The fund built to limit losses had the category's worst return
The Aptus Defined Risk ETF lost 1.7% in the year through September 24, 2026, while State Street's real-return fund gained 23.8% and VanEck's gained 22.6%.
Key takeaways
The Aptus Defined Risk ETF, DRSK, had the worst return in the category. It keeps 90% to 95% of its money in high-quality company bonds and uses what remains to seek stock gains while trying to limit losses. Counting reinvested payouts, the fund that holds the S&P 500, SPY, gained 17.3%, and the fund that holds the broad market of higher-quality U.S. bonds, AGG, lost 1.3%. Aptus lost 1.7%, a little behind the bond fund.
Consumer prices rose 3.4% in the 12 months through August, the Bureau of Labor Statistics said. Two large funds whose stated aim is a return above inflation gained much more. State Street's RLY, with $1.4 billion, gained 23.8%. Its biggest holdings are a global natural-resources fund at 28%, a broad commodities fund at 25% and a global infrastructure fund at 21%. VanEck's RAAX, also $1.4 billion, gained 22.6%, with 26% in a commodities fund and 20% in gold.
The largest fund, the iShares 80/20 mix of stock and bond funds, AOA, holds $3.3 billion and gained 14.4%, between the stock fund and the bond fund. The middle fund in the category gained 12.5%.
DRSK lost 1.7% as RLY gained 23.8%
From Tuesday, June 30 to Thursday, September 24, DRSK lost 4.2% and AGG lost 3.1%. A design meant to limit losses did not turn a falling bond market into a gain.
The new second-largest fund
State Street listed UCBG on Wednesday, September 2, with a $2.5 billion investment from UC Investments, the investment arm of the University of California. It holds $2.5 billion, 16% of the $15.4 billion in the category's 38 funds. A buyer who chooses a multi-asset allocation fund by the label is now choosing in a category whose second-largest fund puts 90% of its money in the S&P 500 and 10% in company bonds due within one to three years.
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Frequently asked questions
Which fund had the category's worst return?
The Aptus Defined Risk ETF lost 1.7% in the year through September 24, 2026.
How does the fund try to limit losses?
It keeps 90% to 95% of its money in high-quality company bonds and uses what remains to seek stock gains while trying to limit losses.
How did stocks and bonds do over the same year?
Counting reinvested payouts, the S&P 500 fund gained 17.3% and the higher-quality U.S. bond fund lost 1.3%.
Which funds gained the most?
State Street's real-return fund gained 23.8% and VanEck's gained 22.6%.
