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Trending ETFs

Name

As of 03/26/2024

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

$23.31

$60.1 M

0.00%

$0.00

1.85%

Vitals

YTD Return

-6.2%

1 yr return

22.6%

3 Yr Avg Return

-20.1%

5 Yr Avg Return

-3.1%

Net Assets

$60.1 M

Holdings in Top 10

28.4%

52 WEEK LOW AND HIGH

$23.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.85%

SALES FEES

Front Load 4.75%

Deferred Load N/A

TRADING FEES

Turnover 171.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

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

$23.31

$60.1 M

0.00%

$0.00

1.85%

HSSAX - Profile

Distributions

  • YTD Total Return -6.2%
  • 3 Yr Annualized Total Return -20.1%
  • 5 Yr Annualized Total Return -3.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.18%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Emerald Finance and Banking Innovation Fund
  • Fund Family Name
    ALPS Advised Funds
  • Inception Date
    Feb 18, 1997
  • Shares Outstanding
    1328677
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kenneth Mertz

Fund Description

The Emerald Finance and Banking Innovation Fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in stocks (both common and preferred) of companies principally engaged in banking or financial services, and collective investment vehicles such as mutual funds and exchange-traded funds that invest in companies that are principally engaged in banking and financial services as denoted by being classified as within the Banks, Financial Services, Insurance, or, exclusively with respect to holdings from prior to January 1, 2019, Real Estate SuperSectors; or within the Transaction Processing Services SubSector (as determined by the Russell Industry Classification Benchmark). This requirement is applied at the time the Fund invests its assets. The Emerald Finance and Banking Innovation Fund’s policy to invest at least 80% of its assets in such a manner is non-fundamental, which means that it may be changed without shareholder approval.

The Fund can invest in companies from a wide range of industries and of various sizes. The Fund will invest primarily in mid and small-size companies, at the time of purchase. The Adviser typically defines mid and small-size companies as those having a market capitalization equal to or less than that of the largest companies in the Russell 2500 Index. As of June 23, 2023, the Russell 2500 Index included securities issued by companies that ranged in size between $267 million and $27.1 billion. Micro-cap stocks are not a principal investment strategy of the Fund. While the non-fundamental policy described above allows for the Fund to invest in companies that are principally engaged in either banking or financial services, the Fund has adopted a fundamental policy that it will invest not less than25% of its net assets in securities of companies principally engaged in the banking industry and not less than 25% of its net assets in securities of companies principally engaged in the financial services industry. For purposes of this fundamental policy, a company is defined as being in the banking or financial services industries if such company is classified as within the Banks, Financial Services, Insurance, or, exclusively with respect to holdings from prior to January 1, 2019, Real Estate SuperSectors; or within the Transaction Processing Services SubSector (as determined by the Russell Industry Classification Benchmark).

Companies in the banking industry are defined to include U.S. and foreign commercial and industrial banking and savings institutions and their parent holding companies. Companies in the financial services industry are defined to include commercial and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, mortgage real estate investment trusts, insurance and insurance holding companies, leasing companies, and companies engaged in financial technology-related activities including decentralized finance and distributed ledger technology.

Financial technology is the application of new technological advancements to products and services in the financial industry, seeking to improve and automate the delivery and use of financial services. Financial technology helps companies and consumers better manage their financial operations by utilizing specialized software. Financial technology companies compete with traditional financial methods in the delivery of financial services. Mobile banking, peer-to-peer lending, decentralized ledger technology and cryptocurrency are examples of financial technology.

The Fund may invest in stocks of special purpose acquisition companies (“SPACs”). The Fund does not target a particular form of SPAC, with the exception that the SPAC must have identified an acquisition target at or prior to the time of the Fund’s investment, and such target must be consistent with the ICB SuperSectors or SubSector outlined above.

Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) applies the theme of innovation to these investment guidelines by pursuing companies that the Adviser believes are reinventing/redesigning existing products/services thereby generating value for their customers, creating a competitive advantage and driving business growth.

The Adviser utilizes a growth approach to choosing securities based upon fundamental research which attempts to identify companies whose earnings growth rate exceeds that of their peer group, exhibit a competitive advantage in niche markets, or do not receive significant coverage from other institutional investors.

The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed.

There are no limitations with respect to the type of REITs in which the Fund may invest.

At this time, the Fund will not invest directly in cryptocurrencies or initial coin offerings.

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HSSAX - Performance

Return Ranking - Trailing

Period HSSAX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.2% -11.0% 17.3% 87.91%
1 Yr 22.6% 7.7% 43.3% 79.12%
3 Yr -20.1%* -20.7% 17.7% 97.80%
5 Yr -3.1%* -5.8% 19.5% 96.70%
10 Yr 1.9%* -1.1% 13.6% 95.95%

* Annualized

Return Ranking - Calendar

Period HSSAX Return Category Return Low Category Return High Rank in Category (%)
2023 15.6% -12.2% 29.3% 12.09%
2022 -55.9% -56.2% 9.4% 97.80%
2021 24.3% 1.6% 54.4% 64.13%
2020 11.9% -41.2% 61.3% 8.70%
2019 20.6% 10.5% 97.3% 70.65%

Total Return Ranking - Trailing

Period HSSAX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.2% -11.0% 17.3% 87.91%
1 Yr 22.6% 7.7% 43.3% 79.12%
3 Yr -20.1%* -20.7% 17.7% 97.80%
5 Yr -3.1%* -5.8% 19.5% 96.70%
10 Yr 1.9%* -1.1% 13.6% 95.95%

* Annualized

Total Return Ranking - Calendar

Period HSSAX Return Category Return Low Category Return High Rank in Category (%)
2023 15.6% -8.5% 32.0% 27.47%
2022 -55.9% -56.2% 11.4% 97.80%
2021 39.1% 18.8% 56.8% 18.48%
2020 11.9% -41.2% 61.3% 11.96%
2019 20.6% 12.8% 101.7% 84.78%

NAV & Total Return History


HSSAX - Holdings

Concentration Analysis

HSSAX Category Low Category High HSSAX % Rank
Net Assets 60.1 M 1.03 M 30.3 B 70.97%
Number of Holdings 82 26 412 27.17%
Net Assets in Top 10 15.9 M 456 K 18.4 B 76.09%
Weighting of Top 10 28.42% 18.0% 84.7% 83.70%

Top 10 Holdings

  1. Finwise Bancorp 4.90%
  2. Western Alliance Bancorp 3.48%
  3. Community Heritage Financial, Inc. 3.19%
  4. Kinsale Capital Group, Inc. 2.75%
  5. Northeast Bancorp 2.73%
  6. Skyward Specialty Insurance Group, Inc. 2.39%
  7. Metropolitan Bank Holding Corp. 2.36%
  8. First Citizens BancShares, Inc., Class A 2.31%
  9. Mechanics Bank/Walnut Creek CA 2.19%
  10. First Horizon National Corp. 2.12%

Asset Allocation

Weighting Return Low Return High HSSAX % Rank
Stocks
99.36% 87.39% 107.75% 43.48%
Cash
1.01% -8.24% 32.40% 53.26%
Other
0.00% -1.65% 2.20% 29.35%
Preferred Stocks
0.00% 0.00% 3.05% 56.52%
Convertible Bonds
0.00% 0.00% 0.10% 48.91%
Bonds
0.00% 0.00% 2.83% 53.26%

Stock Sector Breakdown

Weighting Return Low Return High HSSAX % Rank
Financial Services
85.58% 46.33% 100.00% 84.78%
Technology
11.33% 0.00% 43.13% 4.35%
Real Estate
2.89% 0.00% 40.95% 21.74%
Healthcare
0.20% 0.00% 5.97% 4.35%
Utilities
0.00% 0.00% 5.37% 48.91%
Industrials
0.00% 0.00% 5.08% 59.78%
Energy
0.00% 0.00% 6.18% 48.91%
Communication Services
0.00% 0.00% 4.06% 52.17%
Consumer Defense
0.00% 0.00% 4.66% 48.91%
Consumer Cyclical
0.00% 0.00% 42.54% 55.43%
Basic Materials
0.00% 0.00% 4.54% 48.91%

Stock Geographic Breakdown

Weighting Return Low Return High HSSAX % Rank
US
99.36% 0.00% 106.12% 30.43%
Non US
0.00% 0.00% 99.15% 66.30%

HSSAX - Expenses

Operational Fees

HSSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.85% 0.08% 11.17% 22.83%
Management Fee 0.99% 0.03% 1.25% 84.95%
12b-1 Fee 0.35% 0.00% 1.00% 67.39%
Administrative Fee N/A 0.10% 0.34% N/A

Sales Fees

HSSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.75% 3.50% 5.75% 76.92%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

HSSAX 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.

HSSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 171.00% 3.00% 406.00% 93.83%

HSSAX - Distributions

Dividend Yield Analysis

HSSAX Category Low Category High HSSAX % Rank
Dividend Yield 0.00% 0.00% 12.08% 91.40%

Dividend Distribution Analysis

HSSAX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

HSSAX Category Low Category High HSSAX % Rank
Net Income Ratio 0.18% -0.76% 10.57% 83.70%

Capital Gain Distribution Analysis

HSSAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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HSSAX - Fund Manager Analysis

Managers

Kenneth Mertz


Start Date

Tenure

Tenure Rank

Feb 18, 1997

25.3

25.3%

Mr. Mertz is Chief Investment Officer and President of Emerald Advisers, LLC and a member of the Small Cap Portfolio Management team. He is also a Co-Manager of the Emerald Banking & Finance Fund. Portfolio Manager, Emerald Financial Services Private Equity Fund I, LP.; past Trustee and Vice President of the Emerald Mutual Funds; Chief Investment Officer, PA State Employees’ Retirement System (1985-1992); Member, CFA Institute; past Member, Pennsylvania State University Research Foundation; past Trustee, Evangelical Lutheran Church in America Board of Pensions; past Trustee, Pennsylvania State University Endowment Council (1998-2004); and past Chair, President, & Director of Central Pennsylvania Investment Managers.

Steven Russell


Start Date

Tenure

Tenure Rank

Mar 15, 2012

10.22

10.2%

Mr. Russell is an Assistant Vice President for Emerald and Assistant Vice President of Emerald Advisers, Inc. Prior to re-joining Emerald Advisers, Inc. in 2005, Mr. Russell founded a registered investment adviser and served as Managing Director of a private equity firm. Mr. Russell served as a portfolio manager and officer of Emerald Advisers, Inc. from 1998 to 2004. He has also served as a portfolio manager for the Pennsylvania Public School Employee’s Retirement System.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 25.42 9.67 4.58