Catalyst Buffered Shield Fund

*Previously the Catalyst/Exceed Defined Shield Fund


Fund Objective

The Fund seeks to limit losses to 12.5% when the S&P 500 Index declines in value, excluding any impact from the bond portion of the portfolio.

What’s the Hedge?

The Fund seeks to limit losses to 12.5% when the S&P 500 Index declines in value.

Seeking a Better Approach to Defined Outcome Investing


Always Hedged


Always Participating


Always Optimizing

Investment Strategy

The Fund seeks to achieve its investment objective by investing in a series of put and call options on exchange traded funds (“ETFs”) that track the S&P 500 Index and in fixed income securities.

Each series consists of (1) a downside put spread which serves to limit downside risk, providing a tail hedge, and (2) an upside call spread which assists in financing the mitigation and results in a cap on the upside.

The investment strategy is implemented through a rolling laddered portfolio.

The portfolio is then regularly optimized based on market activity to maintain a consistent tail-risk hedge and upside participation.

Defined Outcome Profile

The charts below illustrates the Fund’s approach in seeking to limit losses when the S&P 500 Index declines through the purchase of downside puts creating a target floor.

  • Based on S&P 500
  • 10% – 12.5% annual floor
  • 60% – 75% market participation
  • Always optimized, always relevant
  • Daily liquidity; no paperwork; easy model implementation

By continuously stepping up our hedge, the strategy is always relevant, providing the same characteristics as day one – an important element in always matching the clients initial risk/reward needs.

Under the Hood of Structured Annuities: Part 1

Under the Hood of Structured Annuities: Part 2

Fund Management

Investment Advisors

Investment Advisor: Catalyst Capital Advisors, LLC

Sub-Advisor: Exceed Advisory, LLC

Joseph Halpern | Portfolio Manager

  • Founding Partner of Exceed Investments, LLC
  • BS in Finance & Accounting, New York University Stern School of Business

Fund Overview

Share Class Class I Class A Class C Class A w/ Sales Load
CUSIP 62827P626 62827P642 62827P634 62827P642
Inception Date 2015-04-14T00:00:00 2015-04-14T00:00:00 2017-09-05T00:00:00 2015-04-14T00:00:00
As of Date 2024-07-12T00:00:00 2024-07-12T00:00:00 2024-07-12T00:00:00 2024-07-12T00:00:00
Daily NAV 10.01 9.92 9.6 9.92
NAV Change 0.06 0.06 0.06 0.06
% NAV Change 0.60% 0.61% 0.63% 0.61%

Current Fund Performance

Data as of: 2024-07-12T00:00:00

Share Class 1 Month 3 Months 6 Months YTD 1 Year 3 Years Annualized 5 Years Annualized 10 Years Annualized Since Inception Annualized
Class I 2.56% 6.49% 8.69% 9.28% 15.49% 2.08% 5.48% N/A 5.74%
Class A 2.48% 6.44% 8.53% 9.13% 15.09% 1.80% 5.21% N/A 5.47%
Class C 2.56% 6.31% 8.23% 8.72% 14.40% 1.08% 4.44% N/A 5.16%
Class A w/Sales Load -3.41% 0.30% 2.27% 2.90% 8.45% -0.18% 3.98% N/A 4.80%

Quarterly Fund Performance

Data as of quarter end: 2024-06-30T00:00:00

Share Class 1 Month 3 Months 6 Months YTD 1 Year 3 Years Annualized 5 Years Annualized 10 Years Annualized Since Inception Annualized
Class I 2.83% 2.83% 7.10% 7.10% 13.83% 1.79% 5.41% N/A 5.53%
Class A 2.75% 2.75% 6.93% 6.93% 13.42% 1.50% 5.14% N/A 5.26%
Class C 2.73% 2.62% 6.57% 6.57% 12.67% 0.77% 4.36% N/A 4.87%
Class A w/Sales Load -3.19% -3.19% 0.83% 0.83% 6.84% -0.49% 3.91% N/A 4.58%

The Fund’s maximum sales charge for Class “A” shares is 5.75%. Investments in mutual funds involve risks. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month end performance information or the Fund’s prospectus please call the Fund, toll free at 1-866-447-4228. You can also obtain a prospectus at

Fund Expenses

Share Class Class I Class A Class C Class A w/ Sales Load
Prospectus Gross Expense Ratio (11/1/2023) 1.89% 2.14% 2.89% 2.14%
Prospectus Net Expense Ratio (11/1/2023) 1.39% 1.64% 2.39% 1.64%
Annual Report Net Expense Ratio (6/30/2023)* 1.30% 1.55% 2.30% 1.55%

*The annual report presents the audited actual expenses of the fund for the fiscal year. It excludes the impact of certain items that are listed as prospectus expenses, such as acquired fund fees and expenses.

The advisor has contractually agreed to waive advisory fees and/or reimburse expenses of the Fund to the extent necessary to limit total annual fund operating expenses (excluding brokerage costs; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses and, extraordinary expenses, such as regulatory inquiry and litigation expenses) at 1.48%, 2.23% and 1.23% for Class A shares, Class C shares and Class I shares, respectively, through October 31, 2024.

Glossary of Terms

Static Floor: This represents the approximate level of downside risk that investors could expect without optimization. The downside risk is relative to the value at which the investment strategy was implemented.

Optimization: This represents the process of making adjustments to the floor with the goal of keeping downside risk relative to market conditions. For example, in a rising market, the floor would be optimized upwards so that the downside risk is approximately 12.5% of the market value at the time of optimization rather than 12.5% at the time of initially implementing the strategy.

There is no assurance that the Fund will achieve its investment objective.

Mutual Funds involve risks including the possible loss of principal. The Fund may focus its investments in securities to a particular sector or type of securities to the extent the Index is similarly concentrated. A counterparty may become bankrupt or otherwise fail to perform its obligations due to financial difficulties, jeopardizing the value of the Fund’s investment. Derivative instruments, including options, may entail investment exposures that are greater than their cost would suggest. A small investment in a derivative could risk a large potential impact on the performance of the Fund. As the buyer of a put option, the Fund assumes the risk of a rise in the market price of the underlying security above the exercise price of the option which will cause a loss of the premium paid for the option. As a seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price. Using leverage can magnify the Fund’s potential for gain or loss and; therefore, amplify the effects of market volatility on the Fund’s share price. Fixed income securities will fluctuate with changes in interest rates. Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Other investment companies including ETFs, in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Increased portfolio turnover causes the Fund to incur higher brokerage costs, capital gains and taxable distributions. The Fund is non-diversified and may engage in a representative sampling approach or invest a greater percentage of its assets in a particular issue. The Fund is not actively managed and the Advisor will not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a rebalancing of the Index as addressed in the Index methodology. Tracking error may occur because of imperfect correlation between the Fund’s holdings of portfolio securities and those in the Index, pricing differences, the Fund’s holding of cash, differences on timing of the accrual of dividends, changes to the Index or the need to meet various regulatory requirements. The Fund may invest in U.S. government or agency obligations which may or may not be backed by the full faith and credit of the U.S. government.


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