Investment objective & strategy
As of April 30, 2025 · prospectusObjective. The Opal Dividend Income ETF (the Fund or Dividend Income ETF) seeks to provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index.
Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by purchasing 25-35 stocks of companies that pay dividends and expect to grow the dividends over time and are trading at attractive valuations at the time of the investment. The Funds investment adviser, TrueMark Investments, LLC (the Adviser), and sub-adviser, Opal Capital LLC (the Sub-Adviser), will seek to invest in such companies that are established businesses with high cash flow, stable revenue streams, and more disciplined capital reinvestment programs which may, in turn, experience lower volatility relative to the overall equity market. The Adviser and Sub-Adviser will focus on companies whose stock is listed on a U.S. exchange with market capitalizations greater than $8 billion, … The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by purchasing 25-35 stocks of companies that pay dividends and expect to grow the dividends over time and are trading at attractive valuations at the time of the investment. The Funds investment adviser, TrueMark Investments, LLC (the Adviser), and sub-adviser, Opal Capital LLC (the Sub-Adviser), will seek to invest in such companies that are established businesses with high cash flow, stable revenue streams, and more disciplined capital reinvestment programs which may, in turn, experience lower volatility relative to the overall equity market. The Adviser and Sub-Adviser will focus on companies whose stock is listed on a U.S. exchange with market capitalizations greater than $8 billion, but may include companies with market capitalizations of less than $8 billion if their dividend yields are above the market average. The Adviser and Sub-Adviser will select companies for the Fund that, in the Sub-Advisers determination, provide the best combination of dividend yield with potential for dividend growth and are currently under-valued in the market. Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in equity securities, including common stocks and American Depositary Receipts (ADRs). The Sub-Adviser makes its initial identification of potential portfolio securities based on its assessment of a companys ability and commitment to sustain and grow its dividends. The Sub-Adviser seeks to identify such companies by utilizing a combination of quantitative and qualitative indicators of the companys financial position, growth opportunities, historical payouts, and management commentary, as well as the competitive landscape. The Sub-Adviser will then review the current market valuation of these companies which the Sub-Adviser believes are under-valued. The Sub-Adviser first identifies high quality companies, which are generally defined as companies with a sustainable competitive advantage, offering stable and growing free cash flows, and quality management teams that have the capital discipline to distribute dividends to shareholders. The Sub-Adviser then selects companies whose stock is trading at a valuation that it believes offers an opportunity to generate above average returns over time. The Sub-Adviser utilizes a variety of metrics ( e.g., price compared to earnings ratio, market capitalization compared to book value, free cash flow yield, etc.) in the valuation process and seeks to identify companies that are attractively priced both in absolute terms and relative to their peers with a preference of companies with higher free cash flow.
Top holdings
As of March 31, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| VERIZON COMMUNICATIONS INC | — | $9.71M | 6.16% |
| ENBRIDGE INC | — | $9.11M | 5.78% |
| PHILIP MORRIS INTL INC | — | $8.82M | 5.60% |
| SPONSORED ADR | BTI | $8.40M | 5.33% |
| MPLX LP PARTNERSHIP SHARES | MPLX US | $7.40M | 4.69% |
| AT&T INC | — | $7.08M | 4.49% |
| UNITEDHEALTH GRP | — | $6.77M | 4.29% |
| CME GROUP INC CL A | — | $6.56M | 4.16% |
| NEXTERA ENERGY INC | — | $6.53M | 4.15% |
| JOHNSON&JOHNSON | — | $6.39M | 4.06% |
Portfolio moves
Dec 31, 2024 → Mar 31, 2025How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| CITY NATIONAL ROCHDALE EQUITY INCOME FUND · RIMHX, CNRHX | 25% | 1.10% |
| Centre Global Infrastructure Fund | 24% | 1.18% |
| Stock Dividend Fund, Inc. | 22% | 0.85% |
Advisers
| Firm | Role |
|---|---|
| TrueMark Investments, LLC | Adviser |
| Opal Capital LLC | Sub-adviser |
Footnotes
- Net assets and holdings count as of March 31, 2025, from the fund's N-PORT filing.
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