The Securities Exchange Commission classifies the fund as actively managed as opposed to passive.

The best ETF choice for an average investor in a market segment.

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

The type of securities to which the ETF provides exposure.

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

It is the daily number of shares traded, averaged over the past 45 trading days.

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

The average annualized long–term capital gains distributions from the fund over a 3 year period, displayed as a percentage.

The average annualized ordinary income distributions from the fund over a 3 year period, displayed as a percentage.

The average annualized short–term capital gains distributions from the fund over a 3 year period, displayed as a percentage.

The excess returns of a fund relative to the bechmark return.

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

The commercial name of the ETF issuer or the marketing agent company.

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

A weighted, properly aggregated measure of the credit quality of the fund's underlying fixed income holdings.

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

The ratio of dividends paid by the fund over past 12 months divided by fund's share price.

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

The categorization of countries into Developed, Emerging, and Frontier market categories.

The ETF.com Efficiency Score describes how well a fund delivers on its promises to investors in the areas of costs, tracking, and risks. Some of the factors in the composite score include expense ratios, goodness of fit to benchmark, tracking difference, and a breadth of risk measurements from structural risks to tax risks and fund closure risk.

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

The risk of default by the ETN counterparty.

The date on which a security's price excludes an upcoming dividend.

The date on which a security's price excludes an upcoming dividend

The net total annual fee a fund holder pays to the issuer.

This details how the fund accesses its commodities, whether holdings are physically–held or futures based.

The ETF.com Fit Score measures how well a fund's exposures match those of a neutral benchmark chosen to be most representative of the ETF.com segment.

The second level of categorization in the ETF Classification System. Essentially, a subcategory of &quot;Category&quot;.

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

The location of the market to which the ETF provides exposure.

The degree to which the fund and its segment benchmark move up and down in unison.

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

The first date of a fund's operations, as documented by the issuer.

The fund’s trailing twelve month yield, displayed as a percentage.

The firm that manages the underlying index.

A company that produces and manages ETFs.

Measure of the shape of the return distributions. Higher Kurtosis may reflect higher probablility of obtaining extreme returns.

The total market value of the assets that an ETF holds less fund expenses.

The organizational structure of the fund or ETN.

FactSet Research Systems' overall rating grade for the ETF. The letter grade is calculated as the average between the efficiency and tradability scores. The number corresponds to the ETF fit score.

The expected factor outperformance against a fund return due to the use of leverage.

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

Median dollar value of shares traded over the past 45 trading days.

Median number of shares traded over the past 45 trading days.

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

An ETF with an MSCI ESG Fund Quality Score ranked in the top 20% against the scores of other funds within the same peer group.

The weighted average of the underlying holding’s Overall ESG Scores. The score aims to measure the ability of the underlying holdings to manage key medium- to long-term ESG risks and opportunities. The factor is provided on a 0‐10 score, 10 being the highest possible score.

The percentage of funds, covered by MSCI, with a score lower than, or equal to, a fund’s ESG Quality Score.

The percentage of funds in a fund’s peer group with an ESG Score equal to, or lower than, the fund’s ESG Score.

This factor reflects excess returns to stocks with stronger past performance.

This factor captures excess returns to stocks that are characterized by low debt, stable earnings growth, and other “quality” metrics.

This factor captures excess returns of smaller firms (by market capitalization) relative to their larger counterparts.

This factor captures excess returns to stocks that have low prices relative to their fundamental value.

This factor captures excess returns to stocks with lower than average volatility, beta, and/or idiosyncratic risk.

This factor captures excess returns to stocks that have higher-than-average dividend yields.

The MSCI ESG Fund Rating measures the resiliency of portfolios to long-term risks and opportunities arising from environmental, social, and governance factors on a AAA (leader) to CCC (laggard) scale.

The percentage of portfolio's market value exposed to companies flagged for one or more standard SRI exclusion factors (alcohol, civilian firearms, gambling, weapons, cluster bombs, landmines, nuclear power, GMOs, and tobacco).

The percentage of portfolio's market value exposed to companies addressing core environmental and social challenges.

A measure of the fund's exposure to carbon intensive companies. The figure is the sum of security weight (normalized for corporate positions only) multiplied by the security Carbon Intensity.

The maximum monthly price return in a 12 month period (as of March 2015)

The minimum monthly return value for the past 12 months (as of March 2015).

Aggregate 1-Month Net Flows in USD Millions.

Aggregate 1-Year Net Flows in USD Millions.

Aggregate 30 Days Net Flows in USD Billions.

Aggregate 3-Month Net Flows in USD Millions.

Aggregate 3-Year Net Flows in USD Millions.

Aggregate 5 Days Net Flows in USD Billions.

Aggregate 90 Days Net Flows in USD Billions.

Aggregate Year-to-date Net Flows in USD Millions.

Rolling strategy is the process by which a fund deals with contract expiration.

Discloses the strategy behind how the fund gains exposure to the underlying currency (In Specie or Derivative).

The investment strategy the fund uses to build its portfolio.

The third level of categorization in the ETF Classification System. Essentially, a subcategory of &quot;Focus&quot;.

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

The number of single commodities represented in the fund holdings.

The total number of net outstanding options contracts for an ETF.

An ETF which has a unique or alternative investment approach into a market segment.

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

The frequency of an issuer's disclosure of all fund holdings.

How often a fund rebalances its holdings back to the stated target weights in the prospectus.

The third level of geographical categorization in the ETF Classification System.

An indicator of whether or not a fund actively lends its portfolio holdings.

The division of securities lending revenue between the fund and the issuer.

The precise market to which the fund provides exposure. ETF.com assigns each fund to a segment according to a rules-based process.

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

A set of rules that the underlying index provider follows to select its constituent securities.

A measure of risk-adjusted returns. The greater the value of the Sharpe ratio, the more attractive the risk-adjusted return.

Measure of the shape of the return distributions, nonsymmetrical distributions occurs when the one side of the distributions does not mirror the other.

Measure of risk adjusted returns compared to the downside deviations of returns.

The plan or set of rules used to achieve the ETF goals.

IRS treatment of the majority of the fund's distributions.

The symbol for a fund as traded on the exchage.

The ETF.com Tradability Score accounts for the expense and uncertainty that an investor might encounter when buying or selling a fund in the open market. It accounts for on-screen liquidity at retail levels as well as block liquidity at institutional levels, and considers both fundlevel metrics and those of the underlying holdings.

This is the benchmark an ETF is designed to track or replicate.

The percentage of the median daily volume in underlying securities represented by one creation unit.

Weighted average life reflects the typical time for bonds to return the principal to the lenders and allows for assumptions about prepayment for MBS.

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

The weighted average of remaining time until maturity for all securities in the portfolio.

A set of rules that the underlying index provider follows to weight its constituent securities.

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

Swan Global Investments is a leader in hedged equity strategies since 1997 and committed to helping long-term investors grow and preserve wealth. Our innovative Always Invested, Always Hedged™ approach to hedged equity, is a distinct, time-tested blend of passive investing and active risk management.

Overview

Phone

Website

ETF RESULTS:

SWAN GLOBAL INVESTMENTS

Overview

Phone

Website

ETF RESULTS: