Shiller CAPE® U.S. Equities ETF

OverviewFund InsightsPortfolio ManagersDocuments

Objective

Seeks total return which exceeds the total return of the S&P 500 Index.

Summary

The Fund employs a U.S. equity sector rotation strategy, seeking to invest in the securities that correspond to the four "cheapest" sectors of the U.S. large-cap equity market. The Fund is rebalanced on a monthly basis to create an investment return that approximates that of the CAPE® Index (Shiller Barclays CAPE® U.S. Sector TR Index).

The CAPE® 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.

Trading Questions?

Contact us by telephone: (855) 937-0772
or email: ETFInfo@DoubleLine.com

Cape ETF disclosure

Fund Facts

  • Fund Inception: March 31, 2022
    CUSIP 25861R204
    Ticker CAPE
    Intraday NAV (VIIV) Ticker ^CAPE-IV
    Benchmark S&P 500 Index
    Gross 30-Day SEC Yield % as of 12/31/2022 1.37
    Gross Expense Ratio % 0.65

Fact Sheet
Portfolio Holdings

Daily Data

  • As of 02/07/2023 Closing
    Market Price $ 23.61
    NAV $ 23.62
    VIIV $ 23.62
    Trading Volume 41,803
    Shares Outstanding 10,522,000
    Number of Holdings 277
    Median Bid-Ask Spread % 0.17

More Information About VIIV

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 02/07/2023)

Closing VIIV: $23.62
Closing NAV: $23.62

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.

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.

Performance & Characteristics

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 the original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance current to the most recent month-end may be obtained by calling (213) 633-8200 or by visiting www.doubleline.com.

The performance information shown assumes the reinvestment of all dividends and distributions. Returns of less than one year are not annualized. While the fund is no-load, management fees and other expenses still apply. Index returns reflect no deduction for fees, expenses or taxes. Please refer to the prospectus for further details.

Portfolio Characteristics

Fund Details

Sector Allocation

Financials 25.61
Consumer Discretionary 23.91
Technology 24.72
Real Estate 25.30
Cash 0.46
Total 100.00 

INSIGHTS

Fund Insights

9-27ETFwebTGR-image
FEATURED Webcast
September 27, 2022

ETF Webcast: The Great Rotation 9-27-22

Opportunistic Bond ETF, Shiller CAPE® U.S. Equities ETF
Article
May 20, 2022

Investing With DoubleLine's Active Exchange-Traded Funds (ETFs)

Opportunistic Bond ETF, Shiller CAPE® U.S. Equities ETF
Video
Mar 2022

DoubleLine Shiller CAPE® U.S. Equities ETF
Article
Jun 2022

DoubleLine Shiller CAPE® U.S. Equities ETF (CAPE) Frequently Asked Questions

Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®

PORTFOLIO MANAGERS

Portfolio Managers

  • Jeffrey Gundlach

    Chief Executive Officer & Chief Investment Officer
    READ BIO

    Jeffrey Gundlach

    Chief Executive Officer & Chief Investment Officer

    Mr. Gundlach is CEO of DoubleLine.  In 2011, he appeared on the cover of Barron's as "The New Bond King."  In 2013, Institutional Investor named him "Money Manager of the Year."  In 2012, 2015 and 2016, he was named one of "The Fifty Most Influential" in Bloomberg Markets.  In 2017, he was inducted into the FIASI Fixed Income Hall of Fame.  Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.

  • Jeffrey Sherman, CFA

    Deputy Chief Investment Officer
    READ BIO

    Jeffrey Sherman, CFA

    Deputy Chief Investment Officer

    As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.

    2020

    "The Sherman Show" Named One of the "10 Must-Listen Podcasts" by Business Insider

Documents

[Fact Sheets]
[Prospectuses and SAI]
[Reports and Disclosures]
ALL FUND DOCUMENTS

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the investment company and may be obtained by calling (855) 937-0772, or downloading from the fund document library on this website. Read them carefully before investing.

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. 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.” 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. The specific methodology for calculating the fund’s VIIV is available below.

Methodology for Calculating the VIIV
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 VIIV is designed to provide sufficient information to allow for an effective arbitrage mechanism that will keep the market price of the fund’s shares trading at or close to the underlying NAV per share of the fund. Shares traded on an intraday basis on an exchange, however, will not have a fixed relationship to the previous day’s or the current day’s NAV. There is, however, a risk, which may increase during periods of market disruption or volatility, that market prices will vary significantly from the underlying NAV of a fund. Similarly, because the fund’s shares trade with reference to a published VIIV, they may trade at a wider bid/ask spread when compared to shares of ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore, may cost investors more to trade. Although the fund seeks to benefit from keeping its portfolio information secret, some market participants may attempt to use information, including the VIIV, to identify the fund’s trading strategy and the securities held by the fund, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the fund and its shareholders.

Because the shares of the fund are traded in the secondary market, a broker may charge a commission to execute a transaction in shares, and an investor also may incur the cost of the spread between the price at which a dealer will buy shares and the somewhat higher price at which a dealer will sell shares.

Investing in ETFs involves additional risks such as the market price of the shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.

Equities may decline in value due to both real and perceived general market, economic and industry conditions.

The fund is a “non-diversified” investment company and therefore may invest a greater percentage of its assets in the securities of a single issuer or a limited number of issuers than funds that are “diversified.” Accordingly, the fund is more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund might be.

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

Barclays Bank PLC and its affiliates (“Barclays”) is not the developer or implementer of the DoubleLine Shiller CAPE® U.S. Equities ETF (the “ETF”) and Barclays has no responsibilities, obligations or duties to investors in the ETF. The Shiller Barclays CAPE® US Sector USD Index (the “Index”) is a trademark owned by Barclays Bank PLC and licensed for use by DoubleLine. While DoubleLine may execute transaction(s) with Barclays in or relating to the ETF or the Index, investors acquire interests solely in their account and investors neither acquire any interest in the ETF or the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment. The ETF is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of investing in the ETF or the use of the Index or any data included therein. Barclays shall not be liable in any way to investors or to other third parties in respect of the use or accuracy of the ETF, the Index or any data included therein.

THE SHILLER BARCLAYS INDICES HAVE 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 OR COMPLETENESS OF THE SHILLER BARCLAYS INDICES OR ANY DATA OR METHODOLOGY EITHER INCLUDED THEREIN OR UPON WHICH IT IS BASED. NEITHER RSBB-I, LLC NOR ROBERT J. SHILLER OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, SUBCONTRACTORS, AGENTS, SUPPLIERS AND VENDORS (COLLECTIVELY, THE “PROTECTED PARTIES”), SHALL HAVE ANY LIABILITY, WHETHER CAUSED BY THE NEGLIGENCE OF A PROTECTED PARTY OR OTHERWISE, FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN, AND MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO PERFORMANCE OR RESULTS EXPERIENCED BY ANY PARTY FROM THE USE OF ANY INFORMATION INCLUDED THEREIN OR UPON WHICH IT IS BASED, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF 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, ROBERT J. SHILLER OR ANY PROTECTED PARTY IS ADVISED OF THE POSSIBILITY OF SAME.

Shiller Barclays CAPE US Sector TR USD Index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE® (Cyclically Adjusted Price Earnings) ratio (the “CAPE® Ratio”). It 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.

DoubleLine Funds are distributed by Quasar Distributors, LLC.