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Name

As of 06/18/2024

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

$18.74

$449 M

0.00%

1.39%

Vitals

YTD Return

9.3%

1 yr return

17.4%

3 Yr Avg Return

7.3%

5 Yr Avg Return

8.9%

Net Assets

$449 M

Holdings in Top 10

100.5%

52 WEEK LOW AND HIGH

$18.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.39%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/18/2024

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

$18.74

$449 M

0.00%

1.39%

BUMGX - Profile

Distributions

  • YTD Total Return 9.3%
  • 3 Yr Annualized Total Return 7.3%
  • 5 Yr Annualized Total Return 8.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.15%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Vest US Large Cap 10% Buffer Strategies Fund
  • Fund Family Name
    CBOE Vest
  • Inception Date
    Aug 23, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Karan Sood

Fund Description

The Fund aims to achieve its objective by seeking to capture returns, up to a maximum gain, generated by U.S. large cap equity markets in rising markets, while seeking to cushion against losses in declining markets (i.e., a “buffer”). The Fund seeks to accomplish its goals by investing in a portfolio of options-based buffered investment strategies.

The Fund attempts to achieve its investment objective through the construction of twelve laddered portfolios of 10% buffer strategies (each a “10% Buffer Strategy”) that invest in exchange-traded FLexible EXchange® Options (“FLEX Options”) linked to a US large-cap equity index (the “Index”), such as the S&P 500 Index, or to an exchange traded fund (an “ETF”) that tracks the Index. Under normal market conditions, the Fund will invest at least 80% of the value of its net assets (the “80% Test”) in a portfolio, or other investment companies that hold a portfolio, of FLEX Options linked to the Index and that are designed to replicate the returns of the twelve 10% Buffer Strategies. Each 10% Buffer Strategy seeks to provide investors with returns (before fees, expenses and taxes) that match the price return of the Index, up to a predetermined upside cap, while providing a buffer against the first 10% (before fees, expenses and taxes) of Index losses, over a defined one-year period. FLEX Options are customizable exchange-traded option contracts. For purposes of determining compliance with the Fund’s 80% Test, the Fund will only purchase FLEX Options on an Index, such as the S&P 500 index, that is considered to measure the large cap universe of issuers in the United States. For purposes of calculating the valuing the FLEX Options position and assessing compliance with the 80% Test, the Fund will consider the market value of its FLEX Options positions.

The term “laddered portfolio” refers to the Fund’s portfolio being effectively divided into twelve segments (each referred to herein as a tranche), and each tranche being invested in options that have expiration dates which occur on a rolling, or periodic, basis. The Fund’s “laddered” approach means that, at any given time, the Fund will generally hold one 10% Buffer Strategy that will reset its cap and refresh its buffer (see discussion below) within one month, a second 10% Buffer Strategy that will reset its cap and refresh its buffer within two months, a third 10% Buffer Strategy that will reset its cap and refresh its buffer within three months, etc., up to and including twelve months. The rolling or “laddered” nature of the investments in the 10% Buffer Strategies creates diversification of investment time period compared to the risk of buying or selling any one 10% Buffer Strategy at any one time. This diversification of investment time period is intended to mitigate the risk of failing to benefit from the buffer of a single 10% Buffer Strategy due to the timing of investment in such 10% Buffer Strategy and the relative price of the Index.

The Fund constructs each monthly tranche of a 10% Buffer Strategy with FLEX Options that will be held for an approximate period of one year. Each month, a previously purchased tranche’s options will generally expire, be exercised or be sold at or near their expiration, and the proceeds generally are used to purchase (or roll into) a new tranche of options expiring in approximately one year. In other words, at any given time, the Fund will generally have one tranche with options expiring in approximately one month, a second tranche expiring in approximately two months, and so on, up to a twelfth tranche expiring in approximately twelve months.

Each monthly tranche of a 10% Buffer Strategy that is constructed within the Fund’s portfolio seeks to provide returns or losses before all estimated fees and expenses based on the price performance of the Index (which does not include the dividends paid by the companies in the Index) from the third Wednesday of the month to which the tranche belongs to the third Wednesday of the same month the following year (the “Tranche Holding Period”) subject to the following conditions:

If the price of the Index or ETF appreciates over the Tranche Holding Period, the tranche seeks to provide a total return that increases by the percentage increase of the price of the Index or ETF, up to a maximum return that is determined at the start of the Tranche Holding Period (the “Capped Return”).
If the price of the Index or ETF decreases over the Tranche Holding Period by 10% or less (the “Buffer Amount”), the tranche seeks to provide a total return of zero.
If the price of the Index or ETF decreases over the Tranche Holding Period by more than 10%, the tranche seeks to provide a total return loss that is 10% less than the percentage decrease in the price of the Index or ETF with a maximum loss of approximately 90%.

Each 10% Buffer Strategy has been specifically designed to produce the outcomes based upon the Index’s returns over the duration of the Tranche Holding Period. Each 10% Buffer Strategy is designed to deliver returns that match the price return of the Index, subject to the cap and buffer, if the strategy was entered into on the day on which the 10% Buffer Strategy enters the FLEX Options (i.e., the first day of a Tranche Holding Period) and held until those FLEX Options expire at the end of the Tranche Holding Period. At the end of each Tranche Holding Period, the FLEX Options for that tranche are generally sold or expire, and the proceeds are used to purchase (or roll into) a new set of FLEX Options expiring in approximately one year. This means that approximately every 30 days, one of the 10% Buffer Strategies will undergo a “reset” of its cap and a refresh of its buffer. At any given time, the Fund will generally hold one 10% Buffer Strategy with FLEX Options expiring within one month, a second 10% Buffer Strategy with FLEX Options expiring within two months, a third 10% Buffer Strategy with FLEX Options expiring within three months, etc., up to and including twelve months. The rolling or “laddered” nature of the investments in the 10% Buffer Strategies creates diversification of investment time-period and market level (meaning the level of the Index at any given time) compared to the risk of acquiring or disposing of any one 10% Buffer Strategy at any one time. Because the Fund will increase its position in the 10% Buffer Strategies in connection with inflows of assets into the Fund and during any rebalance, the Fund may enter the 10% Buffer Strategies on days other than the first day of the Tranche Holding Period. Likewise, the Fund will exit some of its position in the 10% Buffer Strategies in connection with outflows of assets from the Fund and during any rebalance, and such disposals typically will not occur on the last day of a Tranche Holding Period. As a result, the value of the Fund’s investment in the 10% Buffer Strategies may not be buffered against a specific level of decline in the value of the Index and may not participate in a gain in the value of the Index up to a specific level of cap for the Fund’s investment period. At times during the Tranche Holding Period, the value of the securities in the Fund could vary because of related factors other than the level of the Index. Certain related factors are interest rates, implied volatility levels of the Index and securities comprising the Index, and implied dividend levels of the Index and securities comprising the Index. As a result, the Fund may experience investment returns that are very different from those that a single 10% Buffer Strategy seeks to provide.

The Fund will construct a non-diversified portfolio that may include exchange-traded FLEX Options that reference the Index or ETFs and / or other investment companies that hold exchange-traded FLEX Options that reference the Index or ETFs. Specifically, each tranche may consist of purchased call FLEX Options (i.e., options that give the Fund the right to receive the price of the Index or buy the ETF), written put FLEX Options (i.e., options that obligate the Fund to receive the price of the Index or buy the ETF), purchased put FLEX Options (i.e., options that give the Fund the right to pay the price of the Index or sell the ETF), and written call FLEX Options (i.e., options that obligate the Fund to pay the price of the Index or sell the ETF). Each monthly tranche is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive.

Option contracts on an index or ETF give one party the right to receive or deliver the cash value of the particular index or ETF, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. 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. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions.

For any given tranche, the FLEX Options do not protect against declines of over 10% and investors will bear a loss that is 10% less than the percentage loss on the Index or ETF. Further, while each monthly tranche of the Fund seeks to limit losses from declines up to 10% of the Index or ETF on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow each monthly tranche of the Fund to participate in gains in the Index or ETF up to a maximum cap. Thus, even if the Index or ETF gains exceed that maximum cap, the gains in each monthly tranche of the Fund will be capped. The Fund expects that its assets will generally be invested evenly across the monthly tranches. As a result, portions of the Fund’s investments will have different levels of protection against declines in the Index or ETF and different levels of capped gains from gains in the Index or ETF. This creates diversification of market levels, protection levels and capped levels on a monthly basis compared to the risk of investing only in a single monthly tranche with the market level, protection level and capped level fixed for approximately one year.

The Fund’s strategy is designed so that any amount owed by the Fund on FLEX Options written by the Fund (“Written Options”) will be covered by payouts at the expiration of the FLEX Options purchased by the Fund (“Purchased Options”). The Fund receives premiums in exchange for the Written Options and pays premiums in exchange for the Purchased Options. Because amounts owed on the Written Options will be covered by payouts at the expiration of the Purchased Options, the Fund will not be in a net obligation position from the use of FLEX Options.

From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities to maintain liquidity or pending selection of investments in accordance with its policies.

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BUMGX - Performance

Return Ranking - Trailing

Period BUMGX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.3% -2.8% 240.8% 58.50%
1 Yr 17.4% -4.3% 140.6% 43.48%
3 Yr 7.3%* -8.3% 18.3% 26.28%
5 Yr 8.9%* -5.0% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period BUMGX Return Category Return Low Category Return High Rank in Category (%)
2023 18.8% -34.1% 904.0% 21.62%
2022 -10.1% -28.6% 438.4% 12.14%
2021 12.2% -93.5% 8.2% 12.41%
2020 10.0% -38.9% 19.8% 17.05%
2019 17.1% -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period BUMGX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.3% -2.7% 244.0% 58.89%
1 Yr 17.4% -4.3% 140.6% 40.87%
3 Yr 7.3%* -8.3% 18.3% 23.72%
5 Yr 8.9%* -5.4% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period BUMGX Return Category Return Low Category Return High Rank in Category (%)
2023 18.8% -34.1% 904.0% 21.62%
2022 -10.1% -5.9% 438.4% 12.72%
2021 12.2% -81.2% 8.2% 15.86%
2020 10.6% -29.0% 19.8% 26.36%
2019 17.4% -10.9% 12.8% N/A

NAV & Total Return History


BUMGX - Holdings

Concentration Analysis

BUMGX Category Low Category High BUMGX % Rank
Net Assets 449 M 25 17.4 B 23.97%
Number of Holdings 46 2 508 42.37%
Net Assets in Top 10 430 M -6.66 M 5.12 B 15.65%
Weighting of Top 10 100.46% 11.3% 100.0% 7.80%

Top 10 Holdings

  1. CALL SPDR SP 500 ETF 12/18/2024 C0.01 27.80%
  2. CALL SPDR SP 500 ETF 08/19/2024 C0.01 12.27%
  3. CALL SPDR SP 500 ETF 03/20/2025 C0.01 12.06%
  4. CALL SPDR SP 500 ETF 04/21/2027 C0.01 9.22%
  5. CALL SPDR SP 500 ETF 11/19/2025 C0.01 8.99%
  6. CALL SPDR SP 500 ETF 07/15/2026 C0.01 8.94%
  7. CALL SPDR SP 500 ETF 06/24/2024 C0.01 7.86%
  8. CALL SPDR SP 500 ETF 06/18/2025 C0.01 6.15%
  9. CALL SPDR SP 500 ETF 11/20/2024 C0.01 5.92%
  10. Federated Treasury Obligations Fund 1.26%

Asset Allocation

Weighting Return Low Return High BUMGX % Rank
Other
98.67% 0.00% 45.92% 91.98%
Cash
1.33% -0.76% 100.29% 77.48%
Stocks
0.00% -3.92% 100.76% 20.61%
Preferred Stocks
0.00% 0.00% 3.08% 89.31%
Convertible Bonds
0.00% 0.00% 20.91% 90.46%
Bonds
0.00% 0.00% 97.96% 90.46%

BUMGX - Expenses

Operational Fees

BUMGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.39% 0.20% 6.78% 33.74%
Management Fee 0.71% 0.20% 1.75% 27.99%
12b-1 Fee 0.25% 0.00% 1.00% 81.61%
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

BUMGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

BUMGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 58.82%

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.

BUMGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 456.80% 29.46%

BUMGX - Distributions

Dividend Yield Analysis

BUMGX Category Low Category High BUMGX % Rank
Dividend Yield 0.00% 0.00% 3.76% 91.45%

Dividend Distribution Analysis

BUMGX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Annually

Net Income Ratio Analysis

BUMGX Category Low Category High BUMGX % Rank
Net Income Ratio -1.15% -2.54% 14.24% 92.62%

Capital Gain Distribution Analysis

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

Distributions History

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BUMGX - Fund Manager Analysis

Managers

Karan Sood


Start Date

Tenure

Tenure Rank

Aug 23, 2016

5.77

5.8%

CEO & Managing Director, Head of Product Development

Howard Rubin


Start Date

Tenure

Tenure Rank

Mar 01, 2018

4.25

4.3%

Mr. Rubin has over twenty years of experience as a portfolio manager. Mr. Rubin joined Cboe Vest in 2017. Prior to joining Cboe Vest, Mr. Rubin served as Director of Portfolio Management at ProShares Advisors LLC from December 2007 to September 2013. Mr. Rubin also served as Senior Portfolio Manager of ProFund Advisors LLC from November 2004 to December 2007 and Portfolio Manager of ProFund Advisors LLC from April 2000 through November 2004. Mr. Rubin holds the Chartered Financial Analyst (CFA) designation. Mr. Rubin received a master’s degree in Finance from George Washington University. He also holds a bachelor’s degree in economics from Wharton School of Finance, University of Pennsylvania.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67