Ametra PMS Review: FactorCapro & FactorIncome Explained
Ametra PMS offers two factor-investing strategies — FactorCapro and FactorIncome — designed to deliver regular income, capital protection, and inflation-beating returns for HNI investors in India.
If you’re a high-net-worth investor tired of the triple frustration of low FD rates, volatile equity mutual funds, and illiquid annuity products — you’ve probably been searching for something smarter. Something that pays you every month, protects your capital, and still grows your wealth over time.
That’s exactly the gap Ametra Portfolio Management Services is trying to fill with its two flagship strategies: Ametra FactorCapro PMS (AFC) and Ametra FactorIncome PMS (AFI).
Ametra (formerly called Elever) is a SEBI-registered Portfolio Manager (Registration No. INP000008905) headquartered in Bengaluru. Its investment approach combines quantitative factor investing with a dynamic tactical risk rotation model — what they call “adding X-Factor to factor investing.” In this deep-dive review, we break down how both PMS schemes work, how they’ve performed, who they’re suited for, and what you need to watch out for before investing.
What Is Factor Investing — and Why Does It Matter?
Before diving into the schemes, it helps to understand the core philosophy underpinning both strategies.
Traditional active mutual funds rely on a portfolio manager’s judgment to pick stocks. The problem? Research consistently shows that most active large-cap funds underperform their benchmarks over time. According to Ametra’s own data, in 14 out of 20 years, most large-cap mutual funds failed to beat the Nifty 100 Index. For mid-cap funds, the number was 11 out of 20 years.
Factor investing is a systematic, rule-based approach that identifies specific, historically proven characteristics — or “factors” — that explain why certain stocks outperform others over time. Examples include:
- Low Volatility: Stocks that fluctuate less tend to outperform on a risk-adjusted basis.
- Dividend Yield: High-dividend stocks often provide more stable returns.
- Momentum: Stocks in an uptrend tend to continue rising.
- Value: Underpriced stocks tend to revert to their fair value.
- Quality: Fundamentally strong businesses deliver superior long-term compounding.
Ametra has built a proprietary multi-factor model by analysing nearly 500 fundamental, technical, market, and qualitative parameters across 2,000 unique securities over 17+ years (Dec 2005 to Dec 2022). The result is a suite of 10 distinct factor portfolios ranging from low-risk “Wealth Defenders” and “Low-Vol Shields” to high-risk “Momentum Moguls” and “Alpha Warriors.”
The critical insight from this research: low-risk factor portfolios outperform during bear markets, while high-risk factor portfolios shine in bull markets — but all of them outperform the broad market over the full cycle.
This is the building block for both PMS strategies.
The Tactical Risk Rotation Engine
Both FactorCapro and FactorIncome share a common backbone: Ametra’s Tactical Risk Rotation Model, which classifies market conditions as Bull, Bear, or Consolidation in real time.
The model ingests five inputs daily:
- Nifty Index Levels
- India/US VIX (Volatility Index)
- Gold Prices
- Nifty 50 P/E Ratio
- Indian 10-Year Bond Yield
Based on the output signal, the multi-asset equity sleeve of each portfolio automatically rotates:
| Market Phase | Asset Mix in Multi-Asset Portfolio |
|---|---|
| Bear Market | 60% Debt ETF, 20% Low-Volatility Equity, 10% Gold ETF, 10% Dividend Equity |
| Market Consolidation | 30% Debt ETF, 50% LargeCap Equity, 10% Low-Vol Equity, 10% Gold ETF |
| Bull Market | 10% Debt ETF, 20% LargeCap Equity, 20% MidCap Equity, 30% High-Risk Factor Equity, 10% International Equity ETF, 10% Gold ETF |
This dynamic rotation is what differentiates Ametra’s strategies from static balanced advantage funds. The tactical model is run at the end of every Indian trading session, allowing the portfolios to react quickly to shifting market regimes.
Ametra FactorCapro PMS (AFC): Regular Income with Near-Zero Risk
Who Is It For?
FactorCapro is designed for ultra-conservative investors — think retirees, senior citizens, or anyone who needs predictable monthly cash flow while keeping their capital safe. It’s a direct challenger to FDs, government bonds, and insurance annuity products.
Key Details at a Glance:
| Parameter | Details |
|---|---|
| Live Date | 17 July 2025 |
| Minimum Investment | ₹50,00,000 (₹50 Lakhs) |
| Benchmark | NSE Multi Asset Index 2 |
| Risk Profile | Very Low |
| Expense Ratio | 1.00% (fixed fee, no performance fee) |
| Exit Load | 1% of NAV if exited before 24 months |
| Rebalancing | Quarterly / Signal-Based |
| Equity Exposure | 0%–50% |
How the Strategy Works: The Capital Protection Glide Path
FactorCapro follows a unique debt-first, gradually transitioning structure. When you first invest, the entire corpus goes into debt instruments for the first year — no income, no equity. This eliminates the risk of investing at a market peak.
From Year 2 onwards, a multi-asset portfolio is introduced and grows over time, while the debt allocation reduces:
| Year | Debt Allocation | Multi-Asset Portfolio | Monthly Income |
|---|---|---|---|
| Year 1 | 100% | 0% | None |
| Year 2 | 80% | 20% | ₹75,000 per ₹1 Cr |
| Year 3 | 70% | 30% | ₹75,000 per ₹1 Cr |
| Year 4 | 65% | 35% | ₹75,000 per ₹1 Cr |
| Year 5 | 60% | 40% | ₹75,000 per ₹1 Cr |
| Year 6+ | 50% | 50% | ₹75,000 per ₹1 Cr |
The monthly income is fixed at 0.75% of your initial principal, paid from Year 2 onwards. This translates to an effective annual payout of 9% per annum.
If you choose to defer income (i.e., not take payouts immediately), the annual income rate increases by 1.2% for every year deferred, up to a maximum deferred period of 10 years.
Live Performance Data (as on 28 Feb 2026)
Since AFC launched in July 2025, live performance data is still limited, but here’s what is available:
| Period | FactorCapro PMS | Balanced Advantage Benchmark | NSE Multi Asset Index 2 |
|---|---|---|---|
| 3 Months | +1.38% | -1.61% | -0.76% |
| 6 Months | +3.61% | +2.90% | +4.17% |
| Since Inception | +4.07% | +0.77% | +2.50% |
In its short live history, FactorCapro has outperformed its benchmark significantly — particularly notable given that recent months have been volatile for Indian markets.
The backtested historical data (30 Dec 2005 to 28 Feb 2026) provides a longer-term view:
| Holding Period | Avg Income Payout | Avg Return on Principal | Max Return on Principal | Min Return on Principal |
|---|---|---|---|---|
| 1 Year | 0.00% | 8.08% | 8.08% | 8.08% |
| 3 Years | 9.00% | 4.09% | 7.17% | 1.92% |
| 5 Years | 9.00% | 3.88% | 6.62% | 1.77% |
| 10 Years | 9.00% | 5.07% | 6.21% | 3.76% |
| 15 Years | 9.00% | 6.25% | 7.40% | 5.20% |
Source: Ametra Research. Back-tested returns as of 31 Jan 2026. Note: Back-tested data does not guarantee future performance.
One of the most compelling aspects of the back-test: across all 15-year rolling periods, the 9% income payout was never missed and the principal always grew — even in worst-case scenarios.
Tax Efficiency: A Hidden Advantage
Unlike FD interest (fully taxable at your income slab rate), FactorCapro’s income is generated through systematic partial redemptions from the multi-asset portfolio. Over time, as the cost basis of the portfolio rises, a larger share of each redemption becomes a return of capital rather than a capital gain — reducing the taxable portion.
According to Ametra’s projections, by Year 10, only 75–87% of the monthly payout would be taxable — compared to 100% of FD interest or annuity income. Over 10 years, this can result in tax savings of up to 50% compared to traditional fixed-income alternatives.
How It Compares to Annuity Products
| Parameter | FactorCapro PMS | Annuity (With Return of Premium) |
|---|---|---|
| Minimum Investment | ₹50 Lakhs | ₹1 Lakh |
| Tax on Contribution | None | 1.80% GST |
| Monthly Income | 0.75% of principal/month | 0.50%–0.60%/month |
| Deferred Bonus | +0.10%/month per deferred year | +0.04%/month per deferred year |
| Principal Growth | 3–6% CAGR (10Y) | None |
| Total 10Y CAGR (incl. income) | 12%–15% | 6.5%–7.7% |
| Liquidity | Can redeem anytime | Illiquid (until insured’s death) |
| Capital Protected? | Yes | Yes |
The numbers speak clearly: FactorCapro appears significantly superior to annuity products on every dimension except the entry barrier.
Ametra FactorIncome PMS (AFI): Inflation-Beating Returns with Monthly Income
Who Is It For?
FactorIncome is designed for investors who want higher growth alongside regular income. The target audience is someone who wants to beat inflation, needs monthly liquidity, but can tolerate moderate risk in pursuit of significantly higher long-term returns. Think of it as a turbocharged balanced advantage fund.
Key Details at a Glance:
| Parameter | Details |
|---|---|
| Live Date | 16 October 2024 |
| Minimum Investment | ₹50,00,000 (₹50 Lakhs) |
| Benchmark | Balanced Advantage Funds |
| Risk Profile | Low to Moderate |
| Volatility (Since Inception) | 10.64% |
| Maximum Drawdown | -27.46% |
| Expense Ratio | Up to 2.00% fixed; or performance-fee options |
| Exit Load | 1% of NAV if exited before 12 months |
Fee Structure Options
AFI offers four pricing options, giving investors flexibility based on their preferences:
| Option | Fixed Fee | Performance Fee | Hurdle Rate |
|---|---|---|---|
| Option 1 | 2.00% | None | NA |
| Option 2 | 1.00% | 15% | 12% |
| Option 3 | 0.50% | 10% | 0% |
| Option 4 | 0.50% | 20% | 10% |
Options 2, 3, and 4 follow the High-Water Mark principle, ensuring performance fees are only charged on new profits — not on recoveries from previous losses.
Monthly Income and Principal Compounding
AFI pays 1% of the initial principal per month as income — higher than FactorCapro’s 0.75%, reflecting its slightly higher risk profile. On a ₹1 crore investment, that’s ₹1,00,000 per month from inception.
The multi-asset portfolio within AFI is designed to target a 10-Year CAGR of 9–10% on the principal, even after paying out monthly income. This is the “inflation-beating compounding” element of the strategy.
Historical Performance (as on 28 Feb 2026)
AFI has been live since October 2024 and has more live performance data available:
| Period | FactorIncome | Benchmark (Bal. Adv. Funds) | Excess Returns |
|---|---|---|---|
| 1 Month | +1.67% | +0.47% | +1.20% |
| YTD | +2.75% | -1.39% | +4.14% |
| 1 Year (Live) | +19.78% | +12.24% | +7.54% |
| Since Inception (Live) | +9.02% | +2.20% | +6.82% |
Source: Ametra Research. Live performance as of 28 Feb 2026.
In its live period, AFI has generated nearly 20% returns in one year against a benchmark that delivered around 12% — a substantial outperformance.
The long-term backtested picture is even more compelling:
| Period | AFI Returns | Benchmark Returns | Excess Returns |
|---|---|---|---|
| 3 Years | 20.62% | 13.77% | +6.85% |
| 5 Years | 18.21% | 11.42% | +6.79% |
| 10 Years | 20.04% | 12.23% | +7.81% |
| 15 Years | 18.08% | 11.47% | +6.61% |
| Since Inception | 20.66% | 12.29% | +8.37% |
Source: Ametra Research. Back-tested returns as of 28 Feb 2026 (except 1M, YTD, 1YR which are live).
A hypothetical ₹1,000 invested at inception (Dec 2005) would have grown to ₹44,188 in AFI, versus just ₹10,372 in the Balanced Advantage Fund benchmark — a 4.3x difference in wealth creation.
Risk Management: Lower Drawdowns When It Matters Most
What makes AFI particularly interesting is that it achieves higher returns with lower drawdowns than the benchmark during stress events:
| Crisis Period | AFI Drawdown | Benchmark Drawdown |
|---|---|---|
| 2008 Financial Crisis (GFC) | -10.50% | -54.79% |
| 2013 BoP Crisis | -6.37% | -18.92% |
| 2020 COVID Crash | -10.01% | -22.11% |
During the 2008 GFC — when the broader market fell nearly 55% — AFI fell only around 10%. This dramatically reduces the risk of panic-selling at the worst possible time.
The Sharpe Ratio (risk-adjusted return) for AFI across the 10-year period stands at 1.51 vs 0.61 for the benchmark — meaning AFI delivers more than twice the return per unit of risk taken.
Probability of Returns: Backtested Data
For 5-year and longer holding periods, the historical data shows near-certainty of beating key return thresholds:
| Holding Period | Probability of >12% Returns | Probability of >15% Returns |
|---|---|---|
| 1 Year | 63.64% | 53.68% |
| 3 Years | 94.20% | 84.54% |
| 5 Years | 100.00% | 95.08% |
| 10 Years | 100.00% | 99.19% |
Source: Ametra Research. Based on backtested rolling returns. Past performance does not guarantee future results.
FactorCapro vs. FactorIncome: Which One Is Right for You?
| Parameter | FactorCapro (AFC) | FactorIncome (AFI) |
|---|---|---|
| Primary Goal | Capital protection + regular income | Inflation-beating growth + income |
| Monthly Income | 0.75% of principal | 1% of principal |
| Risk Level | Very Low | Low to Moderate |
| Volatility (Since Inception) | 4.73% | 10.64% |
| Max Drawdown | -4.88% | -27.46% |
| 10Y Principal CAGR (Backtest) | 3–6% | 9–10% |
| Total 10Y Expected CAGR (incl. income) | 12–15% | 20–22% |
| Equity Exposure | 0–50% (year 6+) | 60% (current, may vary) |
| Benchmark | NSE Multi Asset Index 2 | Balanced Advantage Funds |
| Exit Lock-in | 24 months (1% exit load before) | 12 months (1% exit load before) |
| Ideal For | Retirees, capital-preservation seekers | Growth-oriented, moderate risk tolerance |
The Team Behind the Strategy
Both strategies are managed by Karan, CFA — Co-founder, CIO, and Portfolio Manager. Karan brings 15+ years of experience in developing equity and fixed-income products, having previously introduced and managed investment strategies totalling more than $5 billion at Indxx Capital. He served institutional clients including AMCs, ETF sponsors, hedge funds, and pension funds.
The broader leadership team at Ametra collectively brings over 80 years of experience, including backgrounds from Visa, BillDesk, CreditAccess Grameen, and Mullen Lowe Group.
Key Things to Consider Before Investing
Before allocating to any PMS scheme, keep these points in mind:
1. Minimum ticket size is ₹50 Lakhs — This is the SEBI-mandated minimum for all PMS products, making it accessible only to HNIs and ultra-HNIs.
2. Most performance data is back-tested — FactorCapro went live in July 2025 and FactorIncome in October 2024. While back-tested data spanning 20 years is statistically robust, actual live performance history is limited. Evaluate accordingly.
3. Taxes are based on LTCG/STCG — Unlike FDs (taxed at slab rate), PMS returns via equity are taxed at capital gains rates. For equity-oriented holdings held over 1 year, LTCG at 12.5% (above ₹1.25 lakh threshold) applies. Debt and gold components may attract different tax treatment.
4. Costs add up — With expense ratios ranging from 1% to 2% (plus potential performance fees), you need to ensure net returns justify the cost over traditional alternatives like index funds or balanced advantage funds.
5. Liquidity — While technically redeemable at any time, there is a 1% exit load before the lock-in period (12 months for AFI, 24 months for AFC). Plan for at least a 3–5 year investment horizon to meaningfully benefit from the strategy.
Key Takeaways
- Ametra PMS offers two income-oriented PMS strategies built on a proprietary multi-factor model and tactical risk rotation engine.
- FactorCapro is best for capital-protective, conservative investors seeking a reliable 9% annual income with the principal growing at 3–6% CAGR — a superior alternative to annuities.
- FactorIncome targets growth-oriented HNIs who want 1% monthly income alongside inflation-beating compounding (9–10% CAGR on principal).
- Both strategies are designed to significantly reduce drawdowns during market crises — a rare combination of income generation and downside protection.
- The minimum investment is ₹50 Lakhs for both, and significant portions of the track record are back-tested rather than live performance.
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Conclusion
Ametra’s FactorCapro and FactorIncome PMS schemes offer a genuinely differentiated approach in the Indian PMS landscape. Rather than relying on a fund manager’s subjective stock-picking, both strategies use a systematic, rules-based framework informed by 20 years of data — and back it with dynamic tactical asset allocation.
For a retiree or capital-conservative investor, FactorCapro provides a compelling alternative to annuities and FDs. For a growth-seeking HNI with a longer horizon, FactorIncome’s combination of monthly income and historically strong compounding is worth serious consideration.
That said, always do your own due diligence, understand the risks of back-tested data, and evaluate whether the fee structure is justified for your specific situation. Speaking with a SEBI-registered Investment Adviser before committing capital is strongly recommended.
Disclaimer: This article is for informational purposes only and does not constitute financial advice or an offer to invest. All return figures mentioned include back-tested data that does not reflect actual trading results. Past performance — whether live or backtested — does not guarantee future returns. Investments in securities markets are subject to market risks. Please read all scheme-related documents carefully and consult a SEBI-registered financial advisor before making investment decisions.
Frequently Asked Questions
What is Ametra PMS and who manages it?
Ametra Investment Managers Private Limited (formerly Elever) is a SEBI-registered Portfolio Management Service provider (Registration No. INP000008905) based in Bengaluru. The portfolios are managed by Karan, CFA — Co-founder and CIO — who brings 15+ years of experience and previously managed over $5 billion in investment strategies at Indxx Capital.
What is the minimum investment required for Ametra PMS schemes?
The minimum investment for both Ametra FactorCapro PMS (AFC) and Ametra FactorIncome PMS (AFI) is ₹50,00,000 (₹50 Lakhs). This is in line with SEBI's mandated minimum ticket size for all PMS products in India.
What is the difference between FactorCapro and FactorIncome PMS?
FactorCapro (AFC) is designed for ultra-conservative investors focused on capital protection, paying 0.75% of the principal monthly (9% p.a.) from Year 2, with a principal CAGR of 3–6% over 10 years. FactorIncome (AFI) targets moderate-risk investors seeking higher growth, paying 1% of the principal monthly (12% p.a.) with an estimated principal CAGR of 9–10% over 10 years. AFC is more suitable for retirees; AFI suits growth-oriented HNIs.
How does Ametra FactorCapro protect my capital?
FactorCapro invests 100% in debt instruments in Year 1, with no equity exposure, eliminating the risk of investing at a market peak. From Year 2, a multi-asset portfolio is gradually introduced — capped at 20% in Year 2 and rising to 50% by Year 6. Even in a worst-case 50% market crash, the overall portfolio retains its principal value in the early years due to the dominant debt allocation.
When does the monthly income start in FactorCapro PMS?
Monthly income from FactorCapro begins from Year 2 onwards. There is no income payout in Year 1, as the entire corpus is held in debt to neutralise entry-point risk. From Year 2, ₹75,000 per month is paid for every ₹1 Crore invested (0.75% of principal per month).
What are the deferred income benefits in FactorCapro?
If you choose to defer your income payouts beyond Year 2, the annual income rate increases by 1.2% per annum for every year deferred. The maximum deferred period is 10 years, allowing your monthly payout rate to grow significantly compared to starting withdrawals immediately.
What monthly income does FactorIncome PMS pay?
Ametra FactorIncome PMS pays 1% of your initial principal per month as regular income. On an investment of ₹1 Crore, this amounts to ₹1,00,000 per month. This is higher than FactorCapro's 0.75% payout, reflecting its slightly higher risk profile and growth orientation.
What are the live returns of FactorIncome PMS?
As of 28 February 2026, FactorIncome PMS (live since October 2024) has delivered a 1-year return of approximately 19.78%, compared to the Balanced Advantage Fund benchmark return of 12.24% — an excess return of +7.54%. Since inception, the live return stands at 9.02% vs the benchmark's 2.20%.
What are the live returns of FactorCapro PMS?
FactorCapro PMS went live in July 2025, so live data is limited. As of 28 February 2026, the 3-month return is +1.38% vs the benchmark's -1.61%, the 6-month return is +3.61% vs +2.90%, and the since-inception return is +4.07% vs +0.77% for the benchmark.
How does FactorIncome PMS perform during market crashes?
Based on back-tested data, FactorIncome has significantly lower drawdowns than its benchmark during major crises. During the 2008 Global Financial Crisis, AFI fell approximately 10.50% while the Balanced Advantage Fund benchmark fell 54.79%. During the 2020 COVID crash, AFI fell 10.01% vs 22.11% for the benchmark.
What is the fee structure for FactorCapro PMS?
FactorCapro has a single pricing option: a flat fixed fee of 1.00% per annum with no performance fee. Additionally, other charges like broking and custodian fees are charged at actuals. An exit load of 1% of NAV applies if you redeem before 24 months.
What are the fee options for FactorIncome PMS?
FactorIncome offers four fee options: Option 1 — 2% fixed fee, no performance fee; Option 2 — 1% fixed fee + 15% performance fee above a 12% hurdle; Option 3 — 0.50% fixed fee + 10% performance fee above 0% hurdle; Option 4 — 0.50% fixed fee + 20% performance fee above a 10% hurdle. All performance fee options follow the High-Water Mark principle. An exit load of 1% applies if exited before 12 months.
What is the High-Water Mark principle used in FactorIncome PMS?
The High-Water Mark (HWM) principle ensures that performance fees are only charged on new profits, not on recovering previous losses. If the portfolio value declines and then recovers, no performance fee is charged until it surpasses the previous peak value. This protects investors from paying performance fees twice on the same gain.
Is the income from Ametra PMS tax-efficient compared to FDs?
Yes, significantly so. FD interest is taxed at your income slab rate (up to 30%), making it 100% taxable. Ametra's income is generated through systematic partial redemptions from the portfolio. As the cost basis of holdings rises over time, a larger share of each redemption becomes a return of capital rather than a taxable gain. Ametra projects that only 75–87% of monthly payouts would be taxable by Year 10, potentially saving up to 50% in tax compared to FDs or annuities over a 10-year horizon.
How is Ametra PMS better than annuity products?
FactorCapro offers a higher monthly payout (0.75% vs 0.50%–0.60% for annuities), principal growth of 3–6% CAGR (annuities offer zero principal growth), total 10-year CAGR of 12–15% vs 6.5–7.7% for annuities, no GST on contribution (annuities attract 1.8% GST), full liquidity at any time (annuities are illiquid until the insured's death), and superior tax efficiency over a 10-year period.
What is factor investing and how does Ametra use it?
Factor investing is a systematic, rules-based approach that selects stocks based on specific characteristics — or 'factors' — proven to generate alpha over time. These include low volatility, dividend yield, momentum, value, and quality. Ametra has analysed nearly 500 parameters across 2,000 securities over 17+ years to build 10 distinct factor portfolios. These are then combined using a tactical risk rotation model that shifts towards low-risk factors in bear markets and high-risk factors in bull markets.
What is the Tactical Risk Rotation Model?
The Tactical Risk Rotation Model is a proprietary algorithm that classifies market conditions as Bull, Bear, or Consolidation on a daily basis. It uses five inputs — Nifty Index levels, India/US VIX, gold prices, Nifty 50 P/E ratio, and Indian 10-year bond yield. Based on the signal, the multi-asset equity sleeve of the portfolio automatically rotates between defensive low-risk factor portfolios (bear), balanced moderate allocations (consolidation), and aggressive high-risk factor portfolios (bull).
How often is the Ametra PMS portfolio rebalanced?
Rebalancing occurs in two ways: the Tactical Risk Rotation Model runs every trading day and can trigger signal-based allocation changes, while formal factor portfolio reviews follow their own quarterly schedule. Overall, the strategy is described as having Quarterly or Signal-Based rebalancing frequency.
Is Ametra PMS suitable for a first-time PMS investor?
Ametra PMS is a systematic, rules-based strategy that is easier to understand than discretionary active PMS schemes. However, the minimum investment of ₹50 Lakhs, limited live performance history (AFC since July 2025, AFI since October 2024), and reliance on back-tested data mean that first-time PMS investors should carefully read all scheme documents, understand the risks, and ideally consult a SEBI-registered Investment Adviser before investing.
What assets does Ametra PMS invest in?
Both schemes invest across multiple asset classes: equity (direct stocks, large-cap and mid-cap ETFs, factor-based equity portfolios), fixed income (debt funds and bond ETFs), gold (gold ETFs), and international equity (international equity ETFs). FactorCapro may also invest in debt funds and bonds directly. The exact allocation shifts dynamically based on market conditions.
How much of Ametra's performance data is back-tested vs live?
Both strategies were incepted (back-tested from) December 30, 2005. However, FactorIncome only went live in October 2024 and FactorCapro in July 2025. The 1-month, YTD, 1-year, and 'Since Live Date' figures reflect actual live performance; all longer-period returns (3Y, 5Y, 10Y, 15Y, Since Inception) are back-tested and do not reflect actual trading or transaction costs. Investors should weigh this accordingly.
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