March 16, 2015

When the Federal Reserve Bank approved the post-stress test capital plans for 28 of the 31 banks subject to the Comprehensive Capital Analysis and Review (CCAR), it set off a flurry of announcements of dividend increases and share repurchases that lit up the tape. All told, 20 banks and financial firms from the S&P 500 announced dividend increases within a few hours of receiving Fed approval, ranging from a 4.1% rise for US Bancorp to a whopping 400% increase for Citigroup.

Significantly, the increases mean the financial sector is once again the largest dividend-payer in the S&P 500, a status it hasn’t enjoyed since 2008, accounting for 14.7% of expected dividend payments this year.

Click here to read the entire article by Reality Shares CEO Eric Ervin at

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S&P 500: A broad stock market index based on the market capitalization of 500 large companies having common stock listed on the NYSE or NASDAQ. The S&P 500 was developed and continues to be maintained by Standard & Poor’s Financial Services LLC, and is considered to be a bellwether for the US economy.

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The investment return of the Fund seeks to capture the change in expected dividend values of listed index options over time. The Fund will generally have a positive investment return only when the future expected dividend value of listed index options exceeds the expected dividend value of index options as reflected in the market price at which the Fund buys and sells the option contracts. The Fund does not capture actual dividend payments, and Fund returns may go down even when actual dividend payments rise. Unlike more traditional products, the Fund does not seeks returns based on appreciation in the stock market price of equity securities. This means that the returns on a Fund investment are not intended to correlate to the returns of the overall stock market (e.g., the value of the Fund investment may go down when overall equity markets go up, or vice versa). The Fund does not generate dividend income, and is not appropriate for investors seeking dividend income. Investment returns of the Fund are treated for tax purposes as capital gains or losses, as applicable. See the section “Taxes” in the prospectus for more information.

Investing involves risks, including possible loss of principal. Past performance does not guarantee future results. There is no assurance the stated objective(s) will be met. Not FDIC insured. See the section “Principal Risks” in the prospectus for important risk disclosures.

Investments in options, swaps, forward contracts and futures contracts are subject to a number of risks, including correlation risk, interest rate risk, market risk, leverage risk, and liquidity risk. Each of these risks could cause the Fund to vary from its stated objective, could cause the Fund to lose money and may have a negative impact on the value of your investment. Please refer to the Fund Risks for further explanation of individual risks.

This material contains the opinions of the author, which are subject to change, and should not to be considered or interpreted as a recommendation to participate in any particular trading strategy, or deemed to be an offer or sale of any investment product and it should not be relied on as such.

Dividends are not guaranteed, and a company’s future ability to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time.

You cannot invest directly in an index.

Reality Shares Advisors, LLC is the Investment Advisor. ALPS Distributors, Inc. is the Distributor for the Fund. Reality Shares Advisors, LLC and ALPS Distributors, Inc. are not affiliated.

The Fund is newly organized and the Adviser has not previously managed an ETF registered under the 1940 Act.

Shares of the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market Price is based on the midpoint of the bid/ask spread at 4:15pm ET on business days and does not represent the returns an investor would receive if shares were traded at other times.