The Fund seeks long-term capital appreciation by tracking a rules-based DelCOL factor model, before the placeholder expense ratio and trading costs.
| Item | Value |
|---|---|
| Ticker (pseudo) | FDEE |
| CUSIP | Not applicable (hypothetical model portfolio) |
| Listing exchange | Not listed (hypothetical) |
| Underlying model | DelCOL factor (Energy only) |
| Placeholder expense ratio |
| 0.45% |
| Placeholder inception date | 2022-03-25 |
| Number of holdings (long leg) | 27 |
| Weighting | Cap-weighted |
| Rebalance frequency | Monthly |
| Holdings as of | November 2026 |
The following performance is HYPOTHETICAL and BACKTESTED — it was calculated by applying the model to historical data with the benefit of hindsight, is gross of the placeholder expense ratio and trading costs, and does not represent the results of any actual account. Past (hypothetical) performance does not guarantee or predict future results.
| Year | Hypothetical Total Return |
|---|---|
| 2017 | -12.40% |
| 2018 | -5.08% |
| 2019 | 13.06% |
| 2020 | -27.70% |
| 2021 | -11.73% |
| 2022 | -15.00% |
| 2023 | 0.67% |
| 2024 | -8.86% |
| 2025 | 0.72% |
| 2026 | 1.40% |
| Period | Hypothetical Avg. Annual Total Return |
|---|---|
| 1 Year | -2.19% |
| 3 Years | -3.87% |
| 5 Years | -4.54% |
| 10 Years | -7.15% |
| Since Model Inception (full sample) | -3.82% |
| # | Ticker | Company | Sector | Weight | Market Value |
|---|---|---|---|---|---|
| 1 | OXY | OCCIDENTAL PETROLEUM CORP | Energy | 24.05% | $24,048,740 |
| 2 | MPLX | MPLX LP | Energy | 23.61% | $23,609,434 |
| 3 | EQT | EQT CORP | Energy | 13.49% | $13,489,170 |
| 4 | VNOM | VIPER ENERGY INC | Energy | 6.08% | $6,081,466 |
| 5 | RRC | RANGE RESOURCES CORP | Energy | 4.95% | $4,952,622 |
| 6 | NFG | NATIONAL FUEL GAS CO | Energy | 2.99% | $2,988,574 |
| 7 | NE | NOBLE CORP PLC | Energy | 2.80% | $2,799,829 |
| 8 | WFRD | WEATHERFORD INTERNATIONAL PLC | Energy | 2.55% | $2,552,110 |
| 9 | RIG | TRANSOCEAN LTD | Energy | 2.45% | $2,447,133 |
| 10 | CNX | CNX RESOURCES CORP | Energy | 2.14% | $2,141,591 |
| Sector | Weight | # Holdings |
|---|---|---|
| Energy | 100.00% | 27 |
| Characteristic | Value |
|---|---|
| Sharpe ratio (full sample) | -0.17 |
| Annualized volatility | 15.84% |
| Maximum drawdown | -65.25% |
| Average monthly turnover | 19.59% |
| Out-of-sample Sharpe (2019-26) | -0.31 |
DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.