SYMMETRY PANORAMIC
Symmetry Panoramic Sector MomentumTM ETF
Fund Ticker
SMOM
Exchange
NASDAQ
CUSIP
87190B888
Inception Date
Total Expense Ratio*
0.63%
*The total expense ratio as of most recent prospectus. Please see important disclosure below.
Highlights
Investment Objective
The Fund seeks long-term capital appreciation
Investment Strategy
This actively managed ETF uses a systematic, rules-based approach, grounded in cross-sectional momentum to capture performance trends within the 11 S&P 500 sectors. The fund uses a dual-signal approach, analyzing trailing 6- and 12-month price momentum. Based on these signals, holdings will vary between three and eleven sectors. The fund rebalances quarterly using a tranching method to reduce idiosyncratic rebalancing risk. It’s designed to provide a dynamic U.S. complement within an investor’s asset allocation.
Types of Investments
The Fund will invest its assets primarily among shares of ETFs that focus on common stocks of companies included in 11 individual sectors of the U.S. large capitalization universe, as represented by the S&P 500. Such sectors are determined by the Global Industry Classification Standard (GICS).
Components of the U.S. large capitalization universe and the sector classifications as determined by GICS are subject to change and are not controlled by the fund or Symmetry.
Investor Profile
Typical investors in this Fund are seeking long-term growth and are willing to accept potentially significant share price volatility. The Fund is designed to serve as a dynamic U.S. complement within an investor’s allocation, providing exposure that adapts to changing sector leadership.
Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower of higher than the performance quoted. For performance data current to the most recent month end, please call 1-844-796-3863.
Performance shown for periods of less than one year are cumulative. Periods of one year and greater are annualized and as of the prior month end date.
The market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint of the current bid and ask prices as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of the close of regular trading of the Exchange (ordinarily 4:00 PM Eastern Time).
Get to know our key personnel
Portfolio Managers
David E. Connelly, Jr.
CEO
Mr. Connelly is a founding partner of Symmetry Partners. Mr. Connelly focuses on portfolio management and the strategic growth of the firm. He co-founded Symmetry Partners in 1994 to serve pension funds, closely held businesses, not-for-profit organizations and high-net-worth investors. He has broadened the focus of the firm to include a full range of retirement plans and independent fee-based advisors.
John B. McDermott, Ph.D.
Chief Investment Strategist
Dr. McDermott began his affiliation with Symmetry in 2005. Dr. McDermott is a renowned scholar focused on the role of liquidity in financial markets. He has been published in numerous academic journals, including The Journal of Banking and Finance, The Journal of Financial Markets and The Journal of Futures Markets. Dr. McDermott received his undergraduate degree from the U.S. Coast Guard Academy, his MBA from Columbia University, and his Ph.D. from the University of Connecticut.
Rebecca Cioban, CFA®
Director, Investments and Portfolio Manager
Co-manager of the Investments team. Rebecca’s focus is engineering and managing the Panoramic fund family and portfolio offerings as well as providing analysis and education about investment-related topics to Symmetry’s Advisor network and clientele.
Kevin Scully, CFA®
Director, Investments and Portfolio Manager
Co-manager of the Investments team. Kevin focuses on portfolio management, as well as the development and implementation of investment solutions, including Symmetry’s custom investment offerings. Prior to joining Symmetry in 2015, Kevin was an associate at SS&C Fund Services, where he provided investor relations support for the firm’s hedge fund clients.
The Fund’s management fee (0.55%) is a “unitary” fee designed to pay the Fund’s expense and to compensate Symmetry Partners, LLC, the Fund’s investment adviser (the “Advisor”), for the services the adviser provides to the Fund. Out of the unitary management fee, the Adviser will pay all of the Fund’s expenses, except for the following: advisory fees, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purcahse and sale of securities and other investment instruments, AFFE, accrued deferre tax liability, non-routine expenses, distributions fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Other Expenses (0.00%) are based on estimated amounts for the current fiscal year. AFFE are indirect fees (0.08%) and expenses that the Fund incurs from Investing in shares of other investment companies and are estimated for the current fiscal year.
The Total Annual Fund Operating Expenses (0.63%) in this fee table, both before and after expense waiver and/or expense reimbursement, do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude
Acquired Fund Fees and Expenses.
ETFS ARE EXPOSED TO THE FOLLOWING RISKS:
ETF Risks – The Fund is an ETF and, as a result of this structure, it is exposed to the following risks:
Trading Risk – Shares of the Fund may trade on The Nasdaq Stock Market LLC (the “Exchange”) above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.
Limited Authorized Participants, Market Makers and Liquidity Providers Risk – Because the Fund is an ETF, only a limited number of institutional
investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
Equity Risk – 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. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.
Large Capitalization Companies Risk – If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. Additionally, 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.
Momentum Style Risk – Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of the Fund using a momentum strategy may suffer.
Quantitative Investing Risk – The risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the momentum metrics used in building the quantitative model, the accuracy of historical data supplied by third parties, and changing sources of market returns.
Sector Risk – From time to time, the Fund may focus its investments in one or more particular sectors. Sector risk is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same economic sector, an adverse economic, business or political development affecting that sector may affect the value of the Fund’s investments more than if the Fund’s investments were not so focused.
Investment Companies and Exchange-Traded Funds Risk – When the Fund invests in other investment companies, including the Underlying Funds, it will bear additional expenses based on its pro rata share of the other investment company’s operating expenses, including the management fees of Underlying Funds in addition to those paid by the Fund. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund also will incur brokerage costs when it purchases and sells shares of the Underlying Funds. Additionally, the Underlying Funds may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. Underlying Funds that track an index are subject to tracking error
and may be unable to sell poorly performing assets that are included in their index or other benchmark.
Index Tracking Error Risk – The performance of an Underlying Fund and its index may differ from each other for a variety of reasons. For example, an Underlying Fund that is index-based in which the Fund invests incurs operating expenses and portfolio transaction costs not incurred by the Underlying Fund’s index. In addition, the Underlying Fund may not be fully invested in the securities of the index that it tracks at all times or may hold securities not included in its index.
Asset Allocation Risk – The risk that the selection by the Adviser of the Underlying Funds and the allocation of the Fund’s assets among the Underlying Funds will cause the Fund to underperform other funds with similar investment objectives. In this regard, the Fund also may temporarily deviate from its desired asset allocation for the purpose of managing distributions. The allocation of the Fund’s assets to a limited number of Underlying Funds may adversely affect the performance of the Fund, and, in such circumstances, it will be more sensitive to the performance and risks associated with those Underlying Funds and any investments in which such Underlying Funds focus.
Management Risk – The risk that investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies or that imperfections, errors or limitations in the tools and data used by the Adviser may cause unintended results.
Operational Risk – Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Adviser’s and the Sub-Adviser’s control, including instances at third parties. The Fund, the Adviser and the Sub-Adviser seek to reduce these operational risks through control and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.
Liquidity Risk – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.
Valuation Risk – The risk that a security may be difficult to value. The Fund may value certain securities at a price higher or lower than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid.
High Portfolio Turnover Risk – The Fund may engage in active trading, including investments made on a shorter-term basis, which may lead to higher fund expenses and lower total return.
Non-Diversified Risk – The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities.
New Fund Risk – Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.
The ETF’s investment adviser is Symmetry Partners, and the ETF is distributed by SEI Investment Distribution Company (SIDCO). SIDCO is not affiliated with Symmetry Partners, LLC.
CONSIDER THE ETFS’ INVESTMENT OBJECTIVE, RISK FACTORS, AND CHARGES AND EXPENSES BEFORE INVESTING. THIS AND OTHER INFORMATION CAN BE FOUND IN THE FUNDS’ PROSPECTUS AND SUMMARY PROSPECTUS, WHICH CAN BE OBTAINED BY VISITING WWW.PANORAM ICFUNDS.COM OR BY CALLING 1-844-SYM-FUND (844-796-3863). PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
There are risks involved in investing, including loss of principal. Asset allocation may not protect against market risk. Investment in the fund(s) is subject to the risks of the underlying funds.