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Name

As of 06/01/2026

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

Ironclad Managed Risk Fund

IRONX | Fund

$14.21

$228 M

0.06%

$0.01

1.34%

Vitals

YTD Return

5.5%

1 yr return

15.4%

3 Yr Avg Return

12.3%

5 Yr Avg Return

9.6%

Net Assets

$228 M

Holdings in Top 10

102.2%

52 WEEK LOW AND HIGH

$14.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.34%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$2,500

IRA

$2,500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/01/2026

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

Ironclad Managed Risk Fund

IRONX | Fund

$14.21

$228 M

0.06%

$0.01

1.34%

IRONX - Profile

Distributions

  • YTD Total Return 5.5%
  • 3 Yr Annualized Total Return 12.3%
  • 5 Yr Annualized Total Return 9.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.25%
DIVIDENDS
  • Dividend Yield 0.1%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Ironclad Managed Risk Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Oct 14, 2010
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Rudy Aguilera

Fund Description

p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"Under normal circumstances, the Fund’s primary strategy consists of purchasing and selling put and call options on equity indexes and exchange traded funds (“ETFs”). The risk in purchasing options is limited to the premium paid by the Fund for the options. The sale of call options generates income for the Fund, but may limit its participation in the gains of the underlying assets. The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets. The Fund’s investment advisor seeks to reduce the overall volatility of returns by managing a portfolio of options./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"span style="-sec-ix-redline:true;-keep: true"A call option gives the purchaser of the option, upon payment of a premium to the seller, the right to buy the underlying asset from the seller at a specified price over a defined period of time. A put option gives the purchaser of the option, upon payment of a premium to the seller, the right to sell the underlying asset to the seller at a specified price over a defined period of time. The Fund may purchase and sell put and call options to adjust the risk and return of its overall investment positions. When the Fund’s investment advisor believes the value of an underlying asset will decline, the Fund may purchase a put option to profit from the decline. Similarly, when the advisor anticipates an increase in the value of an underlying asset, the Fund may purchase a call option with respect to that asset./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"span style="-sec-ix-redline:true;-keep: true"The Fund’s investment advisor determines the Fund’s exposure to each option by evaluating metrics associated with the valuation of options, including, but not limited to, volatility, time to expiration and the relationship of the exercise price to the market price of the underlying asset. All option positions held by the Fund are exchangespan class="nobreak"-traded/span and backed by the Options Clearing Corporation (“OCC”). In general, exchangespan class="nobreak"-traded/span options have standardized exercise prices and expiration dates, which require the parties to post collateral against their obligations. Consequently, all option positions sold by the Fund may be collateralized with other options, cash, cash equivalents (for example, U.S. Treasury Bills, money market fund shares, etc.), and other investments that may serve as collateral./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"The Fund may take a defensive position when the Fund’s investment advisor believes that current market, economic, political or other conditions are unsuitable and would impair the pursuit of the Fund’s investment objectives. When taking a defensive position, the Fund may invest up to 100% of its assets in cash, cash equivalents, including but not /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"limited to, obligations of the U.S. Government, money market fund shares, commercial paper, certificates of deposit and/or bankers acceptances, as well as other interest bearing or discount obligations, or ETFs and/or mutual funds that invest in debt instruments that carry an investment grade rating by a national rating agency. When the Fund takes a defensive position, the Fund may not achieve its investment objectives./p
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IRONX - Performance

Return Ranking - Trailing

Period IRONX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.5% -2.8% 240.8% 41.50%
1 Yr 15.4% -4.3% 140.6% 91.74%
3 Yr 12.3%* -8.3% 18.3% 73.72%
5 Yr 9.6%* -5.0% 17.3% 74.58%
10 Yr 7.7%* -4.6% 13.2% 68.63%

* Annualized

Return Ranking - Calendar

Period IRONX Return Category Return Low Category Return High Rank in Category (%)
2025 10.5% -34.1% 904.0% 66.22%
2024 14.6% -28.6% 438.4% 71.68%
2023 5.0% -93.5% 8.2% 26.21%
2022 -2.6% -38.9% 19.8% 89.92%
2021 -0.9% -10.9% 12.8% 66.02%

Total Return Ranking - Trailing

Period IRONX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.5% -2.7% 244.0% 42.69%
1 Yr 15.4% -4.3% 140.6% 90.00%
3 Yr 12.3%* -8.3% 18.3% 70.51%
5 Yr 9.6%* -5.4% 17.3% 71.19%
10 Yr 7.7%* -4.6% 13.2% 68.63%

* Annualized

Total Return Ranking - Calendar

Period IRONX Return Category Return Low Category Return High Rank in Category (%)
2025 10.6% -34.1% 904.0% 66.22%
2024 14.8% -5.9% 438.4% 72.25%
2023 10.6% -81.2% 8.2% 36.55%
2022 0.3% -29.0% 19.8% 81.40%
2021 13.0% -10.9% 12.8% 66.99%

NAV & Total Return History

IRONX - Holdings

Concentration Analysis

IRONX Category Low Category High IRONX % Rank
Net Assets 228 M 25 17.4 B 49.44%
Number of Holdings 19 2 508 69.08%
Net Assets in Top 10 220 M -6.66 M 5.12 B 35.50%
Weighting of Top 10 102.22% 11.3% 100.0% 96.48%

Top 10 Holdings

  1. iShares Core SP 500 ETF - ETF 47.17%
  2. Vanguard SP 500 ETF - ETF 45.68%
  3. State Street SPDR SP 500 ETF Trust - ETF 2.06%
  4. UMB IB MONEY MARKET II / 1.84%
  5. SPX 04/30/26 P6700 04/26 6700.0 PUT / 1.77%
  6. SPX 06/18/26 P6500 06/26 6500.0 PUT / 1.66%
  7. SPX 04/17/26 P6700 04/26 6700.0 PUT / 1.44%
  8. SPX 04/30/26 P6000 04/26 6000.0 PUT / 0.27%
  9. SPX 06/18/26 P5100 06/26 5100.0 PUT / 0.21%
  10. SPX 04/17/26 P6000 04/26 6000.0 PUT / 0.12%

Asset Allocation

Weighting Return Low Return High IRONX % Rank
Other 		3.15% 0.00% 45.92% 12.98%
Cash 		1.93% -0.76% 100.29% 8.40%
Stocks 		0.00% -3.92% 100.76% 83.59%
Preferred Stocks 		0.00% 0.00% 3.08% 5.73%
Convertible Bonds 		0.00% 0.00% 20.91% 8.40%
Bonds 		0.00% 0.00% 97.96% 15.27%

IRONX - Expenses

Operational Fees

IRONX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.34% 0.20% 6.78% 34.98%
Management Fee 1.10% 0.20% 1.75% 86.94%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.28% 34.69%

Sales Fees

IRONX 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

IRONX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 5.88%

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.

IRONX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 456.80% 1.34%

IRONX - Distributions

Dividend Yield Analysis

IRONX Category Low Category High IRONX % Rank
Dividend Yield 0.06% 0.00% 3.76% 8.92%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

IRONX Category Low Category High IRONX % Rank
Net Income Ratio -1.25% -2.54% 14.24% 67.21%

Capital Gain Distribution Analysis

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

Distributions History

View More +

IRONX - Fund Manager Analysis

Managers

Rudy Aguilera

Start Date

Tenure

Tenure Rank

Oct 14, 2010

11.64

11.6%

Rudy Aguilera has served as Ironclad Investments LLC ’s Chief Investment Officer and Portfolio Manager since its founding in 2010. From 2004 to 2010, Mr. Aguilera was a Principal of Helios, LLC (“Helios”), a registered investment advisor that offered investment advisory services. During this time, Mr. Aguilera served as the founding Principal and Chief Investment Officer of Helios. For the past four years, Mr. Aguilera has taught risk management to investment professionals as an instructor at the Chicago Board Options Exchange (“CBOE”).

Tim Holtz

Start Date

Tenure

Tenure Rank

Jul 01, 2017

4.92

4.9%

Tim Holtz joined Ironclad Investments LLC in 2012 and became a Portfolio Manager for Ironclad Investments LLC in 2017. Previously, Mr. Holtz was a Senior Financial Analyst at SunGard and a Senior Pension Fund Accountant at the Bank of New York Mellon. Mr. Holtz is a CFA charterholder.

Tenure Analysis

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

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