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FT Cboe Vest U.S. Equity Deep Buffer ETF - September

Active ETF
DSEP
Payout Change
None
Price as of:
$33.31 +0.12 +0.36%
primary theme
N/A
DSEP (ETF)

FT Cboe Vest U.S. Equity Deep Buffer ETF - September

Payout Change
None
Price as of:
$33.31 +0.12 +0.36%
primary theme
N/A
DSEP (ETF)

FT Cboe Vest U.S. Equity Deep Buffer ETF - September

Payout Change
None
Price as of:
$33.31 +0.12 +0.36%
primary theme
N/A

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$33.31

$97 M

0.00%

0.85%

Vitals

YTD Return

8.7%

1 yr return

7.7%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$97 M

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$33.2
$29.26
$33.31

Expenses

OPERATING FEES

Expense Ratio 0.85%

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

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$33.31

$97 M

0.00%

0.85%

DSEP - Profile

Distributions

  • YTD Total Return 8.7%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.85%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    FT Cboe Vest U.S. Equity Deep Buffer ETF - September
  • Fund Family Name
    First Trust
  • Inception Date
    Sep 17, 2020
  • Shares Outstanding
    3100002
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Howard Rubin

Fund Description

Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the SPDR® S&P 500® ETF Trust (the “Underlying ETF"). 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. The Underlying ETF is an exchange-traded unit investment trust that uses a full replication strategy, meaning it invests in all of the stocks in the S&P 500® Index. PDR Services, LLC (“PDR”) serves as the Underlying ETF’s sponsor. The investment objective of the Underlying ETF is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. The Fund's performance will not reflect the payment of dividends by the Underlying ETF. See “The Underlying ETF” for more information. The Fund’s investment sub-advisor is Cboe VestSM Financial LLC ("Cboe Vest" or the "Sub-Advisor").The Fund uses FLEX Options to employ a “target outcome strategy.” Target outcome strategies seek to produce pre-determined investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund, which include a “deep” buffer (before fees and expenses) against losses between -5% and -30% of the Underlying ETF and a cap of 7.43% (before fees and expenses), are based on the price performance of the Underlying ETF over an approximate one-year period (the “Target Outcome Period”). When the Fund's fees and expenses are taken into account, the cap is 6.58% and the buffer is between -5.85% and -30.85%. The cap and buffer will be further reduced by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee. In general, the target outcomes the Fund seeks for investors that hold Fund shares for an entire Target Outcome Period are as follows, though there can be no guarantee these results will be achieved:If the Underlying ETF appreciates over the Target Outcome Period, the combination of FLEX Options held by the Fund seeks to provide upside participation matching that of the Underlying ETF, up to a cap that is determined at the start of the Target Outcome Period. The cap for the current Target Outcome Period is 7.43%, prior to taking into account the Fund’s fees and expenses.If the Underlying ETF decreases over the Target Outcome Period by up to 5% or less, the combination of FLEX Options held by the Fund provides a payoff at expiration that is intended to match that of the Underlying ETF up to -5% over the Target Outcome Period before fees and expenses (i.e., the Fund's shareholders will bear all Underlying ETF losses between 0% and -5% on a one-to-one basis, meaning if the Underlying ETF loses 5%, the Fund loses 5%).If the Underlying ETF decreases over the Target Outcome Period by more than 5% but less than or equal to 30%, the combination of FLEX Options held by the Fund provides a payoff at expiration that is intended to protect investors from Underlying ETF losses between -5% and -30% over the Target Outcome Period before fees and expenses (i.e., if the Underlying ETF loses 30%, the Fund loses 5%).If the Underlying ETF decreases in price by more than 30% over the Target Outcome Period, the combination of FLEX Options held by the Fund provide a payoff at expiration that is 25% less than the percentage loss on the Underlying ETF with a maximum loss of approximately 75% over the Target Outcome Period before fees and expenses. This is referred to as the “deep buffer”. An investor that purchases shares at a price below the lower range of the deep buffer has the potential to lose his or her entire investment and may not experience any benefit from the deep buffer.The current Target Outcome Period will begin on September 20, 2021 and end on September 16, 2022. Subsequent Target Outcome Periods will begin on the day the prior Target Outcome Period ends and will end on the approximate one-year anniversary of that new Target Outcome Period. On the first day of each new Target Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Target Outcome Period. This means that the cap will change for each Target Outcome Period based upon prevailing market conditions at the beginning of each Target Outcome Period. The cap and buffer, and the Fund’s value relative to each, should be considered before investing in the Fund. The Fund will be perpetually offered and not terminate after the current or any subsequent Target Outcome Period. Approximately one week prior to the end of the current Target Outcome Period, the Fund’s website will be updated to alert existing shareholders that the Target Outcome Period is approaching its conclusion and will disclose the anticipated cap range for the next Target Outcome Period. See "Subsequent Target Outcome Periods" for more information.An investor that purchases Fund shares other than on the first day of a Target Outcome Period and/or sells Fund shares prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Target Outcome Period. While the cap and buffer reference the price performance of the Underlying ETF over the Target Outcome Period, the Fund expects its net asset value ("NAV") to experience the same general price movement, cap and buffer as a percentage gain or loss over the Target Outcome Period. During the Target Outcome Period, there may be periods of significant disparity between the Fund’s NAV and the Underlying ETF’s price performance.As the Underlying ETF price and the Fund’s NAV change over the Target Outcome Period, an investor acquiring Fund shares after the start of the Target Outcome Period will likely have a different return potential than an investor who purchased Fund shares at the start of the Target Outcome Period. This is because while the cap and deep buffer for the Target Outcome Period are fixed levels that are calculated in relation to the Underlying ETF price and the Fund's NAV at the start of a Target Outcome Period and that remain constant throughout the Target Outcome Period, an investor purchasing Fund shares at market value during the Target Outcome Period likely purchased Fund shares at a price that is different from the Fund’s NAV at the start of the Target Outcome Period (i.e., the NAV that the cap and deep buffer reference). For example, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has decreased in value by at least 5% from the value of the Fund on the first day of the Target Outcome Period, that investor’s buffer will essentially be decreased by the amount of the decrease in the Underlying ETF value exceeding 5%. Conversely, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from the value of the Fund on the first day of the Target Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the Underlying ETF value. See “Deep Buffer and Cap” below for additional information.To achieve the target outcomes sought by the Fund for a Target Outcome Period, an investor must hold Fund shares for that entire Target Outcome Period.Deep Buffer and CapThe Fund seeks to provide a “deep” buffer of Underlying ETF losses of between -5% and -30% over each Target Outcome Period. The “deep” buffer designation identifies the Fund’s objective to provide a buffer of 25% against Underlying ETF losses between -5% and -30%. The Fund will bear the first 5% of losses, and after the Underlying ETF has decreased in price by more than 30%, the Fund will experience subsequent losses on a one-to-one basis (i.e., if the Underlying ETF loses 40%, the Fund loses 15%). The deep buffer is before taking into account the fees and expenses charged to shareholders. When the Fund's fees and expenses are taken into account, the deep buffer is between -5.85% and -30.85%. The buffer will be further reduced by any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee.If an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has decreased in value by 30% or more from the value of the Fund on the first day of the Target Outcome Period (the “Initial Fund Value” ), that investor’s deep buffer will essentially be zero (meaning the investor can lose its entire investment). However, that investor’s potential gain will be larger than the Fund’s cap for the Target Outcome Period because the investor may experience the full gain if the Fund recovers the value it has lost from the first day of the Target Outcome Period through the date the investor purchased its Fund shares plus any additional gains between the Initial Fund Value and the cap. The cap and buffer relative to the Initial Fund Value, however, will not change over the Target Outcome Period.Conversely, if an investor purchases Fund shares during a Target Outcome Period at a time when the Fund has increased in value from its Initial Fund Value for a Target Outcome Period, then a shareholder will experience losses prior to gaining the protection offered by the deep buffer (because the Fund must first decrease in value to 5% less than its Initial Fund Value for the Target Outcome Period before subsequent losses will be protected by the deep buffer).While the Fund seeks to limit losses to 75% for shareholders who hold Fund shares for an entire Target Outcome Period, there is no guarantee it will successfully do so. Depending upon market conditions at the time of purchase, a shareholder that purchases Fund shares after the first day of a Target Outcome Period may lose their entire investment if the Fund has decreased in value below the buffer. An investment in the Fund is only appropriate for shareholders willing to bear those losses. Despite the intended buffer, a shareholder could lose their entire investment.The returns of the Fund are subject to a cap of 7.43% (before fees and expenses) and 6.58% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) for the Target Outcome Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Target Outcome Period (before fees and expenses). In the event the Underlying ETF experiences gains over a Target Outcome Period, the Fund seeks to provide investment returns before fees and expenses that match the percentage increase of the Underlying ETF, but any percentage gains over amount of the cap will not be experienced by the Fund. This means that if the Underlying ETF experiences gains for a Target Outcome Period in excess of the cap for that Target Outcome Period, the Fund will not benefit from those excess gains. Therefore, regardless of the performance of the Underlying ETF, the cap is the maximum return an investor can achieve from an investment in the Fund for that Target Outcome Period.The cap is set on the first day of each Target Outcome Period. The cap is provided prior to taking into account annual Fund management fees of 0.85% of the Fund's daily net assets, brokerage commissions, trading fees, taxes and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory or tax expenses. The cap for the Target Outcome Period is 7.43% (before fees and expenses) and 6.58% (after fees and expenses, excluding brokerage commissions, trading fees,taxes and extraordinary expenses not included in the Fund’s management fee). The cap could be lower if the Fund incurs extraordinary expenses or other costs and expenses that are not borne by the Advisor under its unitary management fee. The defined cap applicable to a Target Outcome Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.The cap level is a result of the design of the Fund’s principal investment strategy. In order to provide the deep buffer, the Fund purchases a series of put and call FLEX Options on the first day of a Target Outcome Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio managers will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the deep buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The cap is the strike price of those sold FLEX Options.The cap, and the Fund’s value relative to it on any given day, should be considered before investing in the Fund. If an investor purchases Fund shares during a Target Outcome Period, and the Fund has already increased in value above its Initial Fund Value for that Target Outcome Period to a level near to the cap, an investor purchasing Fund shares will have limited to no gain potential for the remainder of the Target Outcome Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which they purchased Fund shares and 5% below the Initial Fund Value for the Target Outcome Period before subsequent losses will be protected by the deep buffer.The following bar chart and line graph illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the price performance of the Underlying ETF in certain illustrative scenarios over the course of the Target Outcome Period. The caps in the bar chart and line graph below are for illustration only and the actual caps may be different. The bar chart and line graph do not take into account payment by the Fund of fees and expenses. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Target Outcome Period.The graph above represents the Fund’s hypothetical intended return profile based upon the performance of the Underlying ETF.The caps in the graphs above are for illustration only and the actual caps may be different.In the graph above, the dotted line represents the Underlying ETF’s performance, and the blue and orange lines represent the return profile gross of fees and expenses sought by the Fund in relation to the Underlying ETF’s indicated performance.Investors purchasing shares of the Fund during a Target Outcome Period will experience different results. The Fund’s website, www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=DSEP, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, if purchased on that date and held through the end of the Target Outcome Period, including the Fund’s value relative to the cap and deep buffer. Before purchasing Fund shares, an investor should visit the Fund's website to review this information and understand the possible outcomes of an investment in Fund shares on a particular day and held through the end of the Target Outcome Period.The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries except to the extent that the Underlying ETF invests more than 25% of its assets in an industry or group of industries. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or securities of other investment companies.General Information on the FLEX OptionsFor each Target Outcome Period, the Fund will invest in both purchased and written put and call FLEX Options that reference the Underlying ETF. Because the value of the Fund is based on FLEX Options that reference the Underlying ETF and not the Underlying ETF directly, variations in the value of the FLEX Options impact the correlation between the Fund’s NAV and the price of the Underlying ETF. 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. 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 FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. 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.The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Target Outcome Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (i.e., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). 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. As a result, the FLEX Options will be fully covered and no additional collateral will be necessary during the life of the Fund. 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. Each of the FLEX Options purchased and sold throughout the Target Outcome Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Target Outcome Period.On the Flex Options expiration date, the Fund intends to sell the Flex Options prior to their expiration and use the resulting proceeds to purchase new Flex Options for the next Target Outcome Period.The Underlying ETFThe Underlying ETF is an exchange-traded unit investment trust that uses a full replication strategy, meaning it invests entirely in the S&P 500® Index. PDR Services, LLC (“PDR”) serves as the Underlying ETF’s sponsor. The investment objective of the Underlying ETF is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index (the “Index”). See below for a description of the Underlying ETF’s principal investment strategies and risks. You can find the Underlying ETF’s prospectus and other information about the ETF, including the statement of additional information and most recent reports to shareholders, online at https://us.spdrs.com/en/etf/spdr-sp-500-etf-SPY.The summary information below regarding the Underlying ETF comes from its filings with the SEC. You are urged to refer to the SEC filings made by the Underlying ETF and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects.The following description of the Underlying ETF’s principal investment strategies was taken directly from the Underlying ETF’s prospectus, dated January 14, 2021 (“SPY” refers to the Underlying ETF; other defined terms have been modified).“SPY seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the Index (the “Portfolio”), with the weight of each stock in SPY’s Portfolio substantially corresponding to the weight of such stock in the Index.In SPY’s prospectus, the term “Portfolio Securities” refers to the common stocks that are actually held by SPY and make up SPY’s Portfolio, while the term “Index Securities” refers to the common stocks that are included in the Index, as determined by the index provider, S&P Dow Jones Indices LLC (“S&P”). At any time, SPY’s Portfolio will consist of as many of the Index Securities as is practicable. To maintain the correspondence between the composition and weightings of Portfolio Securities and Index Securities, State Street Global Advisors Trust Company (the “Trustee”) or its parent company, State Street Bank and Trust Company (“SSBT”) adjusts SPY’s Portfolio from time to time to conform to periodic changes made by S&P to the identity and/or relative weightings of Index Securities in the Index. SPY’s Trustee or SSBT aggregates certain of these adjustments and makes changes to SPY’s Portfolio at least monthly, or more frequently in the case of significant changes to the Index.SPY may pay transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its Portfolio). Such transaction costs may be higher if there are significant rebalancings of Index Securities in the Index, which may also result in higher taxes when SPY’s units are held in a taxable account. These costs, which are not reflected in SPY’s estimated annual Trust ordinary operating expenses, affect SPY’s performance. During the most recent fiscal year, SPY’s portfolio turnover rate was 2% of the average value of its portfolio. SPY’s portfolio turnover rate does not include securities received or delivered from processing creations or redemptions of SPY’s units. Portfolio turnover will be a function of changes to the Index as well as requirements of SPY’s trust agreement. …Although SPY may fail to own certain Index Securities at any particular time, SPY generally will be substantially invested in Index Securities, which should result in a close correspondence between the performance of the Index and the performance of SPY. … SPY does not hold or trade futures or swaps and is not a commodity pool.The Index includes five hundred (500) selected companies, all of which are listed on national stock exchanges and spans over 25 separate industry groups. … Since 1968, the Index has been a component of the U.S. Commerce Department’s list of Leading Indicators that track key sectors of the U.S. economy. Current information regarding the market value of the Index is available from market information services. The Index is determined, comprised and calculated without regard to SPY.”As of November 30, 2021, the Underlying ETF had significant investments in information technology companies.Subsequent Target Outcome PeriodsThe Fund will alert existing shareholders to the new cap at the beginning of each new Target Outcome Period in the following manner:1. Approximately one week prior to the end of the current Target Outcome Period, the Fund will make a sticker filing that will alert existing shareholders that the Target Outcome Period is approaching its conclusion and disclose the anticipated cap range for the next Target Outcome Period. This filing will be mailed to existing shareholders.2. Following the close of business on the last day of the Target Outcome Period, the Fund will make a sticker filing that discloses the Fund’s cap for the next Target Outcome Period. This filing will be mailed to existing shareholders.3. On the first day of the new Target Outcome Period, the Fund will file a full prospectus that incorporates the sticker filing from the previous evening which replaces the caps/dates associated with the previous Target Outcome Period with the caps/dates associated with the new Target Outcome Period. Correspondingly, the Fund will file a revised summary prospectus that reflects such changes.The information referenced above will also be available on the Fund's website at www.ftportfolios.com/retail/etf/EtfSummary.aspx?Ticker=DSEP.
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DSEP - Performance

Return Ranking - Trailing

Period DSEP Return Category Return Low Category Return High Rank in Category (%)
YTD 8.7% -2.8% 240.8% 80.24%
1 Yr 7.7% -4.3% 140.6% N/A
3 Yr N/A* -8.3% 18.3% N/A
5 Yr N/A* -5.0% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period DSEP Return Category Return Low Category Return High Rank in Category (%)
2022 N/A -34.1% 904.0% N/A
2021 N/A -28.6% 438.4% N/A
2020 N/A -93.5% 8.2% N/A
2019 N/A -38.9% 19.8% N/A
2018 N/A -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period DSEP Return Category Return Low Category Return High Rank in Category (%)
YTD 8.7% -2.7% 244.0% 80.63%
1 Yr 7.7% -4.3% 140.6% N/A
3 Yr N/A* -8.3% 18.3% N/A
5 Yr N/A* -5.4% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period DSEP Return Category Return Low Category Return High Rank in Category (%)
2022 N/A -34.1% 904.0% N/A
2021 N/A -5.9% 438.4% N/A
2020 N/A -81.2% 8.2% N/A
2019 N/A -29.0% 19.8% N/A
2018 N/A -10.9% 12.8% N/A

DSEP - Holdings

Concentration Analysis

DSEP Category Low Category High DSEP % Rank
Net Assets 97 M 25 17.4 B 86.14%
Number of Holdings 6 2 508 93.89%
Net Assets in Top 10 96.5 M -6.66 M 5.12 B 82.06%
Weighting of Top 10 N/A 11.3% 100.0% N/A

Top 10 Holdings

  1. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  2. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  3. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  4. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  5. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  6. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  7. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  8. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  9. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%
  10. Option on SPDR® S&P 500 ETF Trust Sep21 124.33%

Asset Allocation

Weighting Return Low Return High DSEP % Rank
Stocks
99.35% -3.92% 100.76% 35.88%
Cash
0.66% -0.76% 100.29% 58.78%
Preferred Stocks
0.00% 0.00% 3.08% 98.85%
Other
0.00% 0.00% 45.92% 98.85%
Convertible Bonds
0.00% 0.00% 20.91% 98.85%
Bonds
0.00% 0.00% 97.96% 99.62%

Stock Sector Breakdown

Weighting Return Low Return High DSEP % Rank
Technology
24.48% 0.00% 44.43% 63.03%
Healthcare
14.58% 0.00% 25.91% 52.52%
Financial Services
13.37% 0.00% 29.60% 41.18%
Consumer Cyclical
10.60% 0.00% 19.02% 69.75%
Communication Services
8.72% 0.00% 21.22% 57.98%
Industrials
8.21% 1.41% 43.91% 32.77%
Consumer Defense
6.92% 0.00% 22.87% 46.64%
Energy
4.84% 0.00% 69.54% 43.28%
Utilities
3.00% 0.00% 13.35% 67.23%
Real Estate
2.79% 0.00% 9.74% 34.45%
Basic Materials
2.49% 0.00% 60.58% 37.39%

Stock Geographic Breakdown

Weighting Return Low Return High DSEP % Rank
US
98.24% -3.89% 100.00% 32.06%
Non US
1.11% -2.17% 99.33% 58.02%

DSEP - Expenses

Operational Fees

DSEP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% 0.20% 6.78% N/A
Management Fee 0.85% 0.20% 1.75% 65.67%
12b-1 Fee 0.00% 0.00% 1.00% 66.09%
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

DSEP 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

DSEP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

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

DSEP - Distributions

Dividend Yield Analysis

DSEP Category Low Category High DSEP % Rank
Dividend Yield 0.00% 0.00% 3.76% 100.00%

Dividend Distribution Analysis

DSEP Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Monthly Annually

Net Income Ratio Analysis

DSEP Category Low Category High DSEP % Rank
Net Income Ratio -0.85% -2.54% 14.24% N/A

Capital Gain Distribution Analysis

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

Distributions History

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DSEP - Fund Manager Analysis

Managers

Howard Rubin


Start Date

Tenure

Tenure Rank

Sep 17, 2020

1.7

1.7%

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.

Karan Sood


Start Date

Tenure

Tenure Rank

Sep 17, 2020

1.7

1.7%

CEO & Managing Director, Head of Product Development

Tenure Analysis

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