ETF Evaluator:
Castellan Targeted Income ETF ()
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(as of Nov 12)
Best Performing in Derivative Income - Diversified Over the Last Year
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| 20.2% | First Trust Small Cp BuyWrt Inc ETF (FTKI) |
| 19.9% | Cullen Enhanced Equity Income ETF (DIVP) |
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ETF Details
Castellan Targeted Income ETF Overview
Castellan Targeted Income ETF (CTIF) is an actively managed Nontraditional Equity Derivative Income - Diversified exchange-traded fund (ETF). Castellan Group launched the ETF in 2025.
The investment seeks to provide current income with an opportunity for capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide current income with an opportunity for capital appreciation by investing in a select group of companies that have a history of growing their dividends. Castellan Group, LLC’s will serve as the fund’s sub-adviser (the “Castellan”) and will be responsible for selecting the fund’s investments. The fund is non-diversified.
About Castellan Targeted Income ETF (CTIF)
There are 3 members of the management team with an average tenure of 1.35 years: Lawrence Lempert (2025), R. Kevin Storn (2025) and Barry Brauch (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Castellan Targeted Income ETF has 46 securities in its portfolio. The top 10 holdings constitute 52.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Castellan Targeted Income ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Castellan Targeted Income ETF has 4.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.9% There is 4.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Castellan Targeted Income ETF has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $197 million in total assets, which is below the $1 billion average for the Derivative Income - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CTIF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Castellan Targeted Income ETF expense ratio is average compared to funds in the Derivative Income - Diversified category. Castellan Targeted Income ETF has an expense ratio of 0.45%, which is 39% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Castellan Targeted Income ETF has a portfolio turnover rate of 26%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Derivative Income - Diversified category.
Recently, in the month of October 2026, Castellan Targeted Income ETF returned 4.5%, which earned it a grade of A, as the Derivative Income - Diversified category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Castellan Targeted Income ETF has a trailing yield of 3.97%, which is below the 6.26% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Castellan Targeted Income ETF Grades
Year to date, the ETF has returned 10.0%, 1.1 percentage points better than the category, which translates into a grade of C. The fund has returned 9.7% over the past year (grade of C).
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CTIF Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CTIF Return (NAV) | 4.5% | 0.7% | 9.7% | na | na | na |
| CTIF Return (Price) | 4.2% | 0.2% | 9.5% | na | na | na |
| NAV +/- Price Return | 0.258% | 0.510% | 0.176% | na | na | na |
| Derivative Income - Diversified Avg | -2.0% | 0.9% | 10.1% | 16.5% | 8.1% | 8.1% |
| CTIF Grade (NAV) | A | D | C | na | na | na |
| +/- Category (NAV) | 6.5% | -0.3% | -0.3% | na | na | na |
| CTIF Tax-Cost Ratio | na | na | 1.7% | na | na | na |
CTIF Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CTIF Return (NAV) | 10.0% | na | na | na | na | na | na | na | na | na | na |
| CTIF Return (Price) | 9.0% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.100% | na | na | na | na | na | na | na | na | na | na |
| Derivative Income - Diversified Avg | 8.9% | 13.8% | 15.9% | 16.3% | -11.8% | 19.1% | 3.7% | 19.2% | -5.9% | 14.0% | 7.1% |
| CTIF Grade (NAV) | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 1.1% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 4.0% |
| Total Assets: | $ 197 Mil |
| Share Class Assets: | $ 197 Mil |
| Turnover: | 26.0% |
| Expense Ratio: | 0.45% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Lempert Lawrence (2025), Storn R. Kevin (2025), Brauch Barry (2025) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 46 |
| % in Top 10 Holdings: | 52.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.5% |
Portfolio Allocation |
|
| Domestic Stock: | 94.9% |
| Foreign Stock: | 4.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 0.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Castellan Group |
| Phone Number: | 215-330-4476 |
| Website: | www.valueshares.com |
| Inception Date: | June 24, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.45% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.73% |
