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Trending ETFs

Name

As of 05/17/2024

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

$9.74

$60.1 M

4.78%

$0.47

0.75%

Vitals

YTD Return

9.5%

1 yr return

20.6%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$60.1 M

Holdings in Top 10

72.8%

52 WEEK LOW AND HIGH

$9.7
$8.41
$9.74

Expenses

OPERATING FEES

Expense Ratio 0.75%

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 05/17/2024

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

$9.74

$60.1 M

4.78%

$0.47

0.75%

RPHS - Profile

Distributions

  • YTD Total Return 9.5%
  • 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 4.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Regents Park Hedged Market Strategy ETF
  • Fund Family Name
    N/A
  • Inception Date
    Mar 31, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Peter Van de Zilver

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, in equity securities represented in, or instruments related or linked to, the S&P 500 Price Index (“S&P 500 Index”). The Fund may invest in various types of U.S. broad equity market linked derivatives including, but not limited to, long and short positions in futures, options, swaps, combinations of long and short FLexible EXchange® Options (“FLEX Options”) and standardized call and put options contracts on the S&P 500 Index (or other U.S. Large Cap equity market indices) or directly in equity securities of companies listed on, or indirectly in open-end investment companies tracking, the S&P 500 Index (or other U.S. Large Cap equity market indices).

The Fund’s Adviser determines the amount of the Fund’s portfolio to be invested directly in a basket of equity securities that is correlated to the overall performance of the S&P 500 Index and in equity market index derivatives based on its assessment of their relative valuations. Generally the Fund will purchase equity market index derivatives when the Adviser believes equity index derivatives are fairly valued or undervalued relative to the applicable index, and purchase equity securities when it deems equity index derivatives are overvalued relative to equity securities.

The Fund also structures its investments with a view towards hedging the Fund’s portfolio in an effort to mitigate against losses incurred during market declines. The cost of such hedging limits the amount of upside market participation the Fund’s portfolio is able to achieve.

The Fund may invest in a combination of moderately “out of the money” FLEX Options and standard option put contracts (“put options”). An “out of the money” option is one that has no intrinsic value, only extrinsic value; and an option is “out of the money” if its strike price is lower than the market price of the underlying reference asset. FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. 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. The put options allow the Adviser to put some or all of the notional value of the Fund’s assets to another party, at a pre-specified price which limits the Fund’s exposure to declines in the S&P 500 Index or other U.S. Large Cap equity market indices. In addition, the Fund may sell put options on the S&P 500 Index or another U.S. Large Cap equity market index with strike prices closer to or equal to the S&P 500 Index value with a view towards generating option premium income to the Fund.

The Fund may also purchase both FLEX Options and standard call options on the S&P 500 Index and may purchase FLEX Options and standard call options on other U.S Large Cap market indices. 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 amount of call options that the Fund purchases depends on many market factors including but not limited to the volatility of the broad stock market and the S&P 500 Index or other U.S. Large Cap equity index and the interest rate environment which determines how much income can be earned on the Fund’s collateral portfolio.

The Fund expects that, under normal circumstances, less than 10% of the Fund’s equity securities and derivatives investments will be invested in securities, options or other derivatives tied to a U.S. Large Cap equity index other than the S&P 500 Index, however, in limited circumstances, the amount of such assets invested in securities, options or other derivatives tied to a U.S. Large Cap equity index other than S&P 500 Index could temporarily increase to as much as 20%.

The Fund uses derivatives in addition to or in place of S&P 500 Index stocks to attempt to equal or exceed the daily performance of the S&P 500 Index. The value of S&P 500 Index derivatives should closely track changes in the value of the S&P 500 Index. The Fund typically will seek to gain long exposure to the S&P 500 Index in an amount, under normal circumstances, approximately equal to the Fund’s net assets. However, index derivatives may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly. The Fund’s remaining assets that are not invested in derivatives or directly in equity securities, commonly referred to as the “collateral” of Fund, support the derivatives exposures described above. This collateral is actively managed and primarily invested in liquid short-to-intermediate term debt securities and instruments (rated B3/B- or better at purchase), including U.S. Treasury and Government Agency securities, commercial paper, corporate bonds, Agency and Non-Agency MBS, and structured debt such as collateralized loan obligations. The portion of the Fund’s portfolio invested in such fixed income and debt instruments will be over and above any required margin collateral on the Fund’s derivative investments. If sufficient fixed income and debt instruments are not available for investment, the Fund expects to invest the collateral in exchange traded funds until such instruments become available to the Fund for investment.

The Adviser also may elect to use a portion of Fund assets over and above the net amount required for derivatives margin requirements and any net proceeds from the purchase and sale of derivatives, to purchase additional stock market exposure through various instruments that are linked to or consist directly of stocks in the U.S. Large Cap equity market indices, if in its estimation the potential for additional upside return capture is worth the risk, or to manage the timing of portfolio income from collateral versus establishing the desired upside Index capture ratio (i.e., the percentage of additional market exposure that the Adviser elects to purchase).

General Information on the FLEX Options

In general, an options contract is an agreement between a buyer and seller that gives the purchaser of the option the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”). The options utilized by the Fund are cash-settled, meaning that they give the purchaser of the option the right to receive an amount of cash upon exercise of the option. Receipt of this cash amount will depend upon the closing level of the S&P 500 Index upon which the option is based being greater than (in the case of a call) or less than (in the case of put) the exercise price of the option.

The Fund will invest in both purchased and written put and call FLEX Options that reference the S&P 500 Index or another U.S. Large Cap equity market index. FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (“OCC”). The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. The OCC may make adjustments to FLEX Options for certain significant events, as more fully described in the Fund’s Statement of Additional Information (the “SAI”). Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other adverse reasons. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts.

The FLEX Options that the Fund will hold that reference the S&P 500 Index and other U.S. Large Cap equity market indices will give the Fund the right to receive or the obligation to deliver the difference between the cash value of the S&P 500 Price Index and other U.S. Large Cap equity market indices and the strike price of the option on the option expiration date. Depending on whether the option is a put or a call option and whether the Fund purchases or sells the option will determine the amount to deliver or receive. The FLEX Options held by the Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. FLEX Options may be less liquid than more traditional exchange-traded options.

The Fund intends to structure the FLEX Options so that any amount owed by the Fund on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options. Such FLEX Options generally will be fully covered and no additional collateral will be necessary during the life of the Fund. However, under certain circumstances, the Fund may respond to market movement by purchasing FLEX Options that are not fully covered, and in those instances, additional collateral will be necessary. The Fund receives premiums in exchange for the written FLEX Options and pays premiums in exchange for the purchased FLEX Options. The OCC and securities exchanges on which the FLEX Options are listed do not charge ongoing fees to writers or purchasers of the FLEX Options during their life for continuing to hold the option contracts but may charge transaction fees.

The S&P 500 Index

The S&P 500 Index is a large-cap, market-weighted, U.S. equities index that tracks the price (excluding dividends) of the leading companies that reflect the industries of the U.S. economy and is often considered a proxy for the stock market in general. As of April 28, 2023, the S&P 500 Index was comprised of 503 constituent securities, representing 500 companies, with a market capitalization range of between $652 million and $2.685 trillion, and a mean market cap of $72.863 billion (source: S&P Down Jones Indices).

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RPHS - Performance

Return Ranking - Trailing

Period RPHS Return Category Return Low Category Return High Rank in Category (%)
YTD 9.5% -51.8% 22.1% N/A
1 Yr 20.6% -58.9% 46.9% N/A
3 Yr N/A* -25.7% 197.6% N/A
5 Yr N/A* -29.1% 93.8% N/A
10 Yr N/A* -17.2% 37.0% N/A

* Annualized

Return Ranking - Calendar

Period RPHS Return Category Return Low Category Return High Rank in Category (%)
2023 5.8% -69.4% 53.7% N/A
2022 N/A -94.0% 152.6% N/A
2021 N/A -13.9% 183.6% N/A
2020 N/A -18.2% 8.9% N/A
2019 N/A -80.2% 35.2% N/A

Total Return Ranking - Trailing

Period RPHS Return Category Return Low Category Return High Rank in Category (%)
YTD 9.5% -97.2% 22.1% N/A
1 Yr 20.6% -58.9% 67.6% N/A
3 Yr N/A* -25.7% 197.6% N/A
5 Yr N/A* -28.1% 93.8% N/A
10 Yr N/A* -11.8% 37.0% N/A

* Annualized

Total Return Ranking - Calendar

Period RPHS Return Category Return Low Category Return High Rank in Category (%)
2023 11.3% -69.4% 53.7% N/A
2022 N/A -94.0% 152.6% N/A
2021 N/A -13.9% 183.6% N/A
2020 N/A -12.8% 8.9% N/A
2019 N/A -60.0% 35.2% N/A

RPHS - Holdings

Concentration Analysis

RPHS Category Low Category High RPHS % Rank
Net Assets 60.1 M 177 K 1.21 T 76.86%
Number of Holdings 36 2 4154 52.56%
Net Assets in Top 10 43.7 M 1.74 K 270 B 68.67%
Weighting of Top 10 72.81% 1.8% 100.0% 9.46%

Top 10 Holdings

  1. B 03/28/24 57.96%
  2. SP500 EMINI FUT Mar24 2.70%
  3. ACAFP 4 3/8 03/17/25 1.92%
  4. KORGAS 3 7/8 02/12/24 1.66%
  5. PSX 0.9 02/15/24 1.66%
  6. T 2 1/4 03/31/24 1.66%
  7. SOCGEN 4 1/4 04/14/25 1.55%
  8. LLL 3.95 05/28/24 1.32%
  9. CCI 3.2 09/01/24 1.23%
  10. BPCEGP 4 1/2 03/15/25 1.15%

Asset Allocation

Weighting Return Low Return High RPHS % Rank
Bonds
85.52% -0.04% 95.81% 1.73%
Cash
10.91% -102.29% 100.00% 0.41%
Other
3.57% -13.91% 134.98% 58.44%
Stocks
0.00% 0.00% 130.24% 99.72%
Preferred Stocks
0.00% 0.00% 2.23% 58.23%
Convertible Bonds
0.00% 0.00% 5.54% 0.69%

Bond Sector Breakdown

Weighting Return Low Return High RPHS % Rank
Derivative
3.57% 0.00% 48.40% 55.96%
Cash & Equivalents
0.00% 0.00% 100.00% 94.52%
Securitized
0.00% 0.00% 52.16% 55.14%
Corporate
0.00% 0.00% 100.00% 2.52%
Municipal
0.00% 0.00% 2.10% 54.77%
Government
0.00% 0.00% 100.00% 4.96%

Bond Geographic Breakdown

Weighting Return Low Return High RPHS % Rank
US
85.52% -0.29% 81.35% 1.80%
Non US
0.00% 0.00% 43.82% 1.45%

RPHS - Expenses

Operational Fees

RPHS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.75% 0.01% 2.95% 44.84%
Management Fee 0.75% 0.00% 2.00% 88.48%
12b-1 Fee N/A 0.00% 1.00% 14.66%
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

RPHS 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

RPHS 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.

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

RPHS - Distributions

Dividend Yield Analysis

RPHS Category Low Category High RPHS % Rank
Dividend Yield 4.78% 0.00% 19.15% 78.04%

Dividend Distribution Analysis

RPHS Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Annually

Net Income Ratio Analysis

RPHS Category Low Category High RPHS % Rank
Net Income Ratio N/A -54.00% 6.06% N/A

Capital Gain Distribution Analysis

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

Distributions History

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RPHS - Fund Manager Analysis

Managers

Peter Van de Zilver


Start Date

Tenure

Tenure Rank

Mar 30, 2022

0.17

0.2%

Peter is Director of Portfolio Analytics and Risk Management at Anfield Capital Management, LLC. Peter has over 25 years of investment management experience, and retired in 2010 from a senior position in the PIMCO Portfolio Analytics group to work on developing quantitative trading algorithms. At PIMCO, he was responsible for the architecture, development and implementation of many of their Analytics and Risk Management systems. Peter holds the CFA designation and holds degrees in Physics, Mathematics and Economics from the Universities of Utrecht & Amsterdam, as well as an MA degree in Economics from the University of Southern California, Los Angeles

David Young


Start Date

Tenure

Tenure Rank

Mar 30, 2022

0.17

0.2%

Mr. Young has been the Founder and Chief Executive Officer of Anfield Capital Management, LLC since 2009, and Regents Park Funds, LLC since 2016. Mr. Young has worked with many of the largest and most sophisticated institutional and private investors in investment strategy, portfolio management and asset allocation. At the end of 2008, he retired as Executive Vice President with Pacific Investment Management Company to rejoin the U.C. Irvine Merage School of Business as Adjunct Professor of Finance, and create Anfield Capital Management, LLC. From 1999 to 2006, Mr. Young was head of PIMCO’s account management group in London where he built a team of 25 investment professionals managing over 200 client accounts across the UK, Europe, the Middle East and Africa.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.17 2.42