Name
As of 04/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.1%
1 yr return
12.0%
3 Yr Avg Return
0.8%
5 Yr Avg Return
4.6%
Net Assets
$24.8 M
Holdings in Top 10
102.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.89%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 32.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
SHIIX - Profile
Distributions
- YTD Total Return 2.1%
- 3 Yr Annualized Total Return 0.8%
- 5 Yr Annualized Total Return 4.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.31%
- Dividend Yield 2.5%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameCatalyst Buffered Shield Fund
-
Fund Family NameMutual Fund Series Trust
-
Inception DateApr 14, 2015
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJoseph Halpern
Fund Description
Under normal market conditions, the Fund seeks to achieve its investment objective by investing in put and call options on exchange traded funds (“ETFs”) that track the S&P 500 Index (“Index ETFs”) and in fixed income securities. At time of purchase, the equity options component’s target allocation is between 0.5% and 7.5%, while the fixed income component’s target allocation is between 92.5% and 99.5%. The equity option component is designed to provide 100% notional exposure to the S&P 500 Index (the “Index”) with a level of hedge on the downside and participation on the upside to a certain cap. Using a combination of put and call options on Index ETFs, the Fund’s investment sub-advisor, Exceed Advisory LLC (the “Sub-Advisor”) initially executes the equity options strategy by seeking to provide an investment vehicle that limits losses to 12.5% when the Index declines in value, and to participate in increases in the Index up to approximately 15%. As the Index increases in value, the strategy seeks to increase the level of hedge on the downside and the cap on the upside by rebalancing or rolling the call and put strike levels in a given maturity to higher strike levels. By rebalancing, the strategy seeks to optimize risk / reward by lowering downside risk (through buying higher strike puts) and increasing upside potential (through selling higher strike calls), thus converting a hard cap to a soft cap. There may be times that the Sub-Advisor determines not to implement the Fund’s hedging strategy.
The fixed income component is designed to return a yield that is used to assist in purchasing the equity option component. The equity options strategy is intended to provide investment returns that are correlated with, but less volatile than, those of the Index. Although the option strategy includes a leverage component, the strategy also limits the Fund’s participation in Index gains.
Equity Options Component
The equity options strategy consists of exchange traded equity options. Options selected for the equity component generally have a duration of approximately one year.
Put Options Sub-Component
Put options allow the purchaser, for a premium, to “put” a security to the seller of the option at a strike price. Put options are selected for the Fund to target participation in the Index if the Index decreases down to a maximum floor of 12.5% by selecting a short put whose strike price equals the current value of the Index and a long put whose strike price is below the current value of the Index. The Fund’s purchases and sales of put options result in “put spreads,” which are intended to allow the Fund to mitigate losses in the equity options component when the Index declines by more than 12.5% during the terms of the put spreads. The put spreads do not guard the Fund against Index losses in the equity options component of less than 12.5%, and only seeks to guard against such losses during the terms of the put spreads. All other losses in the equity options component will be borne by the Fund and shareholders. There is no guarantee that the put spreads will limit the losses in the equity options component to 12.5%. Put options do not protect against losses in the fixed income component of the Fund’s strategy.
Call Options Sub-Component
Call options allow the purchaser, for a premium, to “call” away a security from the seller of the option at a particular price, called the “strike price.” Normally, a buyer calls away a security at the strike price if the security’s market price is greater than the strike price. The call options are selected to target participation in the Index if the Index increases up to a maximum cap by selecting a long call whose strike price equals the current value of the Index and a short call whose strike price is above the current value of the Index. In this way, the Fund seeks to participate with the market up to the maximum cap. The Fund’s purchases and sales of call options result in “call spreads,” which are intended to allow the Fund to participate in increases in the Index up to approximately 15% during the terms of the call spreads.
The objective of the call options is to provide market participation up to the maximum cap while the objective of the put options is to provide a floor to negative performance and thereby limit exposure in a materially bearish environment. However, there is no guarantee that put and call options will limit the Fund’s losses in the equity options component.
Fixed Income Component
The fixed income component of the Fund’s portfolio consists of domestic short to medium term, investment grade, fixed coupon, senior or subordinated corporate bonds, and government securities with a typical maturity of 5 years or less, or ETFs that invest primarily in such securities. The Fund typically invests primarily in corporate debt. Fixed income securities are selected by identifying the highest yielding securities among a peer group with similar credit quality and maturity while also ensuring portfolio diversification in terms of credit rating and industry.
Although the Fund’s strategy seeks to provide protection for large losses in the equity portion of the portfolio, an investor can still lose money on the fixed income portion such that the total loss in the portfolio as a whole could be more than the targeted 12.5%.
The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance.
SHIIX - Performance
Return Ranking - Trailing
Period | SHIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.1% | -2.8% | 240.8% | 35.57% |
1 Yr | 12.0% | -4.3% | 140.6% | 70.43% |
3 Yr | 0.8%* | -8.3% | 18.3% | 44.23% |
5 Yr | 4.6%* | -5.0% | 17.3% | 32.20% |
10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | SHIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.2% | -34.1% | 904.0% | 47.30% |
2022 | -19.0% | -28.6% | 438.4% | 33.53% |
2021 | -2.6% | -93.5% | 8.2% | 78.62% |
2020 | 5.0% | -38.9% | 19.8% | 79.84% |
2019 | 13.2% | -10.9% | 12.8% | 23.30% |
Total Return Ranking - Trailing
Period | SHIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.1% | -2.7% | 244.0% | 37.15% |
1 Yr | 12.0% | -4.3% | 140.6% | 67.83% |
3 Yr | 0.8%* | -8.3% | 18.3% | 41.03% |
5 Yr | 4.6%* | -5.4% | 17.3% | 30.51% |
10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | SHIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.0% | -34.1% | 904.0% | 47.30% |
2022 | -18.1% | -5.9% | 438.4% | 34.10% |
2021 | 14.3% | -81.2% | 8.2% | 86.21% |
2020 | 7.2% | -29.0% | 19.8% | 88.37% |
2019 | 20.2% | -10.9% | 12.8% | 40.78% |
NAV & Total Return History
SHIIX - Holdings
Concentration Analysis
SHIIX | Category Low | Category High | SHIIX % Rank | |
---|---|---|---|---|
Net Assets | 24.8 M | 25 | 17.4 B | 56.93% |
Number of Holdings | 28 | 2 | 508 | 20.61% |
Net Assets in Top 10 | 27.3 M | -6.66 M | 5.12 B | 54.58% |
Weighting of Top 10 | 102.57% | 11.3% | 100.0% | 24.67% |
Top 10 Holdings
- ISHR 1-5Y INV GR 34.43%
- VANGUARD S/T CORP BOND ET 30.43%
- PGIM ULTRA SHORT 24.52%
- SPY US 06/21/24 C440 3.29%
- SPY US 03/15/24 C437 2.73%
- SPY US 09/20/24 C425 2.62%
- SPY US 03/15/24 C400 2.30%
- SPY US 06/21/24 C420 1.28%
- SPY US 06/21/24 C410 0.75%
- SPY US 06/21/24 P400 0.23%
Asset Allocation
Weighting | Return Low | Return High | SHIIX % Rank | |
---|---|---|---|---|
Stocks | 89.38% | -3.92% | 100.76% | 87.79% |
Other | 9.44% | 0.00% | 45.92% | 8.40% |
Convertible Bonds | 6.65% | 0.00% | 20.91% | 3.05% |
Cash | 1.19% | -0.76% | 100.29% | 19.85% |
Preferred Stocks | 0.00% | 0.00% | 3.08% | 8.78% |
Bonds | 0.00% | 0.00% | 97.96% | 6.11% |
Stock Sector Breakdown
Weighting | Return Low | Return High | SHIIX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 13.35% | 23.95% |
Technology | 0.00% | 0.00% | 44.43% | 22.69% |
Real Estate | 0.00% | 0.00% | 9.74% | 18.91% |
Industrials | 0.00% | 1.41% | 43.91% | 79.41% |
Healthcare | 0.00% | 0.00% | 25.91% | 13.03% |
Financial Services | 0.00% | 0.00% | 29.60% | 82.77% |
Energy | 0.00% | 0.00% | 69.54% | 44.54% |
Communication Services | 0.00% | 0.00% | 21.22% | 59.66% |
Consumer Defense | 0.00% | 0.00% | 22.87% | 25.63% |
Consumer Cyclical | 0.00% | 0.00% | 19.02% | 79.41% |
Basic Materials | 0.00% | 0.00% | 60.58% | 77.31% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | SHIIX % Rank | |
---|---|---|---|---|
US | 89.38% | -3.89% | 100.00% | 78.24% |
Non US | 0.00% | -2.17% | 99.33% | 86.26% |
SHIIX - Expenses
Operational Fees
SHIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.89% | 0.20% | 6.78% | 25.93% |
Management Fee | 1.25% | 0.20% | 1.75% | 91.79% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.02% | 0.28% | N/A |
Sales Fees
SHIIX 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
SHIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 75.79% |
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.
SHIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 32.00% | 0.00% | 456.80% | 86.16% |
SHIIX - Distributions
Dividend Yield Analysis
SHIIX | Category Low | Category High | SHIIX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.45% | 0.00% | 3.76% | 12.27% |
Dividend Distribution Analysis
SHIIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Monthly | Annually |
Net Income Ratio Analysis
SHIIX | Category Low | Category High | SHIIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.31% | -2.54% | 14.24% | 32.38% |
Capital Gain Distribution Analysis
SHIIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 13, 2023 | $0.231 | OrdinaryDividend |
Dec 14, 2022 | $0.087 | OrdinaryDividend |
Dec 13, 2022 | $0.056 | OrdinaryDividend |
Dec 13, 2019 | $0.610 | OrdinaryDividend |
Dec 14, 2018 | $0.116 | OrdinaryDividend |
Jan 03, 2017 | $0.049 | OrdinaryDividend |
SHIIX - Fund Manager Analysis
Managers
Joseph Halpern
Start Date
Tenure
Tenure Rank
Apr 14, 2015
7.13
7.1%
Mr. Halpern is the Chief Executive Officer and Portfolio Manager of Exceed. He founded Exceed Advisory in 2013. Since May 2017, Mr. Halpern has also held various roles at Fountainhead Capital Management, LLC (FCM), Fountainhead AM, LLC (FAM) and Fountainhead Retirement Services, LLC, (FRS) each an affiliated registered investment advisor (RIA). Mr. Halpern has served as Chief Compliance Officer at FCM and FAM as of February 2018 and FRS as of April 2019. Mr. Halpern has served as Chief Investment Officer of FAM since May 2017. Mr. Halpern has also served as a Senior Advisor to OmegaPoint Research, Inc. a Fintech company providing an advanced portfolio intelligence engine and separately, provided expert witness consulting on derivative-related legal matters since April 2018. From Dec. 2016 to June 2017, he was a Portfolio Manager of Catalyst. From 2010 to founding Exceed Advisory in 2013, Mr. Halpern was a director at Lamco, the asset management division of Lehman Brothers Holdings Inc. where he managed the exotic derivatives commodities book, was chief negotiator on a number of global bank settlements and was a lead member of a task force on structured products. Between 2007 and 2010, Mr. Halpern was Director on the Equity Derivatives Trading desk of ING Financial Markets (“ING”), a global financial institution. From 2006 to 2007, Mr. Halpern was SVP of Strategy and Risk for Kellogg Capital Group’s derivatives division. From 2002 to 2006, Mr. Halpern was a partner at Halpern Capital, a boutique investment bank focusing on investment banking and trading services in addition to providing independent research to institutional clients. Mr. Halpern began his career in 1996 as a derivatives trader at Letco Specialists, which has since been acquired by TD Securities, and became its youngest partner before leaving in 2002. Mr. Halpern has a BS from New York University, Stern School of Business.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 19.77 | 3.61 | 5.67 |