Main BuyWrite I
Name
As of 09/09/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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
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 09/09/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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%
- Dividend Yield 0.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameMain BuyWrite Fund
-
Fund Family NameMain Management
-
Inception DateDec 29, 2015
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerKim 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 Advisers 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 Funds option strategy may also have the benefit of reducing the volatility of the Funds 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 companys size as determined by its current share price multiplied by the number of shares of the companys outstanding stock) in the Funds portfolio. |
The Adviser seeks to create a diversified portfolio to avoid significant allocations to particular market segments.
Developing Strategic Targets. The Adviser determines the Funds 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 Funds 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 Funds 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 contracts 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 Advisers option strategy typically targets one-month options. Options of any exercise price or maturity may be utilized.
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
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- Spdr S&P 500 Etf Trust 12/17/2021 380 Call 8.42%
- 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
Date | Amount | Type |
---|---|---|
Dec 22, 2021 | $0.007 | OrdinaryDividend |
Dec 22, 2020 | $0.029 | OrdinaryDividend |
Nov 27, 2020 | $0.009 | OrdinaryDividend |
Aug 28, 2020 | $0.003 | OrdinaryDividend |
May 28, 2020 | $0.005 | OrdinaryDividend |
Dec 27, 2019 | $0.015 | OrdinaryDividend |
Dec 20, 2019 | $0.064 | OrdinaryDividend |
Nov 27, 2019 | $0.011 | OrdinaryDividend |
Dec 24, 2018 | $0.048 | OrdinaryDividend |
Dec 26, 2017 | $0.047 | OrdinaryDividend |
Dec 21, 2016 | $0.055 | OrdinaryDividend |
Aug 30, 2016 | $0.005 | OrdinaryDividend |
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 |