Fund Objective

The Diamond Hill Valuation-Weighted 500 ETF (the “Fund”) seeks to track the price and total return performance, before fees and expenses, of the Diamond Hill Valuation-Weighted 500 index (“Index”).

Index Objective

Generate excess return relative to a comparable U.S. equity market capitalization-weighted strategy over long-term periods (5 years or longer).

Index Description

The Index is composed of approximately 500 of the largest U.S.-listed equity securities weighted by intrinsic value capitalization. The Index uses a proprietary, patent-pending valuation methodology developed by Diamond Hill Capital Management, Inc. to evaluate the 700 largest U.S.-listed equity securities by market capitalization. Fundamental company data and consensus earnings per share estimates are used to estimate cash flows and determine terminal value at the end of five years. Cash flows are discounted to estimate intrinsic value and determine the intrinsic value capitalization for each of the 700 companies in the starting universe. A portfolio of the 500 largest companies by intrinsic value capitalization is created, eliminating the bottom 200. Each company is then weighted according to its intrinsic value capitalization as a percentage of the total portfolio capitalization. The Index is rebalanced and reconstituted quarterly to incorporate new data into the intrinsic value calculation.

Risk Disclosure: The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. The Index relies heavily on proprietary quantitative models as well as information and data supplied by third parties (Models and Data). Because the Index is composed based on such Models and Data, when such Models and Data prove to be incorrect or incomplete, the Index and Fund may not perform as expected. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. Investments involve risk. Principal loss is possible. The Fund has the same risks as the underlying securities traded on the exchange through the day. Redemptions are limited and often commissions are charged on each trade, and ETFs may trade at a premium or discount to their net asset value.

An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus or summary prospectus contain this and other important information about the Fund(s) and are available at diamond-hill.com or by calling 800.617.0004. Please read the prospectus or summary prospectus carefully before investing. Diamond Hill Capital Management, Inc., a registered investment adviser, serves as investment adviser to the Diamond Hill Valuation-Weighted 500 ETF and is paid a fee for its services. The Diamond Hill Valuation-Weighted 500 ETF is not FDIC insured, may lose value, and has no bank guarantee.

Shares of the Diamond Hill Valuation-Weighted 500 ETF may be sold throughout the day on the exchange through any brokerage account. However, shares may only be redeemed directly from the Fund by Authorized Participants, in very large creation/redemption units. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.

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