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Name

As of 04/19/2024

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

Equable Shares Hedged Equity Fund

EQHEX | Fund

$13.00

$169 M

0.00%

$0.00

1.22%

Vitals

YTD Return

1.0%

1 yr return

8.9%

3 Yr Avg Return

5.4%

5 Yr Avg Return

N/A

Net Assets

$169 M

Holdings in Top 10

102.3%

52 WEEK LOW AND HIGH

$13.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.22%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/19/2024

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

Equable Shares Hedged Equity Fund

EQHEX | Fund

$13.00

$169 M

0.00%

$0.00

1.22%

EQHEX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return 5.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.11%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Equable Shares Hedged Equity Fund
  • Fund Family Name
    Equable Shares
  • Inception Date
    Jun 01, 2019
  • Shares Outstanding
    8813184
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ronald Santella

Fund Description

The Fund seeks to achieve its investment objective by participating in the broad market through investments in equity securities based on the S&P 500® Index (the “Index”) while hedging overall market exposure by writing (selling) exchange traded call options based on the same securities.
Equity Strategy
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers based on the Index. The Fund defines large capitalization issuers as those that comprise the Index. As of January 31, 2024, the market capitalization range of companies comprising the Index was $6 billion to $2.9 trillion. The Index is reconstituted on an annual basis. The Fund’s call options written on securities based on the Index are included for purposes of this 80% policy. Typically, the Fund seeks exposure to securities based on the Index by investing in one or more exchange-traded funds (“ETFs”) that invest in securities of large capitalization issuers. The Fund takes its proportionate interest in the underlying securities held by an ETF into account individually when calculating the Fund’s compliance with its policy of investing at least 80% of its net assets in securities of large capitalization issuers. The Fund may alternatively invest directly in equity securities of U.S. large capitalization issuers, such as common stocks. If the Fund does so, the Adviser will select investments in equity securities of large capitalization issuers in order to achieve an investment portfolio for the Fund that is designed to replicate the performance of the Index. To the extent the Fund invests in ETFs to achieve an investment portfolio that is representative of the securities that comprise the Index, the Fund will be considered to be a “fund of funds”, meaning that it is a fund that invests in other funds, and as such incurs management and other fees directly as well as indirectly through the acquired funds it invests in (reflected in the table above as acquired fund fees and expenses). The performance of the Fund is not intended to match the performance of the Index. If the Index is concentrated in an industry or group of industries, then the Fund will also concentrate its assets in the same industry or group of industries.
Options Strategy
The Fund writes (sells) call options based on the Index, which provides cash flow from option premiums and reduces the impact of market volatility on the Fund’s investment portfolio. A call option gives the buyer the right to purchase a security from the writer of the option at a specified price (the “exercise price”) prior to a certain date (the “expiration date”) in exchange for cash paid to the writer on the day the option is written (the “premium”). A written call option is “covered” if the Fund owns the underlying securities based on the Index at all times during the option period. When the Fund writes a call option, the Fund receives cash in the form of the premium in exchange for giving up a portion of the future upside gains from the underlying securities based on the Index. In addition, written call options partially hedge against declines in the prices of the underlying securities based on the Index, to the extent of the premium the Fund receives. Writing call options helps to mitigate declines in the Fund’s portfolio of equity securities, though it limits the Fund’s ability to profit from increases in the value of the Fund’s portfolio of equity securities. Options written by the Fund are expected to be rolled on a quarterly basis, or at the discretion of the Adviser.
Other Principal Investment Strategies
The Fund may temporarily invest up to 20% of its net assets in cash, cash equivalents, ETFs or money market funds for temporary investment purposes or to meet redemption requests. While under normal market conditions the Fund intends to invest at least 80% of its net assets in equity securities of large capitalization issuers, the Adviser may determine that it is not in the best interest of the Fund to immediately invest cash held by the Fund after an option expires and the equity securities held by the Fund are called away in exchange for cash. The Fund also may invest up to 100% of its assets in cash, cash equivalents, ETFs or money market funds in response to market, political, economic or other conditions for temporary defensive purposes. The Fund may sell an investment when a call option has expired, to raise cash to meet redemption requests or to seek a new investment opportunity identified by the Adviser as more suitable to pursue the Fund’s investment objective.
Read More

EQHEX - Performance

Return Ranking - Trailing

Period EQHEX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -2.8% 240.8% 56.92%
1 Yr 8.9% -4.3% 140.6% 64.78%
3 Yr 5.4%* -8.3% 18.3% N/A
5 Yr N/A* -5.0% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period EQHEX Return Category Return Low Category Return High Rank in Category (%)
2023 10.1% -34.1% 904.0% N/A
2022 -7.7% -28.6% 438.4% N/A
2021 12.8% -93.5% 8.2% N/A
2020 N/A -38.9% 19.8% N/A
2019 N/A -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period EQHEX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -2.7% 244.0% 56.92%
1 Yr 8.9% -4.3% 140.6% 62.17%
3 Yr 5.4%* -8.3% 18.3% N/A
5 Yr N/A* -5.4% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period EQHEX Return Category Return Low Category Return High Rank in Category (%)
2023 14.6% -34.1% 904.0% N/A
2022 -6.1% -5.9% 438.4% N/A
2021 12.9% -81.2% 8.2% N/A
2020 N/A -29.0% 19.8% N/A
2019 N/A -10.9% 12.8% N/A

NAV & Total Return History

EQHEX - Holdings

Concentration Analysis

EQHEX Category Low Category High EQHEX % Rank
Net Assets 169 M 25 17.4 B 66.67%
Number of Holdings 11 2 508 77.86%
Net Assets in Top 10 178 M -6.66 M 5.12 B 53.44%
Weighting of Top 10 102.30% 11.3% 100.0% N/A

Top 10 Holdings

  1. SPDR SP 500 ETF Trust 72.08%
  2. iShares Core SP 500 ETF 23.68%
  3. U.S. Bank Money Market Deposit Account 7.97%
  4. Clearshares Ultra-Short Maturity ETF 1.73%
  5. SPDR SP 500 ETF Trust 0.13%
  6. Dreyfus Cash Management 0.00%
  7. SPDR SP 500 ETF Trust -0.05%
  8. SPDR SP 500 ETF Trust -0.67%
  9. SPDR SP 500 ETF Trust -1.04%
  10. iShares Core SP 500 ETF -1.53%

Asset Allocation

Weighting Return Low Return High EQHEX % Rank
Stocks 		97.48% -3.92% 100.76% 70.61%
Cash 		8.12% -0.76% 100.29% 22.90%
Preferred Stocks 		0.00% 0.00% 3.08% 54.20%
Convertible Bonds 		0.00% 0.00% 20.91% 56.11%
Bonds 		0.00% 0.00% 97.96% 58.78%
Other 		-5.61% 0.00% 45.92% 64.50%

Stock Sector Breakdown

Weighting Return Low Return High EQHEX % Rank
Technology 		24.69% 0.00% 44.43% 45.38%
Healthcare 		14.29% 0.00% 25.91% 65.97%
Financial Services 		13.16% 0.00% 29.60% 59.66%
Consumer Cyclical 		11.22% 0.00% 19.02% 48.74%
Communication Services 		8.64% 0.00% 21.22% 42.44%
Industrials 		8.27% 1.41% 43.91% 47.06%
Consumer Defense 		7.33% 0.00% 22.87% 60.50%
Energy 		4.17% 0.00% 69.54% 59.24%
Real Estate 		2.92% 0.00% 9.74% 50.42%
Utilities 		2.87% 0.00% 13.35% 52.10%
Basic Materials 		2.44% 0.00% 60.58% 50.84%

Stock Geographic Breakdown

Weighting Return Low Return High EQHEX % Rank
US 		97.48% -3.89% 100.00% 56.49%
Non US 		0.00% -2.17% 99.33% 59.54%

EQHEX - Expenses

Operational Fees

EQHEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.22% 0.20% 6.78% 37.45%
Management Fee 0.75% 0.20% 1.75% 25.37%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

EQHEX 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

EQHEX 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.

EQHEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 456.80% 79.02%

EQHEX - Distributions

Dividend Yield Analysis

EQHEX Category Low Category High EQHEX % Rank
Dividend Yield 0.00% 0.00% 3.76% 7.43%

Dividend Distribution Analysis

EQHEX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

EQHEX Category Low Category High EQHEX % Rank
Net Income Ratio 0.11% -2.54% 14.24% 51.64%

Capital Gain Distribution Analysis

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

Distributions History

View More +

EQHEX - Fund Manager Analysis

Managers

Ronald Santella

Start Date

Tenure

Tenure Rank

May 31, 2019

3.0

3.0%

Mr. Santella is the founder, Chief Executive Officer and Chief Investment Officer of the Adviser, and has over thirty years of experience in the financial markets as a successful entrepreneur and business. Mr. Santella started his career in 1985 at O’Connor and Associates in Chicago as a listed options trader. In 1986 he joined Grace Brothers as the head trader and portfolio manager for arbitrage strategies. In 1990, Mr. Santella founded and managed a hedge fund primarily focused on convertible bond and volatility arbitrage strategies. After a successful tenure of managing a series of hedge funds over the next 15 years, Mr. Santella established a family office in 2005 to invest his own capital, along with a limited number of partners’ capital, in alternative investment strategies. In 2008, Mr. Santella took the helm as CEO of Fox River Execution, an institutional brokerage firm, based in Geneva, Illinois. Under his leadership, Fox River aggressively grew its customer base, revenues and profit over a 2-year period; which resulted in the ultimate sale of the firm to SunGard in July of 2010. Since leaving SunGard in 2011, Mr. Santella has acted as an independent consultant, and has partnered with Woori Bank of Korea, SkyBridge Capital and ED&F Man Capital Markets to provide solutions and create products in alternatives, mutual funds and execution services for UIT sponsors.

Tenure Analysis

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

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