AXS Short De-SPAC Daily ETF
Name
As of 06/16/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-30.7%
1 yr return
-32.1%
3 Yr Avg Return
0.0%
5 Yr Avg Return
0.0%
Net Assets
$8.8 M
Holdings in Top 10
4.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.29%
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 06/16/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
SOGU - Profile
Distributions
- YTD Total Return N/A
- 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
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameAXS Short De-SPAC Daily ETF
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST II
-
Inception DateMay 17, 2021
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMatthew Tuttle
Fund Description
The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve on a daily basis, before fees and expenses, the inverse (-1x) of the return of the Index for a single day (and not for any other period) by entering into one or more swaps and by purchasing put options on securities in the Index. A “single day” is measured from the time the Fund calculates its NAV to the time of the Fund’s next NAV calculation. Under normal circumstances, the Fund invests in swaps and put options that, in combination, provide inverse (opposite) or short exposure to the Index equal to at least 80% of the Fund’s net assets (plus borrowing for investment purposes). Such policy has been adopted as a non-fundamental investment policy and may be changed without shareholder approval upon 60 days’ written notice to shareholders.
The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Index. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount invested in a “basket” of securities representing the Index. In addition to swaps, the Advisor may purchase put options on individual securities that comprise the Index when the cost of including individual securities in the swap agreement is too expensive.
The Index is comprised of 25 of the largest companies, based on market capitalization, that have completed a business combination transaction with a Special Purpose Acquisition Company (“SPAC”) within one year of the Index’s screening date. A SPAC is blank check company that has not yet merged with an operating company or even chosen a merger target. SPACs are formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
The Herculoid Group LLC is the index provider for the Index (the “Index Provider”). Solactive AG independently prices the Index on a continuous basis during equity market hours. The Index is rebalanced on a monthly basis.
Additionally, the Fund will invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; and/or (3) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.
To the extent the Index concentrates in the securities of a particular industry or group of related industries, the Fund will concentrate its investments (i.e., hold more than 25% of its total assets in investments that provide inverse exposure to such industry or group of related industries) to approximately the same extent as the Index.
Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer than a single day.
SOGU - Performance
Return Ranking - Trailing
Period | SOGU Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -30.7% | -52.9% | 764.6% | 4.96% |
1 Yr | -32.1% | -78.3% | 690.5% | 3.62% |
3 Yr | 0.0%* | -91.2% | 68.1% | N/A |
5 Yr | 0.0%* | -71.9% | 30.3% | N/A |
10 Yr | 0.0%* | -68.1% | 2.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | SOGU Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 93.4% | -91.3% | 117.2% | N/A |
2022 | N/A | -100.0% | 39.6% | N/A |
2021 | N/A | -78.2% | 102.0% | N/A |
2020 | N/A | -36.6% | 351.8% | N/A |
2019 | N/A | -11.7% | 8.4% | N/A |
Total Return Ranking - Trailing
Period | SOGU Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -75.6% | 764.6% | 4.26% |
1 Yr | N/A | -78.3% | 690.5% | 3.62% |
3 Yr | N/A* | -91.2% | 68.1% | N/A |
5 Yr | N/A* | -71.9% | 30.3% | N/A |
10 Yr | N/A* | -68.1% | 2.7% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | SOGU Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 93.4% | -91.3% | 117.2% | N/A |
2022 | N/A | -100.0% | 39.6% | N/A |
2021 | N/A | -78.2% | 102.0% | N/A |
2020 | N/A | -36.6% | 30.0% | N/A |
2019 | N/A | -11.7% | 8.4% | N/A |
SOGU - Holdings
Concentration Analysis
SOGU | Category Low | Category High | SOGU % Rank | |
---|---|---|---|---|
Net Assets | 8.8 M | 304 K | 2.47 B | 51.05% |
Number of Holdings | 25 | 3 | 602 | 15.38% |
Net Assets in Top 10 | 622 K | -7.43 B | 447 M | 31.47% |
Weighting of Top 10 | 4.92% | 7.7% | 100.0% | 84.62% |
Top 10 Holdings
- CFD ENERGY VAULT HOLDINGS INC 1.14%
- CFD SONDER HOLDINGS INC 1.09%
- CFD VACASA INC -CL A 1.02%
- CFD POLESTAR AUTOMOTIVE-CL A ADS 0.79%
- CFD BRC INC-A 0.69%
- CFD PROKIDNEY CORP 0.31%
- CFD NUSCALE POWER CORP 0.28%
- CFD TERRAN ORBITAL CORP 0.18%
- CFD GRAB HOLDINGS LTD - CL A 0.16%
- CFD DOCGO INC 0.07%
Asset Allocation
Weighting | Return Low | Return High | SOGU % Rank | |
---|---|---|---|---|
Cash | 97.76% | -114.39% | 361.39% | 89.51% |
Other | 2.24% | -207.14% | 100.00% | 24.48% |
Stocks | 0.00% | -300.04% | 200.58% | 5.59% |
Preferred Stocks | 0.00% | 0.00% | 0.00% | 57.34% |
Convertible Bonds | 0.00% | 0.00% | 2.47% | 62.24% |
Bonds | 0.00% | -95.77% | 114.58% | 66.43% |
SOGU - Expenses
Operational Fees
SOGU Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.29% | 0.49% | 5.20% | 74.82% |
Management Fee | 0.01% | 0.35% | 1.50% | 81.25% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 0.45% | N/A |
Sales Fees
SOGU Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.75% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
SOGU 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.
SOGU Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 459.00% | N/A |
SOGU - Distributions
Dividend Yield Analysis
SOGU | Category Low | Category High | SOGU % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 1.59% | 75.69% |
Dividend Distribution Analysis
SOGU | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Quarterly | Annually |
Net Income Ratio Analysis
SOGU | Category Low | Category High | SOGU % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -7.24% | 3.75% | 40.80% |
Capital Gain Distribution Analysis
SOGU | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Jun 21, 2023 | $0.545 | ExtraDividend |
Jul 20, 2022 | $1.924 | OrdinaryDividend |
SOGU - Fund Manager Analysis
Managers
Matthew Tuttle
Start Date
Tenure
Tenure Rank
May 17, 2021
1.04
1.0%
Matthew Tuttle, portfolio manager, is a Certified Financial Planner® professional. He is the Chief Executive Officer and Chief Investment Officer of Tuttle Tactical Management, LLC. Matthew is a familiar face among the financial media. In addition to speaking at accounting and trade association meetings across the country, he is a frequent guest on Fox Business News, BusinessWeek TV and Channel 12 News, and has been interviewed on both CNBC and Fox News. Matthew has appeared numerous times on CNNfn, notably on the Your Money Show and Dolans Unscripted with Ken and Daria Dolan. He is the author of How Harvard & Yale Beat the Market (an Amazon best seller) and Financial Secrets of my Wealthy Grandparents. In addition to his books, Matthew has contributed timely articles to a variety of financial publications, including the CPA Journal, Pennsylvania CPA Journal, TAXPRO Journal, Accounting Crossing, the Fairfield County Business Journal, the Stamford Senior Flyer, and over 25 other publications nationwide. He also is a frequent contributor to Forbes.com, the Wall Street Journal, CNBC.com, SmartMoney, and Dow Jones Newswires. He has been quoted in Kiplinger's Personal Finance, Money Magazine, USA Today, the Star Ledger, Bankrate.com, the Christian Science Monitor, and the Journal of Financial Planning. In addition, Matthew has been profiled in the New York Times, Stamford Advocate and Greenwich Time. An experienced educator, Matthew teaches personal finance to consumers as an adjunct professor at Norwalk Community Technical College. He instructs through the Continuing Education centers of the Westport, Stamford, Darien, Greenwich, and Katonah districts, and the 92nd Street YMCA. He has also provided continuing education instruction to CPAs at Baruch College, the CPA / LAW Forum and through the CPA Report. Mr. Tuttle received his BA in Economics from Clark University and a MBA in Finance from Boston University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.16 | 23.76 | 9.07 | 14.22 |