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Trending ETFs

Swan Defined Risk Growth Fund

mutual fund
SDAIX
Payout Change
Suspended
Price as of:
$13.38 +0.01 +0.07%
primary theme
N/A
SDAIX (Mutual Fund)

Swan Defined Risk Growth Fund

Payout Change
Suspended
Price as of:
$13.38 +0.01 +0.07%
primary theme
N/A
SDAIX (Mutual Fund)

Swan Defined Risk Growth Fund

Payout Change
Suspended
Price as of:
$13.38 +0.01 +0.07%
primary theme
N/A

Name

As of 06/14/2024

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

$13.38

$35.8 M

0.00%

1.43%

Vitals

YTD Return

9.3%

1 yr return

15.9%

3 Yr Avg Return

5.2%

5 Yr Avg Return

9.4%

Net Assets

$35.8 M

Holdings in Top 10

102.3%

52 WEEK LOW AND HIGH

$13.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.43%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 27.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

$100,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$13.38

$35.8 M

0.00%

1.43%

SDAIX - Profile

Distributions

  • YTD Total Return 9.3%
  • 3 Yr Annualized Total Return 5.2%
  • 5 Yr Annualized Total Return 9.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.08%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Swan Defined Risk Growth Fund
  • Fund Family Name
    Swan
  • Inception Date
    Dec 27, 2018
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Swan

Fund Description

Using the sub-adviser’s proprietary Defined Risk Strategy (“DRS”) to select the Fund’s investments, the Fund seeks to achieve its investment objective by investing directly, or indirectly in:

· capitalization-weighted U.S. large capitalization exchange-traded funds (“ETFs”) that invest in equity securities that are represented in the S&P 500 Index,
· exchange-traded long-term put options on the S&P 500 Index for hedging purposes, and
· exchange-traded put and call options on various equity indices to generate additional returns.

The DRS seeks to provide risk-managed growth of capital by matching or exceeding the long-term performance of the stock market while seeking to minimize the traditional losses incurred during bear markets. The Fund invests primarily in equity securities of large capitalization (over $10 billion) U.S. companies directly or through ETFs. The sub-adviser executes ETF trades through an exchange rather than trading directly with a fund. The Fund differs from other funds managed by the adviser and sub-adviser by focusing on growth over protection. The Fund purchases slightly “out-of-the-money” put options, i.e., put options where the current price of the underlying stock is above the strike price of the option, thus spending less on hedging. This small difference is spent on additional market exposure to increase growth potential.

The DRS philosophy is based upon the sub-adviser’s research indicating that market timing and/or stock selection is extremely difficult, may produce volatile returns and that asset allocation is limited in its risk reduction properties. Using DRS, the sub-adviser seeks to “define risk” by seeking to protect against large losses by hedging equity ETFs through investments in protective long-term S&P 500 Index put options. Additionally, the sub-adviser seeks to increase returns by buying and selling call and put options on several indices using hedging strategies. 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. 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 Fund may be invested 75-95% in the iShares Core S&P 500 ETF or SPDR S&P 500 ETF, or a combination of the two.

Defined Risk Strategy

The DRS was created in 1997 by Randy Swan, President of the Adviser and sub-adviser. The objective of the DRS is to provide risk-managed growth of capital by offering a strategy that seeks to match or exceed the long-term performance of the stock market while seeking to minimize the traditional losses incurred during bear markets. The DRS philosophy is based upon the sub-adviser’s research indicating that market timing and/or stock selection is extremely difficult and that asset allocation is limited in its risk reduction properties.

Stock Selection

The Fund invests 75-95% of its assets in U.S. large capitalization ETFs. This underlying position is hedged with long-term put options.

Hedging Process

The sub-adviser applies a put hedging strategy to hedge the Fund’s equity exposure. The Fund invests in long-term put options (referred to as paying a premium) that gives the Fund the right to sell a security or index at a set (strike) price or sell the long-term put option on an option exchange. The put strategy is executed using exchange-traded S&P 500 Index put options to hedge the portfolio and to reduce volatility. The put strategy seeks to limit downside loss. Generally, S&P 500 Index put options have an inverse relationship to the S&P 500 Index and its sector-specific constituents.

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SDAIX - Performance

Return Ranking - Trailing

Period SDAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.3% -2.8% 240.8% 15.02%
1 Yr 15.9% -4.3% 140.6% 34.78%
3 Yr 5.2%* -8.3% 18.3% N/A
5 Yr 9.4%* -5.0% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period SDAIX Return Category Return Low Category Return High Rank in Category (%)
2023 -9.7% -34.1% 904.0% 16.67%
2022 -17.9% -28.6% 438.4% 5.78%
2021 22.9% -93.5% 8.2% N/A
2020 11.2% -38.9% 19.8% N/A
2019 21.2% -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period SDAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.3% -2.7% 244.0% 17.00%
1 Yr 15.9% -4.3% 140.6% 33.04%
3 Yr 5.2%* -8.3% 18.3% N/A
5 Yr 9.4%* -5.4% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period SDAIX Return Category Return Low Category Return High Rank in Category (%)
2023 16.2% -34.1% 904.0% 16.67%
2022 -17.9% -5.9% 438.4% 5.78%
2021 22.9% -81.2% 8.2% N/A
2020 11.9% -29.0% 19.8% N/A
2019 23.1% -10.9% 12.8% N/A

NAV & Total Return History


SDAIX - Holdings

Concentration Analysis

SDAIX Category Low Category High SDAIX % Rank
Net Assets 35.8 M 25 17.4 B 56.18%
Number of Holdings 29 2 508 51.15%
Net Assets in Top 10 38.1 M -6.66 M 5.12 B 36.64%
Weighting of Top 10 102.28% 11.3% 100.0% 13.53%

Top 10 Holdings

  1. ISHARES-C SP500 91.68%
  2. SPX US 12/19/25 C5400 4.85%
  3. SPX US 12/19/25 P4700 3.14%
  4. FRST AM-GV OB-X 2.22%
  5. VIX US 05/22/24 C14 0.15%
  6. SPX US 12/20/24 P3600 0.13%
  7. SPX US 09/20/24 P3400 0.05%
  8. SPX US 12/20/24 P2400 0.03%
  9. SPXW US 04/12/24 P5045 0.02%
  10. SPXW US 04/05/24 P5030 0.00%

Asset Allocation

Weighting Return Low Return High SDAIX % Rank
Stocks
91.68% -3.92% 100.76% 68.32%
Other
4.76% 0.00% 45.92% 48.09%
Cash
3.56% -0.76% 100.29% 26.72%
Preferred Stocks
0.00% 0.00% 3.08% 34.35%
Convertible Bonds
0.00% 0.00% 20.91% 37.40%
Bonds
0.00% 0.00% 97.96% 40.08%

Stock Sector Breakdown

Weighting Return Low Return High SDAIX % Rank
Technology
26.64% 0.00% 44.43% 15.55%
Healthcare
13.38% 0.00% 25.91% 27.31%
Financial Services
12.91% 0.00% 29.60% 79.83%
Consumer Cyclical
12.36% 0.00% 19.02% 28.99%
Communication Services
10.16% 0.00% 21.22% 63.45%
Industrials
8.05% 1.41% 43.91% 66.39%
Consumer Defense
6.30% 0.00% 22.87% 32.35%
Real Estate
2.77% 0.00% 9.74% 70.17%
Energy
2.67% 0.00% 69.54% 80.67%
Utilities
2.50% 0.00% 13.35% 32.77%
Basic Materials
2.26% 0.00% 60.58% 68.07%

Stock Geographic Breakdown

Weighting Return Low Return High SDAIX % Rank
US
91.68% -3.89% 100.00% 53.05%
Non US
0.00% -2.17% 99.33% 62.98%

SDAIX - Expenses

Operational Fees

SDAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.43% 0.20% 6.78% 17.70%
Management Fee 1.00% 0.20% 1.75% 75.75%
12b-1 Fee 0.00% 0.00% 1.00% 20.69%
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

SDAIX 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

SDAIX 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.

SDAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 27.00% 0.00% 456.80% 35.71%

SDAIX - Distributions

Dividend Yield Analysis

SDAIX Category Low Category High SDAIX % Rank
Dividend Yield 0.00% 0.00% 3.76% 37.92%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SDAIX Category Low Category High SDAIX % Rank
Net Income Ratio -0.08% -2.54% 14.24% 37.30%

Capital Gain Distribution Analysis

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

Distributions History

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SDAIX - Fund Manager Analysis

Managers

Robert Swan


Start Date

Tenure

Tenure Rank

Dec 27, 2018

3.43

3.4%

Rob manages and implements the Swan Defined Risk Strategy as a Portfolio Manager, including investment management and trading as well as development and maintenance of proprietary technology, enabling Swan to scale and execute the DRS across multiple platforms and thousands of accounts. He also provides daily oversight of Swan operations as COO. Prior to joining Swan, Rob’s previous positions have ranged from flight-test engineering and computer aided design software development at the Boeing Company, to director of operations and part owner of Object Publisher Web Services, the leading web service automation provider for custom brochure and catalog publishing. His analytical, technical, and computing skills have been developed and applied since 1988 in production software development, computer automation, process design and standardization, business and technical process modeling, and aerodynamics engineering.

Christopher Hausman


Start Date

Tenure

Tenure Rank

Dec 27, 2018

3.43

3.4%

Chris is the Director of Risk Management and Chief Market Technician at Swan and assists in the daily operations and trading for all Defined Risk Strategy investments and positions. Before joining Swan, Chris started his career as an investment banking analyst before transitioning to the trading pits of Chicago. In 1996, Chris became a market-maker for Wolverine Trading, LLC where he worked on the floor of the Chicago Mercantile Exchange, trading options on the S&P 500 futures index, and on the Pacific Stock Exchange, trading options on Microsoft. In April 1999 as Senior Trader, Chris joined an options broker-dealer (STC, LLC) founded and managed by Anthony Saliba. During that same period, he also served as lead instructor for the International Trading Institute Ltd., teaching option strategies and risk management techniques to market makers and traders from around the world. In January 2002, Chris joined CAZ Investments in Houston, TX, where he held the position of Senior Vice President. He re-joined Mr. Saliba in a new venture, Saliba Portfolio Management, as Senior Portfolio Manager and Chief Portfolio Strategist in January 2004 and ultimately became the Director of Trading Operations in January 2011.

Randy Swan


Start Date

Tenure

Tenure Rank

Dec 27, 2018

3.43

3.4%

Randy Swan, President, is the founder of Swan Capital Management, LLC and Swan Global Management, LLC. Oversees the team that runs all of the firm's investment activities. Before starting the Sub-Adviser in 2014, the Adviser in 2012 and Swan Global Investments, LLC in 1997, Randy was a KPMG senior manager working in their Financial Services Group, primarily with insurance companies and risk managers. It was here where Randy conceived Swan’s investment strategy of using the options market to manage portfolio risk, similar to how the insurance companies were managing their insurance portfolios.

Tenure Analysis

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