Under normal market conditions, the fund invests primarily in income producing securities with a focus on agency and non-agency commercial and residential mortgage-backed securities (“MBS”), corporate bonds, convertible securities, and mortgage real estate investment trusts (“REITs”). From these investments, the fund seeks to deliver monthly dividends. It may invest in fixed income securities that have fixed or floating interest rates.

Nasdaq

ACXAX

The fund normally invests in instruments that provide investment exposure to global equity, bond, currency and commodity markets, and in fixed-income securities. It may invest in instruments that provide economic exposure to developed and, to a limited extent, emerging market issuers. The fund may invest up to 30% of its net assets in emerging market issuers and considers emerging market countries to be those included in the Morgan Stanley Capital International Emerging Markets Index.

AVGRX

The fund invests in securities and financial instruments to gain exposure to global equity, global fixed income and cash equivalent markets, including global currencies. It may invest in equity and fixed income securities of issuers located within and outside the United States or in open-end investment companies including those advised by the Advisor to gain exposure to certain global equity and global fixed income markets.

BNAYX

The adviser employs an "absolute return" investment approach. This means that in pursuing the fund's investment objective, the fund benchmarks itself to an index of cash instruments, rather than a stock or bond market index, and seeks to achieve positive long term returns irrespective of broad movements in the bond and equity markets.

CGFIX

The fund may invest in or seek exposure to a wide range of asset classes including, without limitation, (i) equity (of any market capitalization), (ii) fixed-income (including asset-backed securities, mortgage-backed securities and other collateralized obligations and all grades and maturities of domestic and foreign (including emerging markets) credit, including high yield (junk bonds)), (iii) commodities, (iv) real estate investment trusts ("REITs") and (v) currencies.

DNAVX

MFS (Massachusetts Financial Services Company, the fund's investment adviser) seeks to achieve a total rate of return for the fund that meets or exceeds the FTSE 1-Month U.S. Treasury Bill Index plus 2% to 4%, net of fund expenses, over a full market cycle.

DVRIX

EBSAX

EBSIX

The investment seeks to achieve long-term absolute returns. In seeking to achieve its aim of long-term absolute returns, the fund aims to hold a diversified portfolio and achieve long-term absolute returns in all market conditions over rolling five-year periods, with lower volatility than equity markets and in excess of inflation. The fund implements its strategy by investing globally either directly, or through derivatives, in a broad range of instruments, including, but not limited to, equity, fixed income, currency, commodity, credit derivative and cash instruments.

FARYX

The fund utilizes multiple quantitative strategies implemented over a broad variety of asset classes and countries in seeking to achieve its investment objective and generate high risk-adjusted returns (capital appreciation) with lower volatility than the global equity markets. It invests in ETFs that each invest primarily in either equity securities (common and preferred stocks) or fixed-income securities (such as bonds, notes and debentures).

GBLMX

The investment seeks a positive absolute return over a complete economic and market cycle. The fund's portfolio management team allocates across three asset classes: equities, fixed income and commodities, such that no one asset class drives the fund's performance. Its exposure to these three assets classes will be achieved substantially through investments in derivative instruments including but not limited to futures, options, currency forward contracts and swap agreements.

GMSHX

The investment seeks positive absolute returns. The fund seeks to achieve its investment objectives by allocating its assets among four independent, underlying strategies. Each strategy seeks to identify profitable opportunities across multiple, liquid foreign and domestic markets. The fund seeks to achieve its investment objective by implementing aggressive diversification across these markets, coupled with risk management and position hedging strategies, which allows the fund to seek positive returns while seeking to protect it from unnecessary market risk exposure.

GPAIX

The investment seeks long-term total return.  The fund typically takes long and short positions in a range of global equity, bond, currency, and commodity markets using exchange-traded and over-the-counter (OTC) futures, forward currency contracts, swaps, and index options. It seeks to take advantage of its proprietary investment models for systematic global tactical asset allocation and market selection. It is non-diversified.

GSMFX

The fund pursues its investment objective by utilizing a multi-asset, quantitatively-driven investment strategy that seeks to provide exposure to diversified sources of return. The manager will allocate the fund's assets across a range of asset classes comprising equities, fixed income, foreign currencies, and commodities. The fund is generally intended to have a low correlation to the equity and bond markets.

JDJIX

The fund seeks to achieve its investment objective by investing in a portfolio comprised of (i) futures contracts, forward and spot contracts, and/or options on futures contracts on or related to the following sectors: currencies, interest rate instruments, stock indices, metals, energy and agricultural commodities, (the "Futures Component") and (ii) equity ETFs, common stocks (the "Equity Component"), intended to capitalize on the non-correlated, long term historical performance of the equities and managed futures asset classes.

MBXAX

The investment seeks total return while keeping the fund's volatility and downside risk below that of major equity market indices. The sub-adviser seeks to achieve the fund's investment objective by investing long-or-short primarily in stocks, bonds and commodities using the sub-adviser's technical and risk control strategies. The fund may invest 100% of its assets in ETFs and or mutual funds.

OTRFX

The investment seeks total return. The advisor uses a macro asset allocation strategy, investing varying percentages of its portfolio in global stocks, bonds, money market instruments, foreign currencies and cash. The advisor has wide flexibility in the relative weightings given to each category. With respect to its equity investments, the fund may invest in individual equity securities to an unlimited extent. It may invest in common stock, preferred stock, securities convertible into common stock, non-convertible preferred stock and depositary receipts.

PCBAX

The mutual fund aims to invest globally in equities, fixed income, and currencies, primarily focusing on issuers in developed market countries.

PGAGX

The fund will primarily invest indirectly in alternative investments by using exchange-traded funds ("ETFs"), open-end mutual funds and other registered investment companies. The Subadviser defines "Alternative Investment" as any security or instrument that the Subadviser expects to have returns with a low or negative return correlation with the S&P 500 Index over time.

QALTX

The investment seeks positive absolute returns. The fund invests globally across a wide range of asset classes, including equities, fixed income, currencies and commodities, and may take both "long" and "short" positions in each of the asset classes or Instruments. The advisor has the flexibility to shift its allocation across asset classes and markets around the world, including emerging markets, based on the Adviser's assessment of their relative attractiveness.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
ACXAX	Catalyst Income and Multi-Strategy Fund	Macro Trading	Aug 12, 2015	2.25%	—	—	—
AVGRX	BNY Mellon Dynamic Total Return Fund	Macro Trading	May 1, 2006	1.15%	8.49%	3.76%	4.62%
BNAYX	UBS Dynamic Alpha Fund	Macro Trading	Jan 26, 2005	1.10%	—	—	—
CGFIX	abrdn Global Absolute Return Strategies Fund	Macro Trading	Oct 31, 1990	0.78%	-1.02%	0.52%	9.44%
DNAVX	Dunham Dynamic Macro Fund	Macro Trading	Apr 28, 2010	1.88%	6.48%	3.04%	3.21%
DVRIX	MFS Global Alternative Strategy Fund	Macro Trading	Dec 19, 2007	1.05%	6.14%	3.41%	1.09%
EBSAX	Campbell Systematic Macro Fund Class A Shares	Macro Trading	Mar 4, 2013	2.00%	—	—	—
EBSIX	Campbell Systematic Macro Fund Class I Shares	Macro Trading	Mar 4, 2013	1.75%	—	—	—
FARYX	Fulcrum Diversified Absolute Return Fund	Macro Trading	Jul 30, 2015	1.04%	2.31%	—	0.87%
GBLMX	Astor Macro Alternative Fund	Macro Trading	Jun 21, 2015	1.75%	-14.74%	—	3.15%
GMSHX	Invesco Macro Allocation Strategy Fund	Macro Trading	Sep 25, 2012	1.16%	4.39%	2.07%	1.56%
GPAIX	Grant Park Multi Alternative Strategies Fund	Macro Trading	Dec 30, 2013	1.43%	3.02%	4.96%	1.92%
GSMFX	GMO SGM Major Markets Fund	Macro Trading	Oct 2, 2011	1.01%	—	—	—
JDJIX	JHancock Diversified Macro Fund	Macro Trading	Jul 28, 2019	1.39%	15.03%	—	3.47%
MBXAX	Catalyst/Millburn Hedge Strategy Fund	Macro Trading	Dec 27, 2015	2.18%	13.97%	—	1.77%
OTRFX	OnTrack Core Fund	Macro Trading	Jan 14, 2013	2.58%	-0.65%	4.12%	0.14%
PCBAX	BlackRock Tactical Opportunities Fund	Macro Trading	Dec 28, 1988	1.08%	7.72%	3.67%	10.84%
PGAGX	PGIM Wadhwani Systematic Absolute Return Fund	Macro Trading	Sep 27, 2021	1.20%	0.74%	—	2.36%
QALTX	Quantified Alternative Investment Fund	Macro Trading	Aug 8, 2013	1.33%	5.51%	23.64%	3.36%
QGMIX	AQR Macro Opportunities Fund	Macro Trading	Apr 7, 2014	1.20%	6.82%	4.16%	9.43%

The Best Macro Trading Mutual Funds

Risk vs. Return Scatterplot