Fund Summary

XDIV seeks investment results that, before fees and expenses, correspond to the performance of the Solactive Ex-Dividend Index so as to provide investors with returns that replicate the SPDR S&P 500 ETF (SPY), less the value of current and future expected dividends paid by S&P 500 companies over the term of the fund.

Essentially, XDIV provides investors with only the price exposure of the S&P 500 by foregoing the dividends, which results in a reduced capital investment at the time of initial purchase. This is expected to provide returns that differ, possibly materially, from a similar investment in SPY. XDIV has an initial 10-year life and does not use leverage.

Why XDIV

  • SPY “beta” exposure at a reduced capital investment compared to buying straight index exposure creates “Structural Alpha” without use of leverage.

  • Can achieve greater equity index exposure per dollar invested, compared to a traditional index fund.

  • Passive investment

Pricing

As of TBD Level Daily
Change ($)
Daily
Change (%)
Premium/
Discount to NAV
XDIV NAV TBD TBD TBD  
XDIV Price TBD TBD TBD TBD
SOXDIV27 TBD      

All fund data as of previous market close unless otherwise noted

Performance History

Month-End
as ofTBD
1 Month 3 Month 6 Month Since Inception2
XDIV NAV        
XDIV Price        
S&P 500 Index 2.04% -4.40% 3.02% 5.95%
SOXDIV271        

Quarter-End

as of TBD
  3 Month 6 Month Since Inception2
XDIV NAV     13.00%  
XDIV Price   8.54% 13.28% 14.02%
S&P 500 Index   7.71% 11.41% 11.45%
SOXDIV271   8.54% 13.41% 12.30%

1The Solactive U.S. Equity Ex-Dividends Index – Series 2027 (the “Ex-Dividends Index”, the “Index”) is an Index of Solactive AG and is calculated and distributed by Solactive AG. The Ex-Dividends Index aims to represent the current value of 0.25 shares of SPDR S&P 500 ETF (“SPY”), less the current value of ordinary cash dividends expected to be paid on the S&P 500 Index until the Fund’s maturity as represented by the Solactive U.S. Equity Cumulative Dividends Index - Series 2027 (the “Dividend Index”). The Dividend Index aims to represent the discounted present value of all listed annual S&P 500 Dividend Index Futures contracts (“S&P 500 Dividend Futures Contracts”) out to and including the December 2027 dividends futures expiry. The Index is a price only index. The Index is published in USD.
2 Inception Date is 2/5/2018

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Index returns are for illustrative purposes only.

Fund Details

Ticker XDIV
CUSIP 59140L209
ISIN US59140L2097
Inception Date 02/05/2018
Exchange NYSE Arca
No. of Holdings 13
Management Fee 0.29%
Total Expenses 0.52%
Index Ticker SOXDIV27
Net Assets -
Shares Outstanding -
Daily Volume -

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