Systematic 0DTE SPX options
Low Beta. Daily Discipline.
MBH Capital Management runs private funds that trade short-dated S&P 500 index options with automated, rules-based strategies. Fund I has traded since November 2023 and publishes every monthly net return. Open only to verified accredited investors, through each fund's offering documents.
Systematic
Options
Systematic
Options
Returns not tied to the market's direction
Why low beta
Fund I earns its returns by selling short-dated S&P 500 options, not by owning the market. Its strategies take positions on both sides of the market that partly offset each other. Since inception, the fund's beta to the S&P 500 has been 0.15 (our calculation from monthly net returns against the S&P 500 total return, Nov 2023–Oct 2026).
01.
Treasury collateral
Capital not used as option margin is typically held in short-term U.S. Treasuries, and the interest earned has been a meaningful part of fund returns. Treasuries carry their own risks, and the options strategies can lose money.
02.
Audited financial statements
The fund's financial statements are audited annually by an independent accounting firm (periods through December 31, 2025). Monthly net returns are produced by our independent fund administrator. Ratios such as Sharpe and maximum drawdown are our own calculations from those returns. The fund relies on exemptions from registration; no regulator has approved or endorsed it.
03.
Capital redeployed daily
Same-day options expire every trading day, so capital is resized and redeployed daily instead of being tied up in multi-week positions. That flexibility does not remove risk: a run of losing days compounds too.
04.
Diversified strategy mix
The fund runs a portfolio of independent options strategies, including non-directional volatility selling, signal-based directional trades and tail-risk hedges, sized so their exposures partly offset one another.
05.
Section 1256 tax treatment
SPX index options are generally Section 1256 contracts, taxed 60% as long-term and 40% as short-term capital gains regardless of holding period. Your own tax outcome depends on your situation; please consult your tax adviser.
Our Approach
Our approach is systematic: automated, rules-based strategies trading short-dated index options, with position sizes set by quantitative risk limits rather than discretion.
Each day the strategies recalibrate to current market conditions. Most positions open and close within the same trading day; the fund can and sometimes does hold positions overnight, and those carry gap risk.
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