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Performance data quoted is past performance. Past performance does not guarantee future results.  The investment and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month‐end may be obtained by calling (855) 681‐5261. Performance data quoted does not reflect the 1% redemption fee on shares held for 60 days or less. If reflected, total returns would be reduced. Click here for standardized performance.

Click here for the fund’s top 10 holdings.

Holdings are subject to change at any time and are not a recommendation to buy or sell any security.

Delta is the ratio comparing the change in price of the underlying asset to the corresponding change in the price of a derivative.

Delta-adjusted equity exposure is a representation of the portfolio’s equity exposure which has been adjusted to take into account the combined effect of options and equity positions.

A basis point (BPS) is 1/100 of a percentage point.

The Sharpe Ratio is a measure for calculating risk-adjusted returns. It is the average return earned in excess of the risk-free rate per unit of volatility.

A Put Option is a contract between two parties which grants the owner the ability to sell a specified amount of an underlying security at a specific price within a specific timeframe (also known as exercising the option).

The Sharpe Ratio is a measure for calculating risk-adjusted returns. It is the average return earned in excess of the risk-free rate per unit of volatility.

The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them. Changes in the CPI are used to assess price changes associated with the cost of living; the CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.

The Consumer Price Index for All Urban Consumers: All Items Less Food & Energy (also known as the Core CPI) is an aggregate of prices paid by urban consumers for a typical basket of goods, excluding food and energy. It is widely used by economists because food and energy have very volatile prices.

The personal consumption expenditures (Core PCE) price index is made up of individuals personal consumption expenditure, excluding food and energy prices.

The Weighted Median CPI is the is the one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes.

The Trimmed-Mean CPI excludes the CPI components that show the most extreme monthly price changes.

The Sticky CPI sorts the components of the consumer price index (CPI) into either flexible or sticky (slow to change) categories based on the frequency of their price adjustment.

Earnings Before Interest and Taxes (EBIT) also sometimes known as Operating Income is a measure of a firm’s profit that includes all incomes and expenses (operating and non-operating) except interest expenses and income tax expenses.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio relative to an index.

The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) reflects a market estimate of future volatility based on the weighted average of the implied volatilities for a wide range of strikes.  The index is a widely used measure of market risk and is often referred to as the “investor fear gauge”.

The Russell Volatility Index (Russell Vol) measures the volatility of securities held in the Russell Indexes.

The NASDAQ Volatility Index (NASDAQ Vol) measures the volatility of securities held in the NASDAQ Index.

The Vol of Vol index is the volatility of the VIX index. It measures the volatility of the volitivity in the market.