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Trending ETFs

Gadsden Dynamic Multi-Asset ETF

Active ETF
GDMA
Payout Change
Suspended
Price as of:
$31.11 +0.18 +0.58%
primary theme
U.S. Balanced Allocation
GDMA (ETF)

Gadsden Dynamic Multi-Asset ETF

Payout Change
Suspended
Price as of:
$31.11 +0.18 +0.58%
primary theme
U.S. Balanced Allocation
GDMA (ETF)

Gadsden Dynamic Multi-Asset ETF

Payout Change
Suspended
Price as of:
$31.11 +0.18 +0.58%
primary theme
U.S. Balanced Allocation

Name

As of 03/27/2024

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

$31.11

$188 M

0.00%

0.80%

Vitals

YTD Return

3.4%

1 yr return

10.7%

3 Yr Avg Return

1.9%

5 Yr Avg Return

6.7%

Net Assets

$188 M

Holdings in Top 10

102.1%

52 WEEK LOW AND HIGH

$30.9
$29.24
$31.51

Expenses

OPERATING FEES

Expense Ratio 0.80%

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

As of 03/27/2024

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

$31.11

$188 M

0.00%

0.80%

GDMA - Profile

Distributions

  • YTD Total Return 3.4%
  • 3 Yr Annualized Total Return 1.9%
  • 5 Yr Annualized Total Return 6.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.73%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Gadsden Dynamic Multi-Asset ETF
  • Fund Family Name
    Alpha Architect
  • Inception Date
    Nov 14, 2018
  • Shares Outstanding
    4020000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kevin Harper

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in asset classes that the Fund’s portfolio managers believe offer the most attractive combined risk/return opportunities. The term “asset classes” generally includes, among others, U.S. equities, foreign securities, currencies, bonds, and real estate investment trusts (REITs). Generally, Gadsden (defined below) selects investments for the Fund’s portfolio based on its long-term view of macroeconomic factors. That is considered a “strategic” approach. Through that approach, the Fund’s portfolio will generally have exposure to a variety of asset classes, geographies, and market capitalizations. Additionally, for a portion of the Fund’s portfolio, Gadsden may seek to change the Fund’s investment portfolio based on its short-term view of the markets, which is referred to as a “tactical” approach.
The Fund’s risk or return is not managed relative to any securities index or securities benchmark. Rather, the portfolio managers make allocation decisions based on their view of the projected investment environment, attractiveness, and future return for a particular asset class or securities. The Fund may invest globally in any asset class or security and may at times have significant exposure to a single asset class. The Fund may focus its investments in particular asset classes, sectors, regions, or countries, and in companies of any market capitalization, which allocations may change over time. Additionally, the Fund may invest in assets classes that are considered lower-risk (e.g., inflation-linked bonds or fixed income securities), higher-risk (e.g., equities or REITs), or a mix of both groups.
The Fund’s investment adviser, Empowered Funds, LLC (the “Adviser”) has engaged Gadsden, LLC (“Gadsden” or the “Sub-Adviser”) as investment sub-adviser to support management of the Fund. Gadsden will perform its services as a non-discretionary sub-adviser, which means that Gadsden will not be responsible for selecting brokers or placing the Fund’s trades. Rather, Gadsden will provide trade recommendations to the Adviser and, in turn, the Adviser will be responsible for selecting brokers and placing the Fund’s trades. It is anticipated that the Adviser will generally adhere to Gadsden’s recommendations.
Regardless of whether the portfolio managers are using a tactical approach or a strategic approach, the portfolio managers evaluate potential investments using both fundamental analyses and quantitative methods. A fundamental analysis is a method of measuring a security’s intrinsic value. Through a fundamental analysis, the portfolio managers seek out securities priced below their real worth. Gadsden also uses a proprietary investment model that generates signals based on a quantitative analysis, which together with the results of the Sub-Adviser’s fundamental analysis, is then used to determine in which securities to buy, sell, or hold. The Sub-Adviser’s model is based on whether the model anticipates a market advance, correction, or decline. The Adviser will generally sell securities or other instruments when, based on Gadsden’s recommendations, better opportunities have become available.
The Fund’s portfolio construction typically includes investments across a variety of global asset classes, including corporate, government (U.S. or foreign), inflation-linked, and high-yield debt instruments (also known as “junk” bonds); cash and cash equivalents; commodity interests (including foreign currencies, precious metals, and other physical or nonphysical commodities); and REITs. The Fund’s investments in fixed income instruments may include those of any maturity or credit quality. The Fund’s portfolio may also utilize inverse, leveraged, and inverse leveraged exchange-traded vehicles (such as ETFs) to obtain exposure to one or more asset classes.
For each asset class in which the Fund invests, Gadsden will recommend to the Adviser whether the Fund should invest directly in securities or other instruments of that asset class or indirectly through one or more pooled vehicles that seeks to track the performance of the asset class (including ETFs, exchange-traded notes, and exchange-traded commodities). Consequently, the Fund’s investments in other exchange-traded vehicles may range from 0% to 100% of the Fund’s portfolio.
The Fund may invest in futures contracts to gain long or short exposure to one or more asset classes. Investments in derivative instruments, like futures, have the economic effect of creating financial leverage in the Fund’s portfolio because those investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. To the extent the Fund invests in derivative instruments, the value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While financial leverage has the potential to produce greater
gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage requirements imposed by the Investment Company Act of 1940, as amended (the “1940 Act”) or to meet redemption requests.
The Fund may take short equity positions in one or more asset classes (i.e., diversified collections of stocks, bonds, commodities) based on the Sub-Adviser’s fundamental analysis. The Sub-Adviser believes these asset classes tend to share reliable and unique sensitivities to economic macro factors, such as rising and falling economic growth expectations, inflation expectations or liquidity expectations. When in the Sub-Adviser’s opinion an asset class is trading above its real worth the Fund may take a short position in the asset class. The Sub-Adviser’s investment process is macro focused looking to add value through targeted but diversified exposures to, among others, sectors, specific countries, and currencies. When selecting the Fund’s investments for short selling the Sub-Adviser attempts to identify those investments that provide the lowest shorting expense, highest liquidity and the specificity/sensitivity to the short exposure being sought. The Sub-Adviser attempts to avoid short selling securities that are considered hard to borrow and/or have liquidity restraints. Similar to the Fund’s long portfolio the Sub-Adviser will make asset allocation decisions based on its view of the projected investment environment, attractiveness (or lack thereof), and future return for a particular asset class or securities. The Sub-Adviser uses a broad array of signal and research inputs (e.g., momentum signals, risk related signals, stress test simulations, and third-party research recommendations) to identify short exposure opportunities for the Fund. The Fund may take short positions in any asset class or security that is believed to be overvalued or in an attempt to isolate a specific factor or to refine the Fund’s broader exposure to the market (e.g., short U.S, treasuries vs. U.S. TIPs to isolate the Fund’s exposure to inflation). This may result in the Fund taking short positions in equities, such as sector ETFs, size and style ETFs and ETFs representing certain geographic regions. The Fund may seek short exposure to fixed income securities by short selling Treasury ETFs, corporate bonds, emerging market bonds and Treasury TIPs, currency ETFs, commodity ETFs and thematic ETFs. The Sub-Adviser generally implements its short positions with a 1–6-month outlook but will add or reduce exposure based on event driven considerations, such as changes in interest rates. When taking a short equity position, the Fund borrows the security from a third party and sells it at the then current market price. A short equity position will benefit from a decrease in price of the security and will lose value if the price of the security increases. The Fund will generally look to close a short position when the Sub-Adviser believes any of the following: 1) a favorable repricing of the shorted exposure lower—suggesting that the macro risk is now adequately priced; 2) for stop-loss or risk mitigation reasons (i.e., if the price action moves substantially the opposite way the Sub-Adviser expected and the risk and/or size of the position goes beyond the Sub-Adviser’s risk or loss tolerance); or 3) the macro outlook changes and the Sub-Adviser no longer perceives a benefit for the short position.
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GDMA - Performance

Return Ranking - Trailing

Period GDMA Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -0.9% 26.1% 80.14%
1 Yr 10.7% -5.9% 45.8% 91.75%
3 Yr 1.9%* -5.8% 8.6% 80.49%
5 Yr 6.7%* -4.1% 15.9% 61.55%
10 Yr N/A* 0.7% 10.9% 54.02%

* Annualized

Return Ranking - Calendar

Period GDMA Return Category Return Low Category Return High Rank in Category (%)
2023 -2.3% -12.2% 23.9% 98.74%
2022 -3.2% -34.7% 2.8% 1.57%
2021 1.8% -11.9% 18.1% 73.45%
2020 20.3% -20.9% 39.7% 1.85%
2019 8.1% 0.8% 25.7% 96.82%

Total Return Ranking - Trailing

Period GDMA Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -0.9% 26.1% 80.14%
1 Yr 10.7% -5.9% 45.8% 91.75%
3 Yr 1.9%* -5.8% 8.6% 80.49%
5 Yr 6.7%* -4.1% 15.9% 61.55%
10 Yr N/A* 0.7% 10.9% N/A

* Annualized

Total Return Ranking - Calendar

Period GDMA Return Category Return Low Category Return High Rank in Category (%)
2023 1.7% -12.2% 26.8% 98.17%
2022 -2.1% -29.0% 10.9% 2.28%
2021 4.0% -3.0% 24.2% 97.64%
2020 21.1% -19.5% 40.6% 4.17%
2019 11.6% 4.4% 32.7% 99.05%

GDMA - Holdings

Concentration Analysis

GDMA Category Low Category High GDMA % Rank
Net Assets 188 M 733 K 195 B 76.31%
Number of Holdings 12 2 15716 85.02%
Net Assets in Top 10 151 M 618 K 62.8 B 67.68%
Weighting of Top 10 102.08% 11.4% 118.9% 0.69%

Top 10 Holdings

  1. PIMCO ETF TR ENHAN SHRT MA AC 22.61%
  2. WISDOMTREE TR FLOATNG RAT TREA 20.35%
  3. INVESCO EXCH TRADED FD TR II SR LN ETF 15.43%
  4. VANGUARD INDEX FDS SMALL CP ETF 10.83%
  5. VANGUARD INDEX FDS MID CAP ETF 10.74%
  6. VANGUARD INDEX FDS SP 500 ETF SHS 7.98%
  7. SCHWAB STRATEGIC TR US LCAP GR ETF 5.25%
  8. INVESCO CURRENCYSHARES EURO TR EURO SHS 3.18%
  9. INVESCO CURRENCYSHARES JAPANES JAPANESE YEN 3.16%
  10. ISHARES U S ETF TR IT RT HDG HGYL 2.55%

Asset Allocation

Weighting Return Low Return High GDMA % Rank
Stocks
103.09% 0.00% 103.09% 0.14%
Cash
0.92% -10.21% 100.00% 60.61%
Preferred Stocks
0.00% 0.00% 23.88% 98.89%
Other
0.00% -41.62% 117.44% 88.77%
Convertible Bonds
0.00% 0.00% 23.84% 100.00%
Bonds
0.00% 0.00% 77.27% 99.58%

Stock Sector Breakdown

Weighting Return Low Return High GDMA % Rank
Energy
85.65% 0.00% 85.65% 0.14%
Basic Materials
14.35% 0.00% 33.35% 1.96%
Utilities
0.00% 0.00% 99.55% 100.00%
Technology
0.00% 0.00% 44.21% 100.00%
Real Estate
0.00% 0.00% 65.01% 100.00%
Industrials
0.00% 0.00% 24.37% 100.00%
Healthcare
0.00% 0.00% 29.35% 100.00%
Financial Services
0.00% 0.00% 38.77% 100.00%
Communication Services
0.00% 0.00% 38.10% 100.00%
Consumer Defense
0.00% 0.00% 15.14% 100.00%
Consumer Cyclical
0.00% 0.00% 19.36% 100.00%

Stock Geographic Breakdown

Weighting Return Low Return High GDMA % Rank
US
103.09% 0.00% 103.09% 0.14%
Non US
0.00% 0.00% 38.68% 99.03%

GDMA - Expenses

Operational Fees

GDMA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.80% 0.03% 17.63% 68.69%
Management Fee 0.59% 0.00% 1.83% 70.80%
12b-1 Fee 0.00% 0.00% 1.00% 14.65%
Administrative Fee N/A 0.01% 0.83% N/A

Sales Fees

GDMA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

GDMA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 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.

GDMA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 343.00% 98.72%

GDMA - Distributions

Dividend Yield Analysis

GDMA Category Low Category High GDMA % Rank
Dividend Yield 0.00% 0.00% 15.61% 15.98%

Dividend Distribution Analysis

GDMA Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly Annual

Net Income Ratio Analysis

GDMA Category Low Category High GDMA % Rank
Net Income Ratio 0.73% -2.34% 19.41% 72.36%

Capital Gain Distribution Analysis

GDMA Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Monthly Annually

Distributions History

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GDMA - Fund Manager Analysis

Managers

Kevin Harper


Start Date

Tenure

Tenure Rank

Nov 14, 2018

3.55

3.6%

Kevin R. Harper, MBA, Chief Investment Officer of Gadsden, LLC, has been with Gadsden, LLC since its founding in 2017 and with affiliates of the firm since 2013. Mr. Harper is responsible for the development and implementation of the Adviser’s investment strategy and the design of the firm’s research infrastructure and is the Chairman of the Adviser investment committee. He has 20 years of experience, including nine years working for and investing on behalf of leading Ivy League endowments. Most recently, he served as Senior Portfolio Manager from 2010 to 2013 for Forefront Analytics, a multi-family office and an institutional alternatives advisor to multi-billion Taft-Hartley and Fortune 50 pension plans. Mr. Harper obtained his undergraduate degree and Master of Business Administration from The Wharton School at the University of Pennsylvania.

Brandon Koepke


Start Date

Tenure

Tenure Rank

Nov 02, 2020

1.58

1.6%

Mr. Brandon Koepke serves as Chief Technology Officer & Portfolio Manager. Mr. Koepke has a BSc in Computer Science specializing in Software Engineering at the University of Calgary and a BComm in Finance from the Haskayne School of Business.

Richard Shaner


Start Date

Tenure

Tenure Rank

Jan 31, 2022

0.33

0.3%

Mr. Richard Shaner has been portfolio manager of the Fund since 2021. Mr. Shaner has advised on trading and execution matters for the Adviser since January 2021, where he supports trading operations and assists in quantitative research. Prior to Mr. Shaner’s tenure with the Adviser, Mr. Shaner executed various trading strategies for a private family office. Mr. Shaner has a B.Sc in Kinesiology and Applied Physiology from the University of Colorado. He is also a CFA® Charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 34.51 6.33 2.41