PERFORMANCE, TRANSPARENCY, EFFICIENCY
- NYSE Arca:
VEGA is a low volatility, globally diversified asset allocation strategy that employs options seeking to enhance income and reduce risk. The volatility of each of the underlying positions drives option usage. During periods of high volatility, the fund will write (or sell) a call option to hedge downside risk through income generation from the sale of options. 60%-85% of VEGA’s equity positions will typically be covered. When volatility is low, the portfolio manager buys protective put options to manage downside risk. VEGA can serve as a core alternative allocation.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before you invest. Foreside Fund Services, LLC, Distributor.
There is no guarantee that the Fund will achieve its investment goal. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. The Fund is subject to the underlying ETFs and ETP risk that comprise this “fund of funds” and is subject to greater volatility due to commodity risk, a decline in the credit quality of the portfolio, increased risk of price volatility associated with emerging markets, and negative impact due to currency exchange rate fluctuations. Other Fund risks include market risk, equity risk, ETN risk, closed end fund risk, asset allocation risk, early closing risk, short sales and leverage risk, liquidity risk, trading risk, and turnover risk. This Fund may not be suitable for all investors. See prospectus for details regarding risk.
The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three- and five-year Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns.
© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Overall Morningstar ratings are derived from a weighted average of the fund’s 3-, 5-, and 10- year (if applicable) risk-adjusted returns as of 2/28/2021.
VEGA received a 3 star rating for the 3-year period and a 4 star rating for the 5-year period. The Option Writing Category consists of 114 funds in the 3-year period and 71 in the 5-year period.