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Launched · SEC filings

Adaptive Core ETF

RULECboeD

$30.95−0.10 (−0.34%)

As of Oct 13, 2026, 3:59 PM

D27/ 100

Rank 113 of 127 in US Active Equity

D27/100Rank 113 of 127inUS Active Equity
Intraday session: down, 77 prints from 31.05 to 30.95. Range 30.71 to 30.95. Use the arrow keys to read each point.30.7030.8030.9031.0010 AM12 PM2 PM4 PM
Expense ratio
2.24%
Fund size
$18M
1Y total return
+39.2%
Yield · Last 12 months
0.00%
Holdings
36
Avg volume · 30D
0M sh
NAV per share
$31.28
52W range
low $21.46high $34.42
Launched
Filings
SEC EDGAR

The ETF.net RULE Grade

D

Score 27 out of 100

Category
US Active Equity⁠
Rank
113 of 127
Six-pillar profile for RULE. Scores out of 100: Cost 4, Risk 24, Mission 24, Tradability 49, Holdings 64, Durability 35. Strongest: Holdings (64). Weakest: Cost (4). Leans toward Holdings.

Score 27 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.
    F4 out of 100
    Rank 122 of 127

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    F24 out of 100
    Rank 47 of 48

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F24 out of 100
    Rank 110 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C49 out of 100
    Rank 57 of 127

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B64 out of 100
    Rank 52 of 124

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D35 out of 100
    Rank 107 of 127

Our read on RULE

ETF.net Research

DMost S&P 500 income funds sell calls on a schedule and mail out a check. RULE flips the order: long-term capital growth first, income second, with the S&P 500 Total Return Index as its yardstick. The trade-off shows up in the fee.

Stated mandate

The fund seeks long-term growth of capital while also pursuing income.

Why people hold it

  1. 01Growth-first mandate: the stated goal is long-term growth of capital while also pursuing income, not a payout engine that trades away upside for a monthly check.
  2. 02Measured against the S&P 500 Total Return Index, so the bar includes reinvested dividends, not a price-only line that flatters the comparison.
  3. 03A US equity fund with a live record back to its 2021 launch, spanning the 2022 drawdown and the recovery after it, rather than one tape only.

Worth knowing

  1. 01The 1.22% expense ratio sits well above the typical S&P 500 income ETF. Peers such as IVVW and GPIX run their versions for a fraction of that.
  2. 02Small and thinly traded. Spreads can widen and fills get lumpy, so limit orders do real work here.
  3. 03Income is a secondary aim, not a set schedule. Cohort funds built to distribute on a monthly cadence, like JEPI, approach the job differently.

RULE Holdings

As of Oct 12, 2026
Asset class
Other
Holdings
36
Top-10 weight
38%
Largest holding
MU5.6%

Sectors

  • Technology58.0%
  • Health Care9.4%
  • Industrials6.2%
  • Energy5.8%
  • Materials5.4%
  • Financials5.1%
  • Communication4.4%
  • Real Estate2.8%
  • Consumer Discretionary2.3%
  • Consumer Staples0.4%
  • Utilities0.0%

Geography

  • United States89.83%
  • Singapore5.43%
  • Australia2.45%
  • Canada2.29%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001MUMicron Technology Inc5.61%982$1M679
002STXSeagate Technology-Ordinary Shares5.34%1,228$962K431
003DELLDell Technologies - Class C4.58%1,406$824K443
004PANWPalo Alto Networks Inc3.60%1,550$649K501
005PEverpure Inc-A3.47%4,049$626K292
006RMMERareview Government Money3.23%5,807$582K5
007JPSTJPMorgan Ultra-Short Inco3.21%11,483$578K6
008NTAPNetapp Inc3.17%2,404$570K417
009XLGInvesco S&P 500 Top 50 Etf3.05%8,481$550K2
010GOOGLAlphabet Inc-Cl A3.03%1,553$546K709
011SPHQInvesco S&P 500 Quality E2.92%6,134$526K2
012IWFIshares Russell 1000 Growth2.90%4,084$522K10
013MPCMarathon Petroleum Corp2.87%1,137$517K396
014MRVLMarvell Technology Group Ltd Mrvl2.86%1,873$516K470
015PSXPhillips 662.85%1,842$512K379

Showing 1–15 of 36 holdings

RULE Performance

Launched Nov 3, 2021

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.
RULE$13,918
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. RULE $13,918. SPY $12,044. Use the arrow keys to read each point.$9,169$12,528$15,887Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

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.

Trailing total return for RULE. Periods over one year show the average yearly return.
PeriodRULE
Year to date+35.5%
1 month+2.9%
3 months−2.8%
1 year+39.2%
3 yearsper year+18.5%
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for RULE
YearReturn barRULE
2026 YTD+35.5%
2025+4.6%
2024+7.6%
2023+6.3%
2022−22.9%
2021+1.0%

Since listing, Nov 3, 2021

RULE in the news

Filtered to RULE · US Active Equity

RULE Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 12, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2023

One bar per payment. 2 payments from 2022 to 2023. Dec 27, 2022 $0.0015; Dec 19, 2023 $0.41. Use the arrow keys to read each point.20222023
Ex-datePay dateAmount per share
Dec 19, 2023Dec 21, 2023$0.41
Dec 27, 2022Dec 29, 2022$0.0015

RULE Risk

How much the fund’s monthly returns vary, scaled to a year.
20.7%
Annualised · 36 months to Sep 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.70
vs 3-month T-bills · to Sep 2026
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.

The largest fall from a peak to the low that followed.
−30.5%
59 months · trough Oct 2023
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.

How strongly the fund’s returns move with its asset-class index.
1.54
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

RULE Cost

Expense ratio2.24%
  • The middle half of US Active Equity funds
  • Median 0.70%

117 of the 123 US Active Equity funds charge less.

RULE costs $224.00 a year on $10,000. The median US Active Equity fund costs $70.00.

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