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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$15.69

$15.8 M

0.00%

$0.00

1.54%

Vitals

YTD Return

-12.5%

1 yr return

17.1%

3 Yr Avg Return

19.0%

5 Yr Avg Return

N/A

Net Assets

$15.8 M

Holdings in Top 10

21.6%

52 WEEK LOW AND HIGH

$15.9
$15.24
$19.42

Expenses

OPERATING FEES

Expense Ratio 1.54%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 58.39%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$5,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$15.69

$15.8 M

0.00%

$0.00

1.54%

IPDPX - Profile

Distributions

  • YTD Total Return -12.5%
  • 3 Yr Annualized Total Return 19.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.41%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Innovative Dividend Performers Fund
  • Fund Family Name
    Innovative
  • Inception Date
    Dec 24, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States

Fund Description

The Fund’s investment strategy is twofold: (1) investing in dividend paying U.S. equity securities, and (2) credit spread options on an S&P 500 ETF or Index; both of which are described in detail below.

Dividend Investment Strategy

The Fund will invest in common stocks of dividend paying U.S. companies. The Fund invests, generally, in large capitalization companies ($10 billion or higher) but has the ability to invest in income-producing equity securities of all capitalizations with ten years of rising dividend payments. The Fund may also invest in real estate investment trusts (“REITs”).

The Fund’s Adviser, Innovative Portfolios, LLC (the “Adviser”), invests the Fund’s assets in companies that have a ten-year history of paying dividends, appear to have the ability to continue to pay dividends, have a history of increasing their dividends, and meet certain risk standards (as discussed in more detail below). The Adviser will generally sell a security if the security is no longer expected to meet the Adviser’s dividend or growth expectations or if the risk characteristics place the equity in higher risk deciles.

The selection of dividend-paying stocks is based on the universe of companies based in the U.S. with a history of increasing dividends for 10 consecutive years. That list is further sorted by the companies with the best downside risk (lowest) characteristics. Historically, the companies with lower downside risk scores have potential for long-term growth and have exhibited lower volatility and lower downside risk. The downside risk score utilizes a fundamental value approach, evaluating the security on certain factors (e.g., free cash-flow, revenue stability, profitability changes and trend, leverage, stock price volatility and correlation, and earning surprise persistency). These variables are used to evaluate downside risk on the securities meaning the risk of the stock versus the potential return, with the objective to avoid downside risk. The portfolio is periodically rebalanced where companies with higher risk characteristics are exchanged for companies with lower risk characteristics.

S&P 500 Options Strategy

The Fund may expose up to 20% of its assets to a credit spread options strategy however market conditions may dictate additional exposure. The Fund seeks to achieve a credit spread on an S&P 500 ETF or Index by selling/writing an out-of-the-money (an out-of-the-money put option is one whose strike price is lower than the market price of the underlying reference asset of the option) short put option each month while simultaneously purchasing an out-of-the-money long put option below the short option position. A credit spread is an options strategy that involves the purchase of one option and a sale of another option in the same class and expiration but different strike prices. Such a strategy results in a net credit for entering the option position, and wants the spreads to narrow or expire for profit. Buying the protective long put option is hedging any significant downside risk posed by the short put option by employing a defensive position.

The short option premium is derived from “implied volatility” the expected level of volatility priced into an option and is higher, on average, than the volatility actually experienced on the security underlying the option. For example, an option buyer typically pays a premium to an option seller, such as the Fund, that is priced based on the expected amount by which the value of the instrument underlying the option will move up or down. On average, this expected amount of value movement (or implied volatility) is generally greater than the amount by which the value of the underlying instrument actually moves (realized volatility). By entering into derivatives contracts, the Fund is, in essence, accepting a risk that its counterparty seeks to transfer in exchange for the premium received by the Fund under the derivatives contract. By providing this risk transfer service, the Fund seeks to benefit over the long-term from the difference between the level of volatility priced into the options it sells and the level of volatility realized on the securities underlying those options. There can be no assurance that the variance risk premium will be positive for the Fund’s investments at any time or on average and over time.

The premium paid for a long put option is typically priced based on the expected amount by which the value of the instrument underlying the option will move up or down. On average, this expected amount of value movement (or implied volatility) is generally greater than the amount by which the value of the underlying instrument actually moves (realized volatility). By entering into this derivative contract, the Fund is, in essence, transferring a risk that its counterparty seeks to accept in exchange for the premium received by the counterparty under the derivatives contract. By transferring this risk to a counterparty, the Fund seeks to benefit over the long-term from the difference in premium collected on the short put option premium above and the long option premium paid herein. There can be no assurance that the variance risk premium will be positive for the Fund’s investments at any time or on average and over time.

A put option typically gives the option buyer the right to sell, and obligates the option seller to purchase, a security at an agreed-upon price. Generally, the Fund intends to sell put options that are out-of-the-money. Options that are more substantially out-of-the-money generally would pay lower premiums than options that are at or slightly out-of-the-money. By selling put options, the Fund will sell protection against depreciation below the option exercise price to the option purchaser in exchange for an option premium. If an option is exercised, the Fund will either purchase or sell the security at the strike price or pay to the option holder the difference between the strike price and the current price level of the underlying equity security, ETF or index, depending on the terms of the option.

When the Fund enters into derivatives transactions, it is typically required to post collateral, or “initial margin,” to secure its payment or delivery obligations.

The Fund’s invests as indicated above in common stocks of dividend paying companies. These securities will be used to meet asset coverage or margin requirements on the Fund’s option writing strategy. The Fund may write put options in respect of an underlying security in which the Fund does not have a short position. The Fund may hold positions in equities and ETFs to the extent necessary to meet asset coverage or margin requirements. Generally, the investment goal is to write options with a target of 20% spread notional exposure however market conditions may dictate more notional exposure. The Fund may be considered to have created investment leverage; leverage increases the volatility of the Fund and may result in losses greater than if the Fund had not been leveraged.

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IPDPX - Performance

Return Ranking - Trailing

Period IPDPX Return Category Return Low Category Return High Rank in Category (%)
YTD -12.5% -2.8% 240.8% 1.58%
1 Yr 17.1% -4.3% 140.6% 0.43%
3 Yr 19.0%* -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 IPDPX Return Category Return Low Category Return High Rank in Category (%)
2022 15.7% -34.1% 904.0% 2.70%
2021 18.6% -28.6% 438.4% 1.16%
2020 28.4% -93.5% 8.2% N/A
2019 N/A -38.9% 19.8% N/A
2018 N/A -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period IPDPX Return Category Return Low Category Return High Rank in Category (%)
YTD -12.5% -2.7% 244.0% 1.58%
1 Yr 17.1% -4.3% 140.6% 0.43%
3 Yr 19.0%* -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 IPDPX Return Category Return Low Category Return High Rank in Category (%)
2022 15.7% -34.1% 904.0% 2.70%
2021 18.6% -5.9% 438.4% 1.16%
2020 28.4% -81.2% 8.2% N/A
2019 N/A -29.0% 19.8% N/A
2018 N/A -10.9% 12.8% N/A

NAV & Total Return History


IPDPX - Holdings

Concentration Analysis

IPDPX Category Low Category High IPDPX % Rank
Net Assets 15.8 M 25 17.4 B 88.01%
Number of Holdings 58 2 508 38.17%
Net Assets in Top 10 3.78 M -6.66 M 5.12 B 98.09%
Weighting of Top 10 21.61% 11.3% 100.0% 89.33%

Top 10 Holdings

  1. Option on SPDR® S&P 500 ETF Trust 3.88%
  2. Option on SPDR® S&P 500 ETF Trust 3.88%
  3. Option on SPDR® S&P 500 ETF Trust 3.88%
  4. Option on SPDR® S&P 500 ETF Trust 3.88%
  5. Option on SPDR® S&P 500 ETF Trust 3.88%
  6. Option on SPDR® S&P 500 ETF Trust 3.88%
  7. Option on SPDR® S&P 500 ETF Trust 3.88%
  8. Option on SPDR® S&P 500 ETF Trust 3.88%
  9. Option on SPDR® S&P 500 ETF Trust 3.88%
  10. Option on SPDR® S&P 500 ETF Trust 3.88%

Asset Allocation

Weighting Return Low Return High IPDPX % Rank
Stocks
100.19% -3.92% 100.76% 63.36%
Preferred Stocks
0.00% 0.00% 3.08% 75.95%
Other
0.00% 0.00% 45.92% 80.53%
Convertible Bonds
0.00% 0.00% 20.91% 77.10%
Bonds
0.00% 0.00% 97.96% 77.86%
Cash
-0.19% -0.76% 100.29% 29.01%

Stock Sector Breakdown

Weighting Return Low Return High IPDPX % Rank
Industrials
47.29% 1.41% 43.91% 0.42%
Financial Services
17.84% 0.00% 29.60% 95.38%
Technology
14.45% 0.00% 44.43% 81.51%
Healthcare
12.34% 0.00% 25.91% 16.81%
Consumer Defense
3.98% 0.00% 22.87% 86.13%
Basic Materials
2.07% 0.00% 60.58% 13.45%
Consumer Cyclical
2.02% 0.00% 19.02% 85.29%
Utilities
0.00% 0.00% 13.35% 98.74%
Real Estate
0.00% 0.00% 9.74% 96.64%
Energy
0.00% 0.00% 69.54% 98.32%
Communication Services
0.00% 0.00% 21.22% 99.16%

Stock Geographic Breakdown

Weighting Return Low Return High IPDPX % Rank
US
100.19% -3.89% 100.00% 42.37%
Non US
0.00% -2.17% 99.33% 95.80%

IPDPX - Expenses

Operational Fees

IPDPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.54% 0.20% 6.78% 10.29%
Management Fee 1.00% 0.20% 1.75% 79.85%
12b-1 Fee 0.00% 0.00% 1.00% 53.45%
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

IPDPX 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

IPDPX 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.

IPDPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 58.39% 0.00% 456.80% 83.48%

IPDPX - Distributions

Dividend Yield Analysis

IPDPX Category Low Category High IPDPX % Rank
Dividend Yield 0.00% 0.00% 3.76% 78.44%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

IPDPX Category Low Category High IPDPX % Rank
Net Income Ratio 0.41% -2.54% 14.24% 29.10%

Capital Gain Distribution Analysis

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

Distributions History

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IPDPX - Fund Manager Analysis

Tenure Analysis

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