US VALUE ETF
Ticker: TBD
Exchange: NYSE Arca
Expense ratio: TBD
Exchange: NYSE Arca
Expense ratio: TBD
Summary
Lyrical, the fund adviser, has a successful actively-managed mutual fund with the same name as the ETF they just filed. However, this is not a conversion of a mutual fund to ETF, but rather a separate fund that tracks a Solactive index.
Original filing date: April 30, 2021
Effective date: July 14, 2021
Listing Date: TBD
CUSIP: TBD
Active: No
Index / Benchmark: [Solactive] TBD
Investment Objective:
Universe: Largest 1,000 US stocks
200 stocks from universe with lowest next 12 month projected Price to Earnings ratio, equal-weighted. Quarterly reconstitution and rebalance.
Constituents: 200
Adviser: Lyrical Asset Management LP
Sub-Adviser: 0
Portfolio Managers: Andrew Wellington
Administrator: Ultimus Fund Solutions, LLC
Fund accountant: Ultimus Fund Solutions, LLC
Transfer agent: Brown Brothers Harriman & Co.
Custodian: Brown Brothers Harriman & Co.
Distributor: Northern Lights Distributors, LLC
Legal counsel: Kilpatrick Townsend & Stockton LLP
External accounting: TBD
Prospectus is here.
Company URL: www.lyricalvaluefunds.com/etf
MORE ETF HEARSAY
- LinkedIn: Henry Jim
- henry@etfhearsay.com
- Twitter: @ETFhearsay
PRINCIPAL INVESTMENT STRATEGIES
The Fund employs an indexing investment approach designed to track the performance of the Index. The Fund attempts to replicate the Index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.
[Solactive AG] (the “Index Provider”) compiles and calculates the Index. The Index is comprised of the equity securities of the “cheapest” quintile of the 1,000 largest (by market capitalization) U.S. companies. Cheapest is defined as the lowest projected forward price-to-earnings ratio for the next twelve months (“NTM P/E”).
The NTM P/E is determined using the greater of the non-GAAP or GAAP median consensus estimate of forward price-to-earnings ratio available as of the quarter end date. Each stock in this bottom (cheapest) quintile is then equally weighted as compared to other stocks within the Index. The Index and the Fund are each reconstituted and rebalanced on a quarterly basis.
The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in an industry or group of industries to approximately the same extent that the Index reflects a concentration in that industry or group of industries. The components of the Index and the percentages represented by various sectors in the Index may change over time, thus the Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.
The Fund attempts to replicate the Index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.
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