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Ivy ProShares S&P 500 Dividend Aristocrats Index Fund

  • $10.79 NAV as of 12/18/2018
  • ($-0.02) / -0.19% Daily NAV Change
  • -2.82% YTD (NAV)


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

Source: Morningstar

Portfolio Management

Michael Neches

  • ProShare Advisors LLC (Sub-adviser)
  • 1 Year with Fund

Rachel Ames

  • ProShare Advisors LLC (Sub-adviser)
  • 1 Year with Fund


Quarterly Fund Commentary

Daily Prices as of 12/18/2018

Net Asset Value (NAV) $10.79
Daily NAV Change ($) ($-0.02) -0.19%
Weekly NAV Change ($) $-0.58 -5.10%
Public Offering Price (POP) $11.07

Fund Facts

Ticker Symbol IDAAX
CUSIP 46600A641
Fund Code 654
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 11/30/2018) $373.4 mil
Total Equity Holdings (as of 11/30/2018) 53
Total Holdings (as of 11/30/2018) 55
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


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.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2018
(Returns for periods of less than 1-yr are not annualized)
Fund with 2.50% sales charge 2.29% 4.30% 10.52%
Morningstar Large Blend 3.03% 4.26% 10.38% 9.24% 13.30%
Fund at NAV 4.89% 6.98% 12.29%
S&P 500 Dividend Aristocrats Index 5.67% 7.85% 12.56% 11.40% 15.54%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
Fund with 2.50% sales charge 3.15% 11.45% 12.46%
Fund at NAV 5.77% 14.29% 14.47%
S&P 500 Dividend Aristocrats Index 6.46% 15.30% 15.70% 13.11% 13.60%
Morningstar Large Blend 8.42% 15.35% 15.17% 11.93% 10.84%

Morningstar Ranking as of 11/30/2018 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 174/1402 16
3 Year —/—
5 Year —/—
10 Year —/—

Expense Ratios as of 1/31/2018

Net 0.75%
Gross 0.86%

5-Year Standard Deviation as of

S&P 500 Dividend Aristocrats Index N/A


Historical Prices Inception 4/20/2017

12/3/2018 $11.95 NO NO
12/4/2018 $11.61 NO NO
12/6/2018 $11.56 NO NO
12/7/2018 $11.36 NO NO
12/10/2018 $11.36 NO NO
12/11/2018 $11.37 NO NO
12/12/2018 $11.40 NO NO
12/13/2018 $11.22 YES YES
12/14/2018 $11.05 NO NO
12/17/2018 $10.81 NO NO
12/18/2018 $10.79 NO NO

Historical Distributions Inception 4/20/2017

12/13/2018 $0.0838 Long: $0.004 Short: $0.118 $11.22 12/13/2018
9/13/2018 $0.045 Long: $0.000 Short: $0.000 $12.03 9/13/2018
6/14/2018 $0.045 Long: $0.000 Short: $0.000 $11.34 6/14/2018
3/15/2018 $0.035 Long: $0.000 Short: $0.000 $11.38 3/15/2018
12/14/2017 $0.043 Long: $0.000 Short: $0.001 $11.2 12/14/2017
9/14/2017 $0.019 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 11/30/2018

NAV 1.42%
With Sales Charge 1.38%

Annualized 30-Day SEC Yield as of 11/30/2018

Subsidized - NAV 1.64%
Unsubsidized - NAV 0.95%


Top 10 Holdings as a % of net assets 11/30/2018

Franklin Resources, Inc. Franklin Resources, Inc. provides investment advisory services to mutual fund, retirement, institutional, and separate accounts investors. The Company manages various asset classes including global equity, global institutional and municipal fixed income, money funds, alternative investments, and hedge funds. 2.11%
AbbVie, Inc. AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease. 2.09%
W.W. Grainger, Inc. W.W. Grainger, Inc., offers maintenance, repair and operating supplies and other related products and services through local branches, catalogs and the Internet. Its products include material handling equipment, safety and security supplies, lighting and electrical products, power and hand tools, pumps and plumbing supplies and many other products. The company also provides inventory management and energy efficiency solutions. It was founded in 1927 and is headquartered in Lake Forest, IL. 2.03%
Stanley Black & Decker, Inc. Stanley Black & Decker Inc. is a diversified global provider of hand tools, power tools and related accessories, mechanical access and electronic security solutions, healthcare solutions, engineered fastening systems and more. 2.03%
Illinois Tool Works, Inc. 2.03%
Cincinnati Financial Corp. 2.01%
Walgreen Co. The Walgreen Company is an American company that operates as the second-largest pharmacy store chain in the United States behind CVS Health. It specializes in filling prescriptions, health and wellness products, health information, and photo services. 2.01%
Roper Industries, Inc. Roper is a diversified technology company that designs and develops software and produces engineered products for a variety of end-user markets. 1.98%
3M Co. 3M Company conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company businesses share technologies, manufacturing operations, marketing channels, and other resources. 3M serves customers worldwide. 1.98%
Pentair, Inc. 1.97%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2018

Large ( > $10 bil) 92.4%
Medium ($2 - $10 bil) 7.6%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 11/30/2018) $37.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2018

Industrial Machinery 7.9%
Specialty Chemicals 5.8%
Household Products 5.5%
Pharmaceuticals 4.0%
Asset Management & Custody Banks 4.0%
Health Care Equipment 3.8%
Soft Drinks 3.8%
Electrical Components & Equipment 3.8%
Industrial Gases 3.6%
Food Distributors 3.5%

Sector Allocation
as a % of equity assets as of 11/30/2018

Consumer Staples 23.96%
Industrials 21.46%
Health Care 11.72%
Materials 11.38%
Consumer Discretionary 10.63%
Financials 9.70%
Energy 3.71%
Real Estate 1.93%
Information Technology 1.89%
Utilities 1.81%
Communication Services 1.81%

Portfolio Composition
as a % of net assets as of 11/30/2018

Domestic Common Stock 95.83%
Foreign Common Stock 3.84%
Cash and Cash Equivalents 0.33%

Equity Country Allocation
as a % of equity assets as of 11/30/2018

United States 94.4%
United Kingdom 3.7%
Ireland 1.9%

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, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, 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 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). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

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.

© 2018 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.