SHDG

Soundwatch Hedged Equity ETF

SHDG is an actively-managed ETF designed to reduce risk during stock market declines and seeks to provide long-term capital appreciation.  On the portfolio, the Fund systematically writes (sells) equity index call options, covered calls and option spreads to potentially generate additional income. A portion of this income is used to systematically purchase a series of protective equity index put options or put spreads in an effort to reduce the negative impact of stock market declines on long-term performance. 

The Fund follows a proprietary rules-based BUY, HOLD & HEDGE™ strategy, which selects option strikes, maturities, and trade dates based upon several measurable market factors. Through the use of options, the Fund intends to reduce the downside risk inherent in equity investments while generating long-term equity returns in line with the benchmark index. 

Fund Data & Pricing
Net Assets as of 06/02/2023 $105.35m
NAV $23.29
Shares Outstanding 4,523,083
Premium/discount Percentage 0.09%
Closing Price $23.31
Median 30 Day Spread 0.31%

Data as of 06/02/2023

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund's NAV every fifteen seconds throughout the trading day.

Median 30 Day Spread is a calculation of Fund's median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund's national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Fund Details
Fund Inception 10/24/2022
Ticker SHDG
Gross Expense Ratio 0.69%
Net Expense Ratio 0.53%*
Primary Exchange CBOE
CUSIP 89832P150
IOPV Symbol SHDG.IV
NAV Symbol SHDG.NV

* Soundwatch has contractually agreed to a fee waiver through October 31, 2023.

 

PERFORMANCE Quarter end returns as of 03/31/2023
  Avg. Annualized  
Quarter 1 Year 3 Year 5 Year Since Inception (November 30, 2016)
Fund NAV 5.49 5.45 8.77 6.55 61.63
Market Price 5.45 5.52 8.80 6.56 61.74
Benchmark Index 4.02 3.70 9.75 3.98 40.02

Expense ratio: 0.53%*

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (1-800-617-0004).

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

The Fund has adopted the performance history of the Predecessor Fund, which operated as a mutual fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and substantially similar strategies as the Fund. The table illustrates how the Predecessor Fund's average annual returns for the one-year, five-year and since inception periods compare with those of a broad measure of market performance. The Predecessor Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information will be available by calling the Fund toll-free at 888-BHH-4601 (888-244-4601) and on the Fund's website at www.soundwatchfunds.com.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Distribution Detail
EX- Date Record Date Income Payable Date
12/28/2022 12/29/2022 .18826841 12/30/2023
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Top 10 Holdings
% Of Net Assets Name Ticker CUSIP Shares Held Market Value
90.88% ISHARES TR CORE S&P500 ETF IVV 464287200 222,769 95,743,888.51
7.11% UNITED STATES TREAS BILLS 06/15/2023 912796X53 912796X53 7,500,000 7,489,567.73
1.51% Cash & Other Cash&Other Cash&Other 1,594,491 1,594,491.46
0.54% S&P DOW CLL OPT 12/23 4000 SPXW 231229C04000000 SPXW 231229C04000000 12 564,720.00
0.37% CBOE S&P CLL OPT 06/23 4000 SPXW 230630C04000000 SPXW 230630C04000000 13 392,535.00
0.10% CBOE S&P PUT OPT 06/23 3870 SPXW 230630P03870000 SPXW 230630P03870000 248 110,360.00
-0.01% CBOE S&P PUT OPT 06/23 4000 SPXW 230630P04000000 SPXW 230630P04000000 -13 -10,530.00
-0.04% CBOE S&P PUT OPT 06/23 3540 SPXW 230630P03540000 SPXW 230630P03540000 -248 -39,680.00
-0.11% S&P DOW PUT OPT 12/23 4000 SPXW 231229P04000000 SPXW 231229P04000000 -12 -117,780.00
-0.36% CBOE S&P CLL OPT 06/23 4400 SPXW 230630C04400000 SPXW 230630C04400000 -248 -374,480.00

Data as of 06/05/2023.  Holdings are subject to change.

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