VistaShares
This address is how we stay in touch with the professionals who follow our work.
VistaShares delivers innovative Liquid Alternative investment solutions for today's investors. VistaShares ETFs are actively managed by industry and investment experts, offering a number of distinct strategies. Supercycle® Growth Equity ETFs seek exposure to technology-driven economic Supercycles® that the adviser believes may offer long-term growth potential. Target 15® option-income ETFs seek to generate monthly income while complementing a core equity portfolio. Income is not guaranteed and will vary, and the Target 15® name refers to the strategy's objective rather than a guaranteed or promised return. Investing involves risk, including possible loss of principal. There is no guarantee that any investment objective will be achieved, and past performance does not guarantee future results.
The work behind these notes
Notes from here cover turnover, and the reason it is worth reading beside a fee rather than under it. A strategy that replaces most of what it holds every year is paying spreads on all of it, and the person holding it is paying those spreads whether or not the trading earned anything, because the cost is certain and the benefit is a hope.
What makes turnover hard to read is that a high figure is not automatically bad. A rule that trades often may be doing exactly what it was built to do, and the question is not whether the trading is expensive but whether it is expensive enough to matter against what it is trying to capture.
The honest way to read it is as a hurdle rather than as a verdict.
A strategy trading heavily has to be right by more than the trading costs before anybody is better off, and that hurdle can be stated plainly instead of being left for a reader to infer.
Stating it also settles most arguments about it quickly. Once the hurdle is a number rather than an impression, the question stops being whether trading is good or bad and becomes whether this particular strategy clears this particular bar, which is answerable.
What people ask this address
Does this replace the fee schedule?
No. The published expense is the published expense and nothing written here changes it. These notes are about the costs that sit beside it, which are not published anywhere and are usually larger in a year with any trading in it.
Why write about costs rather than returns?
Because a cost is close to certain and a return is not. The part of an outcome that can be estimated in advance with any confidence is the part worth being careful about, and it is the part least often discussed.
Is any of this specific to one product?
No. Nothing on this page names a fund, quotes a performance figure or offers anything. It describes what mail from this address writes about. Anything specific arrives with the disclosures the regulator requires alongside it.
How do I stop these?
Reply to any message from this address and say so, or write to the address at the top of this page. It is acted on for every address at your firm we hold, not only the one that wrote, and it does not expire.
Is there a charge for any of this?
No. Nothing from this address is sold and nothing on this page asks for anything. It is written because the people who evaluate strategies for a living tend to ask the same set of questions, and answering them once in public is cheaper than answering them one at a time.
About this domain
vistasharesteam.com belongs to VistaShares. We send email from it, and everything we publish sits on our main website at vistashares.com instead.
If a message from vistasharesteam.com reached you and you want to confirm it came from us, write to info@vistashares.com or call (844) 875-2288.