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Ivy ProShares Russell 2000 Dividend Growers Index Fund

  • $10.57 NAV as of 10/19/2018
  • ($-0.03) / -0.28% Daily NAV Change
  • 3.68% YTD (NAV)

Summary

Focusing on the Russell 2000's top dividend growers with the longest track records

The Fund seeks investment results, before fees and expenses, that track the performance of the Russell 2000 Dividend Growth Index. The Fund focuses on the Russell 2000 companies that have the longest track records of year-over-year dividend growth, since the index includes Russell 2000 companies that have increased dividend payouts every year for at least 10 consecutive years.

Morningstar Style Box

Blend
Small
Source: Morningstar

Portfolio Management

Michael Neches

  • ProShare Advisors LLC (Sub-adviser)
  • 1 Year with Fund

Rachel Ames

  • ProShare Advisors LLC (Sub-adviser)
  • 1 Year with Fund

Perspectives

Quarterly Fund Commentary

Daily Prices as of 10/19/2018

Net Asset Value (NAV) $10.57
Daily NAV Change ($) ($-0.03) -0.28%
Weekly NAV Change ($) $0.18 1.73%
Public Offering Price (POP) $10.84

Fund Facts

Ticker Symbol IRUAX
CUSIP 46600A575
Fund Code 653
Fund Type Domestic Equity
Fund Inception 4/20/2017
Class Inception 4/20/2017
Fiscal Year End September
Dividends Paid March, June, September, December
Fund Assets (as of 9/30/2018) $136.3 mil
Total Equity Holdings (as of 9/30/2018) 61
Total Holdings (as of 9/30/2018) 62
Portfolio Turnover Rate (as of 3/31/2018) 10%
Morningstar Category Small Value
Lipper Category Small-Cap Core Funds
Benchmark Russell 2000® Dividend Growth Index

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Morningstar Small Value 4.71% 8.41% 13.75% 8.36% 10.03%
Fund with 2.50% sales charge 4.95% 3.84% 5.84%
Fund at NAV 7.61% 6.52% 7.73%
Russell 2000® Dividend Growth Index 8.38% 7.60% 18.15% 13.52% 12.46%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Morningstar Small Value 4.71% 8.41% 13.75% 8.36% 10.03%
Fund with 2.50% sales charge 4.95% 3.84% 5.84%
Fund at NAV 7.61% 6.52% 7.73%
Russell 2000® Dividend Growth Index 8.38% 7.60% 18.15% 13.52% 12.46%

Morningstar Ranking as of 9/30/2018 Morningstar Logo

Category: Small Value
 
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 283/415 69
3 Year —/—
5 Year —/—
10 Year —/—

Expense Ratios as of 7/31/2018

Net 0.90%
Gross 1.05%

5-Year Standard Deviation as of

Russell 2000® Dividend Growth Index N/A

Distributions

Historical Prices Inception 4/20/2017

10/1/2018 $10.84 NO NO
10/2/2018 $10.82 NO NO
10/3/2018 $10.89 NO NO
10/4/2018 $10.78 NO NO
10/5/2018 $10.81 NO NO
10/8/2018 $10.91 NO NO
10/9/2018 $10.92 NO NO
10/10/2018 $10.75 NO NO
10/11/2018 $10.51 NO NO
10/12/2018 $10.39 NO NO
10/15/2018 $10.48 NO NO
10/16/2018 $10.72 NO NO
10/17/2018 $10.70 NO NO
10/18/2018 $10.60 NO NO
10/19/2018 $10.57 NO NO

Historical Distributions Inception 4/20/2017

9/13/2018 $0.034 Long: $0.000 Short: $0.000 $11.08 9/13/2018
6/14/2018 $0.035 Long: $0.000 Short: $0.000 $10.63 6/14/2018
3/15/2018 $0.02 Long: $0.000 Short: $0.000 $10.04 3/15/2018
12/14/2017 $0.0521 Long: $0.001 Short: $0.001 $10.24 12/14/2017
9/14/2017 $0.015 Long: $0.000 Short: $0.000 $10.11 9/14/2017

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

12-Month Trailing Dist. Yield as of 9/30/2018

NAV 1.29%
With Sales Charge 1.25%

Annualized 30-Day SEC Yield as of 9/30/2018

Subsidized - NAV 1.42%
Unsubsidized - NAV 0.45%

Portfolio

Top 10 Holdings as a % of net assets 9/30/2018

Compass Minerals International, Inc. Compass Minerals International, Inc. engages in producing and marketing minerals, including salt, sulfate of potash specialty fertilizer, and magnesium chloride, in North and South America. The company was founded in 1993 and is headquartered in Overland Park, KS. 1.81%
Lindsay Corp. 1.81%
Atrion Corp. Atrion Corporation, through its subsidiaries, designs, develops, manufactures, markets, sells, and distributes medical products and components. The Company's products are used in ophthalmic, diagnostic, and cardiovascular procedures. Atrion's products are sold primarily to health care companies which market and distribute its products in conjunction with their name-brand products. 1.80%
Universal Corp. 1.78%
Aaron Rents, Inc. Aaron's, Inc. rents and sells office and residential furniture and accessories, consumer electronics, and household appliances. The Company also manufactures furniture, bedding, and accessories. Aaron's has Company-owned and franchised centers in the United States. 1.78%
Quaker Chemical Corp. Quaker Chemical Corp. produces, develops and markets custom-formulated chemical specialty products. It also provides fluid management services for manufacturers around the world, primarily in the steel, automotive and can industries. 1.77%
Sensient Technologies Corp. Sensient Technologies Corporation supplies and manufactures a variety of ink-jet inks, cosmetic and pharmaceutical additives, and food and beverage flavors. 1.75%
South Jersey Industries, Inc. South Jersey Industries, Inc. is an energy services holding company. The Company provides regulated, natural gas service to residential, commercial, and industrial customers in southern New Jersey. South Jersey also markets total energy management services, including natural gas, electricity, demand-side management, and consulting services throughout the eastern United States. 1.75%
Brady Corp., Class A Brady Corp. manufactures industrial identification solutions, including labels, coated materials, signs, software, printing systems and data-collection systems. It serves a variety of industries around the world, including telecommunications, electrical, electronics and manufacturing. 1.75%
SJW Corp. 1.73%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 9/30/2018

Large ( > $10 bil) 0.0%
Medium ($2 - $10 bil) 52.8%
Small ( < $2 bil) 47.2%
Median Market Cap (as of 9/30/2018) $2.1 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2018

Regional Banks 12.5%
Gas Utilities 9.9%
Water Utilities 6.8%
Specialty Chemicals 6.7%
Packaged Foods & Meats 6.4%
Industrial Machinery 5.0%
Diversified Support Services 4.8%
Tobacco 3.3%
Health Care REITs 3.3%
Electric Utilities 3.3%

Sector Allocation
as a % of equity assets as of 9/30/2018

Utilities 24.77%
Industrials 18.34%
Financials 15.81%
Consumer Staples 11.30%
Materials 8.52%
Health Care 6.63%
Real Estate 6.44%
Consumer Discretionary 5.08%
Information Technology 3.11%

Portfolio Composition
as a % of net assets as of 9/30/2018

Domestic Common Stock 99.76%
Cash and Cash Equivalents 0.24%

Equity Country Allocation
as a % of equity assets as of 9/30/2018

United States 100.0%

Total Portfolio Holdings

Updated quarterly, upon availability.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

The Fund is a passively managed index fund designed to track the performance of its stated benchmark index. It does not invest in securities based on the managers' view of the investment merit of a particular security or company, nor does it conduct conventional investment research or analysis or forecast market movement or trends, in managing the assets of the Fund. The Fund seeks to remain fully invested at all times in securities that, in combination, provide exposure to its respective benchmark Index without regard to market conditions, trends or direction.

Risk factors. The value of the Fund's shares will change, and you could lose money on your investment. While the Fund attempts to track the performance of its stated index, there is no guarantee or assurance that the methodology used to create the index will result in the Fund achieving high, or even positive, returns. The Index may underperform, and the Fund could lose value, while other indices or measures of market performance increase in value. Small- and mid-capitalization companies in which the index and, by extension the Fund, are exposed may carry more risk than investing in stocks of larger, more established companies. The Fund's emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or Increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when Interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low Interest rates.

As of March 31, 2017, the index was concentrated in the utilities industry group; therefore, the Fund is subject to the same risks faced by companies in the utilities industry to the same extent as the index is so concentrated. Such risks include review and limitation of rates by governmental regulatory commissions, and the fact that the value of regulated utility instruments tends to have an inverse relationship to the movement of interest rates. The Fund typically will hold a limited number of stocks (generally around 60). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund's net asset value than it would if the Fund invested in a larger number of securities. A number of factors may affect the Fund's ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. These and other risks are more fully described in the Fund's prospectus. Not all funds or fund classes may be offered at all broker/dealers.

Index description. The Russell 2000 Dividend Growth Index measures the performance Russell 2000 companies that have increased dividends every year for the last 10 consecutive years. The Index treats each constituent as a distinct investment opportunity without regard to its size by equally weighting each company. It is not possible to invest directly in an index.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.90%; and Class I shares and Class N shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 0.73%. Prior to that date, the expense limitation may not be terminated without the consent of the Board. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.

The Funds are managed by Ivy Investment Management Company and sub-advised by ProShare Advisors LLC.

ProShares® is a registered mark of ProShare Advisors LLC and has been licensed by Ivy Investment Management Company and Ivy Distributors, Inc. solely for use in connection with the Ivy ProShares funds.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.