Launch Roundup
Subversive ETFs listed S&P 500 and Nasdaq-100 funds that exclude Elon Musk's companies
Adaptive Hedged Multi-Asset Income ETF
$7.500.00 (0.00%)
- 1.37%
- $75M
- +2.1%
- 12.00%
- 0M sh
- $7.46
- low $7.35high $8.50
The ETF.net AMAX Grade
D
Score 29 out of 100
- 15 of 15
Score 29 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F0 out of 100Rank 15 of 15Mission
Whether the fund did what it promised, tested against its stated mandate.B58 out of 100Rank 8 of 11Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D26 out of 100Rank 14 of 15Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D39 out of 100Rank 11 of 15Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D29 out of 100Rank 13 of 13Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C51 out of 100Rank 10 of 15
Our read on AMAX
DA one-ticker income blend that chases total return from both price gains and payouts, and pays out monthly. The trade-off is the price tag: 1.36% a year, well above what most allocation funds charge.
The Fund seeks total return through capital appreciation and current income.
Why people hold it
- Designed as a whole portfolio in one line item: the fund seeks total return from capital appreciation and current income, not one or the other.
- Pays monthly rather than quarterly, so income lands on the same rhythm as most household bills.
- Trading since 2021, so it has a live record through a rate shock instead of a back-test.
Worth knowing
- At 1.36% a year, it costs several times what index allocation funds like AOA and IRTR charge, a hurdle the strategy has to clear first.
- A small fund that does not trade heavily, so bid-ask spreads tend to run wider than at the giants of the allocation aisle.
- The prospectus discloses distributions may include return of capital, meaning part of a monthly payment can be your own principal coming back.
AMAX Holdings
- Other
- 15
- 99%
- TLT
Sectors
- Technology59.0%
- Materials12.0%
- Communication6.2%
- Financials5.6%
- Health Care4.5%
- Consumer Discretionary4.5%
- Industrials3.7%
- Consumer Staples1.8%
- Energy1.3%
- Utilities0.8%
- Real Estate0.7%
Geography
- United States100.00%
AMAX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
AMAX$10,212
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | AMAX |
|---|---|
| Year to date | +3.9% |
| 1 month | +0.1% |
| 3 months | +2.9% |
| 1 year | +2.1% |
| 3 years | +10.7% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | AMAX |
|---|---|---|
| 2026 YTD | +3.9% | |
| 2025 | +11.3% | |
| 2024 | +9.7% | |
| 2023 | +6.7% | |
| 2022 | −12.5% | |
| 2021 | −0.2% |
AMAX in the news
AMAX Dividends
- 12.00%
- $0.90
- $0.08 per share
- Monthly
Distribution history
AMAX Risk
- 8.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.63
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −16.2%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.89
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
AMAX Cost
1.37%
AMAX1.37%
- The middle half of Multi-Asset Income funds
- Median 0.65%
Every other Multi-Asset Income fund charges less.
Other funds in Multi-Asset Income
- CFTHBFIS Faith Income ETFExpense ratio 0.65%1 year return —
- CJFLIJPMorgan Flexible Income ETFExpense ratio 0.51%1 year return +14.8%
- CDINESimplify Tax Aware Diversified Income Strategy ETFExpense ratio 0.25%1 year return —
- DYFYAYields for You Income Strategy A ETFExpense ratio 1.16%1 year return +3.3%
- DHIPSGraniteShares HIPS US High Income ETFExpense ratio 1.17%1 year return +3.0%