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Trending ETFs

Name

As of 09/09/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Main BuyWrite Fund

BUYWX | Fund

$12.50

$142 M

0.21%

$0.03

1.44%

Vitals

YTD Return

-1.2%

1 yr return

-0.3%

3 Yr Avg Return

3.9%

5 Yr Avg Return

3.1%

Net Assets

$142 M

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$12.4
$11.38
$12.86

Expenses

OPERATING FEES

Expense Ratio 1.44%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 09/09/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Main BuyWrite Fund

BUYWX | Fund

$12.50

$142 M

0.21%

$0.03

1.44%

BUYWX - Profile

Distributions

  • YTD Total Return -1.2%
  • 3 Yr Annualized Total Return 3.9%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.02%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Main BuyWrite Fund
  • Fund Family Name
    Main Management
  • Inception Date
    Dec 29, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Kim Arthur

Fund Description

The Fund is designed to provide investors with sustained exposure to domestic and foreign equity markets over time by generally investing in exchange-traded funds (ETFs) and using the Adviser’s “BuyWrite” strategy. “BuyWrite” is an investment strategy of writing (selling) call options on a security owned by the Fund to generate additional returns from the option premium. The Fund also seeks returns by writing (selling) secured put options. A “put option” is an option contract that gives the owner the right to sell the underlying security at a specified price (the strike price) until its expiration at a fixed date in the future. The Fund seeks to achieve risk-adjusted returns through targeted allocations by analyzing interest and currency rates, inflation trends, economic growth forecasts, and other global and capital market fundamentals. The Fund’s option strategy may also have the benefit of reducing the volatility of the Fund’s portfolio in comparison to that of broad equity market indexes.

Equity Strategy

The Adviser believes that, over time, asset allocation is more determinative than individual security selection in limiting the variability inherent in equity security investing. Accordingly, the Adviser, when investing in ETFs, focuses its research primarily on asset allocation by carefully reviewing:

the sector (industries sharing common characteristics; e.g., financials),
sub-sector (a more specialized, narrow category within a sector; e.g., financials), and
capitalization (the measure of a company’s size as determined by its current share price multiplied by the number of shares of the company’s outstanding stock) in the Fund’s portfolio.

The Adviser seeks to create a diversified portfolio to avoid significant allocations to particular market segments.

Developing Strategic Targets. The Adviser determines the Fund’s target allocations by:

analyzing global macroeconomic and capital market fundamentals over a 12-18 month time horizon and
formulating strategic targets for allocations.

Identifying the Appropriate ETFs. After developing the strategic targets, the Adviser seeks to identify the most appropriate ETFs to implement strategic asset allocation and express sector views by evaluating various factors in the respective ETFs.

Option Strategy

The Fund pursues its objective by employing an option strategy of writing (selling) covered call or index based options on an amount from 0% to 100% of the value of the ETF shares in the Fund’s portfolio. The Fund seeks to earn income and gains both from dividends paid on the ETFs owned by the Fund and cash premiums received from writing or “selling”:

covered call options or index based options on equity based ETFs held in the Fund’s portfolio and
cash secured put options against cash balances in the Fund.

The Fund will “cover” its obligations when it sells options or will earmark or segregate cash or liquid securities in accordance with applicable interpretations of the staff of the Securities and Exchange Commission (the “SEC”). The Fund may not sell “naked” put or call options, i.e., equity options representing more shares of an ETF than the Fund has cash on hand and available to purchase or index options greater than the value of the underlying security.

Stock index options are put options and call options on various stock indices. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder exercising the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars time a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. A call option on a security is a contract that gives the holder of the option, in return for a premium, the right, but not the obligation, to buy from the writer of the option the security underlying the option at a specified exercise or “strike” price by or before the contract’s expiration. A put option on a security is a contract that gives the holder of the option, in return for a premium, the right to sell to the writer of the option the security underlying the option at a specified exercise or “strike” price. The writer of an option on a security has the obligation upon exercise of the option to purchase the underlying security at the exercise price. The Adviser’s option strategy typically targets one-month options. Options of any exercise price or maturity may be utilized.

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BUYWX - Performance

Return Ranking - Trailing

Period BUYWX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.2% -2.8% 240.8% 50.20%
1 Yr -0.3% -4.3% 140.6% 42.17%
3 Yr 3.9%* -8.3% 18.3% 83.97%
5 Yr 3.1%* -5.0% 17.3% 77.97%
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period BUYWX Return Category Return Low Category Return High Rank in Category (%)
2023 9.7% -34.1% 904.0% 61.71%
2022 1.4% -28.6% 438.4% 41.62%
2021 3.9% -93.5% 8.2% 42.76%
2020 -2.1% -38.9% 19.8% 41.86%
2019 1.6% -10.9% 12.8% 55.34%

Total Return Ranking - Trailing

Period BUYWX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.2% -2.7% 244.0% 51.38%
1 Yr -0.3% -4.3% 140.6% 39.57%
3 Yr 3.9%* -8.3% 18.3% 83.33%
5 Yr 3.2%* -5.4% 17.3% 76.27%
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period BUYWX Return Category Return Low Category Return High Rank in Category (%)
2023 9.7% -34.1% 904.0% 61.71%
2022 1.4% -5.9% 438.4% 42.20%
2021 3.9% -81.2% 8.2% 56.55%
2020 -2.1% -29.0% 19.8% 49.61%
2019 1.7% -10.9% 12.8% 66.02%

NAV & Total Return History


BUYWX - Holdings

Concentration Analysis

BUYWX Category Low Category High BUYWX % Rank
Net Assets 142 M 25 17.4 B 40.45%
Number of Holdings 16 2 508 53.05%
Net Assets in Top 10 142 M -6.66 M 5.12 B 48.85%
Weighting of Top 10 N/A 11.3% 100.0% 10.87%

Top 10 Holdings

  1. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  2. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  3. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  4. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  5. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  6. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  7. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  8. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  9. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
  10. Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%

Asset Allocation

Weighting Return Low Return High BUYWX % Rank
Stocks
95.59% -3.92% 100.76% 33.97%
Cash
4.41% -0.76% 100.29% 61.83%
Preferred Stocks
0.00% 0.00% 3.08% 46.56%
Other
0.00% 0.00% 45.92% 56.87%
Convertible Bonds
0.00% 0.00% 20.91% 48.85%
Bonds
0.00% 0.00% 97.96% 13.74%

Stock Sector Breakdown

Weighting Return Low Return High BUYWX % Rank
Technology
19.77% 0.00% 44.43% 69.75%
Consumer Defense
18.69% 0.00% 22.87% 92.44%
Energy
11.78% 0.00% 69.54% 90.76%
Healthcare
11.43% 0.00% 25.91% 8.40%
Financial Services
9.61% 0.00% 29.60% 18.91%
Consumer Cyclical
9.39% 0.00% 19.02% 83.19%
Communication Services
6.94% 0.00% 21.22% 78.57%
Industrials
6.89% 1.41% 43.91% 11.34%
Real Estate
2.29% 0.00% 9.74% 82.77%
Basic Materials
1.74% 0.00% 60.58% 92.02%
Utilities
1.47% 0.00% 13.35% 89.08%

Stock Geographic Breakdown

Weighting Return Low Return High BUYWX % Rank
US
93.67% -3.89% 100.00% 38.17%
Non US
1.92% -2.17% 99.33% 35.88%

BUYWX - Expenses

Operational Fees

BUYWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.44% 0.20% 6.78% 31.69%
Management Fee 1.00% 0.20% 1.75% 76.12%
12b-1 Fee 0.00% 0.00% 1.00% 28.74%
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

BUYWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

BUYWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 82.35%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BUYWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 456.80% 75.89%

BUYWX - Distributions

Dividend Yield Analysis

BUYWX Category Low Category High BUYWX % Rank
Dividend Yield 0.21% 0.00% 3.76% 49.44%

Dividend Distribution Analysis

BUYWX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Annually

Net Income Ratio Analysis

BUYWX Category Low Category High BUYWX % Rank
Net Income Ratio 0.02% -2.54% 14.24% 30.33%

Capital Gain Distribution Analysis

BUYWX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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BUYWX - Fund Manager Analysis

Managers

Kim Arthur


Start Date

Tenure

Tenure Rank

Dec 29, 2015

6.42

6.4%

Kim D. Arthur. Mr. Arthur is a founding partner of Main Management, LLC, Main Management Fund Advisors, LLC’s parent company. He has served as CEO of Main Management, LLC since 2002 and as CEO and portfolio manager of the Adviser since 2015. In 2009 he was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Mr. Arthur began his financial career in 1987 in institutional sales marketing U.S. equities to Japanese institutions. He was promoted to managing director of institutional sales, and advanced to the transitional head of International Sales for Banc of America Securities. Mr. Arthur has also led an institutional sales and trading department overseeing 60 sales traders in 6 cities, managed the equity product marketing team, and served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities.

J. Richard Fredericks


Start Date

Tenure

Tenure Rank

Dec 29, 2015

6.42

6.4%

J. Richard Fredericks is a founding partner of Main Management, LLC. He currently serves as a Managing Director and is a member of the Investment Committee. He began his career with Dean Witter in 1970 as a securities analyst. In 1977, he joined Montgomery Securities (now Banc of America Securities) as a partner and later Senior Managing Director in Investment Research, covering the banking and financial service area. For 17 consecutive years, Mr. Fredericks was chosen by Institutional Investor Magazine as an “All-American” Research Analyst, covering the commercial banking industry. In 1995, Mr. Fredericks formally changed roles to oversee the firm’s investment banking effort for the financial industry. Mr. Fredericks served as United States Ambassador to both Switzerland and Liechtenstein from 1999 to 2001. Mr. Fredericks currently is on the Board of Directors of Janus Corporation; the Library of Congress Trust Fund Board; the Board of Directors of Cadence Bancorp LLC; member of the Board of Trustees at Loyola University of Maryland; the Advisory Board of Financial Technology Ventures; the Board of Chambers & Chambers Wine Merchants; and as a grower and Board Member for Turley Wine Cellars.

James Concidine


Start Date

Tenure

Tenure Rank

Dec 29, 2015

6.42

6.4%

James W. Concidine is a founding partner of Main Management, LLC. He currently serves as a Managing Director of Main Management Fund Advisors, LLC and is a member of the Investment Committee. Mr. Concidine began his career in the financial services industry in 1970 as a stock broker working with retail clients from 1970-1978. When the CBOE opened in April 1973, he began to specialize in conservative covered call writing strategies, and worked in institutional sales where he was responsible for U.S. equity sales to institutional accounts in the United Kingdom. Mr. Concidine led an International Institutional Sales Team. Since 1995, he has served as Chief Investment Officer for a large San Francisco family office where his duties include manager selection and asset allocation.

Alex Varner


Start Date

Tenure

Tenure Rank

Dec 31, 2021

0.41

0.4%

Alex Varner joined Main Management full-time in July of 2012. He serves as Director of Research where his focus includes generating a variety of analytical reports for the firm’s Investment Committee. He interned with Main during the summer of 2011 while working towards his MBA from UNC’s Kenan-Flagler Business School, with a concentration in Investment Management, which was attained in May 2012. He grew up in San Rafael, California and received a Bachelor of Arts degree from Davidson College. Prior to business school Alex worked as a paralegal in capital markets at Hunton & Williams,

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67