Fund Evaluator:
AXS Adaptive Plus I (AXSPX)
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Best Performing in Long-Short Equity Over the Last Year
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| 17.2% | ABR 75/25 Volatility Investor (VOLJX) |
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Fund Details
AXS Adaptive Plus I Overview
AXS Adaptive Plus I (AXSPX) is an actively managed Nontraditional Equity Long-Short Equity fund. AXS launched the fund in 2022.
The investment seeks capital appreciation in rising and falling U.S. equity markets. Under normal market conditions, the fund seeks to achieve its investment objective by investing in equity-linked call options or swaps that provide exposure to the ProfitScore Capital Management, Inc. (“ProfitScore”) trading program (the “Trading Program”) which is designed to produce the returns of the ProfitScore Regime-Adaptive Long/Short Equity Index. It is non-diversified.
About AXS Adaptive Plus I (AXSPX)
There are 2 members of the management team with an average tenure of 3.96 years: Travis Trampe (2022), Parker Binion (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. AXS Adaptive Plus I has 5 securities in its portfolio. The top 10 holdings constitute 100.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
AXS Adaptive Plus I is part of the Equity global asset class and is within the Nontraditional Equity fund group. AXS Adaptive Plus I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 22.6% (22.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AXS Adaptive Plus I has 55.1% of the portfolio in cash.
Assets Under Management
The fund has $36 million in total assets, which is below the $361 million average for the Long-Short Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AXSPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AXS Adaptive Plus I expense ratio is high compared to funds in the Long-Short Equity category. AXS Adaptive Plus I has an expense ratio of 1.99%, which is 9% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for AXS Adaptive Plus I. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of August 2026, AXS Adaptive Plus I returned 6.6%, which earned it a grade of A, as the Long-Short Equity category had an average return of 1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
AXS Adaptive Plus I has a trailing yield of 1.17%, which is above the 1.14% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AXS Adaptive Plus I Grades
Year to date, the fund has returned 26.6%, 17.2 percentage points better than the category, which translates into a grade of A. The fund has returned 26.5% over the past year (grade of A) and 12.9% over the past three years (grade of C).
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AXSPX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AXSPX Return (NAV) | 6.6% | 12.8% | 26.5% | 12.9% | na | na |
| AXSPX Grade | A | A | A | C | na | na |
| +/- Category | 4.9% | 8.8% | 12.9% | 0.2% | na | na |
| Long-Short Equity Avg | 1.8% | 4.0% | 13.5% | 12.7% | 8.8% | 7.9% |
| AXSPX Tax Cost Ratio | na | na | 0.7% | 0.8% | na | na |
AXSPX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AXSPX Return (NAV) | 26.6% | -1.1% | 8.8% | 16.3% | na | na | na | na | na | na | na |
| AXSPX Grade | A | F | D | B | na | na | na | na | na | na | na |
| +/- Category | 17.2% | -12.5% | -4.6% | 3.2% | na | na | na | na | na | na | na |
| Long-Short Equity Avg | 9.4% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 12.9% |
| Total Risk Index: | 1.06 - Above Average |
| Category Risk Index: | 1.22 - High |
| Category Risk Grade: | F (86% Rank) |
| Beta: | 0.59 |
| R-Squared: | 35% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $36 Mil |
| Fund Total Assets: | $ 37 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.0 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Trampe Travis (2022), Binion Parker (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 100.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 22.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 22.4% |
| Cash: | 55.1% |
Purchase Information
| Fund Family: | AXS |
| Phone Number: | 833-297-2587 |
| Website: |
| Status: | Open |
| Inception Date: | September 15, 2022 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $5,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | AXS Adaptive Plus I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
