DIP — BTD Capital Fund
Data updated: 2024-04-29
DIP — BTD Capital Fund. United States Mid Cap Blend / Core Equity · $1.09M AUM · 0.77% expense ratio. Holdings, fees, performance and SEC filings.
DIP Fund Overview
DIP — BTD Capital Fund is a US mutual fund managed by ETF Series Solutions, categorised as United States Mid 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: ETF Series Solutions
- Category: United States Mid Cap Blend / Core Equity
- Assets under management: $1.09M
- 1-year return: 9.8%
- Ticker: DIP
- SEC CIK: 0001540305
- SEC series ID: S000078027
- Share class ID: C000238765
DIP Investment Objective and Strategy
BTD Capital Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by ETF Series Solutions.
Investment objective
The BTD Capital Fund (the Fund) seeks capital appreciation.
Principal investment strategy
The Fund is an actively managed exchange-traded fund (ETF) and seeks to achieve its investment objective by investing primarily in individual U.S. equity securities (generally consisting of common stocks and real estate investment trusts (REITs)) included in the S&P 500 that Kaiju ETF Advisors (Kaiju or the Sub-Adviser), utilizing a proprietary artificial intelligence (AI) driven algorithm (the Kaiju Algorithm), has identified as oversold in the market. The Sub-Adviser uses the Kaiju Algorithm to (i) select oversold securities for the Fund, (ii) identify market conditions that inform the Sub-Advisers buying and selling of securities, and (iii) employ risk management techniques to protect against major market corrections. The term oversold describes a condition where a security is trading at a price below its perceived fair market value, as determined by the Sub-Adviser, as a result of various external factors, including high-frequency trading, liquidity voids ( i.e.
, sudden changes in price without enough liquidity between the original price level and the final price level), and market panic. The oversold securities represent short-term buying opportunities, or individual security pricing dips. The Fund will buy the dip with respect to individual oversold securities based on the Kaiju Algorithms analysis of technical indicators, including a companys past price movements, trading volumes, liquidity levels, and investor sentiments. The Kaiju Algorithm takes a Stratified Risk Distribution approach to distribute the potential candidates for inclusion in the Fund across sectors and industries to eliminate sector over-weighting within the Fund. However, the Fund may invest a significant portion of its assets in a given sector from time-to-time. The Fund may invest in the securities of companies of any market capitalization, but primarily invests in large capitalization companies ( i.e.
, an issuer whose market capitalization at the time of purchase is $10 billion or above). In addition to individual equity securities, the Fund may invest in U.S. equity ETFs. In the event that the Kaiju Algorithm does not identify any oversold securities, the Fund may exclusively hold such ETFs, as well as cash and cash equivalents. Individual equity securities are typically held for a period of time ranging from one day to seven days, but may be held longer depending on the models signals. The Sub-Adviser generally instructs that a security be sold when the security achieves the Kaiju Algorithms estimate of fair value, and/or the Kaiju Algorithm identifies that a return to the securitys fair value price is probable. The Fund frequently and actively purchases and sells securities. The number of positions held by the Fund varies at any given time; each positions weighting is determined by the Kaiju Algorithm.
To manage portfolio risk and to protect against major market corrections, the Sub-Adviser employs an AI-driven regime classification engine and an AI-driven regime change detection engine. The regime classification engine attempts to correctly identify the current regime of each security held by the Fund; the engine is designed to identify how current market conditions can be classified ( e.g. , bull market, bear market, neutral market, or unknown). The regime change detection engine attempts to determine whether the regime identified by the regime classification engine is likely to persist, or if not, change in which direction; the engine is designed to identify if a change in classification is imminent. A bull market is typically characterized by a period of material increase in the overall U.S.
stock market, and a bear market is typically characterized by a period of material decrease in the overall U.S. stock market. Market conditions are considered neutral when neither bear nor bull market conditions exist. When market conditions cannot be classified, the regime classification engine labels the market conditions as unknown ( i.e. , when a combination of factors have never appeared in the last 20 years, such as the COVID-19 pandemic). Together, the two engines act as an early warning system to identify whether a security is more or less likely to weather large market corrections as compared to that securitys peers. When the engines identify a high probability of a major market correction, the Kaiju Algorithm employs various risk management techniques, including holding individual securities for reduced periods of time, allocating more of the Funds portfolio to U.S.
equity ETFs, or by holding cash and cash equivalents.
DIP Holdings
Top 10 holdings of BTD Capital Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Universal Health Services Inc | 4.52% |
| Newmont Corp | 4.48% |
| Crown Castle Inc | 4.45% |
| Viatris Inc | 4.39% |
| GLOBALFOUNDRIES Inc | 4.34% |
| Alliant Energy Corp | 4.33% |
| Starbucks Corp | 4.32% |
| UnitedHealth Group Inc | 4.32% |
| FirstEnergy Corp | 4.31% |
| MongoDB Inc | 4.24% |
DIP Portfolio Allocation
Asset-class allocation of BTD Capital Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 96.2% |
| Cash & Equivalents | 0.1% |
DIP Performance
Total returns for DIP (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 9.8% |
DIP Risk Information
Risk metrics for DIP, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 20.6%
DIP Costs and Fees
DIP costs about $77 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.77%
- Gross expense ratio: 0.77%
- Portfolio turnover: 5450%
- Brokerage commissions: 159.13 bps of average net assets (SEC N-CEN)
DIP Cashflows
Over the 12 months to 2024-02, BTD Capital Fund had net inflows of $11.94M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-02 | $0 |
| 2024-01 | $777.35K |
| 2023-12 | $4.94M |
| 2023-11 | $0 |
| 2023-10 | $2.63M |
| 2023-09 | $504.90K |
DIP Debt Constituents
No individual debt constituents are reported in BTD Capital Fund's latest SEC N-PORT filing.
DIP Prospectus and SEC Filings
Official BTD Capital Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-03-27
- Prospectus (485BPOS) — filed 2022-12-09
- Prospectus supplement (497) — filed 2023-11-21
- Portfolio holdings (N-PORT) — filed 2024-04-29
- Portfolio holdings (N-PORT) — filed 2024-01-26
- Portfolio holdings (N-PORT) — filed 2023-10-30
- Annual census (N-CEN) — filed 2024-02-13
Related Funds
Other United States Mid 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.