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Trending ETFs

Name

As of 05/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.07

$18.2 M

7.91%

$0.64

1.68%

Vitals

YTD Return

7.9%

1 yr return

10.9%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$18.2 M

Holdings in Top 10

96.8%

52 WEEK LOW AND HIGH

$8.0
$7.05
$8.14

Expenses

OPERATING FEES

Expense Ratio 1.68%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.07

$18.2 M

7.91%

$0.64

1.68%

AMAX - Profile

Distributions

  • YTD Total Return 7.9%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 7.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Adaptive Hedged Multi-Asset Income ETF
  • Fund Family Name
    Adaptive ETFs
  • Inception Date
    Oct 02, 2009
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Wetherington

Fund Description

As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Fund’s investment objective of total return by investing in other investment companies, including mutual funds and exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the Fund (“Portfolio Funds”) or by making direct investments. The Fund’s portfolio will consist of a mix of direct and indirect investments through Portfolio Funds and each may be all of the Fund’s portfolio or none of the Fund’s portfolio at any given time. The Fund’s fixed income investments, both direct and indirect through Portfolio Funds, may include mortgage backed securities, asset backed securities, commercial mortgage backed securities, non-agency mortgage backed securities, corporate investment grade securities, convertible securities, high yield-high risk bonds (commonly known as “junk bonds”), securities issued or guaranteed by certain U.S. Government agencies, instrumentalities and sponsored enterprises, exchange traded notes (“ETNs”) and global debt securities. The Fund’s equity investments, both direct and indirect through Portfolio Funds, may include dividend paying equity securities, real estate investment trusts (“REITs”), and preferred securities. The Fund’s equity investments will not be limited by sector criteria or market capitalization.  In addition to its indirect investments, the Fund may also invest directly in put and call options on index ETFs, sector ETFs, individual equities, and cash and cash equivalents as part of its risk management strategy. The Fund’s allocation of its assets into various asset classes will depend on the views of the Advisor as to the best value relative to what is currently presented in the marketplace.
The Fund may invest in ETF equity strategies that follow a “buy-write” investment strategy also known as covered call strategy in which a fund purchases a security and also writes (or sells) call options that correspond to the security. The Fund may also invest in equity index ETFs or fixed income ETFs and follow a “buy-write” investment strategy.
The Fund’s fixed income securities may be of any maturity and any credit rating, including below investment grade securities (commonly referred to as “junk”). The below investment grade securities will include corporate bonds, securities of issuers in default, unrated securities, mortgage-backed securities, and asset-backed securities. The Fund’s fixed income investments will also include commodity based ETNs and ETFs. The fixed income securities in which the Fund invests do not have an established average portfolio duration and the average portfolio durations will vary. Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. In general, the higher the duration, the more a bond’s price will drop as interest rates rise (and the greater the interest rate risk). For example, if rates were to rise 1%, a bond or bond fund with a five-year average duration would likely lose approximately 5% of its value. The Fund will not be limited in its investments by sector criteria, and may invest in foreign securities, including foreign securities in emerging markets.
The Advisor uses an investment model for analyzing market trends. The investment model includes factors such as price momentum, volatility, comparative indicators relative to certain indices and a recession model (a model that measures the probability of a recession within the next several months based on leading economic indicators). The Advisor utilizes research and valuation metrics to determine which fixed income asset classes have the greatest potential for producing positive performance and income, with a focus on capturing upside performance while protecting against loss. Valuation metrics are measures of a company’s performance, financial health and prospects for future earnings by comparing the market’s opinion (share price) to actual reported earnings to help predict a company’s prospects. The fixed income Portfolio Funds are selected based on liquidity, cost, and tracking error (degree to which an ETF that is not actively managed follows its index). The dividend paying equity securities are selected based on dividend yield and diversification. The preferred securities and REITs are selected based on their yield relative to traditional fixed income sectors. When the Advisor’s model indicates a negative market trend, the Fund may hedge the Fund’s portfolio by investing in ETFs that invest in treasury bonds, exchange traded notes (“ETNs”), and leveraged ETFs (ETFs that seek to deliver multiples of the performance of the index or benchmark they track) and inverse ETFs (ETFs thatseek to deliver the opposite of the performance of the index or benchmark they track). The leveraged ETFs hedge the Fund’s portfolio by offsetting equity allocations without need to sell the long equity positions. The Fund may hold significant cash or inverse ETF positions during unfavorable market conditions.
The Fund will employ a risk management strategy intended to manage the volatility of the Fund’s returns and manage the overall risk of investing in the Fund. The risk management strategy monitors technical metrics on equity indices that may identify periods where there is potential for higher equity market risk. These technical metrics use mathematically based tools to identify positive or negative trends in equity indices, so, when the technical metrics identify a negative trend, there may be a potential for higher equity market risk.  When periods of declining equity markets are more likely, the risk management strategy will reduce equity exposure. When employing this risk management strategy, the Fund may allocate a significant percentage of its assets to cash and cash equivalents. When employing the risk management strategy, in addition to cash and cash equivalents, the Fund may utilize a hedge overlay for downside protection, which will include put and call options and ETFs that have exposure to changes in volatility or offer inverse performance to equity markets (inverse ETFs).  The hedge overlay will be used when the Advisor believes there is the potential for higher risk of loss in equity markets.
The Fund intends to invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the “Subsidiary”). The Subsidiary will invest its assets in ETNs and ETFs that provide exposure to commodities.  The Fund’s commodity exposure is intended to provide income and asset class diversification to the Fund.
The Advisor will sell a portfolio security when a more attractive investment opportunity is identified, or the Fund’s portfolio needs to be rebalanced due to increases or decreases in the Fund’s net assets. The Advisor identifies attractive investment opportunities based on its research, which includes the relative value of income producing assets and asset classes. In making its determination, the Advisor will analyze the performance, correlations, drawdowns (a measure of a peak-to-trough decline during a specific period for an investment), up and down capture (a statistical measure of overall performance in up and down markets), fees and expenses, and dividend or income payments of securities.  The Fund may invest up to 15% of its net assets in illiquid investments.
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AMAX - Performance

Return Ranking - Trailing

Period AMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.9% -21.8% 17.7% 95.80%
1 Yr 10.9% -26.4% 18.0% 39.48%
3 Yr N/A* -29.6% 52.0% 17.26%
5 Yr N/A* -33.0% 28.7% 7.00%
10 Yr N/A* -27.0% 12.7% 8.25%

* Annualized

Return Ranking - Calendar

Period AMAX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.5% -31.8% 18.4% N/A
2022 -21.0% -14.3% 103.5% N/A
2021 N/A -20.2% 60.6% N/A
2020 N/A -13.4% 10.9% N/A
2019 N/A -12.3% 4.1% N/A

Total Return Ranking - Trailing

Period AMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.9% -21.8% 28.6% 97.56%
1 Yr 10.9% -26.4% 38.5% 39.86%
3 Yr N/A* -29.6% 52.0% 17.65%
5 Yr N/A* -33.0% 29.9% 7.92%
10 Yr N/A* -27.0% 16.1% 8.93%

* Annualized

Total Return Ranking - Calendar

Period AMAX Return Category Return Low Category Return High Rank in Category (%)
2023 6.7% -31.8% 18.4% N/A
2022 -12.5% -14.3% 103.5% N/A
2021 N/A -20.2% 60.6% N/A
2020 N/A -13.4% 10.9% N/A
2019 N/A -12.3% 4.7% N/A

AMAX - Holdings

Concentration Analysis

AMAX Category Low Category High AMAX % Rank
Net Assets 18.2 M 100 124 B 90.73%
Number of Holdings 14 2 8175 94.33%
Net Assets in Top 10 17.6 M -1.57 B 20.5 B 62.24%
Weighting of Top 10 96.76% 4.3% 100.0% 1.81%

Top 10 Holdings

  1. ETF 23.21%
  2. PRIVATE 21.18%
  3. ETF 20.63%
  4. ETF 20.06%
  5. ETF 4.71%
  6. ETF 4.70%
  7. CMO 0.92%
  8. CMO 0.70%
  9. MONEYMKT 0.50%
  10. CMO 0.15%

Asset Allocation

Weighting Return Low Return High AMAX % Rank
Stocks
73.31% -38.22% 261.12% 0.55%
Cash
4.26% -261.12% 258.91% 25.17%
Bonds
1.77% -150.81% 188.92% 95.02%
Preferred Stocks
0.00% 0.00% 31.88% 99.45%
Convertible Bonds
0.00% 0.00% 33.50% 99.45%
Other
-0.52% -25.82% 276.99% 1.38%

Stock Sector Breakdown

Weighting Return Low Return High AMAX % Rank
Utilities
0.00% 0.00% 100.00% 30.67%
Technology
0.00% 0.00% 33.40% 0.25%
Real Estate
0.00% 0.00% 100.00% 36.91%
Industrials
0.00% 0.00% 100.00% 30.67%
Healthcare
0.00% 0.00% 100.00% 10.22%
Financial Services
0.00% 0.00% 100.00% 39.40%
Energy
0.00% 0.00% 100.00% 65.09%
Communication Services
0.00% 0.00% 100.00% 16.21%
Consumer Defense
0.00% 0.00% 99.97% 20.45%
Consumer Cyclical
0.00% 0.00% 89.95% 11.22%
Basic Materials
0.00% 0.00% 100.00% 32.17%

Stock Geographic Breakdown

Weighting Return Low Return High AMAX % Rank
US
73.31% -40.06% 261.12% 0.55%
Non US
0.00% -6.04% 17.73% 9.27%

Bond Sector Breakdown

Weighting Return Low Return High AMAX % Rank
Cash & Equivalents
0.50% 0.00% 100.00% 8.06%
Securitized
0.00% 0.00% 99.65% 83.47%
Corporate
0.00% 0.00% 100.00% 100.00%
Municipal
0.00% 0.00% 54.26% 98.47%
Government
0.00% 0.00% 99.43% 3.33%
Derivative
-0.52% 0.00% 72.98% 99.17%

Bond Geographic Breakdown

Weighting Return Low Return High AMAX % Rank
US
1.77% -151.11% 194.51% 89.63%
Non US
0.00% -136.75% 90.11% 99.31%

AMAX - Expenses

Operational Fees

AMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.68% 0.01% 6.46% 55.11%
Management Fee 0.80% 0.00% 2.29% 72.81%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

AMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

AMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.00% N/A

AMAX - Distributions

Dividend Yield Analysis

AMAX Category Low Category High AMAX % Rank
Dividend Yield 7.91% 0.00% 17.29% 2.94%

Dividend Distribution Analysis

AMAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

AMAX Category Low Category High AMAX % Rank
Net Income Ratio N/A -1.55% 11.51% N/A

Capital Gain Distribution Analysis

AMAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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AMAX - Fund Manager Analysis

Managers

Scott Wetherington


Start Date

Tenure

Tenure Rank

Oct 02, 2009

12.67

12.7%

Scott is an accomplished member of the Cavalier team with 25 years of experience in portfolio management, research and investment strategies. Scott serves as Chief Investment Officer and is responsible for leading the research and investment strategies for Cavalier’s Mutual Funds. He also serves as Portfolio Manager for Cavalier’s Tactical Economic SMA, Cavalier Tactical Economic Fund, Cavalier Hedged High Income Fund and the NE Index Fund. Prior to Cavalier, Scott served as Senior Portfolio Manager and Chief Investment Strategist for Linder Capital Advisors. Scott is a frequent speaker at conferences on Portfolio Management and has been honored as a guest speaker at Georgia Institute of Technology. Scott earned his Bachelor of Business Administration at James Madison University. He resides in Georgia with his family. Scott also holds the Chartered Financial Analyst designation (CFA) and is a member of the Atlanta Society of Finance and Investment Professionals.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.64 3.19