WBI Bull|Bear Tax-Smart Dividend Retirement Strategy

Got Dividends?

By combining passive and active dividend ETFs, the strategy seeks to maximize return and dividend income while also providing downside risk protection.

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An Optimal Blend of Passive & Active in One SMA

50% Passive Management

  • Fully Invested at all times to target more return
  • Seeks to provide a consistent high-level of dividend income
  • Rebalanced quarterly to maximize yield and quality

50% Active Management

  • Seeks to protect against catastrophic bear market losses
  • No mandate to be fully invested
  • Active security selection to find the strongest opportunities

About the Strategy

Launched in 2017, the WBI Bull|Bear Tax-Smart Dividend Retirement Strategy aims to help moderate investors meet their goals:

Maximize Return

By combining passive and active dividend ETFs, the strategy seeks to maximize return

High Current Income

Generate a high level of current income from dividend paying stocks


Increased Tax Efficiency

The usage of proprietary ETFs may also provide tax efficiency compared to actively managed funds and SMAs holding securities

Dividends Can Be Powerful

Less Volatility

Historically, dividend-paying stocks have been less volatile and experience less downside loss than non-dividend paying stocks in bear markets.

Rising Income

Companies tend to increase dividends over time, which can increase investor income to keep pace with rising lifestyle costs due to inflation.

Price Appreciation

Over full market cycles, stock price appreciation and dividend income can boost long-term performance.

Compounding Power

Most importantly, reinvested dividends can promote compounding and accelerated capital growth.

Get Started With DRS

Financial advisors can request a call with our wholesale team. Retail investors are encouraged to contact their financial advisor for more information.

Past performance does not guarantee future results. This is not an offer to buy or sell any security. No security or strategy, including those referred to directly or indirectly, is suitable for all accounts or profitable all the time. The Tax Smart SMA program accounts are subject to investment risk, including the possible loss of principal. The ETFs in the Tax Smart SMA program accounts may invest in other ETFs, mutual funds, and Exchange-Traded Notes (ETNs) which will subject the account to related additional expenses of each, and the risk of owning the underlying securities held by each. Investment risks may include but are not limited to: market, economic, political, interest rate, currency exchange, leverage, liquidity, credit quality, model, portfolio turnover, trading, REIT, high yield stocks, non-diversification, concentration, commodities, options, new fund, and client specific restrictions. WBI’s Passive ETFs are not actively managed and WBI does not attempt to take defensive positions in declining markets. You should not assume that any discussion or information provided here serves as a substitute for personalized investment advice from WBI or any other investment professional. If you have questions regarding the applicability of specific issues discussed to your individual situation, please consult with WBI or your chosen professional advisor. This information is compiled from sources believed to be reliable, accuracy cannot be guaranteed. WBI’s advisory operations, services, and fees are in the Form ADV, available upon request. The allocation to ETFs can provide increased tax efficiency over traditional SMA approaches. We believe the structure of the Tax Smart Program provides several benefits in addition to the potential for increased tax efficiency. However, Clients should understand that tax-qualified accounts, such as IRAs, do not benefit from any additional tax efficiencies of the “Tax-Smart” structure. Please consult with a tax professional prior to making investment decisions.

WBI has an inherent conflict of interest in investing in or recommending Affiliated ETFs as follows: 1) WBI and affiliates receive management fees from Affiliated ETFs. To avoid receiving two layers of management fees in situations where clients invest in Affiliated ETFs through SMA and Platform accounts, WBI will either: (i) waive the management fee at the account level; or (ii) credit the management fees paid by the Affiliated ETFs to WBI and its affiliates with respect to an account’s investments in Affiliated ETFs against the account-level advisory fees the account owes WBI, and 2) WBI’s affiliated broker-dealer, Millington Securities, Inc., receives compensation (including payment for order flow, commissions or other fees) for transactions effected on behalf of Affiliated ETFs. Trades WBI places through Millington will be subject to WBI’s duty of best execution and applicable law.

Although a company may pay a dividend, prices of equity securities – including those that pay dividends – fluctuate. Investing on the basis of dividends alone may cause an investor to buy or sell certain securities when circumstances may or may not be favorable.

Other strategies may have different results.

You are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format to any third party without the express written consent of WBI Investments, Inc.