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Gadsden Dynamic Multi-Asset ETF
Active ETF
GDMA
Payout Change
Pending
Price as of:
$33.09
+0.11
+0.33%
primary theme
U.S. Balanced Allocation
GDMA (ETF)
Gadsden Dynamic Multi-Asset ETF
Payout Change
Pending
Price as of:
$33.09
+0.11
+0.33%
primary theme
U.S. Balanced Allocation
GDMA (ETF)
Gadsden Dynamic Multi-Asset ETF
Payout Change
Pending
Price as of:
$33.09
+0.11
+0.33%
primary theme
U.S. Balanced Allocation
Name
As of 11/29/2024Price
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
Vitals
YTD Return
9.9%
1 yr return
12.6%
3 Yr Avg Return
4.0%
5 Yr Avg Return
6.9%
Net Assets
$188 M
Holdings in Top 10
94.3%
52 WEEK LOW AND HIGH
$33.0
$29.67
$33.14
Expenses
OPERATING FEES
Expense Ratio 0.80%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/29/2024Price
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
GDMA - Profile
Distributions
- YTD Total Return 9.9%
- 3 Yr Annualized Total Return 4.0%
- 5 Yr Annualized Total Return 6.9%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.73%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameGadsden Dynamic Multi-Asset ETF
-
Fund Family NameAlpha Architect
-
Inception DateNov 14, 2018
-
Shares Outstanding4020000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKevin Harper
Fund Description
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in asset classes that the Fund’s portfolio managers believe offer the most attractive combined risk/return opportunities. The term “asset classes” generally includes, among others, U.S. equities, foreign securities, currencies, bonds, and real estate investment trusts (REITs). Generally, Gadsden (defined below) selects investments for the Fund’s portfolio based on its long-term view of macroeconomic factors. That is considered a “strategic” approach. Through that approach, the Fund’s portfolio will generally have exposure to a variety of asset classes, geographies, and market capitalizations. Additionally, for a portion of the Fund’s portfolio, Gadsden may seek to change the Fund’s investment portfolio based on its short-term view of the markets, which is referred to as a “tactical” approach.
The Fund’s risk or return is not managed relative to any securities index or securities benchmark. Rather, the portfolio managers make allocation decisions based on their view of the projected investment environment, attractiveness, and future return for a particular asset class or securities. The Fund may invest globally in any asset class or security and may at times have significant exposure to a single asset class. The Fund may focus its investments in particular asset classes, sectors, regions, or countries, and in companies of any market capitalization, which allocations may change over time. Additionally, the Fund may invest in assets classes that are considered lower-risk (e.g., inflation-linked bonds or fixed income securities), higher-risk (e.g., equities or REITs), or a mix of both groups.
The Fund’s investment adviser, Empowered Funds, LLC (the “Adviser”) has engaged Gadsden, LLC (“Gadsden” or the “Sub-Adviser”) as investment sub-adviser to support management of the Fund. Gadsden will perform its services as a non-discretionary sub-adviser, which means that Gadsden will not be responsible for selecting brokers or placing the Fund’s trades. Rather, Gadsden will provide trade recommendations to the Adviser and, in turn, the Adviser will be responsible for selecting brokers and placing the Fund’s trades. It is anticipated that the Adviser will generally adhere to Gadsden’s recommendations.
Regardless of whether the portfolio managers are using a tactical approach or a strategic approach, the portfolio managers evaluate potential investments using both fundamental analyses and quantitative methods. A fundamental analysis is a method of measuring a security’s intrinsic value. Through a fundamental analysis, the portfolio managers seek out securities priced below their real worth. Gadsden also uses a proprietary investment model that generates signals based on a quantitative analysis, which together with the results of the Sub-Adviser’s fundamental analysis, is then used to determine in which securities to buy, sell, or hold. The Sub-Adviser’s model is based on whether the model anticipates a market advance, correction, or decline. The Adviser will generally sell securities or other instruments when, based on Gadsden’s recommendations, better opportunities have become available.
The Fund’s portfolio construction typically includes investments across a variety of global asset classes, including corporate, government (U.S. or foreign), inflation-linked, and high-yield debt instruments (also known as “junk” bonds); cash and cash equivalents; commodity interests (including foreign currencies, precious metals, and other physical or nonphysical commodities); and REITs. The Fund’s investments in fixed income instruments may include those of any maturity or credit quality. The Fund’s portfolio may also utilize inverse, inverse leveraged, and
leveraged exchange-traded vehicles (such as ETFs) to obtain exposure to one or more asset classes (i.e., inverse or inverse leveraged exchange-traded vehicles to obtain short exposure to an underlying asset class and leveraged exchange-traded vehicles to obtain investment results that match a multiple of the performance of an underlying asset class).
For each asset class in which the Fund invests, Gadsden will recommend to the Adviser whether the Fund should invest directly in securities or other instruments of that asset class or indirectly through one or more pooled vehicles that seeks to track the performance of the asset class (including ETFs, exchange-traded notes, and exchange-traded commodities). Consequently, the Fund’s investments in other exchange-traded vehicles may range from 0% to 100% of the Fund’s portfolio.
The Fund may take short positions in one or more asset classes (i.e., diversified collections of stocks, bonds, commodities) through its investment in inverse or inverse leveraged exchange-traded vehicles based on the Sub-Adviser’s fundamental analysis. The Sub-Adviser believes these asset classes tend to share reliable and unique sensitivities to economic macro factors, such as rising and falling economic growth expectations, inflation expectations, or liquidity expectations. When, in the Sub-Adviser’s opinion, an asset class is trading above its real worth, the Fund may invest in inverse or inverse leveraged exchange-traded vehicles to obtain short exposure to such asset class.
The Sub-Adviser’s investment process is macro-focused, looking to add value through targeted but diversified exposures to, among others, sectors, specific countries, and currencies. The Sub-Adviser will make asset allocation decisions based on its view of the projected investment environment, attractiveness (or lack thereof), and future return for a particular asset class or securities. The Sub-Adviser uses a broad array of signal and research inputs (e.g., momentum signals, risk-related signals, stress test simulations, and third-party research recommendations) to identify inverse and inverse leveraged exchange-traded vehicles for the Fund. The Fund may invest in inverse and inverse leveraged exchange-traded vehicle that provides exposure to any asset class or security that is believed to be overvalued or in an attempt to isolate a specific factor or to refine the Fund’s broader exposure to the market (e.g., inverse U.S. treasuries ETFs vs. inverse U.S. TIPS ETFs to isolate the Fund’s exposure to inflation). This may result in the Fund investing in inverse or inverse leveraged exchange-traded vehicles, such as sector ETFs, size and style ETFs, and ETFs representing certain geographic regions. The Fund may invest in inverse or inverse leveraged exchange-traded vehicles that provide exposure to fixed-income asset classes (e.g., inverse Treasury ETFs, inverse corporate bond ETFs, inverse emerging market bond ETFs, inverse Treasury TIPS ETFs, inverse currency ETFs, inverse commodity ETFs, and inverse thematic ETFs). An inverse or inverse leveraged exchange-traded vehicle will benefit when the price of its target asset class falls and will lose value when the price of its target asset class rises.
GDMA - Performance
Return Ranking - Trailing
| Period | GDMA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.9% | -1.9% | 93.7% | 90.32% |
| 1 Yr | 12.6% | -1.7% | 100.0% | 96.33% |
| 3 Yr | 4.0%* | -4.0% | 23.8% | 50.07% |
| 5 Yr | 6.9%* | -2.1% | 24.7% | 60.26% |
| 10 Yr | N/A* | 1.2% | 14.2% | 54.02% |
* Annualized
Return Ranking - Calendar
| Period | GDMA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -2.3% | -12.2% | 23.9% | 98.68% |
| 2022 | -3.2% | -34.7% | 2.8% | 1.19% |
| 2021 | 1.8% | -11.9% | 18.1% | 73.35% |
| 2020 | 20.3% | -20.9% | 39.7% | 1.92% |
| 2019 | 8.1% | 0.8% | 25.7% | 96.86% |
Total Return Ranking - Trailing
| Period | GDMA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.9% | -1.9% | 93.7% | 90.32% |
| 1 Yr | 12.6% | -1.7% | 100.0% | 96.33% |
| 3 Yr | 4.0%* | -4.0% | 23.8% | 50.07% |
| 5 Yr | 6.9%* | -2.1% | 24.7% | 60.26% |
| 10 Yr | N/A* | 1.2% | 14.2% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | GDMA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 1.7% | -12.2% | 26.8% | 98.10% |
| 2022 | -2.1% | -29.0% | 10.9% | 2.08% |
| 2021 | 4.0% | -3.0% | 27.3% | 97.55% |
| 2020 | 21.1% | -19.5% | 40.6% | 4.01% |
| 2019 | 11.6% | 2.2% | 32.7% | 98.84% |
GDMA - Holdings
Concentration Analysis
| GDMA | Category Low | Category High | GDMA % Rank | |
|---|---|---|---|---|
| Net Assets | 188 M | 861 K | 235 B | 77.21% |
| Number of Holdings | 21 | 2 | 16143 | 69.44% |
| Net Assets in Top 10 | 145 M | 859 K | 66.9 B | 71.20% |
| Weighting of Top 10 | 94.33% | 10.8% | 122.7% | 18.71% |
Top 10 Holdings
- Vanguard Total World Stock ETF 47.23%
- abrdn Physical Gold Shares ETF 10.32%
- iShares J.P. Morgan EM High Yield Bond ETF 7.49%
- SPDR Portfolio MSCI Global Stock Market ETF 5.02%
- Vanguard Total Bond Market ETF 4.97%
- iShares iBoxx $ High Yield Corporate Bond ETF 4.95%
- First American Government Obligations Fund 4.47%
- iShares MSCI Emerging Markets ex China ETF 3.93%
- VanEck Emerging Markets High Yield Bond ETF 2.99%
- Schwab US TIPS ETF 2.96%
Asset Allocation
| Weighting | Return Low | Return High | GDMA % Rank | |
|---|---|---|---|---|
| Stocks | 98.48% | 0.00% | 100.10% | 33.48% |
| Cash | 4.47% | -7.92% | 100.00% | 22.51% |
| Preferred Stocks | 0.00% | 0.00% | 24.59% | 95.18% |
| Other | 0.00% | -42.55% | 113.97% | 89.18% |
| Convertible Bonds | 0.00% | 0.00% | 23.84% | 98.97% |
| Bonds | 0.00% | 0.00% | 75.15% | 96.93% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | GDMA % Rank | |
|---|---|---|---|---|
| Energy | 85.65% | 0.00% | 85.65% | 0.15% |
| Basic Materials | 14.35% | 0.00% | 25.57% | 1.62% |
| Utilities | 0.00% | 0.00% | 99.55% | 99.56% |
| Technology | 0.00% | 0.00% | 44.21% | 100.00% |
| Real Estate | 0.00% | 0.00% | 65.01% | 100.00% |
| Industrials | 0.00% | 0.00% | 24.37% | 100.00% |
| Healthcare | 0.00% | 0.00% | 29.35% | 100.00% |
| Financial Services | 0.00% | 0.00% | 38.77% | 99.85% |
| Communication Services | 0.00% | 0.00% | 38.10% | 99.70% |
| Consumer Defense | 0.00% | 0.00% | 15.14% | 99.70% |
| Consumer Cyclical | 0.00% | 0.00% | 19.36% | 99.85% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | GDMA % Rank | |
|---|---|---|---|---|
| US | 98.48% | 0.00% | 100.10% | 32.89% |
| Non US | 0.00% | 0.00% | 42.80% | 94.15% |
GDMA - Expenses
Operational Fees
| GDMA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.80% | 0.03% | 27.98% | 67.30% |
| Management Fee | 0.59% | 0.00% | 1.83% | 70.25% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 11.91% |
| Administrative Fee | N/A | 0.01% | 0.83% | N/A |
Sales Fees
| GDMA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| GDMA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.00% | 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.
| GDMA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.83% | 343.00% | 98.72% |
GDMA - Distributions
Dividend Yield Analysis
| GDMA | Category Low | Category High | GDMA % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 17.90% | 14.37% |
Dividend Distribution Analysis
| GDMA | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Monthly | Quarterly |
Net Income Ratio Analysis
| GDMA | Category Low | Category High | GDMA % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.73% | -2.34% | 13.92% | 72.17% |
Capital Gain Distribution Analysis
| GDMA | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Monthly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 28, 2023 | $1.248 | OrdinaryDividend |
| Dec 27, 2022 | $0.364 | OrdinaryDividend |
| Dec 30, 2021 | $0.574 | OrdinaryDividend |
| Sep 13, 2021 | $0.087 | OrdinaryDividend |
| Mar 15, 2021 | $0.006 | OrdinaryDividend |
| Dec 30, 2020 | $0.127 | OrdinaryDividend |
| Sep 22, 2020 | $0.003 | OrdinaryDividend |
| Jun 23, 2020 | $0.032 | OrdinaryDividend |
| Mar 24, 2020 | $0.032 | OrdinaryDividend |
| Dec 23, 2019 | $0.217 | OrdinaryDividend |
| Dec 23, 2019 | $0.330 | CapitalGainShortTerm |
| Sep 17, 2019 | $0.046 | OrdinaryDividend |
| Jun 24, 2019 | $0.161 | OrdinaryDividend |
| Mar 12, 2019 | $0.071 | OrdinaryDividend |
| Dec 28, 2018 | $0.152 | OrdinaryDividend |
GDMA - Fund Manager Analysis
Managers
Kevin Harper
Start Date
Tenure
Tenure Rank
Nov 14, 2018
3.55
3.6%
Kevin R. Harper, MBA, Chief Investment Officer of Gadsden, LLC, has been with Gadsden, LLC since its founding in 2017 and with affiliates of the firm since 2013. Mr. Harper is responsible for the development and implementation of the Adviser’s investment strategy and the design of the firm’s research infrastructure and is the Chairman of the Adviser investment committee. He has 20 years of experience, including nine years working for and investing on behalf of leading Ivy League endowments. Most recently, he served as Senior Portfolio Manager from 2010 to 2013 for Forefront Analytics, a multi-family office and an institutional alternatives advisor to multi-billion Taft-Hartley and Fortune 50 pension plans. Mr. Harper obtained his undergraduate degree and Master of Business Administration from The Wharton School at the University of Pennsylvania.
Brandon Koepke
Start Date
Tenure
Tenure Rank
Nov 02, 2020
1.58
1.6%
Mr. Brandon Koepke serves as Chief Technology Officer & Portfolio Manager. Mr. Koepke has a BSc in Computer Science specializing in Software Engineering at the University of Calgary and a BComm in Finance from the Haskayne School of Business.
Richard Shaner
Start Date
Tenure
Tenure Rank
Jan 31, 2022
0.33
0.3%
Mr. Richard Shaner has been portfolio manager of the Fund since 2021. Mr. Shaner has advised on trading and execution matters for the Adviser since January 2021, where he supports trading operations and assists in quantitative research. Prior to Mr. Shaner’s tenure with the Adviser, Mr. Shaner executed various trading strategies for a private family office. Mr. Shaner has a B.Sc in Kinesiology and Applied Physiology from the University of Colorado. He is also a CFA® Charterholder.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 34.51 | 6.36 | 2.41 |
