MOOD

Relative Sentiment Tactical Allocation ETF

The strategy underlying the Relative Sentiment Tactical Allocation ETF comprises four steps:

  1. Determine the "risk-on" (i.e., equity) allocation using an ensemble of longitudinal relative sentiment indicators
  2. Partition that "risk-on" allocation between U.S. and developed market equities using cross-sectional relative sentiment indicators
  3. Identify whether macro conditions are ripe for gold using dollar relative sentiment and the trajectory of real interest rates
  4. Allocate the remainder of the portfolio to TIPS and/or nominal bonds based on retail macro sentiment related to inflation expectations
  • The fund takes a long-only approach and uses no leverage or derivatives
  • It recomputes its allocations weekly and rebalances when the allocations have drifted beyond a threshold
  • It expresses its allocations using liquid, low-cost, broad-market ETFs. 
About The Manager

About The Manager

Raymond Micaletti is the co-founder and CIO of Relative Sentiment Technologies, LLC. He has over 20 years' experience at major investment banks (JPMorgan, Barclays), hedge funds (Fortress Investment Group), and asset management firms where his primary focus has been on the research, development, and management of systematic investment strategies. In 2018, he laid the groundwork for RST by publishing a paper on a new method for tactical asset allocation using relative sentiment--an active topic on which he continues to research and publish. A native of western Pennsylvania, Ray holds a B.S. in civil engineering from the University of Notre Dame and a Ph.D. in engineering mechanics from Princeton University.

Fund Data & Pricing
Net Assets as of 10/03/2023 $11.91m
NAV $24.81
Shares Outstanding 480,000
Premium/discount Percentage 0.01%
Closing Price $24.81
Median 30 Day Spread 0.15%

Data as of 10/03/2023

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund's NAV every fifteen seconds throughout the trading day.

Median 30 Day Spread is a calculation of Fund's median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund's national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Fund Details
Inception Date 05/19/2022
Primary Exchange NYSE
Ticker MOOD
CUSIP 02072L813
IOPV Symbol MOOD.NV
NAV Symbol MOOD.IV
Expense Ratio 0.68%
30 Day SEC Yield * 2.08%

* As of 08/31/2023

Month-End Performance Month End returns as of 08/31/2023
  Avg. Annualized  
  1 Month 3 Month 6 Month 1 Year 3 Year Since Inception
Fund NAV -2.69% 2.42% 4.69% 7.96% n/a 4.25%
Market Price -2.60% 2.38% 4.24% 7.87% n/a 4.29%
Quarter-End Performance Quarter end returns as of 06/30/2023
  AVG. ANNUALIZED  
  Quarter 1 Year 3 Year Since Inception
Fund NAV 2.79% 9.70% n/a 5.30%
Market Price 2.83% 9.77% n/a 5.34%

Expense ratio: 0.68%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (1-800-617-0004).

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Distribution Detail
Ex-Date Record Date Payable Date Amount
12/29/2022 12/30/2022 01/06/2023 0.344136
DOWNLOAD PREMIUM DISCOUNT INFORMATION
Top 10 Holdings
% Of Net Assets Name Ticker CUSIP Shares Held Market Value
24.54% VANGUARD FTSE DEVELOPED ETF VEA 921943858 68,766 2,922,555.00
22.14% VANGUARD INDEX FDS TOTAL STK MKT VTI 922908769 12,610 2,636,120.50
19.84% ABRDN GOLD ETF TRUST PHYSCL GOLD SHS SGOL 00326A104 135,481 2,362,788.64
11.52% ISHARES TR 1 3 YR TREAS BD SHY 464287457 17,020 1,372,152.40
11.36% ISHARES TR CORE US AGGBD ET AGG 464287226 14,637 1,352,458.80
10.15% ISHARES S&P GSCI COMMODITY- IN UNIT BEN INT GSG 46428R107 54,393 1,209,156.39
0.45% Cash & Other Cash&Other Cash&Other 53,652 53,652.28
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Data as of 10/04/2023.  Holdings are subject to change.