LHA Tactical Beta Variable Series Fund

C000231648 Fund Overview

LHA Tactical Beta Variable Series Fund is a US mutual fund managed by Unified Series Trust, categorised as United States Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Unified Series Trust
• Category: United States Growth Equity
• Assets under management: $50.00K
• SEC CIK: 0001199046
• SEC series ID: S000074108
• Share class ID: C000231648

C000231648 Investment Objective and Strategy

LHA Tactical Beta Variable Series Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Unified Series Trust.

Investment objective

The LHA Tactical Beta Variable Series Fund (the Fund) seeks long-term out-performance (net of fees) relative to the large-capitalization U.S. equity market.

Principal investment strategy

The Fund is an actively-managed fund and seeks to achieve its objective principally by investing long in instruments linked directly or indirectly to the performance and/or volatility of the S&P 500 Index based on quantitative analyses, described below, that seek to estimate the direction of the S&P 500 Index. Such instruments may include index-based and actively-managed exchange-traded funds (ETFs), leveraged ETFs, and exchange-traded notes (ETNs) with long exposure to the S&P 500 Index, U.S. Treasury securities, or the Cboe Volatility Index (VIX Index); securities issued by the U.S. government or its agencies or instrumentalities; and options and futures contracts on the S&P 500 Index or VIX Index. For hedging exposure, the Fund may purchase call options or call option spreads with long exposure to the VIX Index or VIX Index-linked ETFs.

The Fund may also invest the remainder of its portfolio directly or indirectly in cash and cash equivalents. The Fund seeks to achieve its objective by estimating the direction and magnitude of S&P 500 Index volatility based on the movement of the VIX Index. The VIX Index seeks to measure the markets current expectation of 30-day volatility of the S&P 500 Index as reflected by the prices of near-term S&P 500 options. The markets current expectation of the possible rate and magnitude of movements in an index is commonly referred to as the implied volatility of the index. Because S&P 500 options derive value from the possibility that the S&P 500 may experience movement before such options expire, the prices of near-term S&P 500 options are used to calculate the implied volatility of the S&P 500.

Under normal market conditions, the Funds baseline exposure each day to the S&P 500 Index is approximately 100%, which the Funds portfolio managers then adjust based on a quantitative analysis of the movement of the VIX Index. The Funds exposure to the S&P 500 Index may be significantly greater or less than 100% at any given time, although the Funds investment adviser Little Harbor Advisors, LLC (the Adviser) generally expects that such exposure will be between approximately 80% and 120% at the time investments are made. The portfolio managers use such analysis to determine in which instruments(s) to invest long and the magnitude of such exposures. During periods where volatility increases, the Adviser expects the Fund to seek protection against falling markets and to provide returns uncorrelated to the S&P 500 Index.

From time to time, the Fund may also write (sell) call options (described below) on its S&P 500 positions (known as covered calls) to generate additional returns. The Fund will invest in options and futures contracts (derivative instruments) to gain long exposure to the S&P 500 or VIX Index. Specifically, the Fund may invest in ETFs, leveraged ETFs, ETNs, or derivative instruments linked to the returns of the S&P 500 or in VIX Index options or futures contracts (long). A futures contract is a standardized agreement to buy or sell a specific quantity of an underlying instrument ( e.g. , the S&P 500 or VIX Index) at a specific price at a specific future time. Investments in derivative instruments, such as futures contracts, have the economic effect of creating financial leverage in the Funds portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments.

Financial leverage will magnify, sometimes significantly, the Funds exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Funds portfolio. The Funds strategy may result in returns for a single day or longer periods of time that are significantly higher or lower than the returns of the large-capitalization U.S. equity market. The Fund may also purchase put options or write (sell) covered call options (or option spreads) on the VIX Index, the S&P 500, or in ETNs or ETFs that seek exposure to short-term VIX Index futures contracts. An ETN is an exchange-traded debt obligation of an investment bank, and the returns of an ETN are linked to the performance of a market index or derivatives linked to such index, such as VIX Index futures contracts.

When the Fund purchases options or option spreads, losses from the Funds investments in such purchased options or option spreads are limited to the amount of the net premiums paid. The Funds investments in purchased or written options or option spreads will generally involve premiums of less than 2% of the Funds net assets during a given month. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. The Funds strategy may result in the active and frequent trading of the Funds investments, which may result in significant portfolio turnover.

C000231648 Costs and Fees

C000231648 costs about $136 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.36%
• Gross expense ratio: 1.36%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000231648 Cashflows

Over the 12 months to 2022-09, LHA Tactical Beta Variable Series Fund had net inflows of $50.00K, from monthly SEC N-PORT filings.

C000231648 Debt Constituents

No individual debt constituents are reported in LHA Tactical Beta Variable Series Fund's latest SEC N-PORT filing.

C000231648 Prospectus and SEC Filings

Official LHA Tactical Beta Variable Series Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2022-04-14
• Prospectus (485BPOS) — filed 2021-11-09
• Portfolio holdings (N-PORT) — filed 2022-11-22
• Portfolio holdings (N-PORT) — filed 2022-08-18
• Portfolio holdings (N-PORT) — filed 2022-05-26
• Annual census (N-CEN) — filed 2022-03-16

Related Funds

Other United States Growth Equity funds tracked on ABC INVEST:

• Stralem Equity Fund (STEFX)
• FormulaFolios Hedged Growth ETF (FFHG)
• Innovator Growth-100 Power Buffer ETF - May (NMAY)
• Beacon Accelerated Return Strategy Fund (BARTX)
• HSBC Opportunity Fund Class I (RESCX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.