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Trending ETFs

Name

As of 06/17/2024

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

$22.78

$11.7 M

0.63%

$0.14

3.69%

Vitals

YTD Return

5.6%

1 yr return

12.8%

3 Yr Avg Return

6.1%

5 Yr Avg Return

3.1%

Net Assets

$11.7 M

Holdings in Top 10

87.9%

52 WEEK LOW AND HIGH

$22.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.69%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$5,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/17/2024

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

$22.78

$11.7 M

0.63%

$0.14

3.69%

BTIFX - Profile

Distributions

  • YTD Total Return 5.6%
  • 3 Yr Annualized Total Return 6.1%
  • 5 Yr Annualized Total Return 3.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -1.97%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Belmont Theta Income Fund
  • Fund Family Name
    Belmont Capital Group
  • Inception Date
    Apr 30, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Solaka

Fund Description

The Fund seeks to achieve its goal primarily through a strategy of writing collateralized put spread options on U.S. indices, including the S&P 500® Index. The Fund attempts to generate returns through the receipt of option premiums from selling put spreads, as well as through investments in fixed income instruments and the purchase of call options on U.S. indices, including the CBOE Volatility Index (VIX), which collectively, are intended to reduce volatility relative to what it would be if the Fund held the underlying equity index on which the put spread options are written. The Fund’s investments in fixed income instruments typically consist of cash, investment grade money market instruments and short term U.S. Treasury obligations.

In a put spread writing strategy, the Fund (as the seller of the put spread) is short a put option and long another put option with the same expiration but with a lower strike price in the same underlying instrument. The short put generates premiums for the Fund while the long put defines the maximum loss potential for the put spread. If the market price of the instrument underlying the option exceeds the short put strike price at expiration

the Fund will realize the full premium. If the market price of the instrument underlying the option drops below the short put strike price at expiration the Fund will pay the difference between the market value of the underlying instrument and the short put strike price. The maximum loss at expiration is limited to the difference between the short strike price and the long strike price.

The Fund may also purchase call options on U.S. indices including the VIX. In a call buying strategy, the Fund (as the buyer of the option) is long a call and pays premiums for the right but not obligation to purchase an underlying instrument at a specific price (i.e., the strike price) at some time in the future. If the market price of the instrument underlying the option exceeds the long call strike price at expiration the Fund will make the difference between the market value of the underlying instrument and the long call strike price. If the market price of the instrument underlying the option is below the long call strike at expiration, then the Fund’s maximum loss will be any premiums it paid to purchase the call.

The Portfolio Managers will select option investments based on their estimate of current and future market volatility levels, underlying instrument valuations and perceived market risks. Further, the Portfolio Managers will evaluate relative option premiums in determining preferred option contract terms, such as strike prices and expiration dates. The Portfolio Managers will also be responsible for determining the aggregate option investment exposure for the Fund at any given time.

The Fund’s investments in fixed income instruments typically consists of cash, investment grade money market instruments and short term U.S. Treasury obligations. The Fund’s fixed income instruments are intended to provide liquidity and preserve capital as well as serving as collateral for the Fund’s investments in options. Because the Fund uses options to gain exposure to the equity markets, and because options will not require the Fund to deposit the full notional amount of the investment, the Fund will invest a significant amount of its total assets in fixed income instruments. It’s investments in options generally will not constitute a significant amount of its total assets, however, the aggregate investment exposure of its investments in options will generally be greater than 100% of its total assets.

While the Fund may invest in both American-style and European-style options, for efficient portfolio management the Portfolio Managers generally prefer European-style options, which can be exercised only at expiration, as opposed to American-style options, which can be exercised at any time prior to the option’s expiration. The Fund may write call options on securities and indices, including writing both covered calls (i.e., where the Fund holds an equivalent position in the instrument underlying the option) and uncovered calls (i.e., where the Fund does not own the instrument underlying the option and must purchase the underlying instrument to meet its call obligations). The Fund may also gain exposure to the equity markets by purchasing shares of other investment companies, including exchange-traded funds (“ETFs”), that track an index.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

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BTIFX - Performance

Return Ranking - Trailing

Period BTIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -2.8% 240.8% 95.65%
1 Yr 12.8% -4.3% 140.6% 93.91%
3 Yr 6.1%* -8.3% 18.3% N/A
5 Yr 3.1%* -5.0% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period BTIFX Return Category Return Low Category Return High Rank in Category (%)
2023 9.8% -34.1% 904.0% 82.88%
2022 -0.6% -28.6% 438.4% 92.49%
2021 4.0% -93.5% 8.2% N/A
2020 -5.1% -38.9% 19.8% N/A
2019 -0.4% -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period BTIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -2.7% 244.0% 95.65%
1 Yr 12.8% -4.3% 140.6% 93.91%
3 Yr 6.1%* -8.3% 18.3% N/A
5 Yr 3.1%* -5.4% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period BTIFX Return Category Return Low Category Return High Rank in Category (%)
2023 11.2% -34.1% 904.0% 82.88%
2022 -0.6% -5.9% 438.4% 93.06%
2021 4.0% -81.2% 8.2% N/A
2020 -5.1% -29.0% 19.8% N/A
2019 -0.1% -10.9% 12.8% N/A

NAV & Total Return History


BTIFX - Holdings

Concentration Analysis

BTIFX Category Low Category High BTIFX % Rank
Net Assets 11.7 M 25 17.4 B 87.64%
Number of Holdings 11 2 508 68.70%
Net Assets in Top 10 10.4 M -6.66 M 5.12 B 87.40%
Weighting of Top 10 87.88% 11.3% 100.0% 18.67%

Top 10 Holdings

  1. Reich Tang Deposit Account 19.72%
  2. United States Treasury Bill 18.30%
  3. United States Treasury Bill 16.74%
  4. United States Treasury Bill 16.61%
  5. United States Treasury Bill 16.43%
  6. S P 500 Index Put @ 4150 March 2024 0.10%
  7. CBOE Volatility Index Call @ 39 March 2024 0.06%
  8. S P 500 Index Put @ 4170 February 2024 0.03%
  9. CBOE Volatility Index Call @ 37 February 2024 0.02%
  10. S P 500 Index Put @ 4620 February 2024 -0.12%

Asset Allocation

Weighting Return Low Return High BTIFX % Rank
Bonds
68.08% 0.00% 97.96% 3.05%
Cash
32.35% -0.76% 100.29% 18.32%
Stocks
0.00% -3.92% 100.76% 97.71%
Preferred Stocks
0.00% 0.00% 3.08% 91.60%
Convertible Bonds
0.00% 0.00% 20.91% 92.75%
Other
-0.42% 0.00% 45.92% 93.89%

Bond Sector Breakdown

Weighting Return Low Return High BTIFX % Rank
Government
78.25% 0.00% 99.91% 3.05%
Cash & Equivalents
19.72% 0.09% 100.00% 92.37%
Securitized
0.00% 0.00% 22.63% 91.60%
Corporate
0.00% 0.00% 91.57% 92.75%
Municipal
0.00% 0.00% 97.57% 91.60%
Derivative
-0.42% 0.00% 0.13% 93.13%

Bond Geographic Breakdown

Weighting Return Low Return High BTIFX % Rank
US
68.08% 0.00% 97.96% 3.05%
Non US
0.00% 0.00% 16.94% 91.98%

BTIFX - Expenses

Operational Fees

BTIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.69% 0.20% 6.78% 3.29%
Management Fee 1.75% 0.20% 1.75% 99.25%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.28% 53.31%

Sales Fees

BTIFX 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

BTIFX 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.

BTIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 456.80% 25.00%

BTIFX - Distributions

Dividend Yield Analysis

BTIFX Category Low Category High BTIFX % Rank
Dividend Yield 0.63% 0.00% 3.76% 93.31%

Dividend Distribution Analysis

BTIFX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Annually

Net Income Ratio Analysis

BTIFX Category Low Category High BTIFX % Rank
Net Income Ratio -1.97% -2.54% 14.24% 93.44%

Capital Gain Distribution Analysis

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

Distributions History

View More +

BTIFX - Fund Manager Analysis

Managers

Stephen Solaka


Start Date

Tenure

Tenure Rank

Apr 30, 2018

4.09

4.1%

Stephen Solaka is a Managing Partner and co-founder of Belmont Capital Group. He has over 17 years of financial market experienced focusing on equity risk management, options and portfolio management. Stephen is frequently quoted by Barron’s, The Wall Street Journal and Bloomberg regarding options and hedging. Prior to founding Belmont, Stephen was a Director at Dorchester Capital Advisors, a fund of hedge funds focusing on equity and credit investments. Stephen previously advised clients at UBS Private Wealth Management, a division of UBS focused on families with over $10 million in investable assets. Prior to UBS, Stephen was a VP of Equity Derivatives at TD Options, a division of Toronto Dominion Bank. At TD he held responsibility for the firm’s media and telecom options portfolio. This involved proprietary trading and market making on over 200 individual equities and sector ETFs. Stephen also held equity, ETF and index option making positions at Bear Wagner Specialists and Stafford Trading. He was formerly a member of the Chicago Board Options Exchange, Chicago Board of Trade and American Stock Exchange. Stephen holds a B.A. in finance from the Eli Broad College of Business at Michigan State University.

Daniel Beckwith


Start Date

Tenure

Tenure Rank

Apr 30, 2018

4.09

4.1%

Daniel Beckwith is a Managing Partner and co-founder of Belmont Capital Group. He is responsible for quantitative modeling, trade execution and portfolio risk management at the firm. Daniel previously advised high-net worth families at Wells Fargo Advisors and Merrill Lynch. Prior to joining Merrill Lynch, he was a senior trader at Wolverine Trading, one of the largest option market makers in the world. Daniel was a member of Wolverine’s index option market making group where he was responsible for trading, risk management and pricing of Nasdaq 100 ETF and index options. He was also an ETF exchange specialist in the OEF product on the Chicago Board Options Exchange. Daniel holds a B.A. in Accounting from the Eli Broad College of Business at Michigan State University. He is also a CERTIFIED FINANCIAL PLANNER™ professional.

Tenure Analysis

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