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Wolverine Asset Management
Wolverine Asset Management is an alternative asset management firm established in 2001 with more than one billion in assets in its strategies. WAM’s core strengths are built upon a research driven business, acumen from Wolverine’s trading roots, and robust risk-management.
Seeks long-term capital appreciation by investing in broad asset classes.
The Fund seeks to achieve its investment objective by investing in broad-based sector exchange-traded funds (the “ETFs”) and cash equivalents. Wolverine employs a systematic macro investment strategy by investing in broad asset classes in an effort to gain returns on capital that are disproportionately greater than the risks incurred in generating such returns. Wolverine attempts to invest ahead of large shifts in institutional asset allocations by using market data to infer net pressure. Net pressure is defined as a proprietary estimate of the impact of recent buying or selling on investment returns within an asset class. Wolverine also utilizes market data and integrates this information with economic analysis to rank the various asset classes in its investment universe with the goal of gaining exposure to the most attractively priced asset classes; and, conversely, reducing exposure to the least attractively priced asset classes.
The Fund will have investment exposure to the following select asset classes: (a) U.S. equity securities, which will include small, mid and large capitalization companies; (b) non-U.S. equity securities, which will include emerging markets securities, European and Japanese equity securities; (c) fixed income securities; (d) currencies; (e) real estate; and (f) commodities, which will include gold. The Fund will also invest in cash equivalents, which may include cash, money market funds, U.S. dollar-denominated high-quality money market instruments and other short-term securities.
Although the Fund intends to invest in ETFs to meet its investment objective, the Fund may also utilize basket trades, individual issues, other instruments or funds, including index funds, to achieve the desired allocations and exposures that are deemed to be advantageous to the Fund in the view of the Fund’s Sub-Adviser. Additionally, the Fund may invest directly in the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; swap agreements; and options on foreign currencies. The Fund may use these derivatives for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund will limit its direct investments in derivatives such that it will not be subject to regulation as a commodity pool.
Four categories of three asset classes each
as of 3/31/17
|ticker||3 MO||YTD||1 YR||from
|DWAAX1||A at NAV||2.52||2.52||5.80||3.15||quarterly|
as of 3/31/17
|ticker||3 MO||YTD||1 YR||from
|DWAAX1||A at NAV||2.52||2.52||5.80||3.15||quarterly|
1 At NAV
2 The HFRX Global Hedge Fund Index (see glossary below for definition).
Class A shares performance reflects the deduction of the maximum sales charge of 4.50%
Included in the each Fund’s Class A shares expenses is a distribution and service (12b-1) fee of 0.25%.
Class C shares have a maximum contingent deferred sales charge (CDSC) of 1%. However, w/CDSC performance for Class C shares reflects the deduction of 1% for all shares redeemed within 12 months of purchase.
Included in the each Fund’s Class C shares expenses is a distribution and service (12b-1) fee of 1.00%.
A 2% redemption fee will be imposed on certain redemptions or exchanges out of the Class I shares of the Fund within 90 days of purchase. Exceptions to the redemption fee are listed in the Fund's prospectus.
Data presented reflects past performance, which is no guarantee of future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.855.3434 or access our website at destracapital.com for performance current to the most recent month end. Performance shown for Class A Shares with load includes the Fund’s maximum sales charge of 5.75%. Returns for period of less than one year are not annualized, and include reinvestment of all distributions. A 2.00% redemption fee for trades less than 90 days in Class I Shares may apply.
The Adviser has agreed to cap expenses such that the total annual fund operating expenses, excluding brokerage commissions and other trading expenses, taxes, acquired fund fees and other extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of business) at 2.14% for Class A, 2.79% for Class C and 1.78% for Class I. This waiver will continue in effect until February 1, 2022. The waiver may be terminated or modified prior to February 1, 2022 only with the approval of the Board of Trustees of the Trust. The gross expenses for the Class A, Class C and Class I shares are 2.14%, 2.79% and 1.78% respectively. Class A shares have a 12b-1 fee of 0.25% and 1.00% for Class C Shares.
*The since inception index return is calculated using the month end data of the Fund’s inception.
as of 12/30/16
Index: The Fund’s primary benchmark, the HFRX Global Hedge Fund Index, is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.
The Fund seeks to achieve its investment objective by investing in exchange-traded funds (“ETFs”), exchange-traded commodity linked instruments and commodity futures contracts (“Commodities Instruments”) through a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”) and cash equivalents. The Fund will not invest directly in Commodities Instruments. The Fund expects to gain exposure to Commodities Instruments by investing in the Subsidiary and ETFs. The sub-adviser of the Fund and Subsidiary, Wolverine Asset Management, LLC (the “Sub-Adviser”), employs a systematic investment strategy by investing in broad asset classes in an effort to generate long-term capital appreciation.
Some important risks of the Fund are: Active Management Risk: The Fund is an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the Sub-Adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the Sub-Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. Non-Diversification/Limited Holdings Risk: The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund can. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain securities. Subsidiary Investment Risk: Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies. ETF Risk: An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in its being more volatile, and ETFs have management fees that increase their costs. Commodities Risk: The prices of Commodities Instruments may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes. An active trading market may not exist for certain commodities. Each of these factors and events could have a significant negative impact on the Fund.
Investors should consider the investment objectives and policies, risk considerations, charges, and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. Please read the prospectus carefully before you invest or send money. To obtain a prospectus, please contact your investment representative or Destra Capital Investments LLC or download a PDF here.
Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The risks of the Fund will result from both the Fund’s direct investments and its indirect investments made through the Subsidiary. Accordingly, the risks that result from the Subsidiary’s activities will be described herein as the Fund’s risks.