SROAX — Dynamic U.S. Opportunity Fund
Data updated: 2026-08-25
SROAX — Dynamic U.S. Opportunity Fund. United States Multi-Cap / All-Cap Blend / Core Equity · $91.84M AUM. Holdings, fees, performance and SEC filings.
SROAX Fund Overview
SROAX — Dynamic U.S. 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: $91.84M
- Ticker: SROAX
- SEC CIK: 0001518042
- SEC series ID: S000035094
- Share class ID: C000131811
SROAX Investment Objective and Strategy
Dynamic U.S. 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 U.S. Opportunity Fund is capital appreciation.
Principal investment strategy
Under normal market conditions, the Dynamic U.S. Opportunity Fund invests primarily in the equity securities of U.S. companies and equity exchange-traded funds (?ETFs?) that offer exposure to domestic equity markets. The Dynamic U.S. 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 U.S. Opportunity Fund may also directly invest in derivative instruments such as futures contracts and options. The Dynamic U.S. Opportunity Fund?s strategy is based on a proprietary quantitative framework (?Quantitative Framework?) that informs the investment decision-making process regarding investment opportunities in domestic 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 various segments of the equity market as defined by the Global Industry Classification Structure (?GICS?).
GICS is a four-tiered, hierarchical industry classification system developed in 1999 by MSCI and Standard & Poor?s for use by the global financial community; it consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. The Dynamic U.S. Opportunity Fund?s equity exposures may include, but are not limited to, equity securities of U.S. companies and 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 U.S. Opportunity Fund?s investments in equity markets include, but are not limited to: Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate Communication Services and Utilities.
The Dynamic U.S. Opportunity Fund also may invest in industry groups, industries and sub-industries (collectively, ?sub-sectors?) of the sectors defined by GICS. The Dynamic U.S. 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 or quality, including those that are rated below investment grade ?junk bonds?. Note that the fixed income allocation is intended to be primarily, but not necessarily exclusively, domestic. The Dynamic U.S. 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 U.S. 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 U.S. Opportunity Fund may invest directly in certain derivatives, namely futures and options in order to achieve desired market exposures. At least 80% of the Dynamic U.S. Opportunity Fund?s assets will be invested in accordance with the Dynamic U.S. Opportunity Fund?s name, specifically in ETFs that offer exposure to U.S.-based sectors, fixed income markets, and/or alternative asset classes and derivative instruments providing exposure to such U.S. based sectors, markets or asset classes. Under normal market conditions, the Dynamic U.S. Opportunity Fund allocates at least a majority and up to 100% of its assets to equity securities and equity ETFs that focus investment either directly or indirectly in domestic equity markets.
Also under normal market conditions: ? The Dynamic U.S. Opportunity Fund 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 generally more than 35% in any single equity market sector exposure ? The Dynamic U.S. Opportunity Fund may be invested in any number of sector and sub-sector equity markets, including none. ? The Dynamic U.S. 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 U.S. 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 U.S. Opportunity Fund is actively managed and on a daily basis, the Adviser?s investment committee (the ?Investment Committee?) analyzes variables that the Adviser believes have predictive capabilities with respect to equity performance. Where the Investment Committee finds the prospective risk-relative return of investing in equity securities or an equity based ETFs investing in a given sector to be superior to that of an ETF investing in the fixed income or alternative asset class categories, an allocation is made to the equity securities or equity-based ETFs. The Investment Committee may choose to aggregate exposures in order to achieve these desired exposures. In the absence of an attractive equity exposure, the allocation is made to fixed income or alternative asset class category ETF.
The Adviser will make decisions to transact a security based on its Quantitative Framework or if the Dynamic U.S. 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 U.S. Opportunity Fund?s benchmark, the S&P 500 Index 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 U.S. Opportunity Fund may lend its portfolio securities in order to generate additional income.
SROAX Holdings
Top 10 holdings of Dynamic U.S. Opportunity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Select Sector Spdr Trust (the) | 17.27% |
| Select Sector Spdr Trust (the) | 14.68% |
| First American Funds, Inc. | 11.87% |
| Select Sector Spdr Trust (the) | 11.38% |
| Spdr Series Trust | 9.78% |
| Select Sector Spdr Trust (the) | 9.50% |
| Select Sector Spdr Trust (the) | 5.25% |
| Select Sector Spdr Trust (the) | 5.17% |
| Select Sector Spdr Trust (the) | 4.78% |
| Spdr Series Trust | 4.70% |
SROAX Portfolio Allocation
Asset-class allocation of Dynamic U.S. Opportunity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.3% |
| Cash & Equivalents | 11.9% |
SROAX Performance
Total returns for SROAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 6.0% |
| 1 year | 13.8% |
| 3 years (annualised) | 12.1% |
| 5 years (annualised) | 8.6% |
SROAX Risk Information
Risk metrics for SROAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 8.7%
SROAX Costs and Fees
SROAX costs about $184 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.84%
- Gross expense ratio: 2.14%
- Portfolio turnover: 259%
- Brokerage commissions: 0.44 bps of average net assets (SEC N-CEN)
SROAX Cashflows
Over the 12 months to 2026-06, Dynamic U.S. Opportunity Fund had net outflows of $11.56M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$867.24K |
| 2026-05 | −$3.78M |
| 2026-04 | −$1.54M |
| 2026-03 | −$1.71M |
| 2026-02 | −$2.05M |
| 2026-01 | −$2.25M |
SROAX Debt Constituents
No individual debt constituents are reported in Dynamic U.S. Opportunity Fund's latest SEC N-PORT filing.
SROAX Prospectus and SEC Filings
Official Dynamic U.S. 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.