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Name

As of 04/26/2024

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

Swan Hedged Equity US Large Cap ETF

HEGD | Active ETF

$20.21

$223 M

0.38%

$0.08

0.88%

Vitals

YTD Return

3.5%

1 yr return

14.0%

3 Yr Avg Return

4.8%

5 Yr Avg Return

N/A

Net Assets

$223 M

Holdings in Top 10

102.0%

52 WEEK LOW AND HIGH

$20.1
$17.47
$20.73

Expenses

OPERATING FEES

Expense Ratio 0.88%

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 04/26/2024

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

Swan Hedged Equity US Large Cap ETF

HEGD | Active ETF

$20.21

$223 M

0.38%

$0.08

0.88%

HEGD - Profile

Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return 4.8%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Swan Hedged Equity US Large Cap ETF
  • Fund Family Name
    N/A
  • Inception Date
    Dec 22, 2020
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Swan

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that pursues its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) directly and indirectly through one or more other investment companies, including ETFs, in equity securities of large capitalization U.S. companies. “Large capitalization companies” are those within the range of capitalizations of the S&P 500® Index. In seeking to achieve its investment objective, the Fund also uses exchange-traded long-term put options on the S&P 500® Index for hedging purposes and exchange-traded put and call options on the S&P 500® Index (or exchange-traded funds seeking to track the S&P 500® Index) to seek to generate additional returns.
The Fund may buy and sell put and call options. The Fund seeks to provide risk-managed growth of capital by matching or exceeding the long-term performance of the US large-cap equity market by minimizing large declines typically experienced during bear markets.
Hedging Process. The Fund utilizes the defined risk strategy (“DRS”) philosophy developed in 1997 by Randy Swan, President of Swan Capital Management, LLC (the “Adviser”), the Fund’s adviser, and Swan Global Management, LLC (the “Sub-Adviser”), the Fund’s sub-adviser. The DRS is based upon the Sub-Adviser’s research indicating that market timing and/or stock selection is extremely difficult, may produce volatile returns and that asset allocation is limited in its risk reduction. In implementing this strategy, the equity portion of the Fund’s portfolio is hedged using put options and the option portion of the Fund’s portfolio is actively-managed to seek additional return or provide risk mitigation. Specifically, the Sub-Adviser seeks to “define risk” by seeking to protect against large losses. The Sub-Adviser seeks to do so by hedging the Fund’s equity exposure through investments in protective long-term S&P 500® Index put options (referred to as paying a premium) that give the Fund the right to sell a security or index at a set (strike) price or sell the long-term put option on an option exchange. Generally, S&P 500® Index put options have an inverse relationship to the S&P 500® Index and its sector-specific constituents.
Additional Options Strategies. In addition to seeking to protect against large losses, the Sub-Adviser seeks to increase returns by buying and selling put and call options on the S&P 500® Index (or on ETFs that track the S&P 500® Index). A put option is a contract that entitles the purchaser to receive from the seller a cash payment equal to the amount of any depreciation in the value of the reference index below a fixed price as of the valuation date of the option. A call option is a contract that entitles the purchaser to receive from the seller a cash payment equal to the amount of any appreciation in the value of the reference index over a fixed price as of the valuation date of the option.
The Sub-Adviser also will regularly engage in various spread option strategies. Spread option strategies involve, for example, buying a six-month call option while simultaneously selling a further out-of-the-money six-month call option. Each spread includes a hedging element so that the Fund is not exposed to significant losses on written options. In addition, the Fund will occasionally write short-term (typically one to three months to expiration) S&P 500® Index call options on a portion of the underlying equity in the Fund, similar to a covered call strategy.
Rebalancing. The Sub-Adviser will typically rebalance the portfolio on an annual basis to maintain appropriate weighting across the components of the strategy and to avoid excessive exposure. Long-term protective put options are typically traded annually, but may be rebalanced more frequently depending on market conditions, to protect capital and/or allow for profit potential, by re-establishing a current-market strike price which depends on whether the market has increased or decreased.
The Sub-Adviser intends on having low portfolio turnover as most of the ETF portfolio will be held indefinitely. Written call options are purchased when the Sub-Adviser believes they present an unfavorable risk and reward profile. Purchased options are sold when the Sub-Adviser believes they present an unfavorable risk and reward profile or when more attractive investments are available.
The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.
Read More

HEGD - Performance

Return Ranking - Trailing

Period HEGD Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -73.0% 32.1% 94.93%
1 Yr 14.0% -0.7% 140.9% N/A
3 Yr 4.8%* -7.0% 22.3% N/A
5 Yr N/A* 2.9% 23.0% N/A
10 Yr N/A* 2.1% 15.3% N/A

* Annualized

Return Ranking - Calendar

Period HEGD Return Category Return Low Category Return High Rank in Category (%)
2023 13.7% -40.9% 2181.7% N/A
2022 -12.0% -22.7% 41.1% N/A
2021 16.9% -100.0% 17.1% N/A
2020 N/A -100.0% 33.2% N/A
2019 N/A -44.8% 25.0% N/A

Total Return Ranking - Trailing

Period HEGD Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -72.7% 32.1% 94.80%
1 Yr 14.0% -0.7% 140.9% N/A
3 Yr 4.8%* -7.0% 22.3% N/A
5 Yr N/A* 2.9% 23.0% N/A
10 Yr N/A* 2.1% 15.3% N/A

* Annualized

Total Return Ranking - Calendar

Period HEGD Return Category Return Low Category Return High Rank in Category (%)
2023 14.2% -40.9% 2181.7% N/A
2022 -11.3% -21.6% 41.1% N/A
2021 17.3% -100.0% 17.1% N/A
2020 N/A -100.0% 33.2% N/A
2019 N/A -13.4% 26.8% N/A

HEGD - Holdings

Concentration Analysis

HEGD Category Low Category High HEGD % Rank
Net Assets 223 M 20 1.15 T 88.80%
Number of Holdings 21 1 3755 95.61%
Net Assets in Top 10 199 M -247 M 246 B 80.74%
Weighting of Top 10 102.02% 2.0% 100.0% N/A

Top 10 Holdings

  1. SPDR SP 500 ETF Trust 94.08%
  2. CBOE SP PUT OPT 12/24 4600 2.35%
  3. First American Government Obligations Fund 1.35%
  4. CBOE SP PUT OPT 12/24 4500 1.26%
  5. CBOE SP PUT OPT 12/24 5000 1.05%
  6. CBOE SP CLL OPT 12/24 5000 0.89%
  7. SPDR SP 500 ETF Trust 0.73%
  8. SPDR SP 500 ETF Trust 0.23%
  9. SPDR SP 500 ETF Trust 0.05%
  10. SPDR SP 500 ETF Trust 0.04%

Asset Allocation

Weighting Return Low Return High HEGD % Rank
Stocks 		94.08% 0.00% 193.92% 50.67%
Other 		4.47% -15.45% 100.00% 53.65%
Cash 		1.45% -94.07% 100.00% 46.55%
Preferred Stocks 		0.00% 0.00% 11.50% 55.54%
Convertible Bonds 		0.00% 0.00% 10.44% 53.04%
Bonds 		0.00% -9.53% 99.90% 55.19%

Stock Sector Breakdown

Weighting Return Low Return High HEGD % Rank
Utilities 		0.00% 0.00% 19.11% 32.58%
Technology 		0.00% 0.00% 57.80% 46.27%
Real Estate 		0.00% 0.00% 51.99% 44.90%
Industrials 		0.00% 0.00% 29.19% 60.37%
Healthcare 		0.00% 0.00% 52.91% 61.46%
Financial Services 		0.00% 0.00% 72.27% 51.88%
Energy 		0.00% 0.00% 20.22% 35.39%
Communication Services 		0.00% 0.00% 31.09% 35.73%
Consumer Defense 		0.00% 0.00% 44.33% 50.86%
Consumer Cyclical 		0.00% 0.00% 63.52% 35.87%
Basic Materials 		0.00% 0.00% 37.14% 55.65%

Stock Geographic Breakdown

Weighting Return Low Return High HEGD % Rank
US 		94.08% 0.00% 191.86% 35.00%
Non US 		0.00% 0.00% 62.89% 66.96%

HEGD - Expenses

Operational Fees

HEGD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.88% 0.01% 24.34% N/A
Management Fee 0.79% 0.00% 2.00% 89.65%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.95% N/A

Sales Fees

HEGD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 0.95% 5.00% N/A

Trading Fees

HEGD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

HEGD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 438.00% N/A

HEGD - Distributions

Dividend Yield Analysis

HEGD Category Low Category High HEGD % Rank
Dividend Yield 0.38% 0.00% 14.43% 57.87%

Dividend Distribution Analysis

HEGD Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Annually

Net Income Ratio Analysis

HEGD Category Low Category High HEGD % Rank
Net Income Ratio N/A -3.04% 16.95% N/A

Capital Gain Distribution Analysis

HEGD Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

HEGD - Fund Manager Analysis

Managers

Robert Swan

Start Date

Tenure

Tenure Rank

Dec 22, 2020

1.44

1.4%

Rob manages and implements the Swan Defined Risk Strategy as a Portfolio Manager, including investment management and trading as well as development and maintenance of proprietary technology, enabling Swan to scale and execute the DRS across multiple platforms and thousands of accounts. He also provides daily oversight of Swan operations as COO. Prior to joining Swan, Rob’s previous positions have ranged from flight-test engineering and computer aided design software development at the Boeing Company, to director of operations and part owner of Object Publisher Web Services, the leading web service automation provider for custom brochure and catalog publishing. His analytical, technical, and computing skills have been developed and applied since 1988 in production software development, computer automation, process design and standardization, business and technical process modeling, and aerodynamics engineering.

Christopher Hausman

Start Date

Tenure

Tenure Rank

Dec 22, 2020

1.44

1.4%

Chris is the Director of Risk Management and Chief Market Technician at Swan and assists in the daily operations and trading for all Defined Risk Strategy investments and positions. Before joining Swan, Chris started his career as an investment banking analyst before transitioning to the trading pits of Chicago. In 1996, Chris became a market-maker for Wolverine Trading, LLC where he worked on the floor of the Chicago Mercantile Exchange, trading options on the S&P 500 futures index, and on the Pacific Stock Exchange, trading options on Microsoft. In April 1999 as Senior Trader, Chris joined an options broker-dealer (STC, LLC) founded and managed by Anthony Saliba. During that same period, he also served as lead instructor for the International Trading Institute Ltd., teaching option strategies and risk management techniques to market makers and traders from around the world. In January 2002, Chris joined CAZ Investments in Houston, TX, where he held the position of Senior Vice President. He re-joined Mr. Saliba in a new venture, Saliba Portfolio Management, as Senior Portfolio Manager and Chief Portfolio Strategist in January 2004 and ultimately became the Director of Trading Operations in January 2011.

Randy Swan

Start Date

Tenure

Tenure Rank

Dec 22, 2020

1.44

1.4%

Randy Swan, President, is the founder of Swan Capital Management, LLC and Swan Global Management, LLC. Oversees the team that runs all of the firm's investment activities. Before starting the Sub-Adviser in 2014, the Adviser in 2012 and Swan Global Investments, LLC in 1997, Randy was a KPMG senior manager working in their Financial Services Group, primarily with insurance companies and risk managers. It was here where Randy conceived Swan’s investment strategy of using the options market to manage portfolio risk, similar to how the insurance companies were managing their insurance portfolios.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 42.27 6.23 1.25

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