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Shiller CAPE® U.S. Equities ETF

  • 25861R204CUSIP
  • $23.08Market PriceAs of 05/27/2022
  • $23.11Closing NAVAs of 05/27/2022
  • $23.11Closing VIIVAs of 05/27/2022
  • 75,471Trading VolumeAs of 05/27/2022
  • 4,442,000Shares OutstandingAs of 05/27/2022
  • $102.676MAUMAs of 05/27/2022
  • 288Number of HoldingsAs of 05/27/2022
  • 1.21Gross 30-Day SEC YieldAs of 04/30/2022
  • 0.65%Gross Expense RatioAs of 03/31/2022

Pricing & Premium/Discount, VIIV, Trading Halts

This ETF is different from traditional ETFs.  Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. The performance information shown assumes the reinvestment of all dividends and distributions.

Fund Facts

Ticker CAPE
Benchmark S&P 500
Fund Inception Date 3/31/2022

Investment Objective

The DoubleLine Shiller CAPE® U.S. Equities ETF’s (the “Fund” or “Equities ETF”) investment objective is to seek total return which exceeds the total return of the S&P 500 Index.

Investment Summary

The Equities ETF seeks total return which exceeds the total return of the S&P 500 Index by employing a U.S. equity sector rotation strategy, under which the ETF will obtain exposure to the Shiller Barclays CAPE US Sector TR Index (the Index). The Index aims to identify undervalued sectors based on a modified CAPE ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps.


This ETF is different from traditional ETFs.  Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:

  • You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
  • The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
  • These additional risks may be even greater in bad or uncertain market conditions.

The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance.

For additional information regarding the unique attributes and risks of the ETF, see the Prospectus and SAI, which are available on this site.

The Verified Intraday Indicative Value (VIIV)
Unlike traditional ETFs, the fund does not tell the public what assets it holds each day. Instead, the fund provides a verified intraday indicative value (VIIV), calculated and disseminated every second throughout the trading day by the Fund’s listing exchange or by market data vendors or other information providers. The VIIV is based on the current market value of the securities in the fund’s portfolio on that day. The VIIV is intended to provide investors and other market participants with a highly correlated per share value of the underlying portfolio that can be compared to the current market price.

Locating and Methodology for Calculating the VIIV
For example, the VIIV can be found on Yahoo Finance (https://finance.yahoo.com) by typing “^CAPE-IV” (Shiller CAPE U.S. Equities ETF) in the search box labeled “Quote Lookup.” To calculate the VIIV, the fund employs two separate calculation engines to provide two independently calculated sources of intraday indicative values (calculation engines). The fund then uses a pricing verification agent to continuously compare the data from both the calculations engines on a real time basis. If during the process of real time price verification, the indicative values from the calculation engines differ by more than 25 basis points for 60 consecutive seconds, the pricing verification agent will alert the advisor, and the advisor will request that the Listing Exchange halt trading of the fund’s shares until the two indicative values come back into line. This “circuit breaker” is designed to prevent the VIIV from reflecting outlier prices. The specific methodology for calculating the fund’s VIIV is available here.

S&P 500 Index is an unmanaged capitalization-weighted index of the stocks of the 500 largest publicly traded U.S. companies is designed to measure performance of the broad domestic economy through changes in the aggregate market value of the 500 stocks, which represent all major industries.

Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer or producer of DoubleLine Shiller CAPE® U.S. Equities ETF (the “ETF”) and Barclays has no responsibilities, obligations or duties to investors in the Fund. The Shiller Barclays CAPE® US Sector USD Index (the “Index”) is a trademark owned by Barclays Bank PLC and licensed for use by the ETF. While the ETF may execute transaction(s) with Barclays in or relating to the Index, ETF investors acquire interests solely in the ETF and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in the ETF. The ETF is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the ETF or use of the Index or any data included therein. Barclays shall not be liable in any way to the ETF, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein. Please see the prospectus for further details. Periodic investment plans do not assure a profit and do not protect against loss in declining markets.

The Shiller Barclays CAPE® US Index Family (the “Index Family”) has been developed in part by RSBB-I, LLC, the research principal of which is Robert J. Shiller. RSBB-I, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Index Family or any data or methodology either included therein or upon which it is based. RSBB-I, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if RSBB-I, LLC is advised of the possibility of same.

Past performance is not a guarantee of future results.

 

This is a Test!

DoubleLine is testing our emergency back-up plan. If this were a real emergency, DoubleLine would be posting news, updates, contact information, webcast or conference call information here to keep our clients updated on the situation. To contact DoubleLine, please click here.

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SHILLER CAPE U.S. EQUITIES ETF

Pricing & Premium/Discount
VIIV
Trading Halts

Premium/Discount

The Fund listed on 4/5/2022. The number of days the Fund's shares traded at a premium or discount will be displayed in the table above following the completion of the current calendar quarter.

Bid/Ask Spread - The amount by which the ask price exceeds the bid price for an asset in the market. The bid-ask spread is essentially the difference between the highest price that a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept.

Net Asset Value (NAV) – the price per share of the fund on a specific date or time. The NAV is the value of a fund's assets minus the value of its liabilities.

Closing Price – The final market price at which the fund traded at the end of the trading day. The closing price is considered the most accurate valuation of a security until trading resumes on the next trading day.

Premium/Discount – A premium or discount to the net asset value (NAV) occurs when the market price of an ETF on the exchange rises above or falls below its NAV. If the market price is higher than the NAV, the ETF is said to be trading at a "premium." If the price is lower, it is trading at a "discount."

Verified Intraday Indicative Value (VIIV)

(as of 05/27/2022)

Closing VIIV: $23.11
Closing NAV: $23.11

Verified Intraday Indicative Value (VIIV) Price Calculation & Methodology

Trading Hours and Publication Frequency
The VIIV will be published every second during regular US market trading hours through the Consolidated Tape Association ("CTA"). The VIIV will not publish when the US exchanges are closed due to holiday or other extraordinary events. Trading hours for regular trading days are 9:30-4:00 EST.

Price Source and Methodology
The pricing source used to calculate the VIIV will be the midpoint of the national best bid and national best offer ("NBBO") of each portfolio security as published on the consolidated tape. The VIIV is calculated by taking the sum of the product of the market price of every component in the ETF's portfolio and the number of shares in the ETF of the respective component, adding portfolio cash and then subsequently dividing the sum by the number of ETF shares outstanding.

VIIV = ΣPortfolio Security Shares x NBBO Mid Price) + Portfolio Cash/ Number of ETF Shares Outstanding

The VIIV is calculated on two independent pricing engines (referred to as: "VIIV1", "VIIV2"). VIIV1 will be transmitted to the exchange. VIIV2 is used for verification.

Trading Halts

There are currently no halted securities.

Security Halting Procedures
A verification process compares the output of VIIV1 And VIIV2 values and there are two independent checks that occur:

  • In the event the values differ by more than 25bps (0.25%) for more than 60 consecutive seconds, a trading halt for the ETF Shares will be sent to the exchange. Once the two values return to a range within 25bps, the exchange is notified
    to remove the trading halt on the ETF shares.
  • If more than 10% (by weight) of the ETF's portfolio components do not have market quotations readily available, a trading halt of the ETF shares will be transmitted to the exchange. Once the weight of stocks without a quoted price drops
    below 10%, the exchange is notified to remove the trading halt of the ETF shares.
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