Vest Financial LLC has filed a registration statement for the new Funds listed below. The new Funds are expected to be available on or about May 16, 2016.
The minimum initial investment for Institutional Class Shares is $100,000.
Vest Armor S&P 500 Fund
Vest Armor S&P 500 (January) Fund
Vest Armor S&P 500 (February) Fund
Vest Armor S&P 500 (March) Fund
Vest Armor S&P 500 (April) Fund
Vest Armor S&P 500 (May) Fund
Vest Armor S&P 500 (June) Fund
Vest Armor S&P 500 (July) Fund
Vest Armor S&P 500 (August) Fund
Vest Armor S&P 500 (September) Fund
Vest Armor S&P 500 (October) Fund
Vest Armor S&P 500 (November) Fund
Vest Armor S&P 500 (December) Fund
Vest Dynamic Distribution Fund
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Vest Armor S&P 500 Fund
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The Vest Armor S&P 500 Fund seeks to track, before fees and expenses, the performance of the CBOE S&P 500 Buffer Protect Index.
The Fund generally invests in a series of 12 monthly rolling “tranches” with each tranche seeking a target return over approximately one-year.
Each monthly tranche seeks to provide returns or losses before all estimated fees and expenses based on the price performance of the S&P500 Index from third Wednesday of the month to which the tranche belongs to the third Wednesday of the same month the following year:
• If the S&P500 Index appreciates over the tranche holding period, the tranche seeks to provide with a total return that increases by the percentage increase of the S&P500 Index, up to a maximum return that is determined at the start of the tranche holding period.
• If the S&P500 Index decreases over the tranche holding period by [10%] or less, the tranche seeks to provide with a total return of zero.
• If the S&P500 Index decrease over the tranche holding period by more than [10%], the tranche seeks to provide with a total return loss that is 10% less than percentage loss on the S&P500 Index with a maximum loss of approximately [90%].
Management fees: 0.75%
12b-1 fees: 0.25/0.00/0.25/1.00% (Class Investor/Institutional/A/C)
Fee waivers: (0.02)%
Total net expenses: 1.50/1.25/1.50/2.25% (Class Investor/Institutional/A/C)
Portfolio Managers: Karan Sood and Johnathan Hale
Vest Armor S&P 500 (January) Fund
Vest Armor S&P 500 (February) Fund
Vest Armor S&P 500 (March) Fund
Vest Armor S&P 500 (April) Fund
Vest Armor S&P 500 (May) Fund
Vest Armor S&P 500 (June) Fund
Vest Armor S&P 500 (July) Fund
Vest Armor S&P 500 (August) Fund
Vest Armor S&P 500 (September) Fund
Vest Armor S&P 500 (October) Fund
Vest Armor S&P 500 (November) Fund
Vest Armor S&P 500 (December) Fund
Each Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500 Index for shares purchased on third Wednesday of Fund’s month of a given year and held until the third Wednesday of the following year’s Fund month correlate to the following:
• If the S&P 500 Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500 Index, up to a maximum return that is determined at the start of the holding period;
• If the S&P 500 Index decreases over the holding period by [10%] or less, the Fund seeks to provide shareholders with a total return of zero; and
• If the S&P 500 Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].
Management fees: 0.75%
12b-1 fees: 0.25/0.00/0.25/1.00% (Class Investor/Institutional/A/C)
Fee waivers: (0.02)%
Total net expenses: 1.50/1.25/1.50/2.25% (Class Investor/Institutional/A/C)
Portfolio Managers: Karan Sood and Johnathan Hale
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Vest Dynamic Distribution Fund
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The Vest Dynamic Distribution Fund seeks to achieve its objective by: (i) investing in a portfolio of exchange-traded funds that invest in equity securities that are represented in the S&P 500 Index or select sectors of the S&P 500 index; (ii) selling (writing) equity ETFs that track select sectors of the S&P 500 index; and (iii) buying call options on the CBOE Volatility Index (VIX) index. The Fund intends to construct a non-diversified portfolio with view toward making monthly distributions at an approximate annual rate of 5% over the Two Year Treasury Yield. The Fund will write call options on the ETFs to monetize volatility by enhancing the Fund’s risk-adjusted return as compared with an all-equity portfolio and providing steady cash flow. However, at times, this strategy also reduces the Fund’s ability to profit from increases in the value of its equity portfolios. In an effort to protect the Fund from a significant market decline over a short period of time, the Fund will buy call options on VIX futures, which should generally increases as stock prices decrease, and decreases as those stocks prices increase.
Management fees: 1.00%
12b-1 fees: 0.25/0.00/0.25/1.00% (Class Investor/Institutional/A/C)
Fee waivers: (0.09)%
Total net expenses: 1.89/1.64/1.89/2.64% (Class Investor/Institutional/A/C)
Portfolio Managers: Karan Sood and Johnathan Hale