ZNAVX — USA Mutuals All Seasons Fund

Data updated: 2026-08-26

ZNAVX — USA Mutuals All Seasons Fund. Alternative · $11.10M AUM · 2.26% expense ratio. Holdings, fees, performance and SEC filings.

ZNAVX Fund Overview

ZNAVX — USA Mutuals All Seasons Fund is a US mutual fund managed by Northern Lights Fund Trust IV, categorised as Alternative. 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 IV
Category: Alternative
Assets under management: $11.10M
Ticker: ZNAVX
SEC CIK: 0001644419
SEC series ID: S000070209
Share class ID: C000223273

ZNAVX Investment Objective and Strategy

USA Mutuals All Seasons Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Northern Lights Fund Trust IV.

Investment objective

The USA Mutuals All Seasons Fund (the ?Fund?) seeks capital appreciation in all economic cycles.

Principal investment strategy

The Fund, a diversified investment company, pursues its investment objective by employing a discretionary trading strategy which attempts to tactically allocate exposure levels in the U.S. stock-markets. The Adviser invests the portfolio primarily in long and short equity stock index futures; however, the Adviser may also invest in stock index futures listed on other exchanges. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, multiplied by the difference between the stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index.

Although stock index futures contracts call for the actual taking or delivery of cash, in most cases the Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or a loss, before cash settlement is required. The Fund may use stock index futures for hedging or speculation purposes. The Fund?s investment methodology is based on the Adviser?s quantitative model. The model provides indicative buy and sell prices in the futures market. These futures trades generally are held no more than 5 days. The model uses a broad array of market data to drive its indicators. This may include the following input data: 1) Price movement of the underlying future 2) Volatility levels of the underlying future 3) Volatility of volatility of the underlying future 4) Options market pricing of the underlying future 5) Correlation information across markets The Fund implements short positions by using futures.

Short sales are transactions where the Fund sells securities it does not own in anticipation of a decline in the value of the securities. The Fund must borrow the security to deliver it to the buyer. The Fund is then obligated to replace the security borrowed at the market price at the time of replacement. The Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund uses leverage through derivatives, including stock index futures and options. Leverage includes the practice of borrowing money to purchase securities or borrowing securities to sell them short. Investments in derivative instruments also involve the use of leverage because the amount of exposure to the underlying asset is often greater than the amount of capital required to purchase the derivative instrument.

Leverage can increase or decrease the investment returns of the Fund. As a result, the sum of the Fund?s investment exposures may at times exceed the amount of assets invested in the Fund, although these exposures may vary over time. Buy and sell decisions are at the discretion of the portfolio managers.

ZNAVX Holdings

Top 3 holdings of USA Mutuals All Seasons Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

Holding	% of net assets
US Bank Mmda	11.74%
Chicago Mercantile Exchange	0.05%
Option Issuer	0.00%

View all ZNAVX holdings

ZNAVX Portfolio Allocation

Asset-class allocation of USA Mutuals All Seasons Fund by percentage of net assets, from the latest SEC N-PORT filing.

Asset class	Allocation
Cash & Equivalents	11.7%

ZNAVX Performance

Total returns for ZNAVX (as of 2026-10-01), from SEC filings.

Period	Total return
YTD	-3.8%
1 year	-2.7%
3 years (annualised)	1.5%
5 years (annualised)	5.5%

ZNAVX Risk Information

Risk metrics for ZNAVX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 6.0%

ZNAVX Costs and Fees

ZNAVX costs about $226 per $10,000 invested per year in fund expenses.

Net expense ratio: 2.26%
Gross expense ratio: 3.33%
Portfolio turnover: 0%
Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

ZNAVX Cashflows

Over the 12 months to 2026-06, USA Mutuals All Seasons Fund had net outflows of $7.67M, from monthly SEC N-PORT filings.

Month	Net flow
2026-06	−$200.51K
2026-05	−$2.30M
2026-04	−$337.88K
2026-03	−$845.98K
2026-02	−$343.49K
2026-01	−$554.49K

ZNAVX Debt Constituents

No individual debt constituents are reported in USA Mutuals All Seasons Fund's latest SEC N-PORT filing.

ZNAVX Prospectus and SEC Filings

Official USA Mutuals All Seasons Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Alternative 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.