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Trending ETFs

Name

As of 03/27/2024

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

$13.03

$66.7 M

2.21%

$0.28

1.63%

Vitals

YTD Return

6.1%

1 yr return

14.1%

3 Yr Avg Return

5.8%

5 Yr Avg Return

9.3%

Net Assets

$66.7 M

Holdings in Top 10

17.1%

52 WEEK LOW AND HIGH

$12.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.63%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

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

$13.03

$66.7 M

2.21%

$0.28

1.63%

KNGLX - Profile

Distributions

  • YTD Total Return 6.1%
  • 3 Yr Annualized Total Return 5.8%
  • 5 Yr Annualized Total Return 9.3%
  • Capital Gain Distribution Frequency Monthly
  • Net Income Ratio 1.23%
DIVIDENDS
  • Dividend Yield 2.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Vest S&P 500 Dividend Aristocrats Target Income Fund
  • Fund Family Name
    CBOE Vest
  • Inception Date
    Sep 11, 2017
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Howard Rubin

Fund Description

The Fund employs an investment approach designed to track the performance of the Cboe Aristocrats Index before fees and expenses. The Cboe Aristocrats Index is designed with the primary goal of generating an annualized level of income that is approximately 10% over the annual dividend yield of the S&P 500® Index and a secondary goal of generating price returns that are proportional to the price returns of the S&P 500® Index.

About the Index’s Strategy

The Cboe Aristocrats Index, constructed and maintained by the Cboe Global Markets Inc. (“Index Calculation Agent” and/or “Cboe”), is designed with the primary goal of generating an annualized level of income that is approximately 10% over the annual dividend yield of the S&P 500® Index and a secondary goal of generating price returns that are proportional to the price returns of the S&P 500® Index. The Cboe Aristocrats Index investment strategy includes:

buying an equally weighted portfolio of stocks of companies (“Stock Portfolio”) that are the members of the S&P 500® Dividend Aristocrats® Index (“SPDAUDT Index”); and,
partially writing hypothetical weekly U.S. exchange-traded covered call options (“Call Options”) on each of the stocks.

Stock Portfolio: The Stock Portfolio in the Cboe Aristocrats Index is rebalanced to be equally weighted each January, April, July and October and is reconstituted on an annual basis by selecting stocks that have options that trade on a national securities exchange and are members of the SPDAUDT Index during the January rebalance. The SPDAUDT Index, constructed and maintained by S&P Dow Jones Indices LLC, includes companies that are currently members of the S&P 500®, have increased dividend payments each year for at least 25 years, and meet certain market capitalization and liquidity requirements. The SPDAUDT Index contains a minimum of 40 stocks, which are equally weighted, and no single sector is allowed to comprise more than 30% of the Index weight. If there are fewer than 40 stocks with at least 25 consecutive years of dividend growth or if sector caps are breached, the SPDAUDT Index will include companies with shorter dividend growth histories.

Call Options: Each stock in the Stock Portfolio is partially overwritten with an exchange-traded-call option on that stock. Each exchange-traded call option included in the Cboe Aristocrats Index is a hypothetical “European-style” option (i.e., an option which can only be exercised at the strike price at its expiration) with an approximate term of 7-days (“Term”). The strike price (i.e., the price at which a call option can be exercised) of each call option included in the Cboe Aristocrats Index must be as close as possible to the closing price of the option’s underlying stock price as of the beginning of the Term, the last business day of the week. Each such option will automatically be deemed exercised on its expiration date if its underlying stock price is above its strike price. If the stock underlying the call option closes above the option’s strike price, a cash settlement payment in an amount equal to the difference between the strike price and the closing price of the stock is deemed to be made and the Cboe Aristocrats Index value is correspondingly reduced. If the underlying stock does not close above its strike price, then the option expires worthless and the entire amount of the premium payment is retained within the Cboe Aristocrats Index. The Call Options are rolled at the end of the Term, into a new set of Call Options with a new term of approximately 7 days. The Cboe Aristocrats Index is designed to vary the number of Call Options written over the Term such that the Stock Portfolio is partially overwritten with Call Options. The number of Call Options written is determined at the start of the Term such that total annualized income per unit of investment expressed as a percentage over the calendar year (“Annualized Yield”) from dividends received from the Stock Portfolio and the premiums received from the Call Options is approximately 10% over the annual dividend yield of the S&P 500® Index. The Cboe Aristocrats Index may utilize Flexible Exchange® Options (“FLEX Options”), which are customized equity or index option contracts that trade on an exchange, but unlike standardized exchange-traded options provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates.

The Cboe Aristocrats Index is published under the Bloomberg ticker symbol “SPAI”.

About the Fund’s Strategy

The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Cboe Aristocrats Index whose risk, return and other characteristics resemble the risk, return, and other characteristics of the Index as a whole. Under normal circumstances, at least 80% of the Fund’s total assets will be invested in component securities of the Cboe Aristocrats Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities.

The Fund intends to invest in a sample of the securities in the Cboe Aristocrats Index with a view towards making quarterly distributions at an approximate rate of 10% over the annual dividend yield of the S&P 500® Index, before fees and expenses.

The Fund may invest in the entire Stock Portfolio or a representative sample of the Stock Portfolio whose risk, return and other characteristics resemble the risk, return, and other characteristics of the Stock Portfolio as a whole. The Fund will seek to reconstitute and rebalance at or close to the same time as when the Stock Portfolio is rebalanced.

The Fund may sell standardized exchange-traded call options or European style FLEX Options that reference the stock that the Fund may invest in. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. OTC options are options that do not trade on an exchange.

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KNGLX - Performance

Return Ranking - Trailing

Period KNGLX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.1% -72.6% 38.3% 41.64%
1 Yr 14.1% 1.3% 112.2% 78.44%
3 Yr 5.8%* -5.2% 25.7% 81.54%
5 Yr 9.3%* 4.2% 25.5% N/A
10 Yr N/A* 2.7% 15.5% N/A

* Annualized

Return Ranking - Calendar

Period KNGLX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.6% -94.0% 2181.7% 86.80%
2022 -11.3% -22.7% 41.1% 64.92%
2021 17.6% -100.0% 17.1% 22.57%
2020 2.9% -100.0% 33.2% N/A
2019 20.6% -44.8% 25.0% N/A

Total Return Ranking - Trailing

Period KNGLX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.1% -72.7% 37.7% 41.36%
1 Yr 14.1% 1.3% 112.2% 71.31%
3 Yr 5.8%* -5.2% 25.7% 77.61%
5 Yr 9.3%* 4.2% 25.5% N/A
10 Yr N/A* 2.7% 15.5% N/A

* Annualized

Total Return Ranking - Calendar

Period KNGLX Return Category Return Low Category Return High Rank in Category (%)
2023 7.3% -94.0% 2181.7% 86.80%
2022 -7.3% -21.6% 41.1% 63.04%
2021 23.2% -100.0% 17.1% 14.91%
2020 7.1% -100.0% 33.2% N/A
2019 26.0% -13.4% 26.8% N/A

NAV & Total Return History


KNGLX - Holdings

Concentration Analysis

KNGLX Category Low Category High KNGLX % Rank
Net Assets 66.7 M 732 K 1.21 T 82.72%
Number of Holdings 99 2 3783 54.39%
Net Assets in Top 10 11.3 M -247 M 267 B 88.73%
Weighting of Top 10 17.07% 2.0% 100.0% 92.62%

Top 10 Holdings

  1. International Business Machines Corp. 1.80%
  2. Grainger WW, Inc. 1.76%
  3. The Sherwin-Williams Co. 1.74%
  4. SP Global, Inc. 1.73%
  5. Target Corp. 1.72%
  6. Nucor Corp. 1.71%
  7. Sysco Corp. 1.67%
  8. Ecolab, Inc. 1.66%
  9. Pentair plc 1.65%
  10. Medtronic plc 1.63%

Asset Allocation

Weighting Return Low Return High KNGLX % Rank
Stocks
99.79% -6.31% 154.21% 30.18%
Cash
0.40% -87.42% 100.00% 68.08%
Preferred Stocks
0.00% 0.00% 11.50% 91.82%
Convertible Bonds
0.00% 0.00% 10.44% 91.95%
Bonds
0.00% -9.53% 81.55% 91.88%
Other
-0.20% -15.45% 100.00% 91.95%

Stock Sector Breakdown

Weighting Return Low Return High KNGLX % Rank
Consumer Defense
23.10% 0.00% 42.81% 1.97%
Industrials
20.30% 0.00% 34.46% 3.61%
Healthcare
12.62% 0.00% 52.91% 77.82%
Basic Materials
11.17% 0.00% 31.64% 0.82%
Financial Services
10.31% 0.00% 51.28% 87.96%
Consumer Cyclical
7.30% 0.00% 40.26% 77.82%
Utilities
4.97% 0.00% 52.21% 10.00%
Real Estate
4.73% 0.00% 68.36% 5.44%
Energy
3.85% 0.00% 19.92% 18.23%
Technology
1.64% 0.00% 57.66% 98.98%
Communication Services
0.00% 0.00% 32.87% 97.07%

Stock Geographic Breakdown

Weighting Return Low Return High KNGLX % Rank
US
99.79% -6.31% 151.35% 63.85%
Non US
0.00% 0.00% 62.89% 26.69%

KNGLX - Expenses

Operational Fees

KNGLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.63% 0.01% 31.14% 14.93%
Management Fee 0.75% 0.00% 2.00% 87.21%
12b-1 Fee 0.25% 0.00% 1.00% 63.77%
Administrative Fee N/A 0.00% 0.95% N/A

Sales Fees

KNGLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 0.95% 5.00% N/A

Trading Fees

KNGLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.25% 2.00% 58.75%

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.

KNGLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 438.00% 96.87%

KNGLX - Distributions

Dividend Yield Analysis

KNGLX Category Low Category High KNGLX % Rank
Dividend Yield 2.21% 0.00% 2.07% 94.88%

Dividend Distribution Analysis

KNGLX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Annually

Net Income Ratio Analysis

KNGLX Category Low Category High KNGLX % Rank
Net Income Ratio 1.23% -3.04% 16.95% 31.00%

Capital Gain Distribution Analysis

KNGLX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Monthly Annually Annually Annually

Distributions History

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KNGLX - Fund Manager Analysis

Managers

Howard Rubin


Start Date

Tenure

Tenure Rank

Sep 11, 2017

4.72

4.7%

Mr. Rubin has over twenty years of experience as a portfolio manager. Mr. Rubin joined Cboe Vest in 2017. Prior to joining Cboe Vest, Mr. Rubin served as Director of Portfolio Management at ProShares Advisors LLC from December 2007 to September 2013. Mr. Rubin also served as Senior Portfolio Manager of ProFund Advisors LLC from November 2004 to December 2007 and Portfolio Manager of ProFund Advisors LLC from April 2000 through November 2004. Mr. Rubin holds the Chartered Financial Analyst (CFA) designation. Mr. Rubin received a master’s degree in Finance from George Washington University. He also holds a bachelor’s degree in economics from Wharton School of Finance, University of Pennsylvania.

Karan Sood


Start Date

Tenure

Tenure Rank

Sep 11, 2017

4.72

4.7%

CEO & Managing Director, Head of Product Development

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 42.35 6.3 1.33