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Trending ETFs

Rational Tactical Return Fund

mutual fund
HRSTX
Payout Change
Pending
Price as of:
$17.34 -0.02 -0.12%
primary theme
N/A
HRSTX (Mutual Fund)

Rational Tactical Return Fund

Payout Change
Pending
Price as of:
$17.34 -0.02 -0.12%
primary theme
N/A
HRSTX (Mutual Fund)

Rational Tactical Return Fund

Payout Change
Pending
Price as of:
$17.34 -0.02 -0.12%
primary theme
N/A

Name

As of 10/31/2024

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

$17.34

$122 M

1.45%

$0.25

2.10%

Vitals

YTD Return

2.5%

1 yr return

3.4%

3 Yr Avg Return

2.4%

5 Yr Avg Return

3.0%

Net Assets

$122 M

Holdings in Top 10

90.4%

52 WEEK LOW AND HIGH

$17.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.10%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/31/2024

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

$17.34

$122 M

1.45%

$0.25

2.10%

HRSTX - Profile

Distributions

  • YTD Total Return 2.5%
  • 3 Yr Annualized Total Return 2.4%
  • 5 Yr Annualized Total Return 3.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.98%
DIVIDENDS
  • Dividend Yield 1.4%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Rational Tactical Return Fund
  • Fund Family Name
    Rational Funds
  • Inception Date
    Feb 22, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Kimple

Fund Description

Under normal circumstances, the Fund invests primarily in long and short call and put options on futures contracts on the Standard & Poor’s 500 Index (“SPX”), and in cash and cash equivalents (including short-term Treasury securities and unaffiliated money market funds).

The Fund seeks to achieve its investment objective in three ways: (1) Premium Collection – the Fund collects premiums on options it sells; (2) Volatility Trading – the Fund may enter into positions designed to hedge or profit from either an increase or a decrease in the SPX volatility; and (3) Trend Following – the Fund may increase or decrease the balance of puts and calls based on trending market direction; however, in general, the strategy does not depend on a forecast of equity market direction and is designed to produce returns that are not correlated with equity market returns.

The Fund’s risk management procedures aim to provide consistency of returns and to mitigate the extent of losses. However, the procedures may not be successful in doing so. Positions are entered on a continuous basis across different option exercise prices and expiration dates. The foundation of the Fund’s trading methodology is determined by both technical and fundamental analysis of SPX futures. Technical analysis focuses on the statistical analysis of price movements of the SPX and provides the framework for trade decisions. However, Warrington Asset Management, LLC (the “Sub-Advisor”) also uses fundamental analysis of macroeconomic events such Federal Reserve policy statements, disputes between countries, political upheaval, and other geopolitical events to supplement the technical analysis for final trade execution. The Fund employs risk management procedures intended to adjust portfolio exposure as necessitated by changing market conditions, which may lead to higher transaction costs that may affect the

Fund’s performance. In the event options on SPX futures are unavailable for investment, in order to gain similar market exposure, the Fund may instead invest a significant portion of its assets in Cboe Volatility Index (“VIX”) futures and options, and SPX options. The VIX is a measure of the implied volatility of S&P 500 Index options.

Exchange-traded options on broad-based equity indices that trade on a national securities exchange registered with the SEC, or a domestic board of trade designated as a contract market by the Commodity Futures Trading Commission, generally qualify for treatment as “section 1256 contracts,” as defined in the Internal Revenue Code of 1986, as amended (the “Code”). Under the Code, capital gains and losses on “section 1256 contracts” are generally recognized annually based on a marking-to-market of open positions at tax year-end, with gains or losses treated as 60% long-term and 40% short-term, regardless of holding period. The Fund intends to utilize primarily options that are “section 1256 contracts.”

The Fund actively trades its portfolio securities in an attempt to achieve its investment objective.

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HRSTX - Performance

Return Ranking - Trailing

Period HRSTX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -2.8% 240.8% 91.30%
1 Yr 3.4% -4.3% 140.6% 97.39%
3 Yr 2.4%* -8.3% 18.3% 64.10%
5 Yr 3.0%* -5.0% 17.3% 63.56%
10 Yr N/A* -4.6% 13.2% 92.16%

* Annualized

Return Ranking - Calendar

Period HRSTX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.5% -34.1% 904.0% 67.57%
2022 -0.6% -28.6% 438.4% 80.35%
2021 0.2% -93.5% 8.2% 0.69%
2020 0.5% -38.9% 19.8% 87.60%
2019 4.8% -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period HRSTX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -2.7% 244.0% 92.09%
1 Yr 3.4% -4.3% 140.6% 96.52%
3 Yr 2.4%* -8.3% 18.3% 60.90%
5 Yr 3.0%* -5.4% 17.3% 61.86%
10 Yr N/A* -4.6% 13.2% 92.16%

* Annualized

Total Return Ranking - Calendar

Period HRSTX Return Category Return Low Category Return High Rank in Category (%)
2023 5.1% -34.1% 904.0% 67.57%
2022 -0.3% -5.9% 438.4% 80.92%
2021 3.9% -81.2% 8.2% 0.69%
2020 2.6% -29.0% 19.8% 80.62%
2019 8.4% -10.9% 12.8% N/A

NAV & Total Return History


HRSTX - Holdings

Concentration Analysis

HRSTX Category Low Category High HRSTX % Rank
Net Assets 122 M 25 17.4 B 26.22%
Number of Holdings 13 2 508 53.44%
Net Assets in Top 10 88.4 M -6.66 M 5.12 B 27.86%
Weighting of Top 10 90.36% 11.3% 100.0% 35.33%

Top 10 Holdings

  1. FIRST AM-TR OB-X 39.85%
  2. B 07/25/24 20.37%
  3. B 10/03/24 15.13%
  4. B 12/26/24 14.95%
  5. SP EMINI Thurs WkJul24P 0.04%
  6. SP Emini 1st Wee Jul24P 0.02%
  7. SP EMINI Tues Wk Jul24P 0.00%
  8. SP EMINI Tues Wk Jul24P 0.00%
  9. Emini SP M Week O Jul24P 0.00%
  10. SP EMINI Tues Wk Jul24P 0.00%

Asset Allocation

Weighting Return Low Return High HRSTX % Rank
Bonds
50.44% 0.00% 97.96% 61.07%
Cash
49.63% -0.76% 100.29% 1.15%
Stocks
0.00% -3.92% 100.76% 92.75%
Preferred Stocks
0.00% 0.00% 3.08% 58.02%
Convertible Bonds
0.00% 0.00% 20.91% 59.92%
Other
-0.07% 0.00% 45.92% 67.18%

Bond Sector Breakdown

Weighting Return Low Return High HRSTX % Rank
Cash & Equivalents
39.85% 0.09% 100.00% 41.22%
Securitized
0.00% 0.00% 22.63% 57.63%
Corporate
0.00% 0.00% 91.57% 62.98%
Municipal
0.00% 0.00% 97.57% 57.63%
Government
0.00% 0.00% 99.91% 60.69%
Derivative
-0.07% 0.00% 0.13% 58.78%

Bond Geographic Breakdown

Weighting Return Low Return High HRSTX % Rank
US
50.44% 0.00% 97.96% 61.45%
Non US
0.00% 0.00% 16.94% 58.02%

HRSTX - Expenses

Operational Fees

HRSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.10% 0.20% 6.78% 18.52%
Management Fee 1.75% 0.20% 1.75% 97.39%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

HRSTX 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

HRSTX 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.

HRSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 456.80% 18.30%

HRSTX - Distributions

Dividend Yield Analysis

HRSTX Category Low Category High HRSTX % Rank
Dividend Yield 1.45% 0.00% 3.76% 60.59%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

HRSTX Category Low Category High HRSTX % Rank
Net Income Ratio -1.98% -2.54% 14.24% 97.54%

Capital Gain Distribution Analysis

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

Distributions History

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HRSTX - Fund Manager Analysis

Managers

Scott Kimple


Start Date

Tenure

Tenure Rank

Dec 02, 2017

4.5

4.5%

Scott C. Kimple, is a Principal and Portfolio Manager of Warrington since its inception in 2008. Mr. Kimple also serves as the Portfolio Manager to private commodity pools sponsored by an affiliate of Warrington, as well as to separate commodity trading accounts. From 1991 to 2015, Mr. Kimple was employed by Morgan Stanley Smith Barney LLC and its predecessors (“MSSB”) as a registered representative and was registered with the NFA as an Associated Person of MSSB. Mr. Kimple received a BBA in finance from Southern Methodist University and a MBA, with emphasis in Finance and Derivative Securities, from SMU’s Cox School of Business.

Mark Adams


Start Date

Tenure

Tenure Rank

Dec 02, 2017

4.5

4.5%

Mark W. Adams has been the Assistant Portfolio Manager to Warrington GP, LLC an affiliate of Warrington Asset Management LLC since 2015. From 2009 to 2014, Mr. Adams was employed by Morgan Stanley Smith Barney LLC (“MSSB”) and was registered with the NFA as an Associated Person of MSSB. Mr. Adams graduated from Washington University in St. Louis where he received a BBA with a triple major in Finance, Management and International Business. He also received an MBA from Southern Methodist University’s Cox School of Business.

Tenure Analysis

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