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Name

As of 09/30/2022

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

Arin Large Cap Theta Fund

AVOAX | Fund

$8.59

$189 M

0.00%

1.07%

Vitals

YTD Return

-18.2%

1 yr return

-18.1%

3 Yr Avg Return

-3.4%

5 Yr Avg Return

-3.5%

Net Assets

$189 M

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$8.7
$8.59
$10.53

Expenses

OPERATING FEES

Expense Ratio 1.07%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$25,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 09/30/2022

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

Arin Large Cap Theta Fund

AVOAX | Fund

$8.59

$189 M

0.00%

1.07%

AVOAX - Profile

Distributions

  • YTD Total Return -18.2%
  • 3 Yr Annualized Total Return -3.4%
  • 5 Yr Annualized Total Return -3.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.03%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Arin Large Cap Theta Fund
  • Fund Family Name
    Nottingham
  • Inception Date
    Sep 03, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Lawrence Lempert

Fund Description

As a matter of investment policy, the Fund will invest, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, in a portfolio of options contracts on securities whose value is based on companies with market capitalizations that qualify them as “large-cap” companies. Arin Risk Advisors, LLC (the “Advisor”) considers a company to be a “large cap” company if its market capitalization is at least $10 billion. The Fund utilizes one or more combinations of long and short put and call options (SPX options) on securities that are linked to the performance of the S&P 500 Index (the “Index”) in an effort to gain market exposure as well as to hedge the Fund’s market exposure and generate income. The Fund may, from time to time, also invest in options on other broad-based market indexes that represent the U.S. large-cap equity market. While the Fund invests in securities whose prices are affected by changes in the value of the Index, the Fund does not typically maintain full long investment exposure to the Index, does not track the Index, and its performance may differ significantly from that of the Index.
The Fund’s three primary objectives are: gain a varying amount of market exposure to the Index; limit risk relative to a decline in the Index; and generate a series of cash flows.
In order to gain Index exposure, the Fund will sell SPX options or a combination of SPX options that are expected to allow the Fund to realize gains if the Index remains above certain price levels expressed by the strike prices of the Fund’s SPX options contracts. Even if the Index price fails to appreciate in value, the Fund may realize gains. These gains are attributable to the decrease in value of the SPX options sold over time and is typically referred to as “theta”. In cases where the Index falls below certain price levels, the Fund will experience gains and losses that are in line with the movement of the Index. The difference between the Index price and the strike prices of the Fund’s SPX options determines the extent of the Fund’s market exposure to the Index. If the Index price remains above the strike price, the Fund will have modest exposure. If the Index price trades below the strike price, the Fund will have greater market exposure.  In cases where the Index price rises above certain levels, then the Fund will experience gains only up to the amount of premium initially received. The Fund’s assets serve as collateral for options that are bought and sold in an attempt to gain market exposure to the Index. 
The SPX options in the Fund’s portfolio each have a trading volume sufficient to preclude the Fund’s trades from influencing prices. The Fund may also use short SPX options (short SPX options generate immediate cash inflows in exchange for taking on the obligation of delivering cash at a future date) or long SPX options (long SPX options require an initial cash payment in exchange for the right to receive a future cash payment at a future date).  The Fund may also utilize call or put spreads to limit the downside risk of the Fund. The Fund will purchase SPX call options or sell SPX put options (including spreads) when the Advisor believes the value of the Index will increase and will purchase SPX put options or sell SPX call options (including spreads) when the Advisor believes the value of the Index will decrease.
An option spread combines two or more option contracts as a single trade.  The Fund sells one SPX option and simultaneously buys an offsetting position in another SPX option. When selling a spread, the maximum gain is the net premium collected and the maximum loss is equal to the difference in the respective strike prices, less the premium collected. The use of spreads may limit the Fund’s exposure to the Index depending upon the rate of change in the Index, the Advisor’s ability to adjust the position, and the pricing of the SPX options used to create the spread.There may be instances where the Fund has no long market exposure and may temporarily have short market exposure.  Such an instance may arise when the market either rises or falls at a rate in excess of the levels provided by the SPX option contracts held by the Fund for long market exposure.
The Fund will purchase other SPX options that should appreciate if the Index significantly declines, and, thus, attempt to limit the Fund’s risk and volatility exposure. When the value of the Index decreases below the strike prices of these SPX options, the value of the Fund will be negatively correlated to the value of the Index.  This long SPX option exposure is referred to as the Fund’s “Protection Ratio”.  This Protection Ratio represents the number of long SPX put options expiring in greater than 40 days with strike prices that are at least five percent (5%) below the current Index value as compared to the number of SPX options representing the investment of all the Fund’s assets (Fund’s total net assets divided by the Index value divided by 100 units per contract). The Advisor seeks to keep the Protection Ratio above 10 and as high as possible while attempting to minimize carrying costs.  There may be periods where the high carrying cost of these SPX options may result in Fund’s Protection Ratio remaining below 10.
The Advisor may also allocate a portion of the Fund’s assets to cash or cash equivalents, including United States Treasury Securities, money-market instruments, money-market mutual funds or option “box spreads,” or an ETF that holds option box spreads. A box spread is a combination of option trades referred to as vertical offsets that results in a synthetic bond exposure.  The Advisor typically compares the yield from the available cash equivalents and chooses to invest in those which offer the most favorable risk and reward characteristics under current market conditions.  The Fund’s strategy may result in high portfolio turnover.
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AVOAX - Performance

Return Ranking - Trailing

Period AVOAX Return Category Return Low Category Return High Rank in Category (%)
YTD -18.2% -2.8% 240.8% 96.44%
1 Yr -18.1% -4.3% 140.6% 100.00%
3 Yr -3.4%* -8.3% 18.3% 66.67%
5 Yr -3.5%* -5.0% 17.3% 81.36%
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period AVOAX Return Category Return Low Category Return High Rank in Category (%)
2023 -4.5% -34.1% 904.0% 4.95%
2022 7.5% -28.6% 438.4% 91.91%
2021 0.3% -93.5% 8.2% 45.52%
2020 -2.3% -38.9% 19.8% 68.99%
2019 0.6% -10.9% 12.8% 86.41%

Total Return Ranking - Trailing

Period AVOAX Return Category Return Low Category Return High Rank in Category (%)
YTD -18.2% -2.7% 244.0% 96.44%
1 Yr -18.1% -4.3% 140.6% 100.00%
3 Yr -3.4%* -8.3% 18.3% 62.82%
5 Yr -3.2%* -5.4% 17.3% 79.66%
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period AVOAX Return Category Return Low Category Return High Rank in Category (%)
2023 -4.5% -34.1% 904.0% 4.95%
2022 7.5% -5.9% 438.4% 92.49%
2021 0.3% -81.2% 8.2% 51.72%
2020 -1.9% -29.0% 19.8% 78.29%
2019 1.0% -10.9% 12.8% 76.70%

NAV & Total Return History

AVOAX - Holdings

Concentration Analysis

AVOAX Category Low Category High AVOAX % Rank
Net Assets 189 M 25 17.4 B 31.84%
Number of Holdings 47 2 508 54.58%
Net Assets in Top 10 192 M -6.66 M 5.12 B 20.99%
Weighting of Top 10 N/A 11.3% 100.0% 12.61%

Top 10 Holdings

  1. Option on S&P 500 Index 134.73%
  2. Option on S&P 500 Index 134.73%
  3. Option on S&P 500 Index 134.73%
  4. Option on S&P 500 Index 134.73%
  5. Option on S&P 500 Index 134.73%
  6. Option on S&P 500 Index 134.73%
  7. Option on S&P 500 Index 134.73%
  8. Option on S&P 500 Index 134.73%
  9. Option on S&P 500 Index 134.73%
  10. Option on S&P 500 Index 134.73%

Asset Allocation

Weighting Return Low Return High AVOAX % Rank
Stocks 		100.00% -3.92% 100.76% 69.08%
Preferred Stocks 		0.00% 0.00% 3.08% 87.40%
Other 		0.00% 0.00% 45.92% 90.08%
Convertible Bonds 		0.00% 0.00% 20.91% 88.55%
Cash 		0.00% -0.76% 100.29% 24.81%
Bonds 		0.00% 0.00% 97.96% 88.55%

Stock Sector Breakdown

Weighting Return Low Return High AVOAX % Rank
Technology 		24.45% 0.00% 44.43% 26.05%
Healthcare 		14.47% 0.00% 25.91% 42.86%
Financial Services 		13.41% 0.00% 29.60% 46.64%
Consumer Cyclical 		10.72% 0.00% 19.02% 58.82%
Communication Services 		8.81% 0.00% 21.22% 28.15%
Industrials 		8.22% 1.41% 43.91% 63.03%
Consumer Defense 		6.90% 0.00% 22.87% 74.79%
Energy 		4.80% 0.00% 69.54% 40.76%
Utilities 		2.98% 0.00% 13.35% 74.79%
Real Estate 		2.77% 0.00% 9.74% 67.65%
Basic Materials 		2.47% 0.00% 60.58% 61.76%

Stock Geographic Breakdown

Weighting Return Low Return High AVOAX % Rank
US 		98.89% -3.89% 100.00% 54.20%
Non US 		1.11% -2.17% 99.33% 69.85%

AVOAX - Expenses

Operational Fees

AVOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.07% 0.20% 6.78% 51.03%
Management Fee 0.40% 0.20% 1.75% 7.46%
12b-1 Fee 0.40% 0.00% 1.00% 85.06%
Administrative Fee 0.28% 0.02% 0.28% 97.96%

Sales Fees

AVOAX 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

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

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.

AVOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 456.80% 99.55%

AVOAX - Distributions

Dividend Yield Analysis

AVOAX Category Low Category High AVOAX % Rank
Dividend Yield 0.00% 0.00% 3.76% 89.59%

Dividend Distribution Analysis

AVOAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

AVOAX Category Low Category High AVOAX % Rank
Net Income Ratio -1.03% -2.54% 14.24% 45.08%

Capital Gain Distribution Analysis

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

Distributions History

View More +

AVOAX - Fund Manager Analysis

Managers

Lawrence Lempert

Start Date

Tenure

Tenure Rank

Aug 14, 2013

8.8

8.8%

Mr. Lempert has been the Trading Director of the Arin Risk Advisors, LLC since the firm's founding in 2009 and Chief Compliance Officer since 2011. Prior to joining the Arin, he founded and managed Bullock Capital, LLC's proprietary stock/option trading operation and previously served as a market maker/index/sector correlation and dispersion trader with Susquehanna International Group. Mr. Lempert earned a Bachelor of Science degree in Statistics and Economics from Rutgers College, a Juris Doctor from Villanova University School of Law, and a Master of Laws in Taxation from New York University School of Law.

Joseph DeSipio

Start Date

Tenure

Tenure Rank

Aug 14, 2013

8.8

8.8%

Mr. DeSipio is the co-founder and chief market strategist of the Arin Risk Advisors, LLC since the firm’s founding in 2009. He previously held strategist and lead portfolio manager positions with SEI Investments, Evergreen Investments, Wachovia, and Vector Capital Management, Inc. He founded Evergreen Investments’ Options Strategy Group in Philadelphia, Pennsylvania. Mr. DeSipio earned a Bachelor of Science degree from Indiana University of Pennsylvania and Master of Arts degree in Economics from Temple University. Mr. DeSipio is a CFA charterholder. He earned the right to use the Chartered Financial Analyst designation. He is a financial Risk Manager – Certified by the Global Association of Risk Professionals.

Tenure Analysis

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

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