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Trending ETFs

Name

As of 09/29/2021

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

$10.26

$29 K

0.00%

$0.00

1.49%

Vitals

YTD Return

2.6%

1 yr return

6.3%

3 Yr Avg Return

4.0%

5 Yr Avg Return

N/A

Net Assets

$29 K

Holdings in Top 10

14.4%

52 WEEK LOW AND HIGH

$10.3
$9.96
$10.95

Expenses

OPERATING FEES

Expense Ratio 1.49%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 320.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 09/29/2021

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

$10.26

$29 K

0.00%

$0.00

1.49%

MMAQX - Profile

Distributions

  • YTD Total Return 2.6%
  • 3 Yr Annualized Total Return 4.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.33%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    MProved Systematic Merger Arbitrage Fund
  • Fund Family Name
    MProved
  • Inception Date
    Jan 03, 2018
  • Shares Outstanding
    1681
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States

Fund Description

Under normal conditions, the Adviser pursues the Fund’s investment objective through a predominantly rules-based merger arbitrage strategy.
Merger arbitrage involves investing, directly or indirectly, in equity securities (including common, preferred stock, securities convertible into common stock, rights and warrants or securities or other instruments whose price is linked to the value of common stock) of a company that is involved in a significant corporate event, including, but not limited to merger or acquisition transactions, spin-offs, divestitures or stock or bond repurchases. While the Fund may invest directly in the equity securities of such companies, the Fund generally obtains long and short exposure to equity securities via swap contracts. Merger arbitrage is a highly specialized investment strategy generally designed to profit from the successful completion of such transactions. Although the Fund may employ a variety of strategies depending upon the nature of the transaction selected for investment, generally, the Fund’s merger arbitrage strategy will involve purchasing the shares of an announced acquisition target company (i.e. a “target company”) at a discount to their expected value upon completion of the transaction. The size of this discount, referred to as the “spread”, represents the potential profit on such an investment. The higher the probability of completion of the transaction, the closer the target company stock trades to the value offered by the acquirer. Typically, in an announced cash-for-stock or stock-for-stock transactions, the Fund will obtain long exposure to shares of the target, in anticipation of the price of the shares rising, and in the case of a stock-for-stock transaction, the Fund will also obtain short exposure to the shares of the acquirer, in anticipation of the price of the shares falling. In either case the Fund seeks to capture that difference, or spread, with the expectation of realizing the price differentials if and when the transaction closes.
Because the Fund’s strategy typically seeks to profit from the spread, rather than the market overall or any one issuer, the Adviser believes that the Fund will normally have relatively low correlation to the overall performance of stock markets. Returns in merger arbitrage transactions can be affected by a variety of factors, however, including, for example: (1) the risk-free rate of return at the time of investment (i.e. the interest an investor would expect from an absolutely risk-free investment over a specified period of time); (2) the likelihood that a transaction will be completed or not, and the gains or losses resulting from each outcome; (3) market risk; (4) the possibility that the transaction will fail to complete due to market factors; and (5) a risk premium paid to merger arbitrage investors.
A merger arbitrage strategy requires quantitative skills to value complex merger offers and to measure and manage portfolio downside risk. In addition, performance for the strategy is cyclical and varies with market
conditions. Sourcing for such investments depends upon there being transactions in the marketplace. The general characteristics of announced mergers vary over time, making the available universe of transactions more attractive at certain times than others. These characteristics include, among other things, the nature of the buyer, the conditions for closing as described in merger agreements, financing requirements, current regulatory climate and other factors.
The Adviser’s merger arbitrage strategy is a predominantly process-driven risk arbitrage strategy, i.e. one in which the Fund invests in a broad number of targets of merger transactions meeting certain criteria with the intention of systematically capturing risk arbitrage-specific premium. The Adviser believes that the imposition of various transaction selection filters and position sizing and leverage parameters may improve the ability of an investor such as the Fund to capture and enhance the risk arbitrage-specific premium. Selection filters include, without limitation, market capitalization, such as restrictions on investments in securities of issuers with market capitalizations less than $100 million. Position sizing may be measured both in terms of absolute value of a transaction as well as the expected potential lost on any particular position. The transaction selection filters and parameters that the Adviser utilizes in pursuing the strategy have elements that may change over time.
While the Adviser predominantly relies on its systematic rule-set, it also uses its active, practitioner’s lens to analyze positions ‘deal-by-deal’ and at a portfolio level, thereby providing a confirmatory assessment. The Adviser applies its rules systematically and constantly uses its practitioner experience to assess whether new information and data points may require re-examination of any of the systematic rules.
The Fund may invest in companies that are announced as targets of merger transactions, or that are publicly known to be under consideration for such transactions – both friendly as well as hostile. Although the Fund typically invests across a variety of industries and sectors, the Adviser may invest a significant percentage of the Fund’s assets in a single or small number of industries or sectors. The Fund may invest globally (including in emerging markets), but currently focuses on North America, Western Europe, and Australia. Securities in which the Fund invests may be denominated in U.S. dollars or foreign currencies. Because the strategy depends on the availability of merger arbitrage opportunities, there may be times when the Fund holds a significant amount of cash and/or cash equivalents.
In executing the Fund’s strategy, the Adviser expects to employ leverage, as permitted by the 1940 Act, and to use a variety of hedging techniques including short selling. In a short sale transaction, the Fund will borrow a security and sell it at the current market price in the anticipation of buying the security at a lower price prior to the time the Fund is obligated to return the security to the owner. The Fund’s use of leverage will vary depending on market conditions, and at times may be significant. The Fund may use derivatives (including equity total return swaps, options on stocks or stock indexes, futures contracts, options on futures contracts, forward currency contracts and swaps). When the Fund uses derivative instruments, the Fund will comply with SEC guidelines regarding asset coverage for such instruments, and may therefore hold a significant portion of its assets in cash and/or cash equivalents. The Fund may invest in real estate investment trusts (“REITs”); other investment companies; restricted securities; when-issued securities; and new issues or IPOs. The Fund may also engage in securities lending.
The Adviser may consider a variety of factors in determining when to enter and exit its positions in a target company, including, but not limited to: (1) whether losses associated with the position will exceed certain levels; (2) upon completion or failure of the transaction; (3) passage of time after the announcement of the transaction; (4) subsequent developments related to the acquiring or target company that make the position no longer an attractive investment; or (5) at any time in the Adviser’s discretion.
The Fund may engage in active and frequent trading of portfolio securities.
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MMAQX - Performance

Return Ranking - Trailing

Period MMAQX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% -11.6% 15.8% 16.00%
1 Yr 6.3% -33.0% 41.7% 61.17%
3 Yr 4.0%* -10.5% 13.4% 25.51%
5 Yr N/A* -4.8% 11.1% N/A
10 Yr N/A* -4.6% 7.6% N/A

* Annualized

Return Ranking - Calendar

Period MMAQX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.3% -31.7% 23.2% 55.10%
2022 -2.3% -20.7% 10.7% 70.10%
2021 3.7% -12.4% 14.7% 7.78%
2020 N/A -13.2% 12.9% N/A
2019 N/A -11.7% 7.9% N/A

Total Return Ranking - Trailing

Period MMAQX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% -11.7% 15.8% 16.00%
1 Yr 6.3% -33.0% 41.7% 53.40%
3 Yr 4.0%* -10.5% 13.4% 23.47%
5 Yr N/A* -4.8% 11.1% N/A
10 Yr N/A* -4.6% 7.6% N/A

* Annualized

Total Return Ranking - Calendar

Period MMAQX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.3% -31.7% 23.2% 55.10%
2022 -2.3% -20.7% 10.7% 70.10%
2021 7.0% -12.4% 14.7% 6.67%
2020 N/A -12.7% 12.9% N/A
2019 N/A -11.5% 13.2% N/A

NAV & Total Return History


MMAQX - Holdings

Concentration Analysis

MMAQX Category Low Category High MMAQX % Rank
Net Assets 29 K 105 K 12.6 B 75.96%
Number of Holdings 13 5 2526 96.15%
Net Assets in Top 10 6.87 M -619 M 6.53 B 50.96%
Weighting of Top 10 14.44% 7.6% 96.1% 36.59%

Top 10 Holdings

  1. MPROVED MERGER ARBITRAGE TRS 7.83%
  2. MPROVED MERGER ARBITRAGE TRS 7.83%
  3. MPROVED MERGER ARBITRAGE TRS 7.83%
  4. MPROVED MERGER ARBITRAGE TRS 7.83%
  5. MPROVED MERGER ARBITRAGE TRS 7.83%
  6. MPROVED MERGER ARBITRAGE TRS 7.83%
  7. MPROVED MERGER ARBITRAGE TRS 7.83%
  8. MPROVED MERGER ARBITRAGE TRS 7.83%
  9. MPROVED MERGER ARBITRAGE TRS 7.83%
  10. MPROVED MERGER ARBITRAGE TRS 7.83%

Asset Allocation

Weighting Return Low Return High MMAQX % Rank
Cash
92.17% -225.56% 102.75% 19.23%
Other
7.83% -11.90% 43.69% 24.04%
Stocks
0.00% -57.09% 325.56% 68.27%
Preferred Stocks
0.00% 0.00% 5.67% 72.12%
Convertible Bonds
0.00% 0.00% 95.47% 78.85%
Bonds
0.00% -1.04% 63.30% 77.88%

MMAQX - Expenses

Operational Fees

MMAQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.49% 0.73% 9.52% 29.13%
Management Fee 1.25% 0.13% 1.65% 74.04%
12b-1 Fee N/A 0.00% 1.00% 13.46%
Administrative Fee N/A 0.06% 0.40% N/A

Sales Fees

MMAQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MMAQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 21.43%

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.

MMAQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 320.00% 30.00% 483.00% 80.90%

MMAQX - Distributions

Dividend Yield Analysis

MMAQX Category Low Category High MMAQX % Rank
Dividend Yield 0.00% 0.00% 0.75% 60.58%

Dividend Distribution Analysis

MMAQX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

MMAQX Category Low Category High MMAQX % Rank
Net Income Ratio -1.33% -2.49% 4.20% 87.38%

Capital Gain Distribution Analysis

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

Distributions History

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MMAQX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.59 6.3 9.42