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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

$10.18

$51.7 M

0.79%

$0.08

1.52%

Vitals

YTD Return

6.7%

1 yr return

11.0%

3 Yr Avg Return

-3.6%

5 Yr Avg Return

2.8%

Net Assets

$51.7 M

Holdings in Top 10

96.3%

52 WEEK LOW AND HIGH

$10.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.52%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 231.35%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$500

IRA

$500


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

$10.18

$51.7 M

0.79%

$0.08

1.52%

SMILX - Profile

Distributions

  • YTD Total Return 6.7%
  • 3 Yr Annualized Total Return -3.6%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.35%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    SMI Multi-Strategy Fund
  • Fund Family Name
    SMI Funds
  • Inception Date
    Apr 29, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Biller

Fund Description

SMI Advisory Services, LLC (the “Advisor”), the Multi-Strategy Fund’s adviser, typically allocates the Multi-Strategy Fund’s assets on a 50/40/10 basis among various investment strategies as follows:

50% - Dynamic Asset Allocation Strategy

40% - Stock Upgrading Strategy

10% - Sector Rotation Strategy

However, the Strategy allocations may be adjusted by adding up to 25% to or by subtracting up to 25% from the target percentage allocations shown above, based on the Advisor’s proprietary indicators.

Dynamic Asset Allocation Strategy. This strategy involves investing in open-end mutual funds and exchange-traded funds (“ETFs”) (collectively “Underlying Funds”) that invest in securities from the following six asset classes – U.S. Equities, International Equities, Fixed Income Securities, Real Estate, Precious Metals, and Cash. Markets experience times of inflation, deflation, economic growth and recession. The Advisor believes great value can be added by adjusting portfolio exposure between the six asset classes as changes in market environments are identified. Generally, the Advisor will invest in each of the three “best” asset classes as determined by the Advisor. The Advisor generally divides investments into each of the three categories into approximately equal amounts. The factors considered in determining which asset classes are best at a particular point in time include, but are not limited to each class’s total returns for the most recent one, three, six, and twelve months, changes in those returns, asset flows, and historical volatility. The Advisor periodically rebalances the Multi-Strategy Fund’s asset allocation in response to market conditions as well as to balance the Multi-Strategy Fund’s exposure to the chosen asset classes. The Multi-Strategy Fund’s investment strategy involves active trading, which may result in a high portfolio turnover rate. The Multi-Strategy Fund obtains its exposure to the particular asset classes by investing in the instruments below:

U.S. Equities – The Multi-Strategy Fund may invest in Underlying Funds that invest primarily in the equity securities of companies located in the United States. The Underlying Funds may invest in companies of any market capitalization. The Multi-Strategy Fund may also invest directly in such companies. The Multi-Strategy Fund may also invest in Underlying Funds that utilize derivatives, such as investing in futures contracts.

International Equities – The Multi-Strategy Fund may invest in Underlying Funds that invest primarily in the equity securities of companies located outside of the United States, including issuers located in emerging market countries. The Underlying Funds may invest in companies of any market capitalization. The Multi-Strategy Fund may also invest directly in such companies. The Multi-Strategy Fund may also invest in Underlying Funds that utilize derivatives, such as investing in futures contracts.

Fixed Income Securities – The Multi-Strategy Fund may invest in Underlying Funds that invest primarily in fixed income securities of varying maturities and credit qualities including high-risk debt securities (or junk bonds). There are no limits on the level of investment in which the Multi-Strategy Fund may invest with respect to high-risk debt securities and there is no average weighted maturity of the securities in which the Multi-Strategy Fund must invest. The Underlying Funds may invest in fixed income securities denominated in foreign currencies. The Underlying Funds may also invest in derivative instruments, such as options, futures contracts, currency forwards or credit default swap agreements.

Real Estate – The Multi-Strategy Fund may invest in Underlying Funds that invest primarily in real estate securities. The Multi-Strategy Fund may also invest in real estate investment trusts (“REITs”).

Precious Metals –The Multi-Strategy Fund may invest in Underlying Funds that invest primarily in precious metals. The Multi-Strategy Fund may also invest in Underlying Funds that invest in mining and other precious metal related companies. The Multi-Strategy Fund may also invest in Publicly Traded Partnerships (PTPs) that invest in precious metals. PTPs are traded on stock exchanges or markets such as the New York Stock Exchange and NASDAQ. They are generally treated as “pass-through” entities for tax purposes; they do not ordinarily pay income taxes, but pass their earnings on to unit holders.

Cash (and cash equivalents) –The Multi-Strategy Fund may invest in short-term cash instruments including U.S. Treasury securities, repurchase agreements, short-term debt instruments, money market deposit accounts, and money market funds and ETFs that focus on investing in the foregoing.

Stock Upgrading Strategy – This strategy is a systematic investment approach that is based on the belief of the Advisor that superior returns can be obtained by constantly monitoring the performance of a wide universe of other investment companies, and standing ready to move assets into funds deemed by the Advisor to be most attractive at the time of analysis. So long as the other investment companies have a track record of a minimum of 12 months, they may be monitored by the Advisor as a potential investment. This upgrading process strives to keep assets invested in funds that are demonstrating superior current performance relative to their peers as determined by a combination of size and investment style criteria.

The Multi-Strategy Fund primarily invests this portion of the portfolio in open-end equity mutual funds, exchange-traded funds (“ETFs”) and publicly traded partnerships (each an “Underlying

Fund,” and collectively, “Underlying Funds”) using its Stock Upgrading strategy. Generally, Underlying Funds with the highest momentum scores are chosen. Underlying Funds that do not have the highest momentum scores may not outperform and could, in fact, lose money. These Underlying Funds may, in turn, invest in a broad range of equity securities, including foreign securities and securities of issuers located in emerging markets. Underlying Funds also may invest in other investments, including but not limited to, commodities, fixed income securities of any maturity or credit quality, including high-yield, high-risk debt securities (junk bonds), and they may engage in derivative transactions. The Underlying Funds are typically categorized into the following seven “risk categories”: Large Value, Large Growth, Small Value, Small Growth, International, Commodities, and Non-Diversified (which includes concentrated and other higher-risk funds that are not normally included in the six other risk categories). The Multi-Strategy Fund may or may not hold investments in all seven categories simultaneously. Target allocations for each of the seven risk categories are monitored continuously and can shift based on relative performance, and holdings for each of the seven risk categories can range from 0% - 66% of the overall Stock Upgrading portfolio. The Stock Upgrading strategy also incorporates defensive protocols and may occasionally shift part or all of the portfolio holdings out of equity funds or commodities and into holdings focused on fixed income and/or cash based on the Advisor’s proprietary indicators.

The Advisor is under common control with the publisher of the Sound Mind Investing Newsletter (the “Newsletter”), a monthly financial publication that recommends a Stock Upgrading Strategy similar to the strategy utilized by the Multi-Strategy Fund. Although Underlying Funds purchased by the Multi-Strategy Fund generally will be highly ranked in the Newsletter, the Multi-Strategy Fund may also invest in funds not included in the Newsletter, including Underlying Funds not available to the general public but only to institutional investors.

It should be noted that, even though the Advisor’s upgrading process ranks Underlying Funds primarily on the basis of performance, past performance is no guarantee of future performance.

Sector Rotation Strategy – This strategy involves the Advisor selecting from a universe of Underlying Funds it has compiled using proprietary methods. Generally, the Underlying Funds with a strong focus on a particular sector are chosen. This universe is specifically designed by the Advisor to balance exposure to a wide variety of market sectors and industries. This universe includes leveraged, non-leveraged and inverse Underlying Funds. The Advisor ranks these Underlying Funds based on their recent performance across multiple short-term performance periods, then uses an upgrading approach to invest in the top performing market sector or sectors. Once a particular sector or sectors is identified, the Advisor purchases one or more Underlying Funds to gain the desired exposure to that particular sector. In the Sector Rotation Strategy portion of the Multi-Strategy Fund’s portfolio, exposure may be to as few as one or two sectors at any given time, and as few as one Underlying Fund may be utilized to achieve this exposure.

The Multi-Strategy Fund indirectly will bear its proportionate share of all management fees and other expenses of the Underlying Funds in which it invests. Therefore, the Multi-Strategy Fund will incur higher expenses than other mutual funds that invest directly in securities. Actual

expenses are expected to vary with changes in the allocation of the Multi-Strategy Fund’s assets among the various Underlying Funds in which it invests.

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SMILX - Performance

Return Ranking - Trailing

Period SMILX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.7% -1.0% 22.1% 27.36%
1 Yr 11.0% -0.6% 52.0% 97.64%
3 Yr -3.6%* -6.6% 11.7% 99.65%
5 Yr 2.8%* 0.5% 14.5% 98.08%
10 Yr 1.2%* -0.3% 11.6% 98.56%

* Annualized

Return Ranking - Calendar

Period SMILX Return Category Return Low Category Return High Rank in Category (%)
2023 5.7% -6.9% 29.3% 83.39%
2022 -12.2% -37.4% -8.2% 2.08%
2021 -7.8% -9.8% 25.4% 99.29%
2020 17.0% -21.0% 25.4% 2.61%
2019 12.3% -8.3% 27.9% 71.26%

Total Return Ranking - Trailing

Period SMILX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.7% -1.0% 22.1% 27.36%
1 Yr 11.0% -0.6% 52.0% 97.64%
3 Yr -3.6%* -6.6% 11.7% 99.65%
5 Yr 2.8%* 0.5% 14.5% 98.08%
10 Yr 1.2%* -0.3% 11.6% 98.56%

* Annualized

Total Return Ranking - Calendar

Period SMILX Return Category Return Low Category Return High Rank in Category (%)
2023 7.0% -0.9% 33.0% 96.27%
2022 -11.8% -36.0% -0.9% 20.49%
2021 -7.8% -7.8% 33.9% 100.00%
2020 17.3% -16.2% 25.4% 11.57%
2019 16.8% 7.3% 34.8% 93.87%

NAV & Total Return History


SMILX - Holdings

Concentration Analysis

SMILX Category Low Category High SMILX % Rank
Net Assets 51.7 M 1.11 M 113 B 92.59%
Number of Holdings 16 4 2503 77.78%
Net Assets in Top 10 48.1 M 1.06 M 26.7 B 91.25%
Weighting of Top 10 96.34% 19.8% 102.8% 22.56%

Top 10 Holdings

  1. Fidelity Investments Money Market Funds - Government Portfolio 29.26%
  2. SPDR SP 500 ETF Trust 16.77%
  3. Sprott Physical Gold Trust 16.51%
  4. iShares Russell 1000 Growth ETF 12.20%
  5. Invesco Optimum Yield Diversified Commodity Stategy 4.33%
  6. Invesco QQQ Trust Series 1 3.98%
  7. Fidelty Blue Chip Growth ETF 3.92%
  8. Hennessey Cornerstone Mid Cap 30 Fund 3.76%
  9. SPDR SP Oil Gas Equipment Services ETF 3.33%
  10. Sprott Uranium Miners ETF 2.29%

Asset Allocation

Weighting Return Low Return High SMILX % Rank
Stocks
70.83% 0.00% 100.68% 74.41%
Cash
29.26% -7.71% 88.58% 1.35%
Preferred Stocks
0.00% 0.00% 18.32% 86.53%
Other
0.00% -0.24% 31.76% 75.76%
Convertible Bonds
0.00% 0.00% 26.48% 96.95%
Bonds
0.00% 0.00% 104.15% 89.56%

Stock Sector Breakdown

Weighting Return Low Return High SMILX % Rank
Real Estate
33.86% 0.00% 33.86% 0.34%
Energy
29.22% 0.00% 29.22% 0.34%
Financial Services
6.96% 0.28% 52.80% 97.29%
Healthcare
5.56% 0.00% 36.30% 98.31%
Basic Materials
5.37% 0.00% 11.49% 20.34%
Industrials
4.30% 1.16% 32.55% 97.97%
Consumer Defense
4.14% 0.00% 14.86% 90.51%
Technology
3.31% 3.31% 52.93% 100.00%
Communication Services
2.65% 0.00% 26.62% 96.27%
Consumer Cyclical
2.60% 0.00% 16.01% 97.29%
Utilities
2.04% 0.00% 31.67% 83.05%

Stock Geographic Breakdown

Weighting Return Low Return High SMILX % Rank
US
70.83% 0.00% 100.68% 68.35%
Non US
0.00% 0.00% 20.19% 86.53%

SMILX - Expenses

Operational Fees

SMILX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.52% 0.04% 4.67% 17.17%
Management Fee 0.90% 0.00% 1.25% 94.95%
12b-1 Fee 0.00% 0.00% 1.00% 7.43%
Administrative Fee N/A 0.01% 0.28% 5.11%

Sales Fees

SMILX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

SMILX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 2.00% 33.77%

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.

SMILX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 231.35% 4.00% 236.00% 99.29%

SMILX - Distributions

Dividend Yield Analysis

SMILX Category Low Category High SMILX % Rank
Dividend Yield 0.79% 0.00% 10.56% 86.87%

Dividend Distribution Analysis

SMILX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Quarterly

Net Income Ratio Analysis

SMILX Category Low Category High SMILX % Rank
Net Income Ratio 0.35% -1.12% 6.07% 86.81%

Capital Gain Distribution Analysis

SMILX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Monthly Annually

Distributions History

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SMILX - Fund Manager Analysis

Managers

Mark Biller


Start Date

Tenure

Tenure Rank

Apr 29, 2015

7.09

7.1%

Mark Biller has served as senior portfolio manager of the entire family of SMI Funds since their creation in 2005. He played a key role in the design and creation of the Sector Rotation, Dynamic Allocation, and Bond Upgrading strategies followed by the various SMI Funds. As senior portfolio manager, Mr. Biller has ultimate decision-making authority regarding all portfolio decisions and trading practices of the Sound Mind Investing Funds. His duties involve researching and selecting the underlying funds in which the Funds invest, upgrading the Funds’ investments in underlying funds and determining the overall allocation among style categories. In addition to his duties at the Advisor, Mr. Biller has been the Executive Editor of the Sound Mind Investing newsletter and online business for over 15 years. Mr. Biller’s writings on a broad range of financial and investment topics have been featured in a variety of national print and electronic media, and he has also appeared as a financial commentator for various national and local radio programs. The Sound Mind Investing newsletter was first published in 1990 and currently has many thousands of subscribers. Since it was first published over 30 years ago, the newsletter has provided recommendations to tens of thousands of subscribers using a variety of investment strategies, including the Stock Upgrading, Dynamic Asset Allocation, Bond Upgrading and Sector Rotation strategies that are used by the Funds. Mr. Biller earned his B.S. in Finance from Oral Roberts University.

Eric Collier


Start Date

Tenure

Tenure Rank

Apr 29, 2015

7.09

7.1%

Eric Collier, CFA, is a Portfolio Manager responsible for researching and selecting each Fund’s investments, determining overall allocation among style categories, and trading, subject to the ultimate decision-making authority of the Senior Portfolio Manager. Mr. Collier has been a portfolio manager of the Smi Advisory Services, LLC. In addition to his duties at SMI, Mr. Collier is a co-founder of Omnium Investment Company, LLC. At Omnium, he conducts analytical and quantitative research, and risk management. Prior to co-founding Omnium, Mr. Collier worked at Oxford Group, Ltd, a fee-only financial services firm. At Oxford Group, Mr. Collier provided investment advice to several high net-worth individuals concentrating on investment and financial planning strategies. Prior to that Mr. Collier was an Investment Analyst and Registered Investment Adviser Representative for Webb Financial Advisers, an investment advisery firm, from 1997 to 2000, where he was responsible for due diligence and manager selection. Mr. Collier graduated from Indiana University with a B.S. in Finance in 1998. He also studied at the University of Maastricht in the Netherlands through the International Business Program at Indiana University. He has received the Chartered Financial Analyst (“CFA”) designation, and he is a member of the CFA Institute (formerly the Association for Investment Management and Research (“AIMR”)) and a member of the Investment Management Association of Indianapolis.

Anthony Ayers


Start Date

Tenure

Tenure Rank

Apr 29, 2015

7.09

7.1%

Mr. Ayers is a Co-Portfolio Manager responsible for researching and selecting each Fund’s investments, determining overall allocation among style categories, implementing the SMI Managed Volatility Fund’s hedging strategy, and trading, subject to the ultimate decision-making authority of the Senior Portfolio Manager. In addition to his duties at the advisor, Mr. Ayers is a co-founder of Omnium Investment Company, LLC. At Omnium, he also conducts analytical and quantitative research, and risk management. Mr. Ayers helped develop the advisor’s risk management procedures and a proprietary daily risk management reporting system. Prior to co-founding Omnium, Mr. Ayers was an Investment Analyst at Oxford Group, Ltd., where he was responsible for performing manager searches and due diligence on various mutual fund portfolio managers specializing in large capitalized growth and value securities, small capitalized growth and value securities, international capitalized securities, and fixed income securities. Prior to that Mr. Ayers was a Senior Investment Representative for Charles Schwab, where he assisted high net-worth clients with developing and trading complex option strategies, hedging concentrated portfolios, constructing diversified investment portfolios, risk management, and making individual stock and mutual fund recommendations. Mr. Ayers graduated from Indiana University with a B.S. in Finance in 1996, and he is a CFA charter holder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 38.44 7.41 2.41