Fund Detail

Ivy Focused Value NextShares

Track Fund
$21.69 NAV as of 11/24/2017
$0.02 / 0.10% Daily NAV Change
4.13% YTD (NAV) as of 11/24/2017 i

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Fund Summary

Seeking value while managing risk and volatility
High conviction
Holds between 15-25 stocks, allowing the portfolio manager greater opportunity to interact with company management and for the best ideas to drive performance.
Growth and Income Focus
Seeks to provide capital appreciation through ownership of what the manager believes to be under-valued equities that typically reside in the 2nd/3rd decile of dividend yield.
Experienced Management
Manager has more than 20 years of investment experience mainly devoted to managing value-oriented portfolios.
Portfolio Management
  • Matthew T. Norris, CFA

    • — Ivy Investment Management Company
    • — 1 Years with Fund
    • — 26 Years in Industry
Growth of a $10,000 Investment through 10/31/2017

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 11/24/2017
Net Asset Value $21.69  
NAV Change Rate $0.02  
Share Price (as of 11/21/2017) $21.69  
Share Price Change Rate (as of 11/21/2017) ($0.01)  
Share Price Percent Change Rate (as of 11/21/2017) -0.05%  
Fund Facts
Ticker Symbol IVFVC
CUSIP 466013208
Fund Code 190
Fund Type Domestic Equity
Fund Inception 10/17/2016
Class Inception 10/17/2016
Fiscal Year End June
Dividends Paid March, June, September, December
Fund Assets
(as of 10/31/2017)
$9.2 mil
Total Equity Holdings
(as of 10/31/2017)
24
Total Holdings
(as of 10/31/2017)
25
Portfolio Turnover Rate
(as of 6/30/2017)
66%
Lipper Category Multi-Cap Value Funds
BenchmarkRussell 1000 Value TR USD

Fund 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.

Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times.

Monthly Rates of Return Average Annual Total Returns as of 10/31/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE Inception Date
Fund at NAV 3.76% 9.52% N/A N/A N/A 10.07% 10/17/2016
Fund After Taxes Pre-Liquidation 3.02% 8.54% N/A N/A N/A 9.13% 10/17/2016
Fund After Taxes Post-Liquidation 2.12% 5.45% N/A N/A N/A 7.28% 10/17/2016
Russell 1000 Value TR USD 8.70% 17.78% 7.99% 13.48% 5.99% 16.99% N/A
Fund at Market Price 3.76% 9.54% N/A N/A N/A 10.12% 10/17/2016

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE Inception Date
Fund at NAV 3.77% N/A N/A N/A N/A 10.48% 10/17/2016
Fund After Taxes Pre-Liquidation 3.02% N/A N/A N/A N/A 9.50% 10/17/2016
Fund After Taxes Post-Liquidation 2.13% N/A N/A N/A N/A 5.99% 10/17/2016
Russell 1000 Value TR USD 7.92% 15.12% 8.53% 13.20% 5.92% 16.90% N/A
Fund at Market Price 3.77% N/A N/A N/A N/A 10.53% 10/17/2016

Lipper Ranking through 10/31/2017

Category: Multi-Cap Value Funds

  Rank Percentile
1 Year 369 /372 99

Rankings are based on average annual total returns, but do not consider sales charges.

Expense Ratios as of 10/31/2017

Net 0.78%
Gross 3.69%

Growth of a $10,000 Investment through 10/31/2017

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Fund Distributions

Historical Prices Inception 10/17/2016

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 10/17/2016

Ex-date Income Capital Gains Reinvest Gains Payment Date

*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 10/31/2017

NAV 2.20%
With Sales Charge 2.20%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 10/31/2017

American Capital Agency Corp. 5.94%
Intel Corp. Intel Corporation is a semiconductor chip maker, developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications. 5.65%
Eaton Corp. Provides energy-efficient solutions in more than 175 countries to manage electrical, hydraulic and mechanical power safely and sustainably. 5.49%
Marathon Petroleum Corp. Marathon Petroleum Corporation (MPC) is a petroleum product refiner, transporter and marketer in the United States. The Company operates in three segments: Refining & Marketing, Speedway and Pipeline Transportation. 5.27%
MetLife, Inc. MetLife, Inc. (MetLife), is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. 5.02%
Energy Transfer Partners L.P. Energy Transfer Partners, L.P. (ETP) owns and operates a diversified portfolio of energy assets. The Company offers natural gas, natural gas liquids, crude oil, and refined products transportation and storage services. ETP serves customers in the United States. 4.97%
Wells Fargo & Co. Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance across North America and internationally. 4.70%
Amgen, Inc. Amgen Inc. (Amgen) is an independent biotechnology medicines company. The Company discovers, develops, manufactures and markets medicines for grievous illnesses. 4.58%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 4.31%
Blackstone Group L.P. (The) 4.31%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2017)
updated quarterly, upon availability
Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2017)
Regional Banks 10.1%
Diversified Banks 8.9%
Semiconductors 8.8%
Pharmaceuticals 7.5%
Mortgage REITs 6.0%
Electrical Components & Equipment 5.6%
Oil & Gas Refining & Marketing 5.3%
Life & Health Insurance 5.1%
Oil & Gas Storage & Transportation 5.0%
Biotechnology 4.6%
Sector Allocation as a % of equity assets as of 10/31/2017
Financials 34.42%
Information Technology 12.91%
Health Care 12.10%
Energy 10.37%
Consumer Discretionary 9.34%
Consumer Staples 7.97%
Industrials 5.56%
Materials 4.11%
Real Estate 3.22%
Portfolio Composition as a % of net assets as of 10/31/2017
Domestic Common Stock 98.66%
Cash and Cash Equivalents 1.34%
Equity Country Allocation as a % of equity assets as of 10/31/2017
United States 100.0%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2017)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL

Additional Fund Literature

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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.

Risk factors: The value of the Fund's shares will change, and you could lose money on your investment. 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. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. Investing in companies in anticipation of a catalyst carries the risk that certain of such catalysts may not happen or the market may react differently than expected to such catalysts, in which case the Fund may experience losses. The securities of many companies may have significant exposure to foreign markets as a result of the company's operations, products or services in those foreign markets. As a result, a company's domicile and/or the markets in which the company's securities trade may not be fully reflective of its sources of revenue. Such securities would be subject to some of the same risks as an investment in foreign securities, including the risk that political and economic events unique to a country or region will adversely affect those markets in which the company's products or services are sold. These and other risks are more fully described in the Fund's prospectus.

Index Description: Russell 1000 Value is an unmanaged index comprised of securities that represent the large cap sector of the stock market. It is not possible to invest directly in an index.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of an Ivy NextShares exchange-traded managed fund. This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial advisor. Read it carefully before investing.

About NextShares: Shares of NextShares funds are normally bought and sold in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. In the secondary market, buyers and sellers transact with each other, rather than with the fund. NextShares funds issue and redeem shares only in specified creation unit quantities in transactions by or through Authorized Participants. In such transactions, a fund issues and redeems shares in exchange for the basket of securities, other instruments and/or cash that the fund specifies each business day. By transacting in kind, a NextShares fund can lower its trading costs and enhance fund tax efficiency by avoiding forced sales of securities to meet redemptions. Redemptions may be effected partially or entirely in cash when in-kind delivery is not practicable or deemed not in the best interests of shareholders. A fund’s basket is not intended to be representative of the fund’s current portfolio positions and may vary significantly from current positions. As exchange-traded securities, NextShares can operate with low transfer agency expenses by utilizing the same highly efficient share processing system as used for exchange-listed stocks and ETFs. Trading prices are linked to the NextShares next-computed NAV and will vary by a market-determined premium or discount, which may be zero; may be above, at or below NAV; and may vary significantly from anticipated levels. Purchase and sale prices will not be known until the NextShares NAV is determined at the end of the trading day. NextShares do not offer the opportunity to transact intraday based on current (versus end-of-day) determinations of a fund's value. Limit orders can be used to control differences in trade prices versus NAV (cost of trade execution), but cannot be used to control or limit execution price. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Frequent trading may detract from realized investment returns. The return on a shareholder’s NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares.

Ivy NextShares are a new type of fund. There can be no guarantee that an active trading market for shares will develop or be maintained, or that their listing will continue unchanged.

Please remember that an investment in an Ivy NextShares exchange-traded managed fund involves risk. Investment return and principal value of an Ivy NextShares investment will fluctuate, and when redeemed, may be worth more or less than its original cost.

NextShares™ is a trademark of NextShares Solutions LLC. All rights reserved. Used with permission.

Market trading prices of NextShares are linked to the fund's next-computed net asset value (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero.

Fee Waiver and/or Expense Reimbursement:Through October 31, 2017, Ivy Investment Management Company (IICO), the Fund’s investment manager, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s accounting and administrative services agent, has contractually agreed to reimburse sufficient management fees and/or accounting and administrative services fees to cap the total annual ordinary fund operating expenses at 0.78%. Prior to that date, the expense limitation may not be terminated by IICO, WISC or the Board of Trustees.

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.

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.

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.

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

Ivy NextShares funds are managed by Ivy Investment Management Company and are distributed by ALPS Distributors, Inc.

ALPS Distributors, Inc., NextShares Solutions LLC, and Ivy Investment Management Company or Ivy Distributors, Inc. (or their affiliates), are all unaffiliated companies.