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Name

As of 11/21/2024

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

Sphere 500 Climate Fund

SPFFX | Fund

$27.39

$6.38 M

1.07%

$0.29

0.07%

Vitals

YTD Return

23.8%

1 yr return

30.1%

3 Yr Avg Return

9.1%

5 Yr Avg Return

N/A

Net Assets

$6.38 M

Holdings in Top 10

36.2%

52 WEEK LOW AND HIGH

$27.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.07%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

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

Sphere 500 Climate Fund

SPFFX | Fund

$27.39

$6.38 M

1.07%

$0.29

0.07%

SPFFX - Profile

Distributions

  • YTD Total Return 23.8%
  • 3 Yr Annualized Total Return 9.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Sphere 500 Climate Fund
  • Fund Family Name
    Dakota Funds
  • Inception Date
    Oct 04, 2021
  • Shares Outstanding
    53585
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jason Britton

Fund Description

The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is designed to reflect the performance of large companies listed on U.S. exchanges while excluding fossil fuel, utility and other companies with material climate-related risks. More information about the Index can be found at www.bitadata.com/pages/SPFFXI.
The Index
The Index is constructed beginning with the largest 500 U.S. companies that trade on regulated U.S. exchanges by market capitalization. As of December 31, 2023, the market capitalization of companies in the Index ranged from approximately $10 billion to $3 trillion. The index administrator, BITA GmbH (the
“Index Administrator”), then eliminates companies from this investable universe using data obtained from As You Sow, an unaffiliated non-profit organization that promotes environmental responsibility through shareholder advocacy. As You Sow eliminates companies from the Index based on their risk profile of being exposed to the fossil fuel industry or other exclusionary screens.
On a periodic basis, As You Sow publishes the current uninvestable lists, which are principally comprised of companies that contribute to climate change through fossil fuel activities. As You Sow designates a company as an uninvestable fossil fuel company if the company is engaged in producing, distributing, or refining fossil fuels; holding reserves of fossil fuels; is a utility that is primarily fossil fuel-powered; or is a producer of equipment for any of the above (i.e., companies that engage in oil, gas, or coal production, and downstream activities). The Index also excludes other uninvestable companies as determined from time to time by As You Sow.
If a company is included in As You Sow’s uninvestable list, that company is not eligible for inclusion in the Index. The Index Administrator then re-weights the remaining companies on a free-float market capitalization basis. A company’s free float-adjusted market capitalization is calculated by multiplying the number of shares readily available in the market by the price of such shares.
The Index is typically composed of approximately 400-450 companies and is rebalanced and reconstituted quarterly as of close on the third Friday of March, June, September, and December, based on data as of the close of business on the Friday of such reconstitution month. As of December 31, 2023 the Index was composed of 417 companies.
The Fund’s Investment Strategy
The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index in weightings that approximate the relative composition of the Index. By investing in component securities of the Index, under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities issued by companies that do not (1) derive any revenue from the sale of fossil fuels, (2) hold fossil fuel related assets or reserves, (3) use fossil fuels for power generation, or (4) produce fossil fuel-related equipment. By excluding companies that engage in these fossil fuel activities, the Index, and therefore the Fund, are not exposed to companies with material climate change risk. The Fund may invest in companies that use fossil fuel as part of their business or have used fossil fuels in the past.
Reflection Asset Management, LLC (the “Adviser”), serves as the investment adviser for the Fund and is responsible for trading on behalf of the Fund in line with the Index. Consistent with the Index, the Adviser rebalances the Fund quarterly. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all the component securities of the Index in approximately the same weightings as in the Index. This is referred to as a passive or indexing approach to investing.
To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of the fiscal year ended September 30, 2023, the Index was not concentrated in any industry or group of industries; however, the Index, and therefore the Fund, had significant exposure to the information technology sector. As of the fiscal year ended September 30, 2023, the Fund had invested 31% of its net assets in the information technology sector.
Climate-Focused Investing
By investing in the Index, the Fund will invest in companies that do not contribute to climate change in a material way through their fossil fuel activities. According to the U.S. Energy Information Administration, in 2021, 73% of greenhouse gas emissions came from burning fossil fuels.The Fund also seeks to vote proxies in a climate-focused way, such as voting for proposals to reduce or eliminate greenhouse gas emissions, using voting guidelines from As You Vote, an affiliate of As You Sow.
Read More

SPFFX - Performance

Return Ranking - Trailing

Period SPFFX Return Category Return Low Category Return High Rank in Category (%)
YTD 23.8% 3.5% 46.0% 55.87%
1 Yr 30.1% 5.9% 58.5% 55.46%
3 Yr 9.1%* -5.2% 16.6% 47.47%
5 Yr N/A* -0.8% 110.3% N/A
10 Yr N/A* 2.6% 52.4% N/A

* Annualized

Return Ranking - Calendar

Period SPFFX Return Category Return Low Category Return High Rank in Category (%)
2023 27.8% -42.6% 47.4% 4.40%
2022 -20.6% -56.3% -4.2% 43.07%
2021 N/A -27.2% 537.8% N/A
2020 N/A -22.5% 2181.7% N/A
2019 N/A -13.5% 40.4% N/A

Total Return Ranking - Trailing

Period SPFFX Return Category Return Low Category Return High Rank in Category (%)
YTD 23.8% 3.5% 46.0% 55.87%
1 Yr 30.1% 5.9% 58.5% 55.46%
3 Yr 9.1%* -5.2% 16.6% 47.47%
5 Yr N/A* -0.8% 110.3% N/A
10 Yr N/A* 2.6% 52.4% N/A

* Annualized

Total Return Ranking - Calendar

Period SPFFX Return Category Return Low Category Return High Rank in Category (%)
2023 29.5% -5.0% 47.4% 7.74%
2022 -20.0% -36.8% -2.2% 79.98%
2021 N/A 3.0% 537.8% N/A
2020 N/A -15.8% 2266.0% N/A
2019 N/A -0.4% 241.3% N/A

NAV & Total Return History

SPFFX - Holdings

Concentration Analysis

SPFFX Category Low Category High SPFFX % Rank
Net Assets 6.38 M 2.34 M 1.55 T 99.68%
Number of Holdings 421 2 3963 23.80%
Net Assets in Top 10 2.99 M 880 K 517 B 99.43%
Weighting of Top 10 36.16% 0.3% 112.9% 51.39%

Top 10 Holdings

  1. Microsoft Corp 7.71%
  2. Apple Inc 6.62%
  3. NVIDIA Corp 5.43%
  4. Amazon.com Inc 4.15%
  5. Meta Platforms Inc 2.67%
  6. Alphabet Inc 2.22%
  7. U.S. Bank Money Market Deposit Account 2.21%
  8. Alphabet Inc 2.01%
  9. Eli Lilly Co 1.65%
  10. Broadcom Inc 1.51%

Asset Allocation

Weighting Return Low Return High SPFFX % Rank
Stocks 		97.42% 0.00% 105.85% 79.12%
Cash 		2.58% 0.00% 99.07% 18.77%
Preferred Stocks 		0.00% 0.00% 2.53% 69.21%
Other 		0.00% -13.91% 100.00% 74.09%
Convertible Bonds 		0.00% 0.00% 5.54% 68.38%
Bonds 		0.00% 0.00% 94.06% 71.00%

Stock Sector Breakdown

Weighting Return Low Return High SPFFX % Rank
Technology 		28.91% 0.00% 48.94% 7.44%
Healthcare 		15.04% 0.00% 52.29% 34.82%
Consumer Cyclical 		13.19% 0.00% 30.33% 9.93%
Financial Services 		12.39% 0.00% 55.59% 76.26%
Communication Services 		9.93% 0.00% 27.94% 19.44%
Industrials 		8.16% 0.00% 29.90% 74.44%
Consumer Defense 		6.91% 0.00% 47.71% 46.15%
Real Estate 		3.32% 0.00% 31.91% 27.87%
Basic Materials 		2.05% 0.00% 25.70% 75.93%
Utilities 		0.09% 0.00% 20.91% 83.21%
Energy 		0.00% 0.00% 41.64% 94.71%

Stock Geographic Breakdown

Weighting Return Low Return High SPFFX % Rank
US 		97.42% 0.00% 105.85% 66.45%
Non US 		0.00% 0.00% 64.54% 73.84%

SPFFX - Expenses

Operational Fees

SPFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.07% 0.01% 19.75% 96.16%
Management Fee 0.07% 0.00% 1.90% 8.65%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

SPFFX 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 1.00% 5.00% N/A

Trading Fees

SPFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

SPFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 268.00% N/A

SPFFX - Distributions

Dividend Yield Analysis

SPFFX Category Low Category High SPFFX % Rank
Dividend Yield 1.07% 0.00% 25.47% 53.91%

Dividend Distribution Analysis

SPFFX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

SPFFX Category Low Category High SPFFX % Rank
Net Income Ratio N/A -54.00% 2.44% N/A

Capital Gain Distribution Analysis

SPFFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

SPFFX - Fund Manager Analysis

Managers

Jason Britton

Start Date

Tenure

Tenure Rank

Oct 04, 2021

0.65

0.7%

Jason T. Britton, Chief Executive Officer of Reflection Asset Management, LLC, also serves as the portfolio manager. Mr. Britton has served as the CEO and head portfolio manager of Reflection Asset Management since its inception in 2019. Prior to his role at Reflection Asset Management, Mr. Britton served as Managing Director and Head Portfolio Manager for thematic/ESG equities for U.S. Trust, a division of Bank of America. Additionally, Mr. Britton is a Professor of Impact Investing in the business school of the College of Charleston.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.24 2.42

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