FOR INSTITUTIONAL USE ONLY
RH Hedged Multi-Asset Income ETF - Monthly Commentary - June 2023:
During the month of July, RH Hedged Multi-Asset Income ETF (AMAX) maintained its allocation to equity and index covered call strategies designed to increase monthly income. As another mechanism to generate income, the ETF also continued writing covered calls against its preexisting position in the iShares 20+ Year Treasury Bond ETF (TLT). During the month, the ETF opened a new position in iShares Russell 2000 ETF (IWM) and wrote covered calls against it. The ETF returned 0.33% for the month of July, outperforming the Bloomberg US Aggregate Bond benchmark which returned -0.07%.
The performance information quoted here represents past performance, which is not a guarantee of future results. Investment return 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. Current performance may be lower or higher than the performance data quoted. To obtain Fund performance information current to the most recent month-end, please call 1-800-773-3863, or visit www.adaptiveetfs.com
ICADP0823002
Investors should consider the investment objective, management fees, risks, charges and expenses of the Fund carefully before investing or sending money. The Prospectus and Summary Prospectus contains this and other information about the Fund. For a current Prospectus and/ or Summary Prospectus, call 888-721-4588, visit us at www.adaptiveetfs.com or email us at info@adaptiveetfs.com. Please read the Prospectus and/or Summary Prospectus carefully before you invest. Current and future holdings are subject to change and risk.
An investment in the RH Hedged Multi-Asset Income ETF is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the RH Hedged Multi-Asset Income ETF will be successful in meeting its investment objectives. Investments in the RH Hedged Multi-Asset Income ETF is also subject to the following risks: Mortgage-Backed Securities Risk: Borrowers may default on their mortgage obligations or the guarantees underlying these securities will be called or prepaid. Risk of these securities may be heightened for the below investment grade securities in the Fund's portfolio. The liquidity of these securities can change significantly over time. Asset-Backed Securities Investment Risk: Borrowers may default on the obligations that underlie this security and, during periods of falling interest rates, these securities may be called or prepaid. While the shares of the Fund are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risks, fluctuate in market value, and may trade at prices above or below the ETF’s net asset value. More information about these risks can be found in the Fund’s prospectus.
The Adaptive Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC 27609, (800) 773-3863. There is no affiliation between Adaptive Investments, the Investment Advisor to the Fund, and Capital Investment Group, Inc.