Swan Defined Risk Fund Class I Shares (SDRIX)

Fund Assets	568.06M
Expense Ratio	1.247%
Min. Investment	$100,000
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	15.75
YTD Return	6.64%
1-Year Return	8.91%
5-Year Return	26.08%
52-Week Low	14.15
52-Week High	16.45
Beta (5Y)	0.55
Holdings	24
Inception Date	Jul 30, 2012

About SDRIX

The Swan Defined Risk Fund Class I Shares is an actively managed mutual fund designed to provide both income and capital growth by employing a hedged equity strategy. Its primary objective is to achieve consistent returns with reduced downside risk relative to traditional equity investments, focusing specifically on the U.S. stock market and the S&P 500. The fund implements a unique rules-based investment process that combines owning diversified U.S. equity ETFs—primarily sector-focused Select Sector SPDR ETFs and broad-market funds like the iShares Core S&P 500 ETF—with the continual use of long-term put options as a hedge against significant market declines. This always-invested, always-hedged approach aims to smooth investor outcomes throughout full market cycles, offering a measure of downside protection while remaining exposed to equity market upside. The fund’s structure is particularly notable for its emphasis on risk management over market timing or individual stock selection, instead relying on time-tested strategies to complement equity allocations across different environments. Designed for institutional investors and growth-oriented individuals seeking lower volatility and a degree of market risk mitigation, the Swan Defined Risk Fund Class I Shares plays a distinctive role in delivering an absolute return framework within a portfolio context.

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

Performance

SDRIX had a total return of 8.91% in the past year, including dividends. Since the fund's inception, the average annual return has been 5.51%.

Other Share Classes

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

Symbol	Share Class	Expense Ratio
SDRAX	Class A Shares	1.50%
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	$0.9299	Dec 30, 2024
Dec 27, 2023	$1.7383	Dec 28, 2023
Dec 29, 2020	$0.0465	Dec 29, 2020
Dec 26, 2019	$0.1582	Dec 26, 2019
Dec 21, 2018	$0.1171	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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