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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.
Correlation is a statistical measure of how two securities move in relation to each other. The correlation coefficient (r) is a measure that determines the degree to which two variable’s movements are associated. The coefficient of determination (r2) is a measure used in statistical model analysis to assess how well a model explains and predicts future outcomes.
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.
The EPS Growth is the change from year to year in the earnings per share of the S&P 500.
P/E or Price-to-Earnings is a ratio derived by dividing the price of a stock by the earnings per share of the company.
Standard deviation is a measure of the dispersion of a set of data from its mean.
A basis point (BP) is 1/100 of a percentage point.
GDP reflects the Gross Domestic Product of a country. It is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
The Price to Sales Ratio (P/S) is calculated by dividing the company’s market capitalization by its total sales over a twelve month period.
The Book Value is the total value of a company which is calculated by taking the total assets minus the intangible assets (patents, goodwill, etc.) and liabilities.
The Market Capitalization (Market Cap) is the current market value of a company. It is derived by taking the outstanding shares times the current price.
Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures.
Capital expenditure, or CapEx, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. It is often used to undertake new projects or investments by the firm.
Cash Flow is the net amount of cash and cash-equivalents moving into and out of a business.
The Enterprise Multiple (EV/EBITDA) is a ratio used to determine the value of a company. It is calculated by taking the Enterprise Value and dividing it by EBITDA.
The Enterprise Value to Sales ratio (EV/sales) is a way to measure a company’s enterprise value versus its sales.
The Enterprise Value (EV) is a measure of a company’s value. It is calculated as market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation, and Amortization expenses. It is a measure used to analyze and compare profitability between companies of different characteristics because it largely eliminates the effect of accounting and financing decisions.
Earnings growth is the annual rate of growth of earnings from investments.
The Standard and Poor’s 500 Index (S&P 500) is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index is an index which is comprised of surveys from purchasing managers in the manufacturing sector. It can be used as an indicator of the economic health of the manufacturing sector.
The Non-Manufacturing ISM is a report produced by The Institute of Supply Management (ISM) for all sectors of the economy other than manufacturing. It can be used as an indicator of the overall economic condition for the non-manufacturing sector.
The Institute for Supply Management (ISM) Purchasing Managers’ Composite Index is an index which is comprised of surveys from purchasing managers across all sectors of the economy It can be used as an indicator of the economic health of the economy as a whole.
NASDAQ is a global electronic marketplace for buying and selling securities as well as the benchmark index for U.S. technology stocks.
The NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in the NASDAQ marketplace.
The Federal Reserve Bank of New York (FRBNY) Underlying Inflation Gauge captures sustained movements in inflation from information contained in a broad set of price, real activity and financial data.
The Goldman Sachs Discretionary Most Short Index is an index of the most shorted consumer discretionary stocks which is compiled from data at Goldman Sachs Prime brokerage and New York Stock Exchange short interest data.
The EM10FX Spot Index is an index comprised of the 10 largest Emerging Market currencies as measured against the US Dollar.
The Goldman Sachs Financial Conditions Index is a weighted average of riskless interest rates, the exchange rate, equity valuations, and credit spreads, with weights that correspond to the direct impact of each variable on GDP. It is used as a way to gauge factors that might affect market conditions.
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).
A Covered Put is when you write a put option and you have an offsetting short position in case the option is exercised.
Alpha is a way to measure the performance of a security on a risk-adjusted basis.
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”.
Intercontinental Exchange (ICE) is an American company that owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces.
MEMX, or “Members Exchange,” is an equities exchange founded in early 2019. The exchange is wholly owned by its founding members, a group of 9 banks, financial services firms, market makers and retail broker-dealers.
Credit Quality weights by rating are derived from the highest bond rating
as determined by Standard & Poor’s (“S&P”), Moody’s or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, Moody’s and Fitch. These firms evaluate a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.
EPS Growth is not a measure of the Fund’s future performance.