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Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small and midcap domestic and foreign securities with improving fundamental growth trends

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1.06%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market

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. For most recent month-end performance, please see the monthly performance tab.

WBIA Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small and midcap domestic and foreign securities with consistent fundamentals and strong value characteristics

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1.05%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market

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. For most recent month-end performance, please see the monthly performance tab.

WBIB Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
Fund Goals

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

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1.05%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market

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. For most recent month-end performance, please see the monthly performance tab.

WBIC Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in small and midcap domestic and foreign securities with attractive value characteristics and prospects for financial stability

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1.06%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market

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. For most recent month-end performance, please see the monthly performance tab.

WBID Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in large-cap domestic and foreign securities with improving fundamental growth trends

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1.06%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market

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. For most recent month-end performance, please see the monthly performance tab.

WBIE Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
$26.050.52%
$0.010.52%
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
04/21/2025WBIFCash&OtherCash&OtherCash & Other2,174,1031.0000002174102.958.04%27044990.81103831520.770000000000Y
04/21/2025WBIFPAG70959W103Penske Automotive Group Inc8,460151.8100001284312.604.75%27044990.81103831520.7700000000000.00
04/21/2025WBIFVOYA929089100Voya Financial Inc21,37156.7600001213017.964.49%27044990.81103831520.7700000000000.00
04/21/2025WBIFTSN902494103Tyson Foods Inc19,77961.2100001210672.594.48%27044990.81103831520.7700000000000.00
04/21/2025WBIFIBKR45841N107Interactive Brokers Group Inc7,578159.5200001208842.564.47%27044990.81103831520.7700000000000.00
04/21/2025WBIFTTEK88162G103Tetra Tech Inc38,70930.2200001169785.984.33%27044990.81103831520.7700000000000.00
04/21/2025WBIFCBOE12503M108Cboe Global Markets Inc5,108217.0700001108793.564.10%27044990.81103831520.7700000000000.00
04/21/2025WBIFHSY427866108Hershey Co/The6,627166.5900001103991.934.08%27044990.81103831520.7700000000000.00
04/21/2025WBIFFNF31620R303Fidelity National Financial Inc17,64861.8100001090822.884.03%27044990.81103831520.7700000000000.00
04/21/2025WBIFDRI237194105Darden Restaurants Inc5,422200.2200001085592.844.01%27044990.81103831520.7700000000000.00
04/21/2025WBIFGL37959E102Globe Life Inc8,879121.2500001076578.753.98%27044990.81103831520.7700000000000.00
04/21/2025WBIFPAYX704326107Paychex Inc7,426144.9000001076027.403.98%27044990.81103831520.7700000000000.00
04/21/2025WBIFQCOM747525103QUALCOMM Inc7,587136.6600001036839.423.83%27044990.81103831520.7700000000000.00
04/21/2025WBIFLRCX512807306Lam Research Corp16,15063.7600001029724.003.81%27044990.81103831520.7700000000000.00
04/21/2025WBIFHCA40412C101HCA Healthcare Inc2,923335.010000979234.233.62%27044990.81103831520.7700000000000.00
04/21/2025WBIFAAPL037833100Apple Inc3,917196.980000771570.662.85%27044990.81103831520.7700000000000.00
04/21/2025WBIFGOOGL02079K305Alphabet Inc4,908151.160000741893.282.74%27044990.81103831520.7700000000000.00
04/21/2025WBIFMSFT594918104Microsoft Corp1,994367.780000733353.322.71%27044990.81103831520.7700000000000.00
04/21/2025WBIFAMZN023135106Amazon.com Inc4,076172.610000703558.362.60%27044990.81103831520.7700000000000.00
04/21/2025WBIFNVDA67066G104NVIDIA Corp6,813101.490000691451.372.56%27044990.81103831520.7700000000000.00
04/21/2025WBIFTSLA88160R101Tesla Inc2,861241.370000690559.572.55%27044990.81103831520.7700000000000.00
04/21/2025WBIFMETA30303M102Meta Platforms Inc1,329501.480000666466.922.46%27044990.81103831520.7700000000000.00
04/21/2025WBIFWEC92939U106WEC Energy Group Inc4,954108.390000536964.061.99%27044990.81103831520.7700000000000.00
04/21/2025WBIFAEE023608102Ameren Corp5,32098.650000524818.001.94%27044990.81103831520.7700000000000.00
04/21/2025WBIFCVS126650100CVS Health Corp7,23767.290000486977.731.80%27044990.81103831520.7700000000000.00
04/21/2025WBIFFIX199908104Comfort Systems USA Inc1,336347.950000464861.201.72%27044990.81103831520.7700000000000.00
04/21/2025WBIFMDLZ609207105Mondelez International Inc6,79067.320000457102.801.69%27044990.81103831520.7700000000000.00
04/21/2025WBIFELV036752103ELEVANCE HEALTH INC1,073424.530000455520.691.68%27044990.81103831520.7700000000000.00
04/21/2025WBIFAEP025537101American Electric Power Co Inc3,803107.710000409621.131.51%27044990.81103831520.7700000000000.00
04/21/2025WBIFAFG025932104American Financial Group Inc/OH2,204127.970000282045.881.04%27044990.81103831520.7700000000000.00
04/21/2025WBIFEGG3223R108Everest Group Ltd799349.930000279594.071.03%27044990.81103831520.7700000000000.00
04/21/2025WBIFTHG410867105Hanover Insurance Group Inc/The716161.670000115755.720.43%27044990.81103831520.7700000000000.00
04/21/2025WBIFBAH099502106Booz Allen Hamilton Holding Corp912113.680000103676.160.38%27044990.81103831520.7700000000000.00
04/21/2025WBIFUNH91324P102UnitedHealth Group Inc180454.11000081739.800.30%27044990.81103831520.7700000000000.00
Fund Goals

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

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,038,3150.52%
27.050.52%
$26.060.52%
3250.52%
0.03%0.52%
1.04%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
-3.97%
1.15%
1.15%
-5.40%
-2.29%
2.31%
Market
-3.64%
1.33%
1.33%
-5.43%
-2.30%
2.31%
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
-3.97
1.15
1.15
-5.40
-2.29
2.31
Market
-3.64
1.33
1.33
-5.43
-2.30
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. For most recent month-end performance, please see the monthly performance tab.

WBIF Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Cash & Other
Penske Automotive Group Inc
Voya Financial Inc
Tyson Foods Inc
Interactive Brokers Group Inc
Tetra Tech Inc
Cboe Global Markets Inc
Hershey Co/The
Fidelity National Financial Inc
Darden Restaurants Inc
8.04%
4.75%
4.49%
4.48%
4.47%
4.33%
4.10%
4.08%
4.03%
4.01%
2,174,103
8,460
21,371
19,779
7,578
38,709
5,108
6,627
17,648
5,422
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
$20.530.30%
$0.070.30%
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
04/21/2025WBIGCash&OtherCash&OtherCash & Other6,409,7251.0000006409724.5819.76%32440840.95158018331.600000000000Y
04/21/2025WBIGPFE717081103Pfizer Inc68,73422.1400001521770.764.69%32440840.95158018331.6000000000000.00
04/21/2025WBIGUPS911312106United Parcel Service Inc15,51196.4300001495725.734.61%32440840.95158018331.6000000000000.00
04/21/2025WBIGAPA03743Q108APA Corp92,51016.1100001490336.104.59%32440840.95158018331.6000000000000.00
04/21/2025WBIGVZ92343V104Verizon Communications Inc33,21444.0400001462744.564.51%32440840.95158018331.6000000000000.00
04/21/2025WBIGGD369550108General Dynamics Corp4,750276.0800001311380.004.04%32440840.95158018331.6000000000000.00
04/21/2025WBIGT00206R102AT&T Inc48,31327.1500001311697.954.04%32440840.95158018331.6000000000000.00
04/21/2025WBIGSJM832696405J M Smucker Co/The11,151116.4400001298422.444.00%32440840.95158018331.6000000000000.00
04/21/2025WBIGHSY427866108Hershey Co/The7,769166.5900001294237.713.99%32440840.95158018331.6000000000000.00
04/21/2025WBIGTSN902494103Tyson Foods Inc21,01761.2100001286450.573.97%32440840.95158018331.6000000000000.00
04/21/2025WBIGTTEK88162G103Tetra Tech Inc42,52830.2200001285196.163.96%32440840.95158018331.6000000000000.00
04/21/2025WBIGLRCX512807306Lam Research Corp19,19063.7600001223554.403.77%32440840.95158018331.6000000000000.00
04/21/2025WBIGAAPL037833100Apple Inc4,680196.980000921866.402.84%32440840.95158018331.6000000000000.00
04/21/2025WBIGCBOE12503M108Cboe Global Markets Inc4,094217.070000888684.582.74%32440840.95158018331.6000000000000.00
04/21/2025WBIGGOOGL02079K305Alphabet Inc5,864151.160000886402.242.73%32440840.95158018331.6000000000000.00
04/21/2025WBIGMSFT594918104Microsoft Corp2,383367.780000876419.742.70%32440840.95158018331.6000000000000.00
04/21/2025WBIGFNF31620R303Fidelity National Financial Inc13,99761.810000865154.572.67%32440840.95158018331.6000000000000.00
04/21/2025WBIGAMZN023135106Amazon.com Inc4,870172.610000840610.702.59%32440840.95158018331.6000000000000.00
04/21/2025WBIGNVDA67066G104NVIDIA Corp8,141101.490000826230.092.55%32440840.95158018331.6000000000000.00
04/21/2025WBIGTSLA88160R101Tesla Inc3,419241.370000825244.032.54%32440840.95158018331.6000000000000.00
04/21/2025WBIGMETA30303M102Meta Platforms Inc1,588501.480000796350.242.45%32440840.95158018331.6000000000000.00
04/21/2025WBIGVNOM927959106Viper Energy Inc14,37041.370000594486.901.83%32440840.95158018331.6000000000000.00
04/21/2025WBIGKMB494368103Kimberly-Clark Corp3,068142.810000438141.081.35%32440840.95158018331.6000000000000.00
04/21/2025WBIGPEP713448108PepsiCo Inc2,839142.840000405522.761.25%32440840.95158018331.6000000000000.00
04/21/2025WBIGSYY871829107Sysco Corp5,45871.740000391556.921.21%32440840.95158018331.6000000000000.00
04/21/2025WBIGELV036752103ELEVANCE HEALTH INC606424.530000257265.180.79%32440840.95158018331.6000000000000.00
04/21/2025WBIGHIG416515104Hartford Insurance Group Inc/The2,106117.800000248086.800.76%32440840.95158018331.6000000000000.00
04/21/2025WBIGCVS126650100CVS Health Corp3,58367.290000241100.070.74%32440840.95158018331.6000000000000.00
04/21/2025WBIGMDLZ609207105Mondelez International Inc3,31567.320000223165.800.69%32440840.95158018331.6000000000000.00
04/21/2025WBIGHCA40412C101HCA Healthcare Inc637335.010000213401.370.66%32440840.95158018331.6000000000000.00
04/21/2025WBIGAEE023608102Ameren Corp2,05598.650000202725.750.62%32440840.95158018331.6000000000000.00
04/21/2025WBIGUNH91324P102UnitedHealth Group Inc219454.11000099450.090.31%32440840.95158018331.6000000000000.00
Fund Goals

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

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,580,1830.30%
32.440.30%
$20.540.30%
1,2810.30%
0.05%0.30%
1.04%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
-5.25%
-4.73%
-4.73%
-8.73%
-4.92%
0.68%
Market
-5.23%
-4.68%
-4.68%
-8.89%
-5.02%
0.66%
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
-5.25
-4.73
-4.73
-8.73
-4.92
0.68
Market
-5.23
-4.68
-4.68
-8.89
-5.02
0.66

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. For most recent month-end performance, please see the monthly performance tab.

WBIG Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Cash & Other
Pfizer Inc
United Parcel Service Inc
APA Corp
Verizon Communications Inc
General Dynamics Corp
AT&T Inc
J M Smucker Co/The
Hershey Co/The
Tyson Foods Inc
19.76%
4.69%
4.61%
4.59%
4.51%
4.04%
4.04%
4.00%
3.99%
3.97%
6,409,725
68,734
15,511
92,510
33,214
4,750
48,313
11,151
7,769
21,017
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
$28.760.54%
$0.030.54%
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
04/21/2025WBILCash&OtherCash&OtherCash & Other4,633,9111.0000004633910.5215.69%29540110.83102718220.540000000000Y
04/21/2025WBILMNST61174X109Monster Beverage Corp27,39158.4100001599908.315.42%29540110.83102718220.5400000000000.00
04/21/2025WBILSPOTL8681T102Spotify Technology SA2,486574.2500001427585.504.83%29540110.83102718220.5400000000000.00
04/21/2025WBILAJG363576109Arthur J Gallagher & Co4,308329.2200001418279.764.80%29540110.83102718220.5400000000000.00
04/21/2025WBILYUM988498101Yum! Brands Inc9,728143.3100001394119.684.72%29540110.83102718220.5400000000000.00
04/21/2025WBILAMP03076C106Ameriprise Financial Inc2,991464.5600001389498.964.70%29540110.83102718220.5400000000000.00
04/21/2025WBILCPRT217204106Copart Inc22,42159.6800001338085.284.53%29540110.83102718220.5400000000000.00
04/21/2025WBILHSY427866108Hershey Co/The8,037166.5900001338883.834.53%29540110.83102718220.5400000000000.00
04/21/2025WBILHCA40412C101HCA Healthcare Inc3,965335.0100001328314.654.50%29540110.83102718220.5400000000000.00
04/21/2025WBILHEI422806109HEICO Corp5,296244.7400001296143.044.39%29540110.83102718220.5400000000000.00
04/21/2025WBILCTAS172908105Cintas Corp6,059205.7600001246699.844.22%29540110.83102718220.5400000000000.00
04/21/2025WBILROL775711104Rollins Inc21,56155.7800001202672.584.07%29540110.83102718220.5400000000000.00
04/21/2025WBILDRI237194105Darden Restaurants Inc5,923200.2200001185903.064.01%29540110.83102718220.5400000000000.00
04/21/2025WBILPGR743315103Progressive Corp/The3,414265.450000906246.303.07%29540110.83102718220.5400000000000.00
04/21/2025WBILAAPL037833100Apple Inc4,284196.980000843862.322.86%29540110.83102718220.5400000000000.00
04/21/2025WBILGOOGL02079K305Alphabet Inc5,368151.160000811426.882.75%29540110.83102718220.5400000000000.00
04/21/2025WBILMSFT594918104Microsoft Corp2,181367.780000802128.182.72%29540110.83102718220.5400000000000.00
04/21/2025WBILAMZN023135106Amazon.com Inc4,458172.610000769495.382.60%29540110.83102718220.5400000000000.00
04/21/2025WBILNVDA67066G104NVIDIA Corp7,452101.490000756303.482.56%29540110.83102718220.5400000000000.00
04/21/2025WBILTSLA88160R101Tesla Inc3,130241.370000755488.102.56%29540110.83102718220.5400000000000.00
04/21/2025WBILMETA30303M102Meta Platforms Inc1,454501.480000729151.922.47%29540110.83102718220.5400000000000.00
04/21/2025WBILKMB494368103Kimberly-Clark Corp4,756142.810000679204.362.30%29540110.83102718220.5400000000000.00
04/21/2025WBILZS98980G102Zscaler Inc2,181201.090000438577.291.48%29540110.83102718220.5400000000000.00
04/21/2025WBILHIG416515104Hartford Insurance Group Inc/The2,644117.800000311463.201.05%29540110.83102718220.5400000000000.00
04/21/2025WBILPG742718109Procter & Gamble Co/The1,803169.573200305740.481.04%29540110.83102718220.5400000000001905.41
04/21/2025WBILCOST22160K105Costco Wholesale Corp301994.500000299344.501.01%29540110.83102718220.5400000000000.00
04/21/2025WBILNFLX64110L106Netflix Inc197973.030000191686.910.65%29540110.83102718220.5400000000000.00
04/21/2025WBILTMUS872590104T-Mobile US Inc606262.040000158796.240.54%29540110.83102718220.5400000000000.00
Fund Goals

  • Manage risk to capital
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in large-cap domestic and foreign securities with attractive value characteristics and prospects for financial stability

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,027,1820.54%
29.540.54%
$28.770.54%
3360.54%
0.04%0.54%
1.05%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
-8.35%
-9.44%
-9.44%
-8.20%
1.28%
2.96%
Market
-8.16%
-9.21%
-9.21%
-8.32%
1.20%
2.95%
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
-8.35
-9.44
-9.44
-8.20
1.28
2.96
Market
-8.16
-9.21
-9.21
-8.32
1.20
2.95

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. For most recent month-end performance, please see the monthly performance tab.

WBIL Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Cash & Other
Monster Beverage Corp
Spotify Technology SA
Arthur J Gallagher & Co
Yum! Brands Inc
Ameriprise Financial Inc
Copart Inc
Hershey Co/The
HCA Healthcare Inc
HEICO Corp
15.69%
5.42%
4.83%
4.80%
4.72%
4.70%
4.53%
4.53%
4.50%
4.39%
4,633,911
27,391
2,486
4,308
9,728
2,991
22,421
8,037
3,965
5,296
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
Fund Goals

  • Manage risk to capital
  • Generate high current yield that helps to promote compounding
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in income-producing debt and equity securities of foreign and domestic companies

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1.17%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market

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. For most recent month-end performance, please see the monthly performance tab.

WBII Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
Fund Goals

  • Manage risk to capital
  • Generate high current yield that helps to promote compounding
  • Seeks to provide attractive returns and long-term growth of capital
  • Typically invests in income-producing debt and equity securities of foreign and domestic companies

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1.21%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 8/25/2014
NAV
Market

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. For most recent month-end performance, please see the monthly performance tab.

WBIH Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
Fund Goals

  • Strives to provide global asset rotation, high risk-adjusted returns, and protect capital during unfavorable periods
  • May invest in any global asset class, geographic region, country, index, sector, industry, currency, or cash equivalents

Prices
 As of: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1.59%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 7/25/2016
NAV
Market
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 7/25/2016
NAV
Market

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. For most recent month-end performance, please see the monthly performance tab.

WBIR Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Fund Information
 As of: 04/17/2025
NAV Daily Change Fact Sheet Holdings
$26.960.38%
$0.310.38%
DateAccountStockTickerCUSIPSecurityNameSharesPriceMarketValueWeightingsNetAssetsSharesOutstandingCreationUnitsMoneyMarketFlagIncomeByPosition
04/21/2025WBIYCVS126650100CVS Health Corp54,84567.2900003690520.057.02%52572000.00195000039.0000000000000.00
04/21/2025WBIYT00206R102AT&T Inc130,30227.1500003537699.306.73%52572000.00195000039.0000000000000.00
04/21/2025WBIYVZ92343V104Verizon Communications Inc75,86044.0400003340874.406.35%52572000.00195000039.0000000000000.00
04/21/2025WBIYMO02209S103Altria Group Inc43,91558.1600002554096.404.86%52572000.00195000039.0000000000000.00
04/21/2025WBIYD25746U109Dominion Energy Inc47,22753.1700002511059.594.78%52572000.00195000039.0000000000000.00
04/21/2025WBIYF345370860Ford Motor Co259,9459.6300002503270.354.76%52572000.00195000039.0000000000000.00
04/21/2025WBIYCash&OtherCash&OtherCash & Other2,438,8001.0000002438800.094.64%52572000.00195000039.000000000000Y
04/21/2025WBIYCAG205887102CONAGRA BRANDS INC93,33925.3300002364276.874.50%52572000.00195000039.0000000000000.00
04/21/2025WBIYAES00130H105AES Corp/The213,02310.1800002168574.144.12%52572000.00195000039.0000000000000.00
04/21/2025WBIYUPS911312106United Parcel Service Inc22,08396.4300002129463.694.05%52572000.00195000039.0000000000000.00
04/21/2025WBIYLYBN53745100LyondellBasell Industries NV36,99256.7700002100035.843.99%52572000.00195000039.0000000000000.00
04/21/2025WBIYSON835495102Sonoco Products Co39,89443.9000001751346.603.33%52572000.00195000039.0000000000000.00
04/21/2025WBIYBEN354613101Franklin Resources Inc85,41117.6100001504087.712.86%52572000.00195000039.0000000000000.00
04/21/2025WBIYDINO403949100HF Sinclair Corp42,38329.0300001230378.492.34%52572000.00195000039.0000000000000.00
04/21/2025WBIYWHR963320106Whirlpool Corp12,99578.8400001024525.801.95%52572000.00195000039.0000000000000.00
04/21/2025WBIYCRI146229109Carter's Inc26,52436.370000964677.881.83%52572000.00195000039.0000000000000.00
04/21/2025WBIYPOR736508847Portland General Electric Co22,27643.080000959650.081.83%52572000.00195000039.0000000000000.00
04/21/2025WBIYWU959802109Western Union Co/The97,0009.810000951570.001.81%52572000.00195000039.0000000000000.00
04/21/2025WBIYIPG460690100Interpublic Group of Cos Inc/The33,70823.940000806969.521.53%52572000.00195000039.0000000000000.00
04/21/2025WBIYPZZA698813102Papa John's International Inc25,84031.160000805174.401.53%52572000.00195000039.0000000000000.00
04/21/2025WBIYOMF68268W103OneMain Holdings Inc17,82144.410000791430.611.51%52572000.00195000039.0000000000000.00
04/21/2025WBIYNEG65431127Noble Corp PLC36,55020.420000746351.001.42%52572000.00195000039.0000000000000.00
04/21/2025WBIYCMA200340107Comerica Inc13,71652.950000726262.201.38%52572000.00195000039.0000000000000.00
04/21/2025WBIYCNHN20944109CNH Industrial NV65,34211.120000726603.041.38%52572000.00195000039.0000000000000.00
04/21/2025WBIYPRU744320102Prudential Financial Inc7,24799.470000720859.091.37%52572000.00195000039.0000000000000.00
04/21/2025WBIYOGN68622V106Organon & Co63,55211.120000706698.241.34%52572000.00195000039.0000000000000.00
04/21/2025WBIYCVX166764100Chevron Corp5,052137.870000696519.241.32%52572000.00195000039.0000000000000.00
04/21/2025WBIYCOLB197236102Columbia Banking System Inc30,69522.180000680815.101.30%52572000.00195000039.0000000000000.00
04/21/2025WBIYM55616P104Macy's Inc59,73311.130000664828.291.26%52572000.00195000039.0000000000000.00
04/21/2025WBIYFMC302491303FMC Corp16,57637.840000627235.841.19%52572000.00195000039.0000000000000.00
04/21/2025WBIYFLO343498101Flowers Foods Inc31,15118.260000568817.261.08%52572000.00195000039.0000000000000.00
04/21/2025WBIYCFG174610105Citizens Financial Group Inc15,69535.450000556387.751.06%52572000.00195000039.0000000000000.00
04/21/2025WBIYPII731068102Polaris Inc16,11333.180000534629.341.02%52572000.00195000039.0000000000000.00
04/21/2025WBIYCWEN18539C204Clearway Energy Inc17,54429.230000512811.120.98%52572000.00195000039.0000000000000.00
04/21/2025WBIYHESM428103105Hess Midstream LP13,70737.530000514423.710.98%52572000.00195000039.0000000000000.00
04/21/2025WBIYTNL894164102Travel + Leisure Co10,73841.420000444767.960.85%52572000.00195000039.0000000000000.00
04/21/2025WBIYPINC74051N102Premier Inc18,67219.330000360929.760.69%52572000.00195000039.0000000000000.00
04/21/2025WBIYLCII50189K103LCI Industries4,58077.390000354446.200.67%52572000.00195000039.0000000000000.00
04/21/2025WBIYAPAM04316A108Artisan Partners Asset Management Inc8,12435.040000284664.960.54%52572000.00195000039.0000000000000.00
04/21/2025WBIYDIN254423106Dine Brands Global Inc12,50620.230000252996.380.48%52572000.00195000039.0000000000000.00
04/21/2025WBIYGES401617105Guess? Inc25,5079.690000247162.830.47%52572000.00195000039.0000000000000.00
04/21/2025WBIYNAVI63938C108Navient Corp17,42011.210000195278.200.37%52572000.00195000039.0000000000000.00
04/21/2025WBIYUPBD76009N100Upbound Group Inc8,96420.550000184210.200.35%52572000.00195000039.0000000000000.00
04/21/2025WBIYGSLY27183600Global Ship Lease Inc8,45720.540000173706.780.33%52572000.00195000039.0000000000000.00
04/21/2025WBIYMNRO610236101Monro Inc12,37613.960000172768.960.33%52572000.00195000039.0000000000000.00
04/21/2025WBIYNTBG0772R208Bank of NT Butterfield & Son Ltd/The3,98637.480000149395.280.28%52572000.00195000039.0000000000000.00
04/21/2025WBIYBRKL11373M107Brookline Bancorp Inc14,2069.890000140497.340.27%52572000.00195000039.0000000000000.00
04/21/2025WBIYHOPE43940T109Hope Bancorp Inc15,1279.520000144009.040.27%52572000.00195000039.0000000000000.00
04/21/2025WBIYIGTG4863A108International Game Technology PLC8,13216.060000130599.920.25%52572000.00195000039.0000000000000.00
04/21/2025WBIYBBY086516101Best Buy Co Inc1,88761.970000116937.390.22%52572000.00195000039.0000000000000.00
04/21/2025WBIYVRTS92828Q109Virtus Investment Partners Inc716148.960000106655.360.20%52572000.00195000039.0000000000000.00
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: 04/17/2025
Shares Outstanding Fund Size ($M) Closing Bid/Ask (Midpoint) Daily Volume Premium/Discount Expense Ratio
1,950,0000.38%
52.570.38%
$27.000.38%
2,7010.38%
0.13%0.38%
0.70%
Performance Month End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
-1.70%
0.11%
0.11%
1.71%
5.90%
7.29%
Market
-1.42%
0.34%
0.34%
1.67%
5.86%
7.30%
Performance Quarter End
 As of: 03/31/2025
Name MTD QTD YTD 1 Year 3 Year Since Inception 12/19/2016
NAV
-1.70
0.11
0.11
1.71
5.90
7.29
Market
-1.42
0.34
0.34
1.67
5.86
7.30

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. For most recent month-end performance, please see the monthly performance tab.

WBIY Top Holdings
 As of: 04/21/2025
Security Name Weightings Shares
CVS Health Corp
AT&T Inc
Verizon Communications Inc
Altria Group Inc
Dominion Energy Inc
Ford Motor Co
Cash & Other
CONAGRA BRANDS INC
AES Corp/The
United Parcel Service Inc
7.02%
6.73%
6.35%
4.86%
4.78%
4.76%
4.64%
4.50%
4.12%
4.05%
54,845
130,302
75,860
43,915
47,227
259,945
2,438,800
93,339
213,023
22,083
Premium/Discount

The chart above shows the difference between the daily price for shares of the Fund and the Fund’s NAV (net asset value). The daily price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of 4:00 p.m. EST (when NAV is normally determined for most ETFs). The premium or discount is presented on the vertical axis of the chart and is shown as a percentage of NAV. The number of trading days in the period covered by the chart is indicated on the horizontal axis. The bars in the chart display the number of trading days in which the Fund traded within the premium/discount range shown. The horizontal bar for the range of ≥0.0 up to 0.5 includes the days that the Fund’s daily price matched its NAV (i.e. there was no premium or discount).

Download all holdings data

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.

 

An investment in the Funds is subject to risk, including the possible loss of principal. The Funds may invest in foreign and emerging market securities which carry additional risks than investing in the United States such as currency fluctuation, economic or financial instability, and lack of timely or reliable financial information or unfavorable political or legal developments. The Funds are subject to model risk, the investment process includes the use of proprietary models and analysis which rely on third party data and if inaccurate could adversely affect the Fund performance. The Funds may invest in REITs and will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax files applicable to REITs. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risk related to general or local economic conditions.

 

The Funds may invest in Exchange Traded Funds (ETFs), mutual funds and Exchange Traded Notes (ETNs) which will subject the Funds to additional expenses of each ETF, mutual fund or ETN and risk of owning the underlying securities held by each. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. Master Limited Partnership risk entails risks such as fluctuations in energy prices, decrease in supply of or demand for energy commodities.

 

In addition, the Funds are subject to market risk, management risk, dividend risk, growth risk, value risk, debt security risk, high-yield security risk, small and medium company risk, portfolio turnover risk, securities business risk, mortgage-backed securities risk, and trading price risk. New ETFs may also be subject to “new fund” risk in that it has no operating history and that its strategy may not be viable over time.

 

In addition, there are risks specific to WBIY. The Fund invests in high yielding stocks, which are often speculative, high risk investments. These companies can be paying out more than they can support and may reduce their dividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies and the Fund’s performance. The Fund 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.