COUAX — Dynamic International Opportunity Fund
Data updated: 2026-08-25
COUAX — Dynamic International Opportunity Fund. United States Multi-Cap / All-Cap Blend / Core Equity. Holdings, fees, performance and SEC filings.
COUAX Fund Overview
COUAX — Dynamic International Opportunity Fund is a US mutual fund managed by Northern Lights Fund Trust II, categorised as United States Multi-Cap / All-Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Northern Lights Fund Trust II
- Category: United States Multi-Cap / All-Cap Blend / Core Equity
- Assets under management: $62.92M
- Ticker: COUAX
- SEC CIK: 0001518042
- SEC series ID: S000035095
- Share class ID: C000131812
COUAX Investment Objective and Strategy
Dynamic International Opportunity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Northern Lights Fund Trust II.
Investment objective
The investment objective of the Dynamic International Opportunity Fund is capital appreciation.
Principal investment strategy
Under normal market conditions, the Dynamic International Opportunity Fund invests primarily in equity securities of companies domiciled in developed, emerging and frontier international markets as well as in exchange traded funds (?ETFs?) that offer exposure to such companies. The Dynamic International Opportunity Fund may also invest in other categories of ETFs as described below, including those that offer exposure to domestic and international fixed income markets and those that offer exposure to alternative asset classes. The Dynamic International Opportunity Fund may also directly invest in derivative instruments such as futures contracts and options. The Dynamic International Opportunity Fund?s strategy is based on a proprietary quantitative framework (?Quantitative Framework?) that informs the investment decision-making process regarding potential investment opportunities in non-U.S.
equity markets based on the specific risk/reward characteristics (such as corporate fundamentals, macroeconomic, and behavioral variables, including but not limited to aggregate earnings, dividends, profitability, gross domestic product, unemployment, interest rates, volatility and price momentum) of each individual market by investing in vehicles (e.g., ETFs) that seek exposure to a specific country, or region (e.g. Western Europe, Asia) or market (e.g. frontier markets, emerging markets, developed markets). The Dynamic International Opportunity Fund?s international equity exposures may include, but are not limited to ETFs that invest in common and preferred stocks of all market capitalizations, convertible securities, and rights and warrants listed on U.S. markets or non-U.S. markets. The Dynamic International Opportunity Fund invests in equity securities of companies that are domiciled in developed, emerging, and frontier markets as well as ETFs comprised of such securities that provide exposure to such markets.
Such countries include but are not limited to: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, Finland, France, Germany, Greece, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Qatar, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates and the United Kingdom. The Dynamic International Opportunity Fund may also invest in ETFs that offer exposure to domestic and international fixed income securities, such as bonds issued by governments, government agencies and/or corporations as well as asset-backed securities and floating-rate securities. Such ETFs may include fixed income investments of any maturity, duration and quality, including those that are rated below investment grade (?junk bonds?).
The Dynamic International Opportunity Fund may invest in ETFs that offer exposure to various alternative asset classes, such as, but not limited to, commodities, real estate, currencies, derivatives and volatility. The Dynamic International Opportunity Fund may also invest in leveraged, inverse and inverse-leveraged ETFs in order to gain exposures to the referenced equity, fixed income and alterative asset classes. Further, the Dynamic International Opportunity Fund may invest directly in certain derivatives, namely futures and options in order to achieve desired market exposures. Under normal market conditions, the Dynamic International Opportunity Fund allocates at least a majority and up to 100% of its assets to equity securities or ETFs that either directly focus investments in a specific country or indirectly invest in such countries through investments in foreign markets such as regional, developed, emerging or frontier market ETFs.
Also under normal market conditions: ? The Dynamic International Opportunity seeks to invest substantially all of its assets in equity securities and equity, fixed income and/or alternative asset class ETFs and derivative instruments. ? The Adviser does not anticipate investing more than 25% of its assets in any equity market focused on one country. ? The Dynamic International Opportunity Fund may be invested in any number of equity markets focused on numerous countries, although the Fund will maintain exposure to at least three different countries. ? The Dynamic International Opportunity Fund?s portfolio will be comprised primarily of equity securities and equity ETFs. Under stressed or abnormal market conditions, or for other defensive purposes, the Dynamic International Opportunity Fund may invest up to 100% of its assets in fixed income ETFs, alternative asset class ETFs, derivative instruments or cash, or a combination of any or all four of these asset classes.
The Dynamic International Opportunity Fund is actively managed, and as frequently as on a daily basis, the Adviser?s investment committee (the ?Investment Committee?) analyzes variables the Adviser believes have predictive capabilities with respect to country equity performance. Where the Investment Committee finds the prospective risk-relative return of investing in an equity security or equity-based ETF investing in a given country, region, or market to be superior to a basket of fixed income (or alternative asset class categories), then an allocation is made to the equity securities or equity ETFs. The Investment Committee may choose to aggregate exposures by way of regional or sub-regional ETFs in order to achieve their desired exposures. In the absence of attractive equity exposures, the entire allocation is made to fixed income and/or alternative asset class category ETFs.
The Adviser will make decisions to transact a security based on its Quantitative Framework or if the Dynamic International Opportunity Fund?s portfolio needs to be rebalanced. Decisions by the Adviser to transact other portfolio securities will be based upon the research, recommendations, and trading signals received from the Investment Committee. This strategy seeks to provide excess returns relative to the Dynamic International Opportunity Fund?s benchmark, the Morningstar Global ex US Target Market Exposure Net Return Index (USD over periods of three years and longer, with risk levels commensurate with the level of performance, using diversification, active management, style integrity, minimized security selection risk, and cost efficiency. The Dynamic International Opportunity Fund may lend its portfolio securities in order to generate additional income.
COUAX Holdings
Top 10 holdings of Dynamic International Opportunity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Franklin Templeton ETF Trust | 11.98% |
| Franklin Templeton ETF Trust | 10.89% |
| Ishares, Inc. | 7.69% |
| Franklin Templeton ETF Trust | 6.09% |
| Franklin Templeton ETF Trust | 5.67% |
| First American Funds, Inc. | 5.49% |
| Franklin Templeton ETF Trust | 4.34% |
| Franklin Templeton ETF Trust | 3.99% |
| Ishares, Inc. | 3.74% |
| Ishares, Inc. | 3.72% |
COUAX Portfolio Allocation
Asset-class allocation of Dynamic International Opportunity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 93.8% |
| Cash & Equivalents | 5.5% |
COUAX Performance
Total returns for COUAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 14.1% |
| 1 year | 27.9% |
| 3 years (annualised) | 15.6% |
| 5 years (annualised) | 6.5% |
COUAX Risk Information
Risk metrics for COUAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 15.1%
COUAX Costs and Fees
COUAX costs about $179 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.79%
- Gross expense ratio: 2.39%
- Portfolio turnover: 98%
- Brokerage commissions: 0.46 bps of average net assets (SEC N-CEN)
COUAX Cashflows
Over the 12 months to 2026-06, Dynamic International Opportunity Fund had net outflows of $6.85M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$749.43K |
| 2026-05 | −$741.58K |
| 2026-04 | −$358.92K |
| 2026-03 | −$249.32K |
| 2026-02 | −$273.20K |
| 2026-01 | $815.87K |
COUAX Debt Constituents
No individual debt constituents are reported in Dynamic International Opportunity Fund's latest SEC N-PORT filing.
COUAX Prospectus and SEC Filings
Official Dynamic International Opportunity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-30
- Prospectus (485BPOS) — filed 2025-04-25
- Prospectus (485BPOS) — filed 2024-04-26
- Portfolio holdings (N-PORT) — filed 2026-08-25
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-12
Related Funds
Other United States Multi-Cap / All-Cap Blend / Core Equity funds tracked on ABC INVEST:
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.