- Mutual Fund Summary Prospectus (497K)
March 23 2010 - 5:03AM
Edgar (US Regulatory)
SUMMARY
PROSPECTUS
April 5,
2010
JETS
SM
Exchange-Traded Trust
|
JETS
SM
Contrarian Opportunities Index
Fund
|
Before
you invest, you may want to review the Fund’s Prospectus, which contains more
information about the Fund and its risks. The Fund’s Prospectus and Statement of
Additional Information (“SAI”), both dated April 5, 2010, are incorporated
by reference into this Summary Prospectus. For free paper or electronic copies
of the Fund’s Prospectus and other information about the Fund, go to
www.jetsetfs.com
,
call, toll free, (866) 528-0029, or write to JETS
SM
Exchange
Traded
Funds, c/o Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland,
Maine 04101.
Investment
Objective
The Fund,
an exchange-traded fund, seeks performance results that, before fees and
expenses, correspond generally to the performance of a benchmark index that
measures the investment return of securities that are consistent with contrarian
principles.
Fees
and Expenses
The
following table describes the fees and expenses you may pay if you buy and hold
shares in the Fund. Transaction costs that may be incurred by the investor such
as brokerage commissions for buying and selling securities are not reflected in
the Example.
|
ANNUAL
FUND OPERATING EXPENSES
(expenses
deducted from the Fund’s assets)
|
|
|
|
|
Management
Fees:
|
|
|
0.58
|
%
|
|
Distribution
and/or Service (12b-1) Fees:
|
|
None
|
|
|
Other
Expenses
|
|
|
0.00
|
%
|
|
Total Annual Fund Operating
Expenses
Before
Waiver
|
|
|
0.58
|
%
|
Fee Waiver and/or Expense Reimbursement
1
|
|
|
(0.00
|
)%
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or
Expense Reimbursement
|
|
|
0.58
|
%
|
———————
1
Javelin
Investment Management, LLC has contractually agreed to waive its management fee
and/or pay certain operating expenses of the Fund to the extent necessary to
prevent the operating expenses of the Fund (excluding interest, taxes, brokerage
commissions and other expenses that are capitalized in accordance with generally
accepted accounting principles, and other extraordinary costs such as litigation
and other expenses not incurred in the ordinary course of the Fund’s business)
from exceeding 0.58% of average net assets per year, at least until April 30,
2011. The waiver arrangements cannot be terminated prior to April 30,
2011.
Example
The
following example is intended to help you compare the cost of investing in the
Fund with the costs of investing in other funds. This example does not take into
account brokerage commissions that you pay when purchasing or selling shares of
the Fund. The example assumes that you invest $10,000 in the Fund for
the time periods indicated and then sell all of your shares at the end of those
periods. The example also assumes that your investment has a 5% return each year
and that the Fund’s operating expenses remain the same each year. Although your
actual costs may be higher or lower, based on these assumptions your costs would
be:
Portfolio
Turnover
The Fund
pays transaction-related costs when it buys and sells securities (or “turns
over” its portfolio). A higher turnover rate may indicate higher transaction
costs and may result in higher taxes when the Fund’s shares are held in a
taxable account. These costs, which are not reflected in annual Fund operating
expenses or the above example, affect fund performance.
Principal
Investment Strategies
The Fund
employs a “passive management”--or indexing--investment approach designed to
track the performance of the Dow Jones U.S. Contrarian Opportunities Index
SM
(the
“Target Index”) As its primary strategy, the Fund generally attempts to track
the performance of the Target Index by using a representative sampling strategy,
pursuant to which the Fund’s assets may not be invested in substantially all of
the securities that make up the Target Index, and/or the Fund’s weightings in
each security may differ from those of Target Index. The Fund may invest a
portion of its assets in securities not included in its Target Index but which
the Adviser or Sub-Adviser believes will help the Fund track its Target
Index.
Contrarian
investing refers to the investment style that seeks to identify and invest in
public companies that are temporarily out of favor.
Dow
Jones U.S. Contrarian Opportunities Index
SM
The Dow
Jones U.S Contrarian Opportunities Index
SM
is
an index maintained by Dow Jones Indexes based on a stringent and published
methodology. The Target Index is a equal-weighted index consisting of 125
securities, each of which is a domestic security. As of March 17, 2010, the
Target Index’s three largest stocks were Psychiatric Solutions Inc., Zumiez
Inc., and Red Robin Gourmet Burgers Inc. and its three largest industries were
Consumer Services, Healthcare and Industrials. As of March 17, 2010, the
capitalization of companies represented in the Target Index ranged from $125
million to $50.42 billion, and the average market capitalization of the
companies in the Target Index was $4.3 billion. The Fund uses a representative
sampling strategy in seeking to track the Target Index. The securities composing
the Target Index include equity securities of U.S. companies (including common
stocks).
Risks
The Fund
is subject to certain risks. The principal risks to which the Fund is subject
are described below.
|
|
·
|
Stock market Risk
: the
risk that stock prices overall will decline over a given period of time.
The Fund’s total return, like stock prices generally, will fluctuate
within a wide range, so an investor could lose money over short or even
long periods. Stock markets tend to be volatile, with periods of rising
prices and periods of falling
prices.
|
|
|
·
|
Index Risk:
the risk
that stocks in the Target Index may underperform stock market investments
that track other markets, segments or sectors. The Sub-Adviser does not
actively manage the Fund and therefore does not attempt to analyze,
quantify or control the risks associated with investing in stocks of
companies in the Target Index.
|
|
|
·
|
Tracking Error Risk:
the
risk that the Fund will not provide investment performance tracking the
Target Index. The Fund’s return may not match the return of the Target
Index for a number of reasons. For example, the Fund incurs a number of
operating expenses not applicable to the Target Index, and incurs costs in
buying and selling securities, especially when rebalancing the Fund’s
securities holdings to reflect changes in the composition of the Target
Index. Since the Target Index components may change on a quarterly basis,
the Fund’s costs associated with rebalancing may be greater than those
incurred by other exchange-traded funds that track indices whose
composition changes less frequently. In addition, if the Fund employs a
representative sampling strategy, the stocks held by the Fund may provide
performance that differs significantly from the aggregate performance of
all of the stocks comprising the Target
Index.
|
|
|
·
|
Replication Management
Risk:
the risk that because the Fund is not ‘‘actively’’ managed,
it would not usually sell a stock because the stock’s issuer was in
financial trouble unless that stock is removed from the Fund’s Target
Index.
|
|
|
·
|
Small- and Mid-Capitalization
Risk:
the risk that these stocks may be volatile. Historically,
these stocks have been more volatile in price than the
large-capitalization stocks.
|
|
|
·
|
Market Price Risk:
the
risk associated with the fact that the shares of the Fund are listed on
the New York Stock Exchange Arca
™,
Inc. (“NYSE Arca™
”)
and can be bought and sold in the secondary market at market prices.
Although it is expected that the market price of the Fund shares typically
will approximate its Net Asset Value (“NAV”), there may be times when the
market price and the NAV differ significantly. Thus, the investor may pay
more than NAV when buying Fund shares on the secondary market, and may
receive less than NAV when the investor sells Fund
shares.
|
|
|
·
|
Trading Halts Risk:
the
risk that trading of the Fund shares on the NYSE Arca
™
may be halted if NYSE Arca™ officials deem such action appropriate in the
interest of a fair and orderly market or to protect investors, if the Fund
shares are delisted from the NYSE Arca™ or if the activation of
market-wide “circuit breakers” halts stock trading generally. If trading
is halted, investors may not be able to dispose of Fund shares that they
own.
|
Performance
Information
No
performance information is available for the Fund because the Fund has not yet
completed a full calendar year of investment operations as of the date of this
Prospectus.
Management
Investment
Adviser
: Javelin Investment Management, LLC
Sub-Adviser
: Esposito
Partners, LLC
Portfolio
Managers
The
following table lists the persons responsible for day-to-day management of the
Fund’s portfolio:
|
Employee
|
Length
of Service
|
Title
|
|
Kris
Marca
|
Since
2010
|
Co-Portfolio
Manager
|
|
Benjamin
Deweese
|
Since
2010
|
Co-Portfolio
Manager
|
Purchase
and Sale of Fund Shares
The Fund
is an exchange-traded fund or ETF. Individual Fund shares may only be
purchased and sold on a national securities exchange through a broker-dealer and
investors may pay a commission to such broker-dealers. The price of Fund shares
is based on market price, and because ETF shares trade at market prices rather
than NAV, shares may trade at a price greater than NAV (premium) or less than
NAV (a discount).
Tax
Information
The
Fund’s distributions are taxable, and will be taxed as ordinary income or
capital gains, unless you are investing through a tax-deferred arrangement, such
as a 401(k) plan or an individual retirement account. Such tax-deferred
arrangements may be taxed later upon withdrawal of monies from those
arrangements. For additional information, please see the “Taxes on
Distributions” section of this Prospectus.
Payments
to Broker-Dealers and Other Financial Intermediaries
Neither
the Fund nor any of its related companies pay financial intermediaries for the
sale of Fund Shares or related services.
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