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Trending ETFs

Name

As of 11/03/2022

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

$4.23

$18.7 M

0.00%

1.37%

Vitals

YTD Return

-49.5%

1 yr return

-50.4%

3 Yr Avg Return

-23.7%

5 Yr Avg Return

-15.2%

Net Assets

$18.7 M

Holdings in Top 10

39.1%

52 WEEK LOW AND HIGH

$4.2
$4.23
$8.54

Expenses

OPERATING FEES

Expense Ratio 1.37%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 11/03/2022

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

$4.23

$18.7 M

0.00%

1.37%

IOXIX - Profile

Distributions

  • YTD Total Return -49.5%
  • 3 Yr Annualized Total Return -23.7%
  • 5 Yr Annualized Total Return -14.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.30%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Catalyst Interest Rate Opportunity Fund
  • Fund Family Name
    Catalyst Mutual Funds
  • Inception Date
    Nov 20, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Edward Smith

Fund Description

The Fund seeks to deliver monthly dividend income derived from its investments in mortgage-backed securities (“MBS”), including U.S. agency and non-agency residential MBS, commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”) (including privately-offered collateralized loans), and real estate investment trusts (“REITs”). The Fund also invests in structured notes and total return swaps linked to foreign and domestic bonds, foreign and domestic money market funds, foreign and domestic interest rates, changes in interest rates, foreign and domestic bond futures, foreign and domestic credit default swaps and changes in exchange rates. U.S. agency MBS in which the Fund may invest include pass through and structured securities, such as fixed, floating and inverse floating rate collateralized mortgage obligations (“CMOs”) as well as interest-only and principal-only MBS. The Fund employs an actively managed hedged strategy that seeks to limit declines in the net asset value of the Fund’s portfolio in adverse market conditions. These investments may be made directly or through investments in exchange traded funds (“ETFs”). There is no guarantee that the Fund’s hedging strategy will be successful.

The Fund may purchase securities on a when-issued, delayed delivery or forward commitment basis. The Fund may purchase or sell forward contracts in agency MBS pass-through securities via the To Be Announced (“TBA”) market. The Fund may utilize repurchase agreements and reverse repurchase agreements for cash management purposes.

The Fund does not limit its investments to a particular credit quality and may invest in distressed MBS and ABS, and other below investment grade securities (rated below BBB- by S&P Global Ratings or the equivalent by Moody’s Investor Service, Inc. or Fitch, Inc., which is also known as “junk”) without limitation. The Fund may invest up to 15% of its net assets in securities

that have legal or contractual restrictions on resale or are otherwise illiquid. The Fund may invest in securities of any maturity or duration. In managing the Fund’s investments, the Fund’s investment sub-advisor, Stone Beach Investment Management, LLC (the “Sub-Advisor”),seeks to construct an investment portfolio with a weighted average maturity that ranges between 1 and 10 years and a weighted average effective duration that ranges between -9 and 9 years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The more sensitive a security is to changes in interest rates, the higher its volatility risk. For example, if a bond has a duration of 5 years, a 1% rise in rates would result in a 5% decline in share price. If a bond has a duration of 10 years, a 1% rise in interest rates would result in a 10% decline in share price. Unique to the residential MBS market are securities, such as interest-only securities, and related derivatives, that have “negative duration.” This means that these instruments normally move up with positive changes in interest rates, the opposite of most other debt instruments. This generally allows some portion of the portfolio’s market risk to be hedged with a purchase, rather than a short sale, and realize positive cash flows on the hedge. The maturity and effective duration of the Fund’s investment portfolio may vary materially from its target, from time to time, and there is no assurance that the maturity or effective duration of the Fund’s investment portfolio will not exceed its target.

The Sub-Advisor uses a relative value approach to profit from investment opportunities within the MBS market. The Sub-Advisor seeks to invest in undervalued securities in order to capitalize on price appreciation and superior cash flows.

The Fund’s investment strategy is derived from the Sub-Advisor’s understanding of the dynamics of the housing market, mortgage finance, and other aspects of the economic landscape. Each potential investment in the Fund undergoes extensive quantitative and qualitative analysis to determine its fit within the portfolio. The analysis includes an assessment of key market sensitivity measures and stress-testing to establish how the investment will perform under a variety of conditions. The Fund may also implement a hedging strategy, when deemed appropriate, that utilizes derivative instruments, including options, futures contracts, fixed income swap agreements and other synthetic mortgage-related swap agreements.

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IOXIX - Performance

Return Ranking - Trailing

Period IOXIX Return Category Return Low Category Return High Rank in Category (%)
YTD -49.5% -49.5% 21.6% 99.73%
1 Yr -50.4% -50.5% 20.9% 99.86%
3 Yr -23.7%* -33.3% 50.3% 99.69%
5 Yr -15.2%* -34.9% 27.4% 99.81%
10 Yr N/A* -27.1% 12.3% N/A

* Annualized

Return Ranking - Calendar

Period IOXIX Return Category Return Low Category Return High Rank in Category (%)
2023 -9.6% -26.6% 25.7% 96.88%
2022 -0.8% -28.7% 103.5% 73.50%
2021 0.1% -13.4% 16.7% 90.22%
2020 -0.6% -15.1% 10.9% 16.06%
2019 -0.2% -4.6% 4.1% 90.64%

Total Return Ranking - Trailing

Period IOXIX Return Category Return Low Category Return High Rank in Category (%)
YTD -49.5% -49.5% 28.6% 99.73%
1 Yr -50.4% -50.5% 38.5% 99.86%
3 Yr -23.7%* -33.3% 50.3% 99.69%
5 Yr -14.2%* -34.9% 29.1% 99.25%
10 Yr N/A* -26.8% 15.9% N/A

* Annualized

Total Return Ranking - Calendar

Period IOXIX Return Category Return Low Category Return High Rank in Category (%)
2023 -9.6% -26.6% 25.7% 96.88%
2022 -0.8% -28.7% 103.5% 73.50%
2021 0.4% -13.4% 16.7% 87.23%
2020 0.5% -15.1% 10.9% 4.56%
2019 0.5% -4.6% 4.7% 60.36%

NAV & Total Return History


IOXIX - Holdings

Concentration Analysis

IOXIX Category Low Category High IOXIX % Rank
Net Assets 18.7 M 100 124 B 97.04%
Number of Holdings 128 2 8175 79.97%
Net Assets in Top 10 8.07 M -1.57 B 20.5 B 85.69%
Weighting of Top 10 39.11% 4.3% 100.0% 29.82%

Top 10 Holdings

  1. Federal National Mortgage Association 2.5% 49.72%
  2. Federal National Mortgage Association 2% 32.56%
  3. Federal National Mortgage Association 2% 16.12%
  4. First American Government Obligs U 15.37%
  5. Fidelity® Inv MM Fds Government I 10.35%
  6. Federal National Mortgage Association 2.5% 7.12%
  7. Federal National Mortgage Association 2% 6.99%
  8. Federal National Mortgage Association 2.5% 6.71%
  9. Federal National Mortgage Association 2% 6.53%
  10. Annaly Capital Management Inc 4.97%

Asset Allocation

Weighting Return Low Return High IOXIX % Rank
Cash
56.37% -261.12% 258.91% 7.77%
Bonds
41.55% -150.81% 188.92% 90.46%
Stocks
1.59% -38.22% 261.12% 24.52%
Preferred Stocks
0.48% 0.00% 31.88% 31.06%
Other
0.00% -25.82% 276.99% 63.49%
Convertible Bonds
0.00% 0.00% 33.50% 92.92%

Stock Sector Breakdown

Weighting Return Low Return High IOXIX % Rank
Real Estate
100.00% 0.00% 100.00% 2.19%
Utilities
0.00% 0.00% 100.00% 71.78%
Technology
0.00% 0.00% 33.40% 67.64%
Industrials
0.00% 0.00% 100.00% 77.62%
Healthcare
0.00% 0.00% 18.60% 68.61%
Financial Services
0.00% 0.00% 100.00% 77.37%
Energy
0.00% 0.00% 100.00% 88.32%
Communication Services
0.00% 0.00% 100.00% 73.24%
Consumer Defense
0.00% 0.00% 99.97% 69.83%
Consumer Cyclical
0.00% 0.00% 89.95% 74.21%
Basic Materials
0.00% 0.00% 100.00% 71.78%

Stock Geographic Breakdown

Weighting Return Low Return High IOXIX % Rank
US
1.59% -40.06% 261.12% 21.80%
Non US
0.00% -6.04% 17.73% 69.21%

Bond Sector Breakdown

Weighting Return Low Return High IOXIX % Rank
Cash & Equivalents
59.26% 0.00% 100.00% 6.16%
Securitized
40.27% 0.00% 99.65% 20.79%
Corporate
0.47% 0.00% 100.00% 91.52%
Derivative
0.00% 0.00% 72.98% 79.34%
Municipal
0.00% 0.00% 54.26% 70.59%
Government
0.00% 0.00% 99.43% 91.93%

Bond Geographic Breakdown

Weighting Return Low Return High IOXIX % Rank
US
41.55% -151.11% 194.51% 80.52%
Non US
0.00% -136.75% 90.11% 97.68%

IOXIX - Expenses

Operational Fees

IOXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.37% 0.01% 6.46% 35.10%
Management Fee 1.25% 0.00% 2.29% 91.09%
12b-1 Fee 0.00% 0.00% 1.00% 10.42%
Administrative Fee N/A 0.00% 0.70% 61.90%

Sales Fees

IOXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

IOXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

IOXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.00% 89.79%

IOXIX - Distributions

Dividend Yield Analysis

IOXIX Category Low Category High IOXIX % Rank
Dividend Yield 0.00% 0.00% 43.82% 0.79%

Dividend Distribution Analysis

IOXIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

IOXIX Category Low Category High IOXIX % Rank
Net Income Ratio 3.30% -1.55% 11.51% 37.14%

Capital Gain Distribution Analysis

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

Distributions History

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IOXIX - Fund Manager Analysis

Managers

Edward Smith


Start Date

Tenure

Tenure Rank

Nov 20, 2014

7.53

7.5%

Mr. Smith has been a Principal and Portfolio Manager of Stone Beach since 2011. From 2009 to 2010, Mr. Smith served as an independent Management Consultant. From 2005 to 2009, Mr. Smith was a Portfolio Manager of Providence Investment Management LLC, a MBS hedge fund manager, and, during his tenure with Providence, he served as Portfolio Manager and Head of Liability Management of American Capital Agency Corp., a publicly traded mortgage REIT. Between 2000 and 2005, Mr. Smith was a Portfolio Manager for Watch Hill Investment Partners, a MBS hedge fund manager. From 1995 to 1999, Mr. Smith was a Managing Director in MBS Sales at Merit Capital. Prior to that, from 1993 to 1994, he was a Vice President of MBS Sales at Nikko Securities. Mr. Smith began his career in the MBS markets working as a derivative trader at Prudential Securities between 1990 and 1993.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.67 3.19