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 VIIVFor 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 on the VIIV tab located here.