Optimizing Fixed Income Solutions

Are your bonds vulnerable to rising interest rates?

Frustrated by the lack of good alternatives?

Time to rebalance your portfolio?

Bond Alternative
Bonds (typically a safe haven investment and a source of income) can suffer the loss of principal when interest rates rise.
Reduce Equity Risk
While stocks have provided strong returns, it may be time to rebalance. 
Bond Overlay
Adding premium selling to an existing bond portfolio can provide meaningful return.

Theta Income: A 3 Dimensional Approach to Income Investing

Watch a brief video to learn more about our strategy.


A Dynamic Approach to Income Investing

The Theta Income Strategy disrupts traditional fixed income thinking by combining a high quality bond portfolio with a premium writing overlay, targeting both improved performance and superior capital efficiency for investors.

Investors can choose to keep their existing fixed income strategy by adding Theta Income as an overlay or alternatively, as a full replacement to their current approach. For taxable investors, a meaningful portion of the strategy's annual returns are expected to receive long-term capital gains tax treatment.

How to Invest

The Theta Income Strategy is available for investment as a mutual fund or an institutional separate account.

Fund Info

Executive Summary

Learn more about 3D Income Solutions and our Investment Cornerstones.

View Pdf

View information on the mutual fund version of the Theta Income

Fund Info ›

About Us

Building absolute return strategies that diversify traditional investment portfolios.

What we do

Institutions and individual investors are tired of portfolios that fully exposed them to the market's constant gyrations. Increasingly, investors are looking for solutions that deliver a differentiated return experience from that of stocks and bonds without sacrificing liquidity.

Whether focused on income generation or diversification from traditional asset classes, Liquid Strategies offers dynamic solutions to help investors achieve their investment goals.

Who we are

Founded in 2013 by industry veterans, Liquid Strategies, LLC is an independent advisory firm focused on managing liquid, absolute return portfolios with reduced volatility and low correlations to traditional assets. Our firm delivers these solutions to a wide variety of institutional and individual investors.

Executive Team ›

An experienced team focused on delivering timely, liquid and innovative solutions.

Brad Ball

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer,[...]

Read Full Bio
Shawn Gibson

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the[...]

Read Full Bio
Adam Stewart, CFA

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta[...]

Read Full Bio
Justin Boller, CFA
Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment[...]
Read Full Bio
Peter F. Welch, CPA

Peter has over 30 years of extensive experience in financial services, utilities and consumer finance. Peter joined the Liquid Strategies team in[...]

Read Full Bio
Megan Delaney
Megan has over 8 years of marketing experience across the entertainment, healthcare and investment industries. Megan joined Liquid Strategies in[...]
Read Full Bio
Tom Contrucci
Tom joined Liquid Strategies in 2019 as a Partner and has over 23 years of investment industry experience. Tom is focused on development, growth, and[...]
Read Full Bio
Chad Bucur
Chad joined Liquid Strategies in 2019 as a Partner and member of the distribution team, covering Financial Advisors in the Southeast.
Read Full Bio

‹ Firm Overview


We are committed to providing our valued clients with compelling investment performance and outstanding client service. For additional information, please Contact Us.

Liquid Strategies, LLC

3550 Lenox Rd NE
Suite 2550
Atlanta, Georgia 30326
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Designed for investors seeking an alternative to traditional fixed income solutions while delivering daily liquidity, targeting attractive returns, low volatility and low sensitivity to interest rates and equities

  Fund Documents
Morningstar CategoryOption Writing 
Fund Inception4/01/2014
Expense Ratio1.25% (net)
1.50% (gross)
Minimum Investment$1,000**
Morningstar CategoryOption Writing 
Fund Inception4/01/2014
Expense Ratio1.50% (net)
1.75% (gross)
Minimum Investment$1,000

Shareholder Inquiries: 844-8LIQUID

Fund Fact Sheet
2018 Theta Income Fund Tax Form 8937
2018 Theta Income Fund Tax Form 8937 Supplement
Fund Semi-Annual Report
Fund Annual Report
Summary Prospectus
Traditional IRA Disclosures
Roth IRA Disclosures
Investor Brochure

Purchase Fund

*The fund’s adviser has contractually agreed to waive its fees and/or pay for operating expenses of the Fund so as to limit expenses to 1.25% (LQTIX) until April 30, 2020. The Fund’s adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period of three years from the date of the waiver or payment.

Risk Considerations - The Fund invests in fixed income securities, options on indices or exchange traded funds (ETFs). Accordingly, it may be subject to equity risk and fixed income risk affected by general market conditions in addition to ETF risk. There can be no guarantee that the strategy of the Fund will be successful.

**Liquid Strategies LLC as Investment Adviser to the Fund may waive these minimums lower for use by institutional investors, such as retirement plans.
The LS Theta Fund is distributed by IMST Distributors, LLC, which is not affiliated with the Adviser.

How to purchase fund

The Theta Income Fund is widely available through leading financial intermediaries (e.g. brokerage, registered investment advisers, etc.).

To purchase the Fund through an existing investment account, please contact your Financial Adviser.
To directly invest in the Theta Income Fund, follow these 3 steps:

Step 1

Download and Print the Fund account form.

IRA Application
IRA Transfer Application
Regular Account Application

  Step 2

Complete Application.

Questions? Please call 844-8LIQUID
(844-854-7843) toll-free

  Step 3

Send Application.

Please send your completed application with check or wire instructions to one of the below addresses:

Overnight Mail Delivery

LS Funds
C/O UMB Fund Services, Inc
235 W. Galena Street
Milwaukee, WI 53212

  Regular Mail Delivery

Theta Income Fund
PO Box 2175
Milwaukee WI 53201-2175


Brad Ball
Chief Executive Officer, Portfolio Manager

Brad has more than 33 years of investment industry experience. Brad co-founded Liquid Strategies in 2013 and serves as Chief Executive Officer, Managing Member and Portfolio Manager on the LS Theta Strategies Investment Team.  Prior to Liquid Strategies, Brad was a founding partner and CEO of Perimeter Capital Management. Concurrently to Perimeter, he was Vice President of Concourse Capital Management, LLC, an affiliated investment adviser to a long/short equity private fund.  Previously he served as Executive Vice President of Trusco Capital Management and served on the firm’s Executive Committee. Brad has been in the investment industry since 1985, has served on numerous industry boards and is a frequent conference speaker. He is a graduate of Oklahoma State University where he received a degree in Finance. Brad has served on numerous non-profit boards and currently serves as a board member of the Sandy Springs Perimeter Chamber of Commerce.

Shawn Gibson
Chief Investment Officer, Portfolio Manager

Shawn Gibson co-Founded Liquid Strategies in 2013 and serves as the Chief Investment Officer and Portfolio Manager and is a member of the firm’s Executive Management Committee. Shawn brings more than 23 years of investment experience primarily in the area of options trading and options portfolio management. Shawn started trading options in 1997 with the Timber Hill Group, one of the world’s largest options market making firms. While at Timber Hill, Shawn was an options market maker on the floor of the Pacific Exchange and was later promoted to join a small team in Greenwich, CT that was responsible for overseeing the firm’s multi-billion dollar options trading portfolio. He subsequently served as Head of Options Strategy and Director of Alternative Investments at BB&T, where he worked with advisors and their clients to develop options-based hedging and yield enhancing strategies. Shawn is an active member of his community and was voted as one of the Top 40 leaders under 40 while living in Richmond after being nominated by his peers due to his professional accomplishments and community involvement. Shawn earned his B.S. in Commerce from the University of Virginia.

Adam Stewart, CFA
Portfolio Manager, Director of Trading

Adam has more than 20 years of investment industry experience and co-founded Liquid Strategies in 2013. Adam is co-portfolio manager of the Theta strategy and serves on the Liquid Strategies investment team, which is responsible for setting portfolio allocations based on the risk profile of the markets. Adam began his career at Franklin Templeton in 1997 and later served as Head of Equity Trading at Trusco Capital Management along with managing equity trading operations. Most recently, Adam was a founding partner and Director of Trading for Perimeter Capital Management. Adam received his Chartered Financial Analyst® (CFA) designation in 2001 and earned his B.A. from Auburn University.

Justin Boller, CFA
Portfolio Manager, Director of Fixed Income

Justin Boller, CFA has been in the investment management industry for over 18 years. Justin serves as a Portfolio Manager on the LS Theta Investment Team. He began his career at Invesco in 1999 where he served as a Client Portfolio Manager, working on the company’s Global Equity investment team. While also at Invesco, Justin also served as Director of Strategic Planning for the global firm. Most recently, Justin has worked as Chief Investment Officer for Advocacy Wealth Management, LLC. He is a graduate of Wake Forest University, where he earned a bachelor's in business with a focus in finance. Justin is a Chartered Financial Analyst® (CFA) charterholder.

Peter F. Welch, CPA
Controller, Chief Compliance Officer

Peter has over 30 years of extensive experience in financial services, utilities and consumer finance. Peter joined the Liquid Strategies team in 2014 as the firm’s Controller. Peter was named Chief Compliance Officer in 2016. He most previously served as Vice President/Corporate Controller for GMT Capital since 2006. At GMT Capital, he managed the accounting and financial operations for the firm and its long/short equity hedge funds, which totaled over $4 billion. Peter played an integral role in building the firm’s operational systems and capabilities to handle the growth in assets under management, which more than doubled during his tenure. At Liquid Strategies, Peter is responsible for the integrity of all reported financial data as well as monitoring the firm’s compliance program and ensuring regulatory requirements are met. Peter is a graduate of Georgia Institute of Technology and is a Certified Public Accountant.

Megan Delaney
Marketing Director

Megan has over 8 years of marketing experience across the entertainment, healthcare and investment industries. Megan joined Liquid Strategies in 2018 and serves as Marketing Director, focusing on the overall marketing and growth of the firm. Megan began her career as a Junior Executive for all moxie, inc, a talent management/production company in New York City. Prior to Liquid Strategies, Megan was an Associate Marketing Manager for a medical device manufacturer in Atlanta, GA. Her responsibilities at Liquid Strategies include evaluating, developing and implementing marketing strategies, building brand awareness and supporting the sales team. Megan is a graduate of Auburn University, where she earned a Bachelor’s of Arts in Radio, Television and Film (Mass Communications). She completed her MBA with a focus in Marketing at Mercer University in 2016.

Tom Contrucci

Tom joined Liquid Strategies in 2019 as a Partner and has over 23 years of investment industry experience. Tom is focused on development, growth, and communication for the firm’s suite of investment strategies with strategic account relationships. Prior to joining Liquid Strategies, Tom was Managing Director at Crawford Investment Counsel where he led the firm’s institutional relationship and marketing efforts. Previously, he was a Director within the global investment banking division of Barclays PLC, where he served as lead relationship manager for the firm’s Southeast institutional clients. Tom has been in the investment industry since 1995 when he began his career on the trading floor of the Chicago Mercantile Exchange as an options market maker and portfolio manager. He is a graduate of the University of Georgia with a BBA in Finance and an MBA from the Terry College of Business. Outside of work, Tom can be found spending time with his family, playing golf and enjoying the outdoors.

Chad Bucur

Chad joined Liquid Strategies in 2019 as a Partner and member of the distribution team, covering Financial Advisors in the Southeast.

Formerly, Chad was a Director at WisdomTree ETFs, where he was responsible for generating sales and building relationships with Financial Advisors throughout the Southeast. Prior to WisdomTree, Chad was with Prudential Investments supporting sales effort to Independent Advisors in Southern California. Chad holds his Series 7 and Series 63 FINRA securities licenses.

Chad is a graduate of Gettysburg College, where he received his BA in Political Science and was on the football team. Outside of work, Chad enjoys spending time with family and friends, pick-up basketball, reading and the outdoors.


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Past performance is not indicative of future results. This information should not be evaluated independent of or without reference to the investment advisory agreement that more specifically addresses applicable investment advisory fees. Advisory fees charged by Liquid Strategies are described in Part 2 of Liquid Strategies’ Form ADV. For a free copy of Form ADV, please contact Liquid Strategies at (770) 350-8700.

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