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Ivy ProShares S&P 500 Dividend Aristocrats Index Fund

  • $12.27 NAV as of 6/21/2019
  • ($-0.04) / -0.32% Daily NAV Change
  • 15.56% YTD (NAV)

Summary

Targeting the S&P 500's top dividend growers with the longest track records

The Fund focuses on the S&P 500 companies that have long track records of year-over-year dividend growth. It follows the S&P 500® Dividend Aristocrats® Index and targets S&P 500 companies that have increased dividend payouts every year for at least 25 consecutive years.

Morningstar Style Box

Blend
Large
Source: Morningstar

Portfolio Management

Michael Neches

  • ProShare Advisors LLC (Sub-adviser)
  • 2 Years with Fund

Devin Sullivan

  • ProShare Advisors LLC (Sub-adviser)
  • 1 Year with Fund
  • 13 Years in Industry

Perspectives

Quarterly Fund Commentary

Daily Prices as of 6/21/2019

Net Asset Value (NAV) $12.27
Daily NAV Change ($) ($-0.04) -0.32%
Weekly NAV Change ($) $0.12 0.99%
Public Offering Price (POP) $12.27

Fund Facts

Ticker Symbol IDAIX
CUSIP 46600A617
Fund Code 455
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 5/31/2019) $380.1 mil
Total Equity Holdings (as of 5/31/2019) 58
Total Holdings (as of 5/31/2019) 59
Portfolio Turnover Rate (as of 9/30/2018) 27%
Morningstar Category Large Blend
Lipper Category Multi-Cap Core Funds
Benchmark S&P 500 Dividend Aristocrats 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.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 5/31/2019
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 7.98% 7.03% 9.11%
S&P 500 Dividend Aristocrats Index 8.19% 7.59% 9.73% 10.01% 15.40%
Morningstar Large Blend 9.88% 1.83% 10.05% 7.79% 12.51%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2019
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 12.39% 11.40% 12.22%
S&P 500 Dividend Aristocrats Index 12.48% 11.93% 11.76% 11.50% 17.59%
Morningstar Large Blend 12.94% 6.90% 11.84% 8.91% 14.54%

Morningstar Ranking as of 5/31/2019 Morningstar Logo

Category: Large Blend
 
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 131/1404 12
3 Year —/—
5 Year —/—
10 Year —/—

Expense Ratios as of 1/31/2019

Net 0.50%
Gross 0.65%

5-Year Standard Deviation as of

S&P 500 Dividend Aristocrats Index N/A

Distributions

Historical Prices Inception 4/20/2017

6/3/2019 $11.64 NO NO
6/4/2019 $11.84 NO NO
6/5/2019 $11.97 NO NO
6/6/2019 $12.05 NO NO
6/7/2019 $12.16 NO NO
6/10/2019 $12.17 NO NO
6/11/2019 $12.16 NO NO
6/12/2019 $12.18 NO NO
6/13/2019 $12.18 YES NO
6/14/2019 $12.15 NO NO
6/17/2019 $12.09 NO NO
6/18/2019 $12.16 NO NO
6/19/2019 $12.20 NO NO
6/20/2019 $12.31 NO NO
6/21/2019 $12.27 NO NO

Historical Distributions Inception 4/20/2017

6/13/2019 $0.058 Long: $0.000 Short: $0.000 $12.18 6/13/2019
3/14/2019 $0.046 Long: $0.000 Short: $0.000 $11.76 3/14/2019
12/13/2018 $0.0918 Long: $0.004 Short: $0.118 $11.22 12/13/2018
9/13/2018 $0.052 Long: $0.000 Short: $0.000 $12.03 9/13/2018
6/14/2018 $0.052 Long: $0.000 Short: $0.000 $11.34 6/14/2018
3/15/2018 $0.042 Long: $0.000 Short: $0.000 $11.38 3/15/2018
12/14/2017 $0.0495 Long: $0.000 Short: $0.001 $11.2 12/14/2017
9/14/2017 $0.029 Long: $0.000 Short: $0.000 $10.5 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 5/31/2019

NAV 2.08%
With Sales Charge 2.08%

Annualized 30-Day SEC Yield as of 5/31/2019

Subsidized - NAV 2.08%
Unsubsidized - NAV 1.88%

Portfolio

Top 10 Holdings as a % of net assets 5/31/2019

Cincinnati Financial Corp. Cincinnati Financial Corporation offers property and casualty insurance, its main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. 2.09%
Medtronic plc Medtronic, PLC develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide. 2.01%
ACE Ltd. 1.95%
Aflac, Inc. Aflac Inc. is an American insurance company and is the largest provider of supplemental insurance in the United States.  1.94%
Cintas Corp. Cintas Corporation designs, manufactures, and implements corporate identity uniform programs. The Company also provides entrance mats, restroom supplies, promotional products, document management, fire protection, and first aid and safety services. 1.92%
Air Products and Chemicals, Inc. Air Products and Chemicals, Inc. produces industrial atmospheric and specialty gases and performance materials and equipment for the beverage, health and semiconductor fields. 1.92%
McCormick & Co., Inc. McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry worldwide. 1.91%
Becton Dickinson & Co. Global provider of defense and security products, including cyber services, military support, electronic systems and protection equipment. 1.90%
Consolidated Edison, Inc. Consolidated Edison, Inc., through its subsidiaries, provides energy-related products and services in New York, parts of New Jersey, and Pennsylvania to retail and wholesale customers 1.90%
Coca-Cola Co. (The) The Coca-Cola Company manufactures, distributes, and markets nonalcoholic beverage concentrates and syrups worldwide. 1.89%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 5/31/2019

Large ( > $10 bil) 91.9%
Medium ($2 - $10 bil) 8.1%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 5/31/2019) $40.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 5/31/2019

Industrial Machinery 6.6%
Household Products 5.5%
Specialty Chemicals 5.2%
Property & Casualty Insurance 4.1%
Health Care Equipment 3.9%
Industrial Gases 3.8%
Soft Drinks 3.8%
Food Distributors 3.7%
Pharmaceuticals 3.6%
Asset Management & Custody Banks 3.4%

Sector Allocation
as a % of equity assets as of 5/31/2019

Consumer Staples 23.70%
Industrials 21.11%
Financials 12.88%
Health Care 11.01%
Materials 10.49%
Consumer Discretionary 10.20%
Energy 3.30%
Utilities 1.90%
Real Estate 1.84%
Information Technology 1.80%
Communication Services 1.77%

Portfolio Composition
as a % of net assets as of 5/31/2019

Domestic Common Stock 92.37%
Foreign Common Stock 7.51%
Cash and Cash Equivalents 0.12%

Equity Country Allocation
as a % of equity assets as of 5/31/2019

United States 92.5%
United Kingdom 3.6%
Ireland 2.0%
Switzerland 2.0%

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 and 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 the 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. Large capitalization companies in which the Index and, by extension, the Fund are exposed may go in and out of favor based on market and economic conditions. 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.

The Fund entails other risks, including imperfect benchmark correlation and market price variance that may decrease performance. 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. 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 S&P 500® Dividend Aristocrats® Index measures the performance S&P 500 companies that have increased dividends every year for the last 25 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, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed ServicesCompany, 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 and Class E shares at 0.75% and Class I and Class N shares at 0.50%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board).

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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. © 2019 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.