QAWSX — Q3 All-Season Systematic Opportunities Fund
Data updated: 2026-07-30
QAWSX — Q3 All-Season Systematic Opportunities Fund. United States Multi-Cap / All-Cap Blend / Core Equity. Holdings, fees, performance and SEC filings.
QAWSX Fund Overview
QAWSX — Q3 All-Season Systematic Opportunities Fund is a US mutual fund managed by Ultimus Managers Trust, 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: Ultimus Managers Trust
- Category: United States Multi-Cap / All-Cap Blend / Core Equity
- Assets under management: $354.92M
- 1-year return: -13.6%
- Ticker: QAWSX
- SEC CIK: 0001545440
- SEC series ID: S000067444
- Share class ID: C000216822
QAWSX Investment Objective and Strategy
Q3 All-Season Systematic Opportunities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultimus Managers Trust.
Investment objective
The Q3 All-Season Systematic Opportunities Fund (the Systematic Opportunities Fund) seeks capital appreciation.
Principal investment strategy
Under normal circumstances, the Fund invests primarily in a combination of futures contracts on the S&P 500 or NASDAQ (Index Futures), and investments, in money market funds, U.S. Treasury securities, and short term bonds (Fixed Income Investments). The Fund, however, may invest in exchange-traded funds (ETFs) and open-end mutual funds that provide exposure to broad-based U.S. equity securities indices (collectively, with Index Futures, Portfolio Instruments) rather than in Index Futures. Investments by the Fund in mutual funds or ETFs would be determined in the discretion of the Adviser based on several factors, including: market volatility, liquidity of trading vehicles, and trade execution costs. The percentage of the Funds net assets invested in futures contracts may fluctuate over time but under normal circumstances is generally expected to represent less than 10% of the Funds net assets based on mark-to-market values.
However, the Funds notional exposure from derivative instruments may at times equal 100% of the Funds net assets. Under normal circumstances, the balance of the Funds net assets generally will be invested in Fixed Income Investments in an effort to generate income for the Fund. In managing the Fund, the Adviser utilizes a tactical, systematic strategy that relies on a proprietary algorithmic model developed by the Adviser that incorporates mean-reversion analysis (the Model). Mean reversion refers to the concept that the market price of a particular equity securities index (Index Market Exposure) will, over time, typically return to a price within its recent historical trading range. For example, if the price of a given Index Market Exposure was to drop rapidly, the Model may signal this to be a buying opportunity for that Index Market Exposure, based on the belief that the price for the Index Market Exposure is likely to revert back to a higher price more consistent with the Index Market Exposures recent historical trading range.
The Model also incorporates additional quantitative trading indicators that include relative strength, momentum, moving averages, breakouts and overbought/oversold conditions and trend-identification. Mean reversion is the primary indicator of a buying opportunity for the Fund, while the additional quantitative trading indicators confirm the existence of a buying opportunity. The additional quantitative trading indicators may be applied in the discretion of Adviser based on its assessment of the prevailing market environment. The Model evaluates the historical trading range for a given Index Market Exposure to identify instances when the Index Market Exposure trades outside this range. Based on prevailing market conditions and short-term price movement analysis, the Model indicates when short term opportunities for gains may exist.
The Model generally defines historical trading range as the spread between an Index Market Exposures highest and lowest trade price during a short period of time, typically 1-20 days. The Model generates daily signals (buy or no buy) for a particular Index Market Exposure indicating whether or not, taking into account the prevailing market environment, a short-term trading opportunity has been identified. The Fund generally exits positions when the Model indicates that the trading price for an Index Market Exposure position has risen above (fallen below) the Models pre-defined price thresholds. When the Models signals prompt the Fund to divest, in whole or in part, from Portfolio Instruments, the Fund typically will invest in money market funds, ultra-short term bond funds and comparable investments (collectively, Defensive Investments) in an effort to preserve capital.
The Adviser selects among Defensive Investments primarily based on the Advisers assessment of their current yield. The Fund typically invests in Defensive Investments, sometimes for extended periods of time, until the Model indicates buy signals in the equity markets. Trades involving Portfolio Instruments generally are short-term in nature (1 to 14 days), depending on prevailing market conditions, which may involve active and frequent trading and high portfolio turnover. However, certain trades could span longer periods of time, depending on market conditions. At times, the Systematic Opportunities Funds investments may be indirectly focused on one or more sectors or areas of the economy.
QAWSX Holdings
Top 2 holdings of Q3 All-Season Systematic Opportunities Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Bondbloxx ETF Trust | 77.21% |
| First American Funds, Inc. | 4.18% |
QAWSX Portfolio Allocation
Asset-class allocation of Q3 All-Season Systematic Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 77.2% |
| Cash & Equivalents | 4.2% |
QAWSX Performance
Total returns for QAWSX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -13.6% |
| 3 years (annualised) | 4.5% |
QAWSX Risk Information
Risk metrics for QAWSX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 14.9%
QAWSX Costs and Fees
QAWSX costs about $251 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.51%
- Gross expense ratio: 5.62%
- Portfolio turnover: 147%
- Brokerage commissions: 4.63 bps of average net assets (SEC N-CEN)
QAWSX Cashflows
Over the 12 months to 2026-05, Q3 All-Season Systematic Opportunities Fund had net inflows of $157.92M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $5.67M |
| 2026-04 | $9.38M |
| 2026-03 | $23.75M |
| 2026-02 | $13.02M |
| 2026-01 | $3.64M |
| 2025-12 | $45.74M |
QAWSX Debt Constituents
No individual debt constituents are reported in Q3 All-Season Systematic Opportunities Fund's latest SEC N-PORT filing.
QAWSX Prospectus and SEC Filings
Official Q3 All-Season Systematic Opportunities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-03-27
- Prospectus (485BPOS) — filed 2025-03-28
- Prospectus (485BPOS) — filed 2024-10-15
- Portfolio holdings (N-PORT) — filed 2026-07-30
- Portfolio holdings (N-PORT) — filed 2026-04-27
- Portfolio holdings (N-PORT) — filed 2026-01-28
- Annual census (N-CEN) — filed 2026-02-12
- Annual census (N-CEN) — filed 2025-02-06
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.