AXS Chesapeake Strategy Fund
Class I: EQCHX Class A: ECHAX Class C: ECHCX
Objective
A global managed futures fund that aims to produce capital appreciation by deploying a long-term trend following strategy managed by an industry pioneer.
Seeks to achieve long-term capital appreciation through exposure to managed futures trading programs offered by Chesapeake Capital.
Investor Benefits
Over 100 futures markets worldwide, including currencies, commodities, interest rates and equity indices.
Both systematic and long-term trend following to potentially reduce risk without sacrificing performance.
Seeks to deliver returns that are not correlated with returns from traditional asset classes.
Fund Details
I Shares
Ticker: EQCHX
CUSIP: 46141T372
Inception Date: 9/10/2012
Distribution Frequency: Annual
Management Fees: 1.45%
Total Operating Expense: 2.42%
Net Expense*: 1.98%
A Shares
Ticker: ECHAX
CUSIP: 46141T471
Inception Date: 8/21/2015
Distribution Frequency: Annual
Management Fees: 1.45%
Total Operating Expense: 2.67%
Net Expense*: 2.23%
C Shares
Ticker: ECHCX
CUSIP: 46141T463
Inception Date: 8/21/2015
Distribution Frequency: Annual
Management Fees: 1.45%
Total Operating Expense: 3.42%
Net Expense*: 2.98%
*The Fund’s investment advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund to ensure that the Fund’s total annual operating expenses do not exceed on an annual basis: 1.85% Class I, 2.10% Class A, and 2.85% Class C of the Fund’s average daily net assets through at least 1/31/2025. Please review the Fund’s Prospectus or Summary Prospectus for additional expense detail.
Portfolio Manager
Chesapeake Capital is an institutional investment manager, founded over 30 years ago by Jerry Parker, who began his money management career in 1983 as a member of the “Turtles,” a legendary group of individuals from a variety of backgrounds recruited by Chicago money manager Richard Dennis.
The firm provides leading investment solutions to institutional investors and, by applying its long-term trend following system, Chesapeake seeks to generate uncorrelated returns through consistency in approach across more than 100 global futures markets and through variable market conditions.
Jerry Parker
Chairman & CEO
Mike Ivie
Director of Research
Fund News
There is no assurance that the Fund will achieve its investment objective.
The Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between various currencies. The Fund will invest a percentage of its assets in derivatives, such as futures and options contracts. The use of such derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities and commodities underlying those derivatives.
The Fund may experience greater losses than those experienced by funds that do not use futures contracts and options. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures and options on futures. Although futures contracts are generally liquid instruments, under certain market conditions there may not always be a liquid secondary market for a futures contract. As a result, the Fund may be unable to close out its futures contracts at a time that is advantageous. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts and options. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.