American Independence Global Tactical Allocation Fund


Objectives & Strategy

The American Independence Global Tactical Allocation Fund’s (the “Fund”) objective is to provide long-term capital appreciation while providing lower than average risk.


The Fund strives to obtain a lower than average risk by diversifying the portfolio across several different asset classes which have low, or negative, correlations to one another. By having a portfolio with multiple asset classes with differing correlations, the total volatility of the portfolio is lower than some, or all, of the underlying asset classes if they were held individually. Also, the use of cash as a tactical asset class during times of high market volatility further helps reduce the risk of the portfolio.


Important Notice
In order for potential investors and current shareholders to better understand the current management of the Fund, we are providing the following additional information.  As of the end of the first quarter of 2018, the Fund’s portfolio asset class and geographic allocations reflected the recommendations provided by the Fund’s new signal provider, Lee Capital Management. The actual aggregate positions listed below may differ from positions reported by external data services, which in many cases do not reflect trades executed on the final day of the month. It is important to note that the fund positions have the ability to change daily based on market conditions.

  • U.S. Equities: 45%
  • European Equities: 3%
  • Japanese Equities: 9%
  • Asian Equities ex-Japan: 9%
  • Emerging Market Equities: 9%
  • Fixed Income: 0%
  • Cash: 25%

This information is as of a particular date and Fund management has no obligation to update this information.  Please read the Fund’s Prospectus and Statement of Additional information for more complete information about the Fund, including its objective, risks, charges and expenses before investing. Shares of the Funds are distributed by M360 Distributors, Inc.

Tickers and CUSIPs

Share ClassTickerCUSIPFund Number

Portfolio Fundamentals
As of 03/31/2018

Number of Holdings15
Net Assets$110.5 Million
Fund Inception DateSeptember 20, 2013

Investment Approach

Under normal market conditions, the Fund intends to invest in the following manner:

  •  At least 80% (and generally as close to 100% as practical) of its net assets, plus borrowings for investment purposes, will be invested in equities, fixed income, and alternative investments in ETFs listed on U.S. exchanges, representing both developed and emerging market countries; and
  • At least 20% of its net assets, plus borrowings for investment purposes, will be invested in fixed income ETFs, listed on U.S. exchanges, representing both developed and emerging market countries, with varying maturities and credit qualities including high yield securities (commonly known as junk bonds).

The Fund is a “fund of funds.” The term “fund of funds” is typically used to describe mutual funds whose primary investment strategy involves investing in other investment companies, such as ETFs and other mutual funds. The Fund is best suited for long-term investors.

In addition to investing primarily in ETFs, the Fund may also invest in short-term money market securities, cash, money market mutual funds and Treasury Bills.


Portfolio Management

The American Independence  Global Tactical Allocation Fund is managed by Manifold Fund Advisors, LLC (formerly RiskX Investments, LLC or the “Adviser”). Manifold Fund Advisors is responsible for managing the Fund’s portfolio in accordance with the Fund’s goal and policies.

Under the investment advisory agreement, Manifold Fund Advisors is responsible for the oversight of the sub-adviser.

General Information

Manifold Fund Advisors, LLC

(866) 410-2006

75 Virginia Road
North White Plains, New York 10603

Fees & Distributions

Shareholder Fees
As of 03/31/2018

(fees paid directly from your investment)

Institutional Class SharesClass A SharesClass C Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)None5.75%None
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)NoneNone1.00% 1
Redemption FeeNoneNoneNone

1Class C shares will be assessed a 1.00% contingent deferred sales charge if redeemed within one year of date of purchase

Annual Fund Operating Expenses
As of 03/31/2018

(expenses that you pay each year as a percentage of the value of your investment)

Institutional Class SharesClass A SharesClass C Shares
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements20.95%1.33%1.95%
Total Annual Fund Operating Expenses1.55%1.93%2.55%

2In order to keep the expense ratios of each of the share classes competitive, Manifold Fund Advisors, LLC (“Manifold Fund Advisors” or the “Adviser”) has agreed to reduce the management fee and reimburse or otherwise limit the expenses of each of the shares classes of the Fund so that Net Annual Fund Operating Expenses for the Institutional Class shares, Class A shares and Class C shares will be 0.95%, 1.33% and 1.95%, respectively, of the Fund’s average net assets for each such class of shares. The expense limitation does not apply to any taxes, brokerage commissions, interest on borrowings, acquired fund fees, extraordinary expenses, or short sale dividend and interest expenses.

Purchase Minimums

Institutional Class SharesClass A SharesClass C Shares
Initial Purchase$3,000,000.00$5,000.00$5,000.00
Subsequent Purchase$5,000.00$250.00$250.00

Distribution Schedule

Dividend FrequencyQuarterly
Capital GainsAnnually

Capital Gains

(per share distribution)



Important Disclosures

Information found on this site is directed to U.S. Investors. 

Fixed Income Securities Risk. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.

General ETF Risk. The cost to a shareholder of investing in the Fund may be higher than the cost of investing directly in ETF shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear fees and expenses charged by the ETFs in addition to the Fund’s direct fees and expenses.

Fund of Funds Structure Risk. Investments in securities of other investment companies, including ETFs, are subject to statutory limitations prescribed by the 1940 Act. Absent an available exemption, the Fund may not: (i) acquire more than 3% of the voting securities of any other investment company; (ii) invest more than 5% of its total assets in securities of any one investment company; or (iii) invest more than 10% of its total assets in securities of all investment companies.

Many ETFs have obtained exemptive relief from the SEC to permit unaffiliated funds to invest in the ETF’s shares beyond the above statutory limitations, subject to certain conditions and pursuant to a contractual arrangement between the particular ETF and the investing fund. The Fund may rely on these exemptive orders to invest in unaffiliated ETFs. If the Fund is unable to rely on an exemptive order, the limitations discussed above may prevent the Fund from allocating its investments in the manner the Advisor considers prudent, or cause the Advisor to select an investment other than that which the Advisor considers suitable.

Because the Fund’s investments are concentrated in underlying funds, and the Fund’s performance is directly related to the performance of such underlying funds, the ability of the Fund to achieve its investment objective is directly related to the ability of the underlying funds to meet their investment objectives.

Foreign Securities Risk. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets or smaller capital markets.

New Fund Risk. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees or the Adviser may determine to liquidate the Fund. The liquidation can be initiated by the Board of Trustees without a shareholder vote and, while shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders.

The sub-adviser has not previously managed an open end fund.

For more complete information on the American Independence Funds and AI Funds, you can obtain a prospectus containing complete information for the Funds by calling 866.410.2006 or by downloading them from this web site. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest or send money. Information about these and other important subjects is in the Funds’ prospectus. The prospectus and, if available, the summary prospectus, should be read carefully before investing.

Manifold Fund Advisors, LLC is a limited liability company.