Oakhurst Strategic Defined Risk Fund
FUND FILING LINKS
Annual Shareholder Report as of 4/30/24
Semi-Annual Shareholder Report as of 10/31/24
Core Financials as of 10/31/24
Most Recent Fund Prospectus and Statement of Additional Information
Distributed by Quasar Distributors, LLC
Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.
Carefully consider the Fund's investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Fund's prospectus or the summary prospectus, which may be obtained by clicking the link above or calling 844-625-4778. Read the prospectus carefully before investing.
IMPORTANT DISCLOSURES
Lido Advisors, LLC (“Lido”) is an investment adviser registered with the Securities and Exchange Commission (“SEC”) that provides investment advice to our clients. Our registration does not denote any competence or ability and no inference to the contrary should be made. We encourage you to review our Form ADV filings, Part 1A, Part 2A, Part 2B, and Form CRS (collectively, “Regulatory Filings”), for information concerning our services, fees, and potential or actual conflicts, available at adviserinfo.sec.gov.
The future is uncertain and cannot be predicted: Any Information relating to financial information, including, but not limited to Lido’s services, investments, strategies, products, is for illustrative purposes only and must not be construed as investment advice or an offer to buy or sell securities. Lido has made reasonable efforts to ascertain the validity of this Information, whether derived here or through third parties. You must, however, independently verify this Information. We have also made reasonable efforts to provide performance information net of Lido’s fees and accounting for third-party fees as applicable and required by law or regulation. Please note that not all third-party fees are included in performance information, including, but not limited to, certain third-party fees such as custodial, trading, or other transactional fees.
We provide tailored investment advice specific to clients’ financial situation and risk tolerance, among other factors: Our investments, strategies, or products are not suitable for all clients. We take reasonable measures to ascertain your specific financial needs and objectives. You cannot assume that Lido’s strategies, products, or investments will be profitable or that you will not suffer any losses. You should expect that depending on market conditions and volatility, our management of your assets will fluctuate in value, at times dramatically to profit or loss. Importantly, all investments involve the potential risk of complete loss, including your originally invested principal.
We do not typically serve non-U.S. residents: Lido or its affiliates do not as a matter of course provide investment advisory services, strategies, or products to any individual or entity that is not domiciled in the U.S. As such, Lido makes no representation as to the Information’s adherence to or compliance with any non-U.S. laws, regulations, or regulations.
Lido is not a licensed legal service provider: Any Information relating to trusts, estates, or tax is not and should not be construed as legal advice. We have affiliated licensed professionals, including, but not limited to, trust and estate lawyers and Lido Tax, LLC, that provide legal and tax-related services that will engage directly with you to provide such services. These affiliated professionals have actual, material conflicts of interest that you should discuss with Lido or these service providers directly. We seek to disclose such conflicts prior to you working with our affiliated service providers. You are under no obligation to work with these professionals. In all cases, you should consult with licensed service providers that represent you to advise to on these issues.
Lido may identify its affiliates or third parties to provide services that are supplemental to our advisory services: We will, from time to time and when appropriate to do so, identify certain affiliated or non-affiliated entities or individuals to perform non-advisory services relating to, tax, trust, estate, financial planning, insurance, or securities-related transactions. Lido will seek to identify all material conflicts of interest relating to these affiliated or non-affiliated services through separate disclosures or our Regulatory Filings. You should conduct your own due diligence and seek the advice of your independent advisors in evaluating these services. You are of course under no obligation to engage any of these services.
Finally, Lido neither seeks to or otherwise disclaim or ask that you waive any right or claim that you may possess pursuant to the applicable laws or regulations governing investment advisers registered with the SEC.
THE FUND’S PRINCIPAL UNDERWRITER AND DISTRIBUTOR
Quasar Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), is located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund’s principal underwriter and distributor in a continuous public offering of the Fund’s shares. Pursuant to a distribution agreement between the Trust, on behalf of the Fund, and the Distributor (the “Distribution Agreement”), the Distributor acts as the Fund’s principal underwriter and distributor and provides certain administrative services and arranges for the sale of the Fund’s shares. The Distributor is a registered broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of FINRA.
Principal Risks of Investing in the Fund
The Fund’s investments in other investment companies, including ETFs, will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolio of such investment companies and the value of the Fund’s investments will fluctuate in response to the performance of such a portfolio. These risks apply to the Fund, as well as the underlying funds, which may themselves invest in other investment companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments by the Fund in lower- rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks. Depending on the characteristics of the particular derivative, it could become illiquid.
As with any mutual fund, there are risks to investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Remember that, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.
Active Management Risk. The Fund is actively managed and subject to the risk that the Advisor’s use of investment techniques and risk analyses to make investment decisions fails to perform as expected, which may cause the Fund to lose value.
Correlation Risk. The Fund’s investment strategy of buying and selling options will result in performance that differs from that of the Index. The call options written by the Fund will limit the Fund’s opportunity to participate in increases when the ETFs in which the Fund invests perform well.
Debt Securities Risk. Increases in interest rates typically lower the value of debt securities. Investments in debt securities include credit risk. There is also the risk that a bond issuer may “call,” or repay its high yielding bonds before their maturity dates. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.
Derivatives Risk. The Fund buys and sells options, which are instruments that derive their performance from underlying equity securities, also referred to as “derivatives.” Derivatives can be volatile, and the Fund could experience a loss if its derivatives do not perform as anticipated, or are not correlated with the performance of their underlying security or index.
Equity Risk. The Fund invests in common stocks or ETFs that invest in common stocks and options that derive their performance from the S&P 500® Index, which is made up of common stocks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.
Exchange-Traded Funds Risk. The risks of investments in ETFs reflect the risks of the underlying instruments in which the ETF invests. When the Fund invests in ETFs, shareholders of the Fund indirectly bear a proportionate share of the ETF’s fees and expenses, as well as their share of the Fund’s fees and expenses. As a result, an investment by the Fund in an ETF could cause the Fund’s operating expenses (taking into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if the Fund were to invest directly in the instruments held by the ETF. Trading on an exchange does not guarantee a liquid market will exist for an ETF. ETFs may trade at a premium or a discount to their net asset value.
General Market Risk. The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. The value of the Fund’s investments may be negatively affected by the real or perceived occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics and other public health emergencies.
Large Capitalization Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.
Leverage Risk. Some transactions may give rise to a form of economic leverage and may expose the Fund to greater risk and increase its costs. Leverage can magnify the Fund’s gains and losses, and therefore increase its volatility.
Management Risk. The Advisor’s investment strategies for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments, and your investment may lose value.
Options Risk. Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. A fund that purchases options, which are a type of derivative, is subject to the risk that gains, if any, realized on the position, will be less than the amount paid as premiums to the writer of the option. A fund that writes options receives a premium that may be small relative to the loss realized in the event of adverse changes in the value of the underlying instruments. A fund that writes covered call options gives up the opportunity to profit from any price increase in the underlying security above the option exercise price while the option is in effect.
Tax Risk. The Fund’s investments in options may subject the Fund to special tax rules, the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund’s securities, convert long-term capital gains into short-term capital gains or convert short-term capital losses into long-term capital losses. Premiums earned by the Fund from its use of options investments are treated as short-term capital gains, and are taxable as ordinary income.
U.S. Government Securities Risk. Investing in securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates.
Valuation Risk. The sales price the Fund could receive for any particular portfolio investment may differ from the Advisor’s valuation of the investment. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the security or used a different valuation methodology.