Swan Defined Risk Fund Class A Shares (SDRAX)

Fund Assets	568.06M
Expense Ratio	1.442%
Min. Investment	$2,500
Turnover	9.00%
Dividend (ttm)	n/a
Dividend Yield	n/a
Dividend Growth	n/a
Payout Frequency	Annual
Ex-Dividend Date	Dec 30, 2025

Previous Close	15.51
YTD Return	6.38%
1-Year Return	8.61%
5-Year Return	24.56%
52-Week Low	13.96
52-Week High	16.26
Beta (5Y)	0.51
Holdings	24
Inception Date	Jul 30, 2012

About SDRAX

The Swan Defined Risk Fund Class A is an actively managed mutual fund that employs a hedged equity strategy designed to balance long-term capital appreciation with risk management objectives. Its core approach revolves around investing in a diversified selection of equity securities, typically through sector-based exchange-traded funds (ETFs) representing components of the S&P 500, combined with the tactical use of options contracts to mitigate substantial market declines. A hallmark of the fund is its rules-based, disciplined process which regularly incorporates long-term put options for downside protection and utilizes additional short-term options trading to generate income in various market conditions. Distinct from traditional equity funds, the fund consistently maintains a hedge against market volatility, seeking to limit downside risk and reduce overall portfolio volatility. Key sectors represented in its holdings include information technology, financials, healthcare, and consumer discretionary industries, reflecting a broad and balanced exposure to the U.S. equity market. The fund’s risk-managed approach is intended to appeal to investors aiming for growth but with a heightened focus on capital preservation and risk control across full market cycles.

• Fund Family: Swan
• Category: Options Trading
• Performance Rating: Average
• Risk Rating: Average
• Stock Exchange: Nasdaq
• Ticker Symbol: SDRAX
• Share Class: Class A Shares
• Index: S&P 500 TR

Performance

SDRAX had a total return of 8.61% in the past year, including dividends. Since the fund's inception, the average annual return has been 5.26%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
SDRIX	Class I Shares	1.25%
SDRCX	Class C Shares	2.25%

Top 10 Holdings

96.42% of assets

Name	Symbol	Weight
iShares Core S&P 500 ETF	IVV	59.40%
State Street Technology Select Sector SPDR ETF	XLK	13.98%
State Street Financial Select Sector SPDR ETF	XLF	4.00%
SELECT SECTOR SPDR TRUST (THE) - SS CONSUMER DISC	n/a	3.12%
State Street Health Care Select Sector SPDR ETF	XLV	3.08%
SPX US 12/17/27 P7350	n/a	3.06%
State Street Industrial Select Sector SPDR ETF	XLI	3.03%
State Street Communication Services Select Sector SPDR ETF	XLC	2.72%
SPX US 12/17/27 P7250	n/a	2.45%
SELECT SECTOR SPDR TRUST (THE) - SS CONSUMER STPL	n/a	1.57%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 30, 2025	$1.5581	Dec 31, 2025
Dec 27, 2024	$0.9158	Dec 30, 2024
Dec 27, 2023	$1.6963	Dec 28, 2023
Dec 29, 2020	$0.011	Dec 29, 2020
Dec 26, 2019	$0.1166	Dec 26, 2019
Dec 21, 2018	$0.0828	Dec 21, 2018

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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