Catalyst/Millburn Hedge Strategy Fund: Platform Profile

Overview

Catalyst/Millburn Hedge Strategy Fund combines a systematic long/short futures and FX strategy with a strategic long-only equity component.

Current identity:

• Adviser: Catalyst Capital Advisors LLC
• Subadviser: Millburn Ridgefield LLC
• Registered open end fund: Yes

Current first-party strategy description:

• Systematic multi strategy: Yes
• Active long short futures and FX: Yes
• Strategic long only equity: Yes

May fit better for

• investors seeking managed futures plus equity in one mutual fund;
• users comfortable with systematic models;
• investors who want a long-running Millburn-managed component;
• users seeking daily mutual-fund liquidity;
• investors able to evaluate higher alternative-fund expenses;
• portfolios seeking multiple return drivers.

May fit less well for

• investors seeking pure managed futures;
• investors wanting no equity exposure;
• users seeking a low-cost ETF;
• Class A investors sensitive to loads;
• users who assume historical bear-market resilience guarantees future results;
• investors uncomfortable with derivatives or leverage.

Four current share classes are active

Current SEC supplement:

• Class a:
• Ticker: MBXAX
• Class c:
• Ticker: MBXCX
• Class c1:
• Ticker: MBXFX
• Class i:
• Ticker: MBXIX

Minimum initial investment is currently $2,500 across the share classes

Current prospectus:

• Minimum initial investment: $2,500
• Automatic investment plan minimum: $100
• Minimum subsequent investment: $50

Eligibility and intermediary waivers can alter practical access.

Management fee is 1.75%

Current prospectus:

• Management fee: 1.75%

12b-1 fees:

• Class a: 0.25%
• Class c: 1.00%
• Class c1: 1.00%
• Class i: 0%

Current total annual fund operating expenses range from 2.00% to 3.00%

• Class a total annual operating expenses: 2.25%
• Class c total annual operating expenses: 3.00%
• Class c1 total annual operating expenses: 3.00%
• Class i total annual operating expenses: 2.00%

Class A has a 5.75% maximum front load

Current prospectus:

• Class a max front end load: 5.75%

Class A or C-1 can have deferred-load provisions in specified circumstances.

Store load mechanics separately from operating expenses.

The systematic sleeve trades futures and FX

Current first-party page describes:

• Active long short futures: Yes
• Active long short FX: Yes

The fund is not limited to exchange-traded futures.

Current first-party AUM milestone crossed $10 billion

Catalyst reported in June 2026 that the fund crossed $10B in AUM.

Historical downside results are not guarantees

First-party marketing discusses positive results in specified prior structural bear markets.

Assessment

Catalyst/Millburn is not a pure trend fund.

Its portfolio combines:

• systematic long/short futures and FX;
• strategic long-only equity exposure.

That can make the fund easier to use as a broader alternative allocation, but it also makes comparisons with standalone managed-futures indexes less direct.

Current annual operating expenses are high relative to the ETF options in Batches 66-68, ranging from 2.00% for Class I to 3.00% for C/C-1.