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Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Name
As of 12/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
11.9%
1 yr return
16.7%
3 Yr Avg Return
2.3%
5 Yr Avg Return
5.1%
Net Assets
$17.7 M
Holdings in Top 10
59.9%
Expense Ratio 2.63%
Front Load 5.75%
Deferred Load N/A
Turnover 205.00%
Redemption Fee N/A
Standard (Taxable)
$2,500
IRA
$2,500
Fund Type
Open End Mutual Fund
Name
As of 12/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, in equity securities that constitute the NASDAQ-100 Index® (NDX). For the purpose of this 80% policy, equity securities that constitute the NDX include the common stock of companies comprising the NDX; exchange traded funds (ETFs) and exchange traded notes (ETNs) that track the NDX; and futures and options on futures on the NDX. The Fund considers its investment in derivatives when determining its compliance with this policy. The Fund generally invests in common stock using a near replication methodology, meaning it seeks to invest in most of the companies comprising the NDX in near proportion to the weightings in the NDX. The NDX is a large-capitalization growth index comprised of the 100 largest domestic and international (including emerging markets) non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NDX is concentrated in the technology sector.
The Fund seeks to hedge the majority of NDX risk by investing up to 20% of its assets in futures contracts on the Cboe Volatility Index® (the VIX Index) or other volatility-related products; options on the index futures; and in cash and cash equivalents, including U.S. Treasury obligations, as a volatility overlay. Volatility is the variation of the trading price over a period of time. The VIX Index is a measure of the stock markets expectation of volatility based on S&P 500 Index options. The VIX Index is calculated based on roughly 30-day expiring S&P 500 Index options. The Fund may hold both long and short positions in the index futures at the same time.
The Fund invests a portion of its assets in VIX futures or other volatility-related products utilizing the same methodology as the Equity Armor Investments VOL 365 Trading Strategy (the EAVOL Trading Strategy), a strategy based on a proprietary VIX futures trading strategy that seeks to correlate to VIX futures returns. The Fund primarily invests in VIX futures or other volatility-related products and seeks to achieve high correlation to the return of the EAVOL Trading Strategy for this component of the Funds portfolio. The EAVOL Trading Strategy was created by the Funds investment sub-advisor, Equity Armor Investments, LLC (the Sub-Advisor), and is constructed pursuant to a rules-based volatility analysis that identifies investments that present the least potential for time decay (i.e., the decline in the value of a contract over the passage of time) while maintaining the highest correlation to VIX futures price movement each day. Historically, VIX futures negatively correlate to equity price movement. Therefore, the EAVOL Trading Strategy may appreciate during times of downward equity prices or when market forecasts expect movement in equity prices. Likewise, when equity prices appreciate or when the market does not expect movement in equity prices, the EAVOL Trading Strategy is likely to decline in value. Volatility analysis includes the study of price, momentum, future curves, as well as recurring price patterns. The EAVOL Trading Strategy consists primarily of VIX futures. The components of the EAVOL Trading Strategy are adjusted on a daily basis. The Fund adjusts this component of the portfolio on a daily basis in order to closely track the EAVOL Trading Strategy.
The Sub-Advisor may, during times of high market volatility, choose to trade securities related to the VIX Index, such as S&P 500 Index futures, options on S&P 500 and NASDAQ-100 Index or XND futures and options, and VIX options, in order to achieve the volatility overlay to the Funds equity exposure, if the Sub-Advisor determines that such instruments provide greater access to volatility and, at such time, the EAVOL Trading Strategy. The use of S&P 500 Index futures and options thereon will typically be used in adverse market conditions. Because S&P 500 Index options provide a proxy for the VIX index and VIX futures, S&P 500 Index options correlate to VIX futures. Because S&P 500 Index futures and options thereon eventually settle into the S&P 500 Index monthly expiration, the Sub-Advisor may choose to trade such securities in place of, or in addition to, index futures.
The volatility overlay aims to minimize possible losses that are common in stock indexes so that investors might be able to ride-out market swings in pursuit of their long-term investment objectives. The volatility overlay has an associated cost. If the NDX rises for a long period of time, the Fund may never show any gains. The Funds strategy has no annualized target for the level of volatility it seeks to achieve under normal circumstances. There may be times that the Sub-Advisor determines not to implement the Funds volatility hedging strategy.
Period | CLPAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.9% | -2.8% | 240.8% | 98.02% |
1 Yr | 16.7% | -4.3% | 140.6% | 61.30% |
3 Yr | 2.3%* | -8.3% | 18.3% | 72.44% |
5 Yr | 5.1%* | -5.0% | 17.3% | 68.64% |
10 Yr | 3.7%* | -4.6% | 13.2% | N/A |
* Annualized
Period | CLPAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 35.9% | -34.1% | 904.0% | 50.45% |
2022 | -32.3% | -28.6% | 438.4% | 32.95% |
2021 | 12.7% | -93.5% | 8.2% | 16.55% |
2020 | 4.7% | -38.9% | 19.8% | 40.31% |
2019 | 13.2% | -10.9% | 12.8% | 58.25% |
Period | CLPAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.9% | -2.7% | 244.0% | 97.63% |
1 Yr | 16.7% | -4.3% | 140.6% | 80.00% |
3 Yr | 2.3%* | -8.3% | 18.3% | 82.69% |
5 Yr | 5.1%* | -5.4% | 17.3% | 80.51% |
10 Yr | 3.7%* | -4.6% | 13.2% | N/A |
* Annualized
Period | CLPAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 35.9% | -34.1% | 904.0% | 50.45% |
2022 | -30.5% | -5.9% | 438.4% | 33.53% |
2021 | 13.1% | -81.2% | 8.2% | 25.52% |
2020 | 5.2% | -29.0% | 19.8% | 55.04% |
2019 | 19.4% | -10.9% | 12.8% | 72.82% |
CLPAX | Category Low | Category High | CLPAX % Rank | |
---|---|---|---|---|
Net Assets | 17.7 M | 25 | 17.4 B | 89.89% |
Number of Holdings | 111 | 2 | 508 | 24.43% |
Net Assets in Top 10 | 10.4 M | -6.66 M | 5.12 B | 92.37% |
Weighting of Top 10 | 59.88% | 11.3% | 100.0% | 29.33% |
Weighting | Return Low | Return High | CLPAX % Rank | |
---|---|---|---|---|
Stocks | 90.15% | -3.92% | 100.76% | 74.05% |
Cash | 9.80% | -0.76% | 100.29% | 17.56% |
Other | 0.05% | 0.00% | 45.92% | 96.56% |
Preferred Stocks | 0.00% | 0.00% | 3.08% | 96.56% |
Convertible Bonds | 0.00% | 0.00% | 20.91% | 96.95% |
Bonds | 0.00% | 0.00% | 97.96% | 97.33% |
Weighting | Return Low | Return High | CLPAX % Rank | |
---|---|---|---|---|
Technology | 48.42% | 0.00% | 44.43% | 2.94% |
Communication Services | 17.16% | 0.00% | 21.22% | 3.36% |
Consumer Cyclical | 16.92% | 0.00% | 19.02% | 1.26% |
Healthcare | 5.97% | 0.00% | 25.91% | 94.96% |
Consumer Defense | 5.49% | 0.00% | 22.87% | 91.18% |
Industrials | 3.93% | 1.41% | 43.91% | 96.22% |
Utilities | 1.12% | 0.00% | 13.35% | 95.38% |
Financial Services | 0.99% | 0.00% | 29.60% | 98.32% |
Real Estate | 0.00% | 0.00% | 9.74% | 99.58% |
Energy | 0.00% | 0.00% | 69.54% | 100.00% |
Basic Materials | 0.00% | 0.00% | 60.58% | 100.00% |
Weighting | Return Low | Return High | CLPAX % Rank | |
---|---|---|---|---|
US | 90.15% | -3.89% | 100.00% | 61.83% |
Non US | 0.00% | -2.17% | 99.33% | 29.39% |
CLPAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.63% | 0.20% | 6.78% | 9.47% |
Management Fee | 1.25% | 0.20% | 1.75% | 94.03% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 84.48% |
Administrative Fee | N/A | 0.02% | 0.28% | 62.69% |
CLPAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.75% | 4.75% | 5.75% | 55.56% |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
CLPAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
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.
CLPAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 205.00% | 0.00% | 456.80% | 88.84% |
CLPAX | Category Low | Category High | CLPAX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 3.76% | 98.14% |
CLPAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Monthly | Annually |
CLPAX | Category Low | Category High | CLPAX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.83% | -2.54% | 14.24% | 45.49% |
CLPAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 13, 2022 | $0.231 | OrdinaryDividend |
Dec 14, 2021 | $0.041 | CapitalGainLongTerm |
Dec 15, 2020 | $0.055 | OrdinaryDividend |
Dec 13, 2019 | $0.116 | OrdinaryDividend |
Dec 13, 2019 | $0.468 | CapitalGainShortTerm |
Dec 14, 2018 | $0.028 | OrdinaryDividend |
Dec 15, 2017 | $0.002 | OrdinaryDividend |
Dec 18, 2015 | $1.562 | CapitalGainShortTerm |
Dec 18, 2015 | $0.042 | CapitalGainLongTerm |
Dec 18, 2014 | $0.223 | CapitalGainShortTerm |
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Brian Stutland, Managing Partner, Chief Investment Officer and Chief Compliance Officer of Equity Armor since 2011, has served as the Fund’s Lead Portfolio Manager since 2019. He is also a Member of Tremis, LLC, a Cryptocurrency mining and trading operations firm, since 2017 and a Member of Equity Armor Advisers, LLC, Macro Growth Advisers, LLC, and Lone Star Equity Armor Advisors, LLC since 2016. Prior to founding Equity Armor in 2011, Mr. Stutland was the Managing Member and Floor Trader of Stutland Equities, LLC (2005 to 2011) .Prior to starting Stutland Equities, LLC in 2005, and while studying for his Masters degree, Brian Stutland became a trader with LETCO, one of the principal trading groups on the Chicago Board Options Exchange (“CBOE”), where he managed portfolio positions and made options markets for blue chip and Internet stocks. Mr. Stutland established his own floor trading business in 2002, trading an entire portfolio of stocks as a proprietary market making CBOE Member. After forming Stutland Equities, he pioneered the shift to electronic options trading, becoming one of the first Remote Market Makers on the CBOE. By 2006, he continued to trail blaze as one of the first traders to assume positions in VIX Volatility futures and options. He graduated Cum Laude in 1997 from the University of Michigan with a B.S.E. in Chemical Engineering and later received a M.S.E. in Biomedical Engineering from the University of Michigan in 1999.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Luke Rahbari, a Member and Portfolio Manager of Equity Armor since 2011, has served as a Portfolio Manager of the Fund since 2019. He is also a Member of Tremis, LLC, a Cryptocurrency mining and trading operations firm, since 2017 and a Member of Equity Armor Advisers, LLC, Macro Growth Advisers, LLC, and Lone Star Equity Armor Advisors, LLC since 2016. Prior to founding Equity Armor in 2011, Mr. Rahbari served as an Asset Manager of Peachtree Asset Management (2007 to 2011), worked on the Institutional Equity Derivatives Desk of Toronto Dominion Bank (2002-2006) and was a Floor Trader, Market Maker, Specialist Registered Options of LETCO Trading (1994 to 2002). Mr. Rahbari earned his Bachelor of Business Administration from Eastern Michigan University and a Masters of Business Administration from the University of Chicago, Graduate School of Business.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Joseph Tigay, Chief Trading Officer and a Portfolio Manager, will serve as the Portfolio Managers of the Fund and will be primarily responsible for the day-to-day management of the Fund’s portfolio.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 19.77 | 3.61 | 5.67 |
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