Guggenheim S&P Global Dividend Opportunities Index ETF

NAV $11.02
Change ($0.05) / -0.45%
As of 3/21/18

Market Close $11.02
Change ($0.02) / -0.18%
As of 3/21/18

Investment Objective

Guggenheim S&P Global Dividend Opportunities Index ETF (LVL) seeks investment results that correspond generally to the performance, before the fund’s fees and expenses, of the S&P Global Dividend Opportunities Index.

Index Description

The S&P Global Dividend Opportunities Index consists of sponsored and unsponsored American depositary receipts (“ADRs”) (which may include other investment companies, including business development companies) that offer high dividend yields chosen from a universe consisting of the stocks listed in on the exchanges of those countries included in the S&P Global Broad Market Index.

Fund Highlights

  • Offer potential income opportunity by investing in global securities that have historically generated high dividend yields.
  • Attractive growth potential.
  • Access diversified income opportunities across a broad range of industries and countries.

Top Fund Holdings

Security Name % of Net Assets
BCE INC 2.16%
BPOST SA 1.90%
WPP PLC 1.87%

Fund Profile

Fund Ticker LVL
Exchange NYSE Arca
iNAV Ticker LVL.IV
CUSIP 18383M860
Fund Inception Date 6/25/2007
Distribution Schedule (if any) Quarterly
Gross Expense Ratio 0.77%
Net Expense Ratio 0.64%
Fiscal Year-End 5/31
Index Ticker SPGTGDO
Index Name S&P Global Dividend Opportunities Index
Volume 12,416
Shares Outstanding 3,680,000
Total Assets $40,557,468
Investment Adviser Guggenheim Funds Investment Advisors, LLC
Distributor Guggenheim Funds Distributors, LLC

Net Asset Value (NAV)

NAV $11.02
Change ($0.05) | -0.45%
52-Week High $11.82
52-Week Low $10.47

Market Close

Closing Price $11.02
Change ($0.02) | -0.18%
52-Week High $11.79
52-Week Low $10.46
Bid/Ask Midpoint $11.03
Premium/Discount 0.05%

Fund Characteristics

Number of Securities 105
Average Market Capitalization $45.8 Bil
Price to Earning (P/E) 17.36
Price to Book (P/B) 2.26

Fund Statistics

Alpha -8.79
Beta 1.13
Standard Deviation 14.63

Current Distribution

Ex-Date 12/26/17
Record Date 12/27/17
Payable Date 12/29/17
Distribution per Share $0.073400

Index Methodology

The Dividend Opportunities Index tracks the performance of common stocks and ADRs listed on the exchanges of the countries included in the S&P Global BMI. Derivatives, structured products, over-the-counter listings, mutual funds and exchange-traded funds are excluded from the Index.

The Index methodology employs a yield-driven weighting scheme that weights the highest yielding securities most heavily subject to constraints that seek to provide diversification across individual securities, sectors and countries in the manner set forth below. S&P calculates the Index on both a total return and net return basis. The Index is rebalanced annually on the last business day of July with a secondary review in January.

Index Construction

  1. The universe from which the Index constituents are drawn includes all dividend paying common stocks and ADRs listed on the exchanges of the countries included in the S&P Global BMI. Derivatives, structured products, over-the-counter listings, mutual funds and exchange-traded funds are not eligible for inclusion in the Index.
  2. Investability Criteria. The universe is narrowed down to an investable universe based on the following criteria, which for ADRs is determined based on an evaluation of the underlying security:
    • Stocks must have a minimum float adjusted market capitalization of $500 million.
    • Stocks must have a minimum three-month median daily value traded of U.S. $5 million as of the rebalancing reference date.
    • Stocks must be listed on the exchanges of those countries included in the S&P Broad Market Index that allow free inkind transfer of shares.
    • Stability Criteria. The investable universe of stocks that meet the criteria set forth above, which for ADRs is determined based on an evaluation of the underlying security, is further screened for three stability factors to form the universe from which the Index constituents are ultimately selected:
      • Stocks must have a stable or increasing three-year dividend growth.
      • The ratio of a stock’s Funds From Operations (FFO) Per Share to its Dividend-Per-Share (DPS) must be greater than 100%.
      • Dividend Yield must be greater than the median yield in the eligible universe consisting of stocks that passed all other Investability and Stability Criteria.
      • Constituent Selection. All stocks in the universe that meet all of the above criteria, which for ADRs is determined based on an evaluation of the underlying security, are sorted on the basis of annual risk-adjusted yield, excluding special and extraordinary dividends, declared during the prior 36-month period. At the time of the rebalance, if an existing constituent is included within the 80 highest yielding stocks, it will remain in the Index. If an existing constituent is not included among the 80 highest yielding stocks, the constituent is removed from the Index and is replaced with the next largest stock that is included within the 120 highest yielding stocks. Index constituents are weighted such that the yield of the Index is maximized by weighting the highest yielding stocks most heavily while meeting the following criteria: single country or sector must have a minimum of 25% weight or two times the weight in the Index; total income trust exposure including REITs is limited to a maximum of 10%; and no single stock can have a weight of more than 3%. In addition, each stock’s weight is set such that for a US $300 million index portfolio at least 20% of each stock’s three month average daily value traded (ADVT) can be rebalanced within four business days.

Risks and Other Considerations

Risk Considerations Investors should consider the following risk factors and special considerations associated with investing in the fund, which may cause you to lose money, including the entire principal amount that you invest. Equity Risk: The value of the equity securities held by the fund will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the fund participate, or factors relating to specific companies in which the fund invests. Foreign Investment Risk: The fund’s investments in non-U.S. issuers, although generally limited to ADRs, may involve unique risks compared to investing in securities of U.S. issuers, including less market liquidity, generally greater market volatility than U.S. securities, and less complete financial information than for U.S. issuers. Telecommunications Sector Risk: This sector is subject to extensive government regulation. The telecommunications sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Utilities Sector Risk: The rates that traditional regulated utility companies may charge their customers generally are subject to review and limitation by governmental regulatory commissions. Rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. Financial Services Sector Risk: The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. Medium-Sized Company Risk: Investing in securities of medium-sized companies involves greater risk than is customarily associated with investing in more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall stock market. Risks of Investing in Other Investment Companies: Investments in securities of other investment companies involve risks, including, among others, the fact that shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies (in the case of closed- end investment companies) may sometimes require the payment of substantial premiums above the value of such companies’ portfolio securities or net asset values. In addition, the funds are subject to: Non-correlation risk, Replication Management Risk, Issuer-Specific Changes and Non-Diversified Fund Risk. Please read the prospectus for more detailed Information regarding these and other risks. Please read the prospectus for additional information.

Fund data is subject to change on a daily basis.

Composition is subject to change. Information provided is for illustration purposes only and may not reflect current investments by the fund. Referenced companies are not affiliated with Guggenheim Investments and Guggenheim Investments does not sponsor, endorse, sell or promote the referenced companies.

Performance displayed represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Total returns reflect the reinvestment of all dividends. Current performance may be lower or higher than the performance data quoted. For up-to-date fund performance, including performance current to the most recent month-end, please visit the ETF performance page. ETFs are subject to third party transaction fees/commissions. Net asset value (NAV) is calculated by subtracting total liabilities from total assets, then dividing by the number of shares outstanding. Market close is the last price at which shares are traded. Fund shares may trade at, above or below NAV. For additional information, see the fund’s prospectus.

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objective, risks charges, expenses and the other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or call 800.820.0888.

Investing involves risk, including the possible loss of principal.

Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investments Advisors, LLC ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisors to the referenced funds.

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