BioShares Biotechnology Clinical Trials ETF

Investment Opportunity

Biotechnology investors have the opportunity to gain exposure to one of the most exciting, high-growth sectors in the global economy today. These companies are in the business of designing drugs that save lives. Everything ranging from antivirals, antibiotics and cancer-fighting medicines to gene therapies, cell-based therapies and enzyme replacement therapies are developed in the biotech sector. The Fund invests in clinical trials stage biotechnology companies. Clinical Trials stage companies are typically younger, smaller companies which do not have a drug approved, but instead focus on testing their experimental drug candidates in human clinical trials. Successful companies prudently manage their balance sheets through financings and partnerships in order to develop their potential blockbuster drugs. The Fund seeks investment results that correspond, before fees and expenses, to the price and yield performance of the LifeSci Biotechnology Clinical Trials Index.

Fund Risks

Exchange Traded Funds: The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track. The costs of owning the ETF may exceed the cost of investing directly in the underlying securities.

Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Market Price/NAV: At the time of purchase and/or sale, an investor's shares may have a market price that is above or below the fund's NAV, which may increase the investor's risk of loss.

Correlation to Index: The performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, and timing differences associated with additions to and deletions from its index.

Non-Diversified: The fund is non-diversified and may be more susceptible to factors negatively impacting its holdings to the extent that each security represents a larger portion of the fund's assets.

No Guarantee: There is no guarantee that the portfolio will meet its objective.

Prospectus: For additional information on risks, please see the fund's prospectus.

Management Team

Paul Yook
BioShares

Industry start date: 1996

Start date with Fund: 2014

Andrew McDonald
BioShares

Industry start date: 2004

Start date with Fund: 2014

Michael Rice
BioShares

Industry start date: 1988

Start date with Fund: 2014

BioShares

LifeSci Index Partners, LLC, an index provider of healthcare-based stock market indices, serves as the investment subadviser for the BioShares exchange traded funds. The principals of our firm are also founders of and/or are affiliated with LifeSci Advisors, a unique investor relations consultancy founded to provided companies in the life sciences a comprehensive solution to investor communications and outreach.


Fund Information

Exchange: NASDAQ
Ticker: BBC
CUSIP: 26923G301
Inception Date: 12/16/2014
IOPV Symbol: BBC.IV
NAV Symbol: BBC.NV

Average Annual Total Returns

Monthly Performance (%) (as of 5/31/2017)
  1 Mo. 3 Mo.   YTD     1YR   3YR 5YR 10YR Since Inception
NAV -7.58 -4.56 13.75 0.16 NA NA NA -6.74
MKT Price -7.57 -4.79 13.77 0.17 NA NA NA -6.75
Index -7.64 -4.54 13.86 0.67 NA NA NA -6.29
Quarterly Performance (%) (as of 3/31/2017)
  1 Mo. 3 Mo. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 5.48 25.72 25.72 21.85 NA NA NA -3.08
MKT Price 5.20 25.71 25.71 21.81 NA NA NA -3.09
Index 5.57 25.92 25.92 22.66 NA NA NA -2.54

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Fees & Expenses

Management Fee: 0.85
Other Expenses: 0.00
Acquired Fund Fees: 0.00
Gross Expense Ratio: 0.85

The management fee is structured as a “unified fee”, out of which the Fund’s sub-adviser pays all routine expenses of the Fund, except for payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing money; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary expenses of the Fund, each of which is paid by the Fund.

Index: LifeSci Biotechnology Clinical Trials Index
The LifeSci Biotechnology Clinical Trials Index is designed to track the performance of U.S. listed biotechnology stocks with a lead drug in the clinical trial stage of development, typically a Phase 1, Phase 2 or Phase 3 trial, but prior to receiving marketing approval. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

Fund Data & Pricing (as of 6/22/2017)

NAV: $24.45
Change: $0.33
Closing Price: $24.50
Change: $0.38
4PM Bid/Offer Midpoint: $24.46
Premium/Discount: $0.01
Shares Outstanding: 1,000,004.00
Net Assets: 24,454,890.76
Daily Trade Volume: 19,054.00
20 Day Average Trading Volume: 13,260.00

Premium / Discount Analysis

  Number of Days Fund Has Traded at a:
  Discount Premium
Period Less than -2% -1.51% to -2.00% -1.01% to -1.50% -0.51% to -1.00% -0.01% to -0.50% 0.00% to 0.50% 0.51% to 1.00% 1.01% to 1.50% 1.51% to 2.00% Greater than 2%
2014-Q4: 12/16/2014 through 12/31/2014 0 0 0 0 5 6 0 0 0 0
2015-Q1: 1/2/2015 through 3/31/2015 0 0 0 0 21 40 0 0 0 0
2015-Q2: 4/1/2015 through 6/30/2015 0 0 0 1 27 35 0 0 0 0
2015-Q3: 7/1/2015 through 9/30/2015 0 0 0 0 33 31 0 0 0 0
2015-Q4: 10/1/2015 through 12/31/2015 0 0 0 0 43 21 0 0 0 0
2016-Q1: 1/4/2016 through 3/31/2016 0 0 0 0 31 29 0 0 1 0
2016-Q2: 4/1/2016 through 6/30/2016 0 0 0 0 36 28 0 0 0 0
2016-Q3: 7/1/2016 through 9/30/2016 0 0 0 0 46 18 0 0 0 0
2016-Q4: 10/3/2016 through 12/30/2016 0 0 0 0 34 27 2 0 0 0
2017-Q1: 1/3/2017 through 3/31/2017 0 0 0 0 30 32 0 0 0 0

Top Holdings (% Fund)
(as of 6/23/2017)

BELLICUM PHARMACEUTICALS INC 1.66
IMMUNOGEN INC 1.51
DYNAVAX TECHNOLOGIES CORP 1.51
BLUEPRINT MEDICINES CORP 1.51
SANGAMO THERAPEUTICS INC 1.50
IGNYTA INC 1.47
ARENA PHARMACEUTICALS INC 0.000 1.47
ESPERION THERAPEUTICS INC 1.45
AMICUS THERAPEUTICS INC 1.43
JUNO THERAPEUTICS INC 1.43

Closing Price: The Closing Price is the price of the last reported trade on the fund's primary exchange. If there has been no reported trade for a particular date, the Closing Price represents the 4PM Bid/Offer Midpoint. 

4PM Bid/Offer Midpoint: The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00pm Eastern Time).

Premium/Discount: The amount the Fund is trading above or below the reported NAV (based on 4PM Bid/Offer Midpoint).

The “net asset value” (NAV) of the Fund is determined at the close of each business day, and represents the dollar value of one share of the Fund; it is calculated by taking the total assets of the Fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV of the Fund is not necessarily the same as its intraday trading value. Fund investors should not expect to buy or sell shares at NAV because shares of ETFs such as the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Thus, shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV, and include the reinvestment of all dividends and other distributions (reinvested at the Fund's NAV on distribution ex-date). Market price returns are calculated using the 4:00 pm midpoint between the bid and offer, and include the reinvestment of all dividends and other distributions (reinvested at the 4:00pm bid/offer midpoint on distribution ex-date). Market price returns do not represent the return you would receive if you traded at other times.

SEC Yield is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30 day period by the current NAV at the end of the 30 day period. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the Subsidized Yield and Unsubsidized Yield will be identical.

Distribution Yield is the annual yield that an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the Fund and does not represent total return of the Fund. The distribution yield is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.

Returns for periods of less than one year are cumulative total returns.

Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. Contact us at 888-383-0553 or visit www.bioshares.com for a copy of the Fund's prospectus. Read the prospectus carefully before you invest or send money.

Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.

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