SHLDX — USCA Premium Buy-Write Fund

SHLDX Fund Overview

SHLDX — USCA Premium Buy-Write Fund is a US mutual fund managed by USCA Fund Trust, categorised as United States 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: USCA Fund Trust
• Category: United States Blend / Core Equity
• Assets under management: $24.09M
• Ticker: SHLDX
• SEC CIK: 0001678523
• SEC series ID: S000055081
• Share class ID: C000173286

SHLDX Investment Objective and Strategy

USCA Premium Buy-Write Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by USCA Fund Trust.

Investment objective

The Fund seeks growth of capital and income.

Principal investment strategy

"T he Fund seeks to achieve its investment objective by investing primarily in common stocks of large-cap companies and exchange-traded funds (""ETFs"") that invest primarily in large-cap common stocks. The Fund defines large-cap as companies with market capitalizations in excess of $5 billion. The Fund sells (writes) call options on a majority of these stocks and ETFs to shield the Fund from some of the risk associated with these investments and to generate additional returns to the extent of the call option premium received. The Fund's adviser selects stocks that it believes will outperform the S&P 500 by screening for relatively attractive levels among the following stock-specific financial metrics: (i) dividend payments, (ii) dividend increases, (iii) payout ratios, (iv) debt coverage ratios, (v) debt levels, (vi) earnings history, (vii) revenue growth, (viii) earnings growth, (ix) stock buybacks, (x) price-to-earnings (P/E) ratios, (xi) forward-looking P/E ratios, (xii) price-to-book value ratios, (xiii) price-to-sales ratios, (xiv) price-to-cash flow ratios, (xv) Altman Z scores (a bankruptcy predictor), (xvi) P/E-to-growth (PEG) ratios, and (xv) Betas.

In addition to evaluating these metrics, the Adviser assesses the macro economic environment to determine what sectors of the S&P 500 it believes will underperform and outperform. From these determinants, the Adviser selects stocks it believes have the highest probability of outperforming the S&P 500. The Adviser uses ETFs as a substitute for groups of stocks or to execute sector-based strategies. To enhance the potential returns of the Fund, as well as to hedge against losses should portfolio securities decline, the Adviser sells call options against the Fund's portfolio of stocks and ETFs. This strategy is commonly referred to as a ""covered call"" strategy because the Fund owns the underlying security at the time it sells the option. The Adviser selects call options with various exercise prices and maturities, reflecting the Adviser's views about the capital appreciation potential of each underlying stock and ETF, as well its view on the U.S.

stock market as a whole. The Adviser selects call options it believes will expire worthless or can be repurchased (bought back) later at a lower price. The Adviser sells stocks and ETFs when it believes they no longer represent the highest probability of outperforming the S&P 500 and will contemporaneously repurchase related written call options. The Adviser also repurchases call options when it believes writing a new call option with a different maturity and/or strike price will produce higher returns. Together, the Adviser's stock and ETF selection strategy and call writing strategy are intended to produce returns that match or exceed the long-term performance of the S&P 500 while avoiding some of the losses experienced during market declines. The Adviser engages in active trading of the Fund's portfolio of securities in seeking to achieve the Fund's investment objective.

When the Adviser determines that investment opportunities in large cap common stocks are overvalued or that prospects for the U.S. stock market are waning, the Adviser may also allocate a portion of the Fund's assets to money market funds and other cash equivalents."

SHLDX Costs and Fees

SHLDX costs about $117 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.17%
• Gross expense ratio: 1.65%
• Portfolio turnover: 96%
• Brokerage commissions: 25.80 bps of average net assets (SEC N-CEN)

SHLDX Cashflows

Over the 12 months to 2020-09, USCA Premium Buy-Write Fund had net inflows of $4.76M, from monthly SEC N-PORT filings.

SHLDX Debt Constituents

No individual debt constituents are reported in USCA Premium Buy-Write Fund's latest SEC N-PORT filing.

SHLDX Prospectus and SEC Filings

Official USCA Premium Buy-Write Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-10
• Prospectus (485BPOS) — filed 2019-02-15
• Prospectus (485BPOS) — filed 2018-01-30
• Portfolio holdings (N-PORT) — filed 2020-11-24
• Portfolio holdings (N-PORT) — filed 2020-08-31
• Portfolio holdings (N-PORT) — filed 2020-05-28
• Annual census (N-CEN) — filed 2020-12-11
• Annual census (N-CEN) — filed 2019-12-10

Related Funds

Other United States Blend / Core Equity funds tracked on ABC INVEST:

• International Small Company Portfolio (DFISX)
• iShares Preferred and Income Securities ETF (PFF)
• Guggenheim Macro Opportunities Fund (GIOAX)
• Emerging Markets Portfolio (DFEMX)
• Eaton Vance Global Macro Absolute Return Advantage Fund (EGRAX)

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.