Return Stacked®
RDMIX
Return Stacked® Balanced Allocation & Systematic Macro Fund
Why invest in RDMIX?
For every $1 invested, RDMIX seeks to provide $1 of a U.S. balanced allocation strategy and $1 of a systematic macro strategy.
01 // THE CASE
Investment Case
Capital Efficiency: Aims to provide simultaneous exposure to a U.S. balanced allocation strategy and a systematic macro strategy. For every $1 invested, RDMIX aims to provide $1 of exposure to a U.S. balanced allocation and $1 of exposure to a systematic macro strategy.
Diversification: RDMIX seeks to provide exposure to a systematic macro strategy that has historically exhibited low correlation to both stocks and bonds.
Inflation Hedging: With the ability to go both long and short global futures markets (including equities, bonds, commodities, and currencies), systematic macro strategies have historically exhibited inflation-hedging characteristics.
Diversification does not assure a profit.
02 // OBJECTIVE
Fund Overview
The Fund seeks long-term capital appreciation by investing in two complementary investment strategies: a balanced allocation strategy and a systematic macro strategy. For every $1 invested, the Fund seeks to provide $1 of exposure to its Balanced Allocation strategy plus $1 of exposure to its Systematic Macro strategy.
The Balanced Allocation strategy seeks to provide exposure to target a mix of approximately 50% U.S. equities and 50% U.S. bonds.
The Systematic Macro strategy invests long and short across equities, bonds, currencies and commodities using a variety of quantitative investment signals.
What is Return Stacking?
At its core, Return Stacking is the idea of layering one diversified return on top of traditional asset classes, achieving more than $1 of exposure for each $1 invested.
An example might include combining core betas (e.g. stocks or bonds) with a diversifier (e.g. managed futures or global macro) or an alpha strategy (e.g. merger arbitrage).
Institutions have applied these concepts going back to the 1980s and Return Stacked® Funds now make this available to all investors.
RDMIX Target Allocation
For illustrative purposes only. The dotted red line delineates the 100% exposure of a portfolio.
04 // INFORMATION
Fund FAQs
How often does RDMIX Rebalance?
RDMIX rebalances daily
How does RDMIX get its exposure to U.S. equities and bonds?
The U.S. equity portion within RDMIX can hold U.S. equities, U.S. equity ETFs, and U.S. equity index futures, or any combination thereof. The U.S. bond portion can hold U.S. Bonds, U.S. bond ETFs, and U.S. treasury futures, or any combination thereof.
For example, RDMIX may hold 50% in a large-cap U.S. equity ETF and gain the remaining 50% bond exposure through a 25% allocation to a broad U.S. bond ETF and 25% via U.S. treasury index futures.
- 50% iShares S&P 500 ETF (“IVV”)
- 25% U.S. Aggregate Bond ETF (”AGG”)
- 25% U.S. 10-Yr Treasury Futures (”TY”)
The systematic macro strategy will also have long or short positions in U.S. equity index futures and treasury futures, increasing or decreasing their net exposure.
What is a systematic global macro strategy
Systematic macro strategies invest in futures contracts to gain dynamic exposure to global market opportunities across country equity indexes, fixed income, currencies, and commodities.
Portfolios are formed using proprietary quantitative innovations that emphasize characteristics such as, but not limited to: total return momentum, trends, seasonal patterns, carry measures, mean reversion and others, while simultaneously maximizing potential diversification based on changing estimates of volatility and correlations across global asset classes.
As portfolio weights and estimates of volatility and correlations change through time, the strategy will increase and decrease the gross exposure in an effort to maintain its target range of annualized portfolio volatility to control for tail risks.
Is RDMIX tax efficient?
There are tax considerations to be aware of when implementing RDMIX into portfolios. For example, daily gains and losses in futures contracts may need to be calculated as realized for tax purposes, which may affect ordinary income or capital gains depending upon the contract. You should consult your tax advisor before investing.
How often does RDMIX make distributions?
Distributions, if any, are expected to be made annually at the end of each calendar year. Investors can pre-elect to have distributions reinvested into the fund rather than receiving a cash distribution.
05 // FUND INFORMATION
Fund Details
As of 2/26/2026
| Ticker | RDMAX |
| NAV | 21.22 |
| NAV | 21.22 |
| NAV Change | 0.12 |
| % NAV Change | 0.57% |
| YTD Return | 1.68% |
| Distribution Frequency | Annually |
| Ticker | RDMCX |
| NAV | 20.16 |
| NAV | 20.16 |
| NAV Change | 0.11 |
| % NAV Change | 0.55% |
| YTD Return | 1.56% |
| Distribution Frequency | Annually |
| Ticker | RDMIX |
| NAV | 21.53 |
| NAV | 21.53 |
| NAV Change | 0.12 |
| % NAV Change | 0.56% |
| YTD Return | 1.70% |
| Distribution Frequency | Annually |
As of 2/26/2026
| Ticker | RDMAX | RDMCX | RDMIX | RDMAX |
|---|---|---|---|---|
| Share Class | Class A | Class C | Class I | Class A w/ Sales Load |
| CUSIP | 628255747 | 628255739 | 628255721 | 628255747 |
| Inception Date | 9/30/2016 | 9/30/2016 | 2/28/1994 | 9/30/2016 |
| As of Date | 2/26/2026 | 2/26/2026 | 2/26/2026 | 2/26/2026 |
| Daily NAV | 21.22 | 20.16 | 21.53 | 21.22 |
| NAV Change | 0.12 | 0.11 | 0.12 | 0.12 |
| % NAV Change | 0.57% | 0.55% | 0.56% | 0.57% |
06 // INFORMATION
Performance
As of 2/26/2026
Prior to 2/28/2018, the Return Stacked Balanced Allocation & Systematic Macro Fund implemented a different investment strategy and used a different sub-advisor.
| Share Class | 1 Month | 3 Months | 6 Months | YTD | 1 Year | 3 Year Annualized | 5 Year Annualized | 10 Year Annualized | Since Inception Annualized |
|---|---|---|---|---|---|---|---|---|---|
| Class A | 2.66% | -0.26% | 7.34% | 1.68% | 5.38% | 5.08% | 4.48% | N/A | 3.39% |
| Class C | 2.60% | -0.42% | 6.90% | 1.56% | 4.59% | 4.30% | 3.70% | N/A | 2.65% |
| Class I | 2.67% | -0.21% | 7.44% | 3.21% | 5.66% | 5.35% | 4.74% | N/A | 5.75% |
| Class A w/Sales Load | -3.24% | -6.00% | 1.15% | -4.16% | -0.68% | 3.04% | 3.25% | N/A | 2.74% |
Time periods with missing data for current performance are due to the pre-converted hedge fund only reporting returns on a monthly basis.
*Inception: Institutional 02/01/1994, Class A & C 09/30/2016. Performance from 09/30/2016 to 02/28/2018 is attributable to the previous sub-advisor Chesapeake Capital Corporation and performance from 03/01/18 to present is attributable to the Sub-Advisor ReSolve Asset Management SEZC (Cayman) for their Adaptive Asset Allocation Strategy. Performance as of 01/01/25 to present is attributable to the current sub-advisor Newfound Research LLC and ReSolve Asset Management Inc. for the Return Stacked Balanced Allocation & Systematic Macro Fund.
The maximum sales charge for Class “A” Shares is 5.75%. Class “C” Shares held for less than one year are subject to a 1% CDSC. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month end performance information or the fund’s prospectus please call 800-253-0412 or visit www.RationalMF.com.
As of 12/31/2025
| Share Class | 1 Month | 3 Months | 6 Months | YTD | 1 Year | 3 Year Annualized | 5 Year Annualized | 10 Year Annualized | Since Inception Annualized |
|---|---|---|---|---|---|---|---|---|---|
| Class A | -2.27% | -0.70% | 8.34% | 4.78% | 4.78% | 4.49% | 4.13% | N/A | 3.26% |
| Class C | -2.34% | -0.89% | 7.92% | 4.00% | 4.00% | 3.71% | 3.36% | N/A | 2.52% |
| Class I | -2.24% | -0.60% | 8.48% | 5.07% | 5.07% | 4.76% | 4.40% | 3.26% | 5.72% |
| Class A w/Sales Load | -7.87% | -6.40% | 2.09% | -1.26% | -1.26% | 2.45% | 2.90% | N/A | 2.60% |
*Inception: Institutional 02/01/1994, Class A & C 09/30/2016. Performance from 09/30/2016 to 02/28/2018 is attributable to the previous sub-advisor Chesapeake Capital Corporation and performance from 03/01/18 to present is attributable to the Sub-Advisor ReSolve Asset Management for their Adaptive Asset Allocation Strategy.
The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 800-253-0412.
Fund Expenses
As of 2/26/2026
| Share Class | Class I | Class A | Class C | Class A w/ Sales Load |
|---|---|---|---|---|
| Prospectus Gross Expense Ratio (May 1, 2025) | 2.23% | 2.54% | 3.14% | 2.54% |
| Prospectus Net Expense Ratio* (May 1, 2025) | 2.01% | 2.26% | 3.01% | 2.26% |
* Rational Advisors, Inc. has contractually agreed to waive all or a portion of its management fee and/or reimburse certain operating expenses of the Fund to the extent necessary in order to limit the Fund’s total annual fund operating expenses (excluding (i) acquired fund fees and expenses; (ii) brokerage commissions and trading costs; (iii) interest (including borrowing costs and overdraft charges), (iv) taxes, (v) short sale dividends and interest expenses, and (vi) non-routine or extraordinary expenses, such as regulatory inquiry and litigation expenses) to not more than 1.97%, 2.22%, 2.97%, of the average daily net assets of the Fund’s Institutional, Class A, and Class C shares, respectively, through April 30, 2025.
07 // BENEFITS
Return Stacking aims to help investors use their capital more efficiently and effectively.
Pursuing Diversification Without Sacrifice
Investors can seek to introduce diversifying assets and strategies without sacrificing exposure to their traditional asset allocation.
Potential for Enhanced Returns
Potential to Improve Diversification
By thoughtfully introducing differentiated return streams, investors may gain diversification with the potential to reduce portfolio volatility and drawdowns.
Glossary
Alpha is a term used in investing to describe an investment strategy’s ability to beat the market, or its “edge.”
Beta is a measure of the volatility – or systematic risk – of a security or portfolio compared to the market as a whole (usually the S&P 500).
Commodity refers to a basic good used in commerce that is interchangeable with other commodities of the same type. Investors and traders can buy and sell commodities directly in the spot (cash) market or via derivatives such as futures and options.
Currency refers to the generally accepted forms of payment usually issued by governments and circulated within their jurisdiction. Investors can trade almost any currency in the world.
Diversification is a risk management strategy that creates a mix of various investments within a portfolio.
Drawdown refers to the peak-to-trough decline during a specific period for an asset, investment or fund, typically measured in percentage terms.
Futures markets are centralized exchanges where standardized contracts, called futures, are traded. These contracts obligate buyers to purchase, and sellers to sell, a specific quantity of an underlying asset at a predetermined price on a future date, including commodities, currencies, and financial instruments.
Global futures markets refer to standardized futures contracts traded across international exchanges that allow participants to buy and sell commodities or financial instruments for delivery at a specified future date.
iShares S&P 500 ETF (IVV) is an exchange-traded fund that tracks the performance of the Standard & Poor’s 500, a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.
Managed Futures refers to a portfolio of futures contracts that is actively managed by professionals.
Merger arbitrage, also known as risk arbitrage, refers to an investment strategy that aims to profit from the price discrepancies that occur during mergers and acquisitions.
NAV refers to Net Asset Value and represents the value of a fund’s assets expressed on a per-share basis to indicate the price at which investors can buy or sell fund shares.
Tail risks refer to the possibility of extreme, low-probability events that can cause significant losses in an investment portfolio.
Traditional asset class refers to stocks and bonds
U.S. Aggregate Bond ETF (AGG) is an exchange-traded fund that tracks the Bloomberg U.S. Aggregate Bond Index, providing broad exposure to the U.S. investment-grade bond market.
U.S. 10-yr Treasury Futures (“TY”) refers to the standardized futures contracts that represent a future obligation to buy or sell U.S. 10-Year Treasury notes at a predetermined price on a specific date.
Volatility refers to the degree of variation in the price of an asset or financial instrument over time, often expressed as standard deviation, and quantifies the uncertainty or risk of said asset or financial instrument.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Rational Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling (800) 253-0412 or at www.returnstackedfunds.com or www.rationalmf.com. The prospectus should be read carefully before investing. The Rational Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC. Rational Advisors, Inc., ReSolve Asset Management Inc., ReSolve Asset Management SEZC (Cayman) and Newfound Research are not affiliated with Northern Lights Distributors, LLC.
Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio. Investing in the commodities markets (directly or indirectly) may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. Derivatives are investments in which the value is “derived” from the value of an underlying asset, reference rate, or index. The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. Emerging market securities tend to be more volatile and less liquid than securities traded in developed countries.
Bond Risk: The Fund will be subject to bond and fixed income risks through its investments in U.S. Treasury and fixed income futures contracts. Changes in interest rates generally will cause the value of fixed-income and bond instruments held by the Fund to vary inversely to such changes.
Counterparty Risk: Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. Where the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to the counterparty risk associated with the Fund’s clearing broker or clearinghouse. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties.
Derivatives Risk: Derivatives are instruments, such as futures contracts, whose value is derived from that of other assets, rates, or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments.
Equity Market Risk: By virtue of the Fund’s investments in equity securities, equity ETFs, and equity index futures agreements, the Fund is exposed to equity securities both directly and indirectly which subjects the Fund to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.
High Portfolio Turnover Risk: The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.
Interest Rate Risk: Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the Sub-Adviser.
Leverage Risk: As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts to gain long and short exposure across four major asset classes (commodities, currencies, fixed income, and equities). These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss.
The Fund acquired all of the assets and liabilities of Chesapeake Fund, LLC (the “Predecessor Fund”) in a tax-free reorganization on December 31, 2016. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Institutional Shares of the Fund. At the time of the reorganization, the Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. Effective February 27, 2018, the Fund’s investment strategy changed and a new Sub-Advisor replaced the prior sub-advisor. Effective January 1st, 2025, the Fund’s investment strategy changed. Consequently, prior performance may not reflect the Fund’s current operations.
Rational Advisors, Inc. (the “Advisor”) is the Fund’s investment advisor.
Newfound Research LLC is the investment sub-advisor of the Balanced Allocation Strategy component of the Fund’s portfolio.
ReSolve Asset Management Inc. (“ReSolve Canada”) is the Fund’s sub-advisor of the Systematic Macro Strategy component of the Fund’s portfolio.
ReSolve Asset Management SEZC (Cayman) is the Fund’s futures trading advisor of the Systematic Macro Strategy component of the Fund’s portfolio.