SDAYX — Swan Defined Risk Growth Fund
Data updated: 2026-09-11
SDAYX — Swan Defined Risk Growth Fund. United States Multi-Cap / All-Cap Blend / Core Equity · $59.19M AUM. Holdings, fees, performance and SEC filings.
SDAYX Fund Overview
SDAYX — Swan Defined Risk Growth Fund is a US mutual fund managed by Northern Lights Fund Trust III, 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 III
- Category: United States Multi-Cap / All-Cap Blend / Core Equity
- Assets under management: $59.19M
- 1-year return: 27.7%
- Ticker: SDAYX
- SEC CIK: 0001537140
- SEC series ID: S000063531
- Share class ID: C000205841
SDAYX Investment Objective and Strategy
Swan Defined Risk Growth Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Northern Lights Fund Trust III.
Investment objective
The Fund seeks growth of capital.
Principal investment strategy
Using the sub-advisers proprietary Defined Risk Strategy (DRS) to select the Funds investments, the Fund seeks to achieve its investment objective by investing directly, or indirectly in: capitalization-weighted U.S. large capitalization exchange-traded funds (ETFs) that invest in equity securities that are represented in the S&P 500 Index, exchange-traded long-term put options on the S&P 500 Index for hedging purposes, and exchange-traded put and call options on various equity indices to generate additional returns. The DRS seeks to provide risk-managed growth of capital by matching or exceeding the long-term performance of the stock market while seeking to minimize the traditional losses incurred during bear markets. The Fund invests primarily in equity securities of large capitalization (over $10 billion) US companies directly or through ETFs.
The sub-adviser anticipates income from dividend payments made by ETFs and individual securities, as well as income from short term trades and option premiums, although option income is also described as capital appreciation for tax and accounting purposes. The sub-adviser anticipates executing ETF trades through an exchange rather than trading directly with a fund. The Fund differs other funds managed by the adviser and sub-adviser by focusing on growth over protection. The DRS philosophy is based upon the sub-advisers research indicating that market timing and/or stock selection is extremely difficult, may produce volatile returns and that asset allocation is limited in its risk reduction. Using DRS, the sub-adviser seeks to define risk by seeking to protect against large losses by hedging equity ETFs through investments in protective long-term S&P 500 Index put options.
Additionally, the sub-adviser seeks to increase returns by buying and selling call and put options on several indices using hedging strategies. Defined Risk Strategy The DRS was created in 1997 by Randy Swan, President of the sub-adviser. The objective of the DRS is to provide risk-managed growth of capital by offering a strategy that seeks to match or exceed the long-term performance of the stock market while seeking to minimize the traditional losses incurred during bear markets. The DRS philosophy is based upon the sub-advisers research indicating that market timing and/or stock selection is extremely difficult and that asset allocation is limited in its risk reduction properties. Stock Selection The Fund invests 75-95% of its assets in capitalization-weighted U.S. large capitalization ETFs.
This underlying position is hedged with long-term put options. Hedging Process The sub-adviser applies a put hedging strategy to hedge the Funds equity exposure. The Fund invests in long-term put options (referred to as paying a premium) that gives the Fund the right to sell a security or index at a set (strike) price or sell the long-term put option on an option exchange. The put strategy is executed using exchange-traded S&P 500 Index put options to hedge the portfolio and to reduce volatility. The put strategy seeks to limit downside loss. Generally, S&P 500 Index put options have an inverse relationship to the S&P 500 Index and its sector-specific constituents.
SDAYX Holdings
Top 2 holdings of Swan Defined Risk Growth Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Ishares Trust | 89.83% |
| First American Funds, Inc. | 1.85% |
SDAYX Portfolio Allocation
Asset-class allocation of Swan Defined Risk Growth Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 89.8% |
| Derivatives | 7.5% |
| Cash & Equivalents | 1.9% |
SDAYX Performance
Total returns for SDAYX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 27.7% |
| 3 years (annualised) | 16.6% |
SDAYX Risk Information
Risk metrics for SDAYX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 8.9%
SDAYX Costs and Fees
SDAYX costs about $105 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.05%
- Gross expense ratio: 2.11%
- Portfolio turnover: 54%
- Brokerage commissions: 7.74 bps of average net assets (SEC N-CEN)
SDAYX Cashflows
Over the 12 months to 2026-06, Swan Defined Risk Growth Fund had net inflows of $3.43M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$254.02K |
| 2026-05 | $30.51K |
| 2026-04 | −$180.05K |
| 2026-03 | $3.02M |
| 2026-02 | −$122.04K |
| 2026-01 | $1.91M |
SDAYX Debt Constituents
No individual debt constituents are reported in Swan Defined Risk Growth Fund's latest SEC N-PORT filing.
SDAYX Prospectus and SEC Filings
Official Swan Defined Risk Growth Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-10-23
- Prospectus (485BPOS) — filed 2024-10-25
- Prospectus (485BPOS) — filed 2023-10-26
- Portfolio holdings (N-PORT) — filed 2026-08-28
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2026-09-11
- Annual census (N-CEN) — filed 2025-09-12
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.