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Trending ETFs

Name

As of 03/30/2023

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

$8.33

$34.4 M

6.48%

$0.54

0.01%

Vitals

YTD Return

1.2%

1 yr return

-6.5%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$34.4 M

Holdings in Top 10

1.0%

52 WEEK LOW AND HIGH

$8.3
$8.06
$9.33

Expenses

OPERATING FEES

Expense Ratio 0.01%

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 03/30/2023

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

$8.33

$34.4 M

6.48%

$0.54

0.01%

AHHX - Profile

Distributions

  • YTD Total Return 1.2%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 6.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    ADAPTIVE HIGH INCOME ETF
  • Fund Family Name
    Adaptive ETFs
  • Inception Date
    Sep 20, 2012
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Wetherington

Fund Description

As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Fund’s investment objective of current income and real return by investing other investment companies, including mutual and exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the Fund (“Portfolio Funds”) or making direct investments in equity securities based upon institutional research. The Fund may invest in Master Limited Partnerships (“MLPs”), Real Estate Investment Trusts (“REITs”), Limited Partnerships, convertible fixed income securities, and large capitalization equity securities, including preferred stocks, that the Advisor believes will generate income.
The investments of the Fund and Portfolio Funds will be comprised primarily of domestic and foreign (including emerging markets) fixed income securities, principally consisting of bonds, corporate debt securities, and government securities. Such investments will frequently include high yield corporate bonds (or “junk bonds”). The Fund will invest a significant amount (generally at least 40%, and, often, greater than 80%) of its assets in securities that are rated below investment grade at the time of investment. The Fund and Portfolio Funds may invest in fixed income securities of any maturity and any credit rating, including bonds of issuers in default. The Fund and Portfolio Funds will invest in inverse high yield investments (which attempt to short high yield or “junk” bonds) to provide a hedge to the portfolio during negative credit events, such as when an increase in the default rates of any of the U.S. high yield sectors occurs or when there is an increase in the high yield bond spread. A high yield bond spread is the percentage difference in current yields of various classes of high-yield bonds compared to investment-grade corporate bonds or another benchmark bond measure. The inverse high yield investments that the Fund and Portfolio Funds may invest in are exchange-traded funds (“ETFs”) that provide inverse exposure to high yield or “junk” bond markets. The Fund and Portfolio Funds do not have an established average portfolio duration and the average portfolio durations will vary. Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. In general, the higher the duration, the more a bond’s price will drop as interest rates rise (and the greater the interest rate risk). For example, if rates were to rise 1%, a bond or bond fund with a five-year average duration would likely lose approximately 5% of its value. The Fund and Portfolio Funds will not be limited in their investments by sector criteria. The Portfolio Funds in which the Fund invests will have an investment objective similar to the Fund’s or will otherwise hold permitted investments under the Fund’s investment policies. Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees.
The Advisor uses an investment model for analyzing market trends. The investment model includes factors such as price momentum, volatility, comparative indicators relative to certain indices and a recession model (a model that measures the probability of a recession within the next several months based on leading economic indicators). When the Advisor’s model indicates a negative market trend, the Fund may hedge the Fund’s portfolio by investing in ETFs that invest in treasury bonds, exchange traded notes (“ETNs”), and leveraged and inverse ETFs. The leveraged ETFs hedge the Fund’s portfolio by offsetting equity allocations without need to sell the long equity positions. The Fund may hold significant cash or inverse ETF positions during unfavorable market conditions.
The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified, or the Fund’s portfolio needs to be rebalanced due to increases or decreases in the Fund’s net assets. Decisions by the Advisor to sell other portfolio securities will be based upon the Advisor’s research. The Advisor will analyze various high yield investments based on performance expectations vs benchmark. The Advisor may opportunistically invest a portion of the portfolio that the Advisor believes may outperform the benchmark. The Advisor’s analysis includes dividend payments, and macroeconomic factors such as inflation expectations, interest rates, equity sector analysis, and the political environment. Under certain market conditions such as when corporate bankruptcies are increasing or when corporate fundamentals are decreasing, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Fund’s performance due to higher transaction costs and taxes.  Portfolio turnover will not be a limiting factor in making investment decisions.
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AHHX - Performance

Return Ranking - Trailing

Period AHHX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -39.9% 6.2% 96.87%
1 Yr -6.5% -22.1% 21.3% 40.74%
3 Yr N/A* -14.2% 66.8% 8.10%
5 Yr N/A* -13.6% 37.2% 8.87%
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Return Ranking - Calendar

Period AHHX Return Category Return Low Category Return High Rank in Category (%)
2023 -16.3% -44.3% 3.7% N/A
2022 N/A -56.9% 9.2% N/A
2021 N/A -53.7% 70.9% N/A
2020 N/A -33.7% 5.1% N/A
2019 N/A -9.4% 12.0% N/A

Total Return Ranking - Trailing

Period AHHX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -39.9% 6.2% 97.82%
1 Yr -6.5% -22.1% 22.2% 41.34%
3 Yr N/A* -14.2% 66.8% 9.71%
5 Yr N/A* -13.6% 37.2% 11.46%
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Total Return Ranking - Calendar

Period AHHX Return Category Return Low Category Return High Rank in Category (%)
2023 -16.3% -44.3% 3.7% N/A
2022 N/A -56.9% 9.2% N/A
2021 N/A -53.7% 70.9% N/A
2020 N/A -33.7% 5.1% N/A
2019 N/A -9.4% 12.0% N/A

AHHX - Holdings

Concentration Analysis

AHHX Category Low Category High AHHX % Rank
Net Assets 34.4 M 1.47 M 26.2 B 88.09%
Number of Holdings 8 2 2736 97.76%
Net Assets in Top 10 34.7 M -492 M 2.55 B 52.50%
Weighting of Top 10 1.01% 3.0% 100.0% 0.79%

Top 10 Holdings

  1. Fidelity® Inv MM Fds Government I 49.00%
  2. Newell Brands Inc. 2.28%
  3. Hyatt Hotels Corporation 1.98%
  4. FirstEnergy Corp. 1.97%
  5. Kraft Heinz Foods Company 1.93%
  6. ArcelorMittal S.A. 1.90%
  7. Westinghouse Air Brake Technologies Corp. 1.72%
  8. EQT Corporation 1.69%
  9. Westinghouse Air Brake Technologies Corp. 1.66%
  10. Las Vegas Sands Corp 1.65%

Asset Allocation

Weighting Return Low Return High AHHX % Rank
Cash
99.06% -52.00% 100.00% 1.18%
Stocks
0.94% -0.60% 52.82% 1.18%
Preferred Stocks
0.00% 0.00% 14.10% 71.45%
Other
0.00% -63.70% 32.06% 63.68%
Convertible Bonds
0.00% 0.00% 17.89% 80.00%
Bonds
0.00% 0.00% 154.38% 99.08%

Stock Sector Breakdown

Weighting Return Low Return High AHHX % Rank
Utilities
0.00% 0.00% 100.00% 26.98%
Technology
0.00% 0.00% 34.19% 2.48%
Real Estate
0.00% 0.00% 86.71% 57.92%
Industrials
0.00% 0.00% 100.00% 25.50%
Healthcare
0.00% 0.00% 30.07% 10.89%
Financial Services
0.00% 0.00% 100.00% 12.87%
Energy
0.00% 0.00% 100.00% 53.71%
Communication Services
0.00% 0.00% 99.99% 33.91%
Consumer Defense
0.00% 0.00% 100.00% 16.09%
Consumer Cyclical
0.00% 0.00% 100.00% 20.05%
Basic Materials
0.00% 0.00% 100.00% 62.13%

Stock Geographic Breakdown

Weighting Return Low Return High AHHX % Rank
US
0.94% -0.60% 47.59% 1.18%
Non US
0.00% -0.01% 5.26% 9.74%

AHHX - Expenses

Operational Fees

AHHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.01% 0.02% 3.87% 41.12%
Management Fee 0.01% 0.00% 1.84% 53.92%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

AHHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

AHHX 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.

AHHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 327.00% N/A

AHHX - Distributions

Dividend Yield Analysis

AHHX Category Low Category High AHHX % Rank
Dividend Yield 6.48% 0.00% 39.36% 87.30%

Dividend Distribution Analysis

AHHX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

AHHX Category Low Category High AHHX % Rank
Net Income Ratio N/A -2.39% 14.30% N/A

Capital Gain Distribution Analysis

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

Distributions History

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AHHX - Fund Manager Analysis

Managers

Scott Wetherington


Start Date

Tenure

Tenure Rank

Sep 20, 2012

9.7

9.7%

Scott is an accomplished member of the Cavalier team with 25 years of experience in portfolio management, research and investment strategies. Scott serves as Chief Investment Officer and is responsible for leading the research and investment strategies for Cavalier’s Mutual Funds. He also serves as Portfolio Manager for Cavalier’s Tactical Economic SMA, Cavalier Tactical Economic Fund, Cavalier Hedged High Income Fund and the NE Index Fund. Prior to Cavalier, Scott served as Senior Portfolio Manager and Chief Investment Strategist for Linder Capital Advisors. Scott is a frequent speaker at conferences on Portfolio Management and has been honored as a guest speaker at Georgia Institute of Technology. Scott earned his Bachelor of Business Administration at James Madison University. He resides in Georgia with his family. Scott also holds the Chartered Financial Analyst designation (CFA) and is a member of the Atlanta Society of Finance and Investment Professionals.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.07 2.92