Catalyst Systematic High Income Fund (CWXAX | CWXCX | CWXIX)
Hedged / Income Strategies · Options-Based · Systematic Income

Catalyst Systematic
High Income Fund

A compelling return and yield through various options strategies with excess collateral invested into income-focused securities — delivering systematic income with an emphasis on risk mitigation.

NAV (CWXIX)
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YTD Return
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No Load
1-Year Return
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No Load
Since Inception
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CWXIX · Annualized

Fund Objective

01

The Fund's objective is income and long-term capital appreciation.

Why Invest in CWX?

02

The Catalyst Systematic High Income Fund seeks to generate a compelling return and yield through various options strategies with excess collateral being invested into income-focused securities.

Diverse Exposure to Options Strategies
The Fund provides exposure to a basket of options strategies. Many strategies are designed to take advantage of certain inefficiencies in the market and typically have a positive carry expectation — meaning positions are expected to generate more income than they cost to maintain over time (for example, through premiums received exceeding financing or hedging costs).
An Uncorrelated Yield Opportunity
The Fund's options strategies are designed to generate yield from positive carry as well as from covered calls — where the Fund earns income by selling options on securities it already owns, in exchange for giving up some potential upside. This complements income-producing securities, which are typically investment-grade, short-duration bonds with limited interest rate sensitivity and credit risk.
Emphasis on Risk Mitigation
The Fund has been designed to mitigate downside risks through the use of techniques such as intraday delta hedging — a risk management strategy intended to reduce market exposure from written options by establishing offsetting positions. The Fund may also employ strategies designed to profit during equity market shocks and bear markets, though there is no guarantee such risk mitigation techniques will accomplish their intended results.
Systematic Process
The strategy employs a systematic, rules-based approach to options writing and income generation — blending a diversified basket of options strategies with investment-grade short-duration income collateral to seek a compelling total return with defined risk parameters.

Fund Performance

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Current Fund Performance · Loading…

Returns >1 year annualized. Without sales load. Source: Ultimus Fund Solutions. Does not include pre-converted performance.

Quarter-End Performance · Loading…

Quarter-end data. Returns >1 year annualized. Without sales load. Does not include pre-converted performance.

Fund Overview

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Fund
Catalyst Systematic High Income Fund
All Classes Inception
09/30/2019
Total Net Assets
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CWXIX (Class I) NAV
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Min. Investment (Class I)
$2,500
Pricing Frequency
Daily
Distributions
Annually
Max Sales Load (Class A)
5.75%
Investment Adviser
Catalyst Capital Advisors, LLC
Portfolio Managers
David Miller & Charles Ashley
Strategy
Systematic Options Income
Fund Type
Mutual Fund

Fund Documents

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Prospectus
PDF · Regulatory
Summary Prospectus
PDF · Regulatory
SAI
PDF · Regulatory
Fact Sheet
PDF · Marketing

Fund Management

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DM
David Miller
Catalyst Capital Advisors, LLC
CIO & Senior Portfolio Manager
CA
Charles Ashley
Catalyst Capital Advisors, LLC
Portfolio Manager
BS
B.S. Economics · MBA Finance
David Miller · Wharton / Michigan Ross
Academic Background
BC
BA & MBA
Charles Ashley · MSU Broad / Michigan Ross
Academic Background

Fund Expenses

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Expense Item Class I (CWXIX) Class A (CWXAX) Class C (CWXCX)
Prospectus Gross Expense Ratio (11/1/2025)2.18%2.43%3.18%
Prospectus Net Expense Ratio (11/1/2025)2.06%2.31%3.06%
Annual Report Net Expense Ratio (11/1/2025)*1.99%2.24%2.99%

*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 advisorhas 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; (a) interest and (b) dividends on securities sold short; taxes; underlying fund expenses; and extraordinary expenses, such as regulatory inquiry and litigation expenses) at 2.24%, 2.99% and 1.99% for Class A shares, Class C shares and Class I shares, respectively, through October 31, 2026.

Privacy Policy Terms of Use Contact catalystmf.com

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 www.CatalystMF.com.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Catalyst Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 866-447-4228 or at www.CatalystMF.com. The prospectus should be read carefully before investing. The Catalyst Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Catalyst Capital Advisors, LLC is not affiliated with Northern Lights Distributors, LLC.

Mutual Funds involve risk including possible loss of principal. The Fund will invest a percentage of its assets in derivatives, such as futures and options contracts. The use of such derivatives and the resulting high portfolio turn-over may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities and commodities underlying those derivatives. The Fund may experience losses that exceed those experienced by funds that do not use futures contracts, options and hedging strategies. Changes in interest rates and the liquidity of certain investments could affect the Fund's overall performance. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. The Fund is subject to regulatory change and tax risks; changes to current rules could increase costs associated with an investment in the Fund.

Performance shown before September 2013 is for the Fund's predecessor limited liability company (Harbor Assets, LLC). The prior performance is net of management fees and other expenses including the effect of the performance fee. The Fund has been managed in the same style and by the same portfolio manager since the predecessor limited liability company's inception on December 15, 2005.

Distributor: Northern Lights Distributors, LLC, member FINRA/SIPC.