.1700002602534.053.52%73973780.002900000580.00
03/27/2023WBIYCash&OtherCash&OtherCash & Other2,088,6581.0000002088657.572.82%73973780.00290000058Y
03/27/2023WBIYKSS500255104KOHLS CORP95,56221.4800002052671.762.77%73973780.002900000580.00
03/27/2023WBIYNYCB649445103NEW YORK CMNTY BANCORP INC207,2058.9500001854484.752.51%73973780.002900000580.00
03/27/2023WBIYCALM128030202CAL MAINE FOODS INC27,65954.4600001506309.142.04%73973780.002900000580.00
03/27/2023WBIYPRU744320102PRUDENTIAL FINL INC19,14577.5800001485269.102.01%73973780.002900000580.00
03/27/2023WBIYNRG629377508NRG ENERGY INC41,60731.4900001310204.431.77%73973780.002900000580.00
03/27/2023WBIYFL344849104FOOT LOCKER INC32,93637.9800001250909.281.69%73973780.002900000580.00
03/27/2023WBIYBBY086516101BEST BUY INC15,04674.3200001118218.721.51%73973780.002900000580.00
03/27/2023WBIYKHC500754106KRAFT HEINZ CO28,41638.1800001084922.881.47%73973780.002900000580.00
03/27/2023WBIYPSX718546104PHILLIPS 6610,80193.7300001012377.731.37%73973780.002900000580.00
03/27/2023WBIYWU959802109WESTERN UN CO89,72210.860000974380.921.32%73973780.002900000580.00
03/27/2023WBIYALLY02005N100ALLY FINL INC32,96724.220000798460.741.08%73973780.002900000580.00
03/27/2023WBIYPAGP72651A207PLAINS GP HLDGS L P64,75412.180000788703.721.07%73973780.002900000580.00
03/27/2023WBIYBEN354613101FRANKLIN RESOURCES INC26,67726.290000701338.330.95%73973780.002900000580.00
03/27/2023WBIYCG14316J108CARLYLE GROUP INC23,06930.420000701758.980.95%73973780.002900000580.00
03/27/2023WBIYLEG524660107LEGGETT & PLATT INC22,66930.770000697525.130.94%73973780.002900000580.00
03/27/2023WBIYFNF31620R303FIDELITY NATIONAL FINANCIAL IN FNF GROUP COM20,55033.320000684726.000.93%73973780.002900000580.00
03/27/2023WBIYCVI12662P108CVR ENERGY INC22,31829.550000659496.900.89%73973780.002900000580.00
03/27/2023WBIYORI680223104OLD REP INTL CORP27,28424.010000655088.840.89%73973780.002900000580.00
03/27/2023WBIYHBAN446150104HUNTINGTON BANCSHARES INC58,70610.780000632850.680.86%73973780.002900000580.00
03/27/2023WBIYKEY493267108KEYCORP52,97811.860000628319.080.85%73973780.002900000580.00
03/27/2023WBIYMDC552676108M D C HLDGS INC16,04738.280000614279.160.83%73973780.002900000580.00
03/27/2023WBIYIVZG491BT108INVESCO LTD39,95615.050000601337.800.81%73973780.002900000580.00
03/27/2023WBIYUSB902973304US BANCORP DEL17,15434.900000598674.600.81%73973780.002900000580.00
03/27/2023WBIYTFC89832Q109TRUIST FINANCIAL CORP17,92932.890000589684.810.80%73973780.002900000580.00
03/27/2023WBIYJXN46817M107JACKSON FINANCIAL INC15,24435.420000539942.480.73%73973780.002900000580.00
03/27/2023WBIYCWH13462K109CAMPING WORLD HLDGS INC26,27119.160000503352.360.68%73973780.002900000580.00
03/27/2023WBIYFAF31847R102FIRST AMERN FINL CORP9,35553.710000502457.050.68%73973780.002900000580.00
03/27/2023WBIYCWEN18539C204CLEARWAY ENERGY INC15,35630.170000463290.520.63%73973780.002900000580.00
03/27/2023WBIYCOLB197236102COLUMBIA BKG SYS INC19,05420.520000390988.080.53%73973780.002900000580.00
03/27/2023WBIYVIRT928254101VIRTU FINL INC19,76717.270000341376.090.46%73973780.002900000580.00
03/27/2023WBIYHESM428103105HESS MIDSTREAM LP10,46627.040000283000.640.38%73973780.002900000580.00
03/27/2023WBIYNAVI63938C108NAVIENT CORPORATION16,31615.280000249308.480.34%73973780.002900000580.00
03/27/2023WBIYUPBD76009N100UPBOUND GROUP INC10,64923.440000249612.560.34%73973780.002900000580.00
03/27/2023WBIYSBGI829226109SINCLAIR BROADCAST GROUP INC CL A15,34014.630000224424.200.30%73973780.002900000580.00
03/27/2023WBIYPPBI69478X105PACIFIC PREMIER BANCORP8,08724.710000199829.770.27%73973780.002900000580.00
03/27/2023WBIYPFS74386T105PROVIDENT FINL SVCS INC7,48419.530000146162.520.20%73973780.002900000580.00
03/27/2023WBIYHOPE43940T109HOPE BANCORP INC13,78910.230000141061.470.19%73973780.002900000580.00
Premium/Discount
Download Premium/Discount
Fund Information
As of: 03/24/2023
NAV Daily Change Median 30 Day Spread Percentage Fact Sheet
$26.21
- $0.02
0.27%
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small-, mid- and large-cap securities with consistent fundamentals and strong value characteristics

Prices
As of: 03/24/2023
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Net*/Gross Expense Ratio
1,438,315
37.69
$26.20
726
-0.04%
1.39% / 1.52%
Performance Month End
As of: 02/28/2023
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-2.12%
-0.87%
-0.87%
-10.68%
3.82%
0.43
2.17%
Market
-2.02%
-0.77%
-0.77%
-10.57%
3.94%
0.38
2.17%
Performance Quarter End
As of: 12/31/2022
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-5.91
-0.69
-8.60
-8.60
1.32
0.48
2.32
Market
-5.66
-0.69
-8.38
-8.38
1.29
0.39
2.31

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please see the monthly performance table above.

*The Fund’s investment sub-advisor has agreed to limit the Fund’s Total Annual Fund Operating Expenses to no more than 1.25% of the average daily net assets for the Fund until at least October 31, 2023.

Fund Characteristics
As of: 2/28/2023
30-Day SEC Yield
1.37%
WBIF Top Holdings
As of: 03/27/2023
Security Name Weightings Shares
Cash & Other
LEAR CORP
TEXAS ROADHOUSE INC
HCA HEALTHCARE INC
AMPHENOL CORP NEW
ANALOG DEVICES INC
KLA CORP
MICROCHIP TECHNOLOGY INC.
SOUTHERN CO
LENNAR CORP
48.58%
4.48%
4.15%
4.07%
4.03%
3.98%
3.87%
3.87%
2.95%
2.92%
18,310,268
12,234
15,032
6,033
19,341
7,998
3,885
18,379
16,194
10,603
Download Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
03/27/2023WBIFCash&OtherCash&OtherCash & Other18,310,2681.00000018310268.1848.58%37692051.40143831528Y
03/27/2023WBIFLEA521865204LEAR CORP12,234137.9700001687924.984.48%37692051.401438315280.00
03/27/2023WBIFTXRH882681109TEXAS ROADHOUSE INC15,032104.1000001564831.204.15%37692051.401438315280.00
03/27/2023WBIFHCA40412C101HCA HEALTHCARE INC6,033254.2200001533709.264.07%37692051.401438315280.00
03/27/2023WBIFAPH032095101AMPHENOL CORP NEW19,34178.6100001520396.014.03%37692051.401438315280.00
03/27/2023WBIFADI032654105ANALOG DEVICES INC7,998187.6900001501144.623.98%37692051.401438315280.00
03/27/2023WBIFKLAC482480100KLA CORP3,885375.0700001457146.953.87%37692051.401438315280.00
03/27/2023WBIFMCHP595017104MICROCHIP TECHNOLOGY INC.18,37979.4300001459843.973.87%37692051.401438315280.00
03/27/2023WBIFSO842587107SOUTHERN CO16,19468.5900001110746.462.95%37692051.401438315280.00
03/27/2023WBIFLEN526057104LENNAR CORP10,603103.7400001099955.222.92%37692051.401438315280.00
03/27/2023WBIFHSY427866108HERSHEY CO4,380247.8600001085626.802.88%37692051.401438315280.00
03/27/2023WBIFAEE023608102AMEREN CORP12,64684.0400001062769.842.82%37692051.401438315280.00
03/27/2023WBIFEXP26969P108EAGLE MATLS INC7,440138.8900001033341.602.74%37692051.401438315280.00
03/27/2023WBIFNXPIN6596X109NXP SEMICONDUCTORS N V5,813176.5500001026285.152.72%37692051.401438315280.00
03/27/2023WBIFPCAR693718108PACCAR INC14,06769.900000983283.302.61%37692051.401438315280.00
03/27/2023WBIFPAG70959W103PENSKE AUTOMOTIVE GRP INC4,983132.820000661842.061.76%37692051.401438315280.00
03/27/2023WBIFLOW548661107LOWES COS INC3,131189.460000593199.261.57%37692051.401438315280.00
Premium/Discount
Download Premium/Discount
Fund Information
As of: 03/24/2023
NAV Daily Change Median 30 Day Spread Percentage Fact Sheet
$21.90
$0.06
0.26%
Fund Goals

  • Manage risk to capital
  • Generate an attractive current yield that helps promote compounding
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small-, mid- and large-cap securities that present themselves as undervalued opportunities with attractive dividend yields

Prices
As of: 03/24/2023
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Net*/Gross Expense Ratio
2,530,183
55.42
$21.89
19
-0.06%
1.33% / 1.51%
Performance Month End
As of: 02/28/2023
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-3.99%
-4.22%
-4.22%
-12.79%
2.41%
-0.69
0.53%
Market
-3.91%
-4.30%
-4.30%
-12.76%
2.51%
-0.80
0.52%
Performance Quarter End
As of: 12/31/2022
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-6.07
-1.53
-7.78
-7.78
1.03
0.38
1.06
Market
-5.88
-1.74
-7.67
-7.67
1.19
0.37
1.06

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please see the monthly performance table above.

*The Fund’s investment sub-advisor has agreed to limit the Fund’s Total Annual Fund Operating Expenses to no more than 1.25% of the average daily net assets for the Fund until at least October 31, 2023.

Fund Characteristics
As of: 2/28/2023
30-Day SEC Yield
1.88%
WBIG Top Holdings
As of: 03/27/2023
Security Name Weightings Shares
Cash & Other
COMCAST CORP NEW
CONAGRA BRANDS INC
RAYTHEON TECHNOLOGIES CORP
MARATHON PETE CORP
DELL TECHNOLOGIES INC
AMCOR PLC
INTERNATIONAL BUSINESS MACHS COM
3M CO
COTERRA ENERGY INC
60.23%
4.07%
4.06%
3.95%
3.90%
3.83%
2.78%
2.75%
2.65%
2.61%
33,377,078
62,738
60,448
22,702
17,347
56,828
141,204
12,163
14,546
61,125
Download Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
03/27/2023WBIGCash&OtherCash&OtherCash & Other33,377,0781.00000033377078.0360.23%55418092.21253018350Y
03/27/2023WBIGCMCSA20030N101COMCAST CORP NEW62,73835.9200002253548.964.07%55418092.212530183500.00
03/27/2023WBIGCAG205887102CONAGRA BRANDS INC60,44837.2100002249270.084.06%55418092.212530183500.00
03/27/2023WBIGRTX75513E101RAYTHEON TECHNOLOGIES CORP22,70296.4400002189380.883.95%55418092.212530183500.00
03/27/2023WBIGMPC56585A102MARATHON PETE CORP17,347124.7000002163170.903.90%55418092.212530183500.00
03/27/2023WBIGDELL24703L202DELL TECHNOLOGIES INC56,82837.3800002124230.643.83%55418092.212530183500.00
03/27/2023WBIGAMCRG0250X107AMCOR PLC141,20410.9300001543359.722.78%55418092.212530183500.00
03/27/2023WBIGIBM459200101INTERNATIONAL BUSINESS MACHS COM12,163125.2900001523902.272.75%55418092.212530183500.00
03/27/2023WBIGMMM88579Y1013M CO14,546101.1400001471182.442.65%55418092.212530183500.00
03/27/2023WBIGCTRA127097103COTERRA ENERGY INC61,12523.6800001447440.002.61%55418092.212530183500.00
03/27/2023WBIGMO02209S103ALTRIA GROUP INC32,83943.9700001443930.832.61%55418092.212530183500.00
03/27/2023WBIGABBV00287Y109ABBVIE INC7,833158.0200001237770.662.23%55418092.212530183500.00
03/27/2023WBIGKMB494368103KIMBERLY-CLARK CORP9,412130.4800001228077.762.22%55418092.212530183500.00
03/27/2023WBIGGILD375558103GILEAD SCIENCES INC14,58380.0000001166640.002.11%55418092.212530183500.00
Premium/Discount
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Fund Information
As of: 03/24/2023
NAV Daily Change Median 30 Day Spread Percentage Fact Sheet
$27.43
$0.05
0.25%
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small-, mid- and large-cap securities with strong measures of financial health and potential for growth.

Prices
As of: 03/24/2023
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Net*/Gross Expense Ratio
1,477,182
40.52
$27.42
24
-0.07%
1.25% / 1.45%
Performance Month End
As of: 02/28/2023
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-1.15%
0.74%
0.74%
-7.77%
3.88%
1.44
2.10%
Market
-0.99%
0.78%
0.78%
-7.74%
4.00%
1.35
2.10%
Performance Quarter End
As of: 12/31/2022
Name MTD QTD YTD 1 Year 3 Year 5 Year Since Inception 8/25/2014
NAV
-4.38
1.68
-9.55
-9.55
1.58
1.21
2.05
Market
-4.23
1.64
-9.59
-9.59
1.62
1.18
2.04

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please see the monthly performance table above.

*The Fund’s investment sub-advisor has agreed to limit the Fund’s Total Annual Fund Operating Expenses to no more than 1.25% of the average daily net assets for the Fund until at least October 31, 2023.

Fund Characteristics
As of: 2/28/2023
30-Day SEC Yield
0.64%
WBIL Top Holdings
As of: 03/27/2023
Security Name Weightings Shares
Cash & Other
PEPSICO INC
ANALOG DEVICES INC
MASTERCARD INCORPORATED
MANHATTAN ASSOCIATES INC
VERTEX PHARMACEUTICALS INC
HUMANA INC
BROADCOM INC
COCA COLA CO
VISA INC
59.72%
4.54%
4.48%
4.23%
3.17%
2.57%
2.43%
2.40%
2.40%
2.36%
24,198,172
10,268
9,683
4,873
8,719
3,319
1,957
1,530
16,002
4,328
Download Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
03/27/2023WBILCash&OtherCash&OtherCash & Other24,198,1721.00000024198172.0559.72%40524863.27147718229Y
03/27/2023WBILPEP713448108PEPSICO INC10,268179.0900001838896.124.54%40524863.271477182290.00
03/27/2023WBILADI032654105ANALOG DEVICES INC9,683187.6900001817402.274.48%40524863.271477182290.00
03/27/2023WBILMA57636Q104MASTERCARD INCORPORATED4,873351.6300001713492.994.23%40524863.271477182290.00
03/27/2023WBILMANH562750109MANHATTAN ASSOCIATES INC8,719147.3000001284308.703.17%40524863.271477182290.00
03/27/2023WBILVRTX92532F100VERTEX PHARMACEUTICALS INC3,319314.3900001043460.412.57%40524863.271477182290.00
03/27/2023WBILHUM444859102HUMANA INC1,957502.430000983255.512.43%40524863.271477182290.00
03/27/2023WBILAVGO11135F101BROADCOM INC1,530636.170000973340.102.40%40524863.271477182290.00
03/27/2023WBILKO191216100COCA COLA CO16,00260.900000974521.802.40%40524863.271477182290.00
03/27/2023WBILV92826C839VISA INC4,328221.040000956661.122.36%40524863.271477182290.00
03/27/2023WBILBKNG09857L108BOOKING HOLDINGS INC3802499.330000949745.402.34%40524863.271477182290.00
03/27/2023WBILLMT539830109LOCKHEED MARTIN CORP2,002474.540000950029.082.34%40524863.271477182290.00
03/27/2023WBILIBM459200101INTERNATIONAL BUSINESS MACHS COM7,546125.290000945438.342.33%40524863.271477182290.00
03/27/2023WBILMRK58933Y105MERCK & CO INC8,801104.800000922344.802.28%40524863.271477182290.00
03/27/2023WBILOXY674599105OCCIDENTAL PETE CORP15,72258.180000914705.962.26%40524863.271477182290.00
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Market Disruptions Resulting from COVID-19.  The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.

An investment in the Funds is subject to risk, including the possible loss of principal. There is no guarantee the Advisor’s investment strategy or quantitative models used in the investment strategy will be successful. To the extent that a Fund invests in dividend-paying equities, if stocks held by the Fund reduce or stop paying dividends, the Funds’ ability to generate income may be affected. Small and medium capitalization companies may involve greater volatility and risk than investing in larger and more established companies. Foreign and emerging market securities carry additional risks such as currency fluctuation, economic or financial instability, lack of timely or reliable financial information, or unfavorable political or legal developments.

There are risks specific to WBIY and WBIG which focus on high yielding securities. The Funds invest in high yielding stocks, which may be speculative, higher risk investments. It is possible these companies could pay out more than they can support and may reduce or stop paying dividends at any time, which could have a material adverse effect on the companies’ stock price and the Fund’s performance.

WBIF focuses on value securities. Value style investing involves the risk that an investment made in undervalued securities may not appreciate as anticipated or remain undervalued for long periods of time.

WBIY is not actively managed and the Sub-Advisor does not attempt to take defensive positions in declining markets. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index.

For a full list of investment risks associated with the funds, including but not limited to market risk, portfolio turnover risk, securities business risk, mortgage-backed securities risk, master limited partnership risk, real estate investment trust risk, ETF risk, and trading price risk, please read the prospectus.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in creation units only. Total returns are calculated using the daily 4:00 p.m. EST net asset value (NAV). Market price returns reflect the last trade on a given date where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.