---
title: "The fund built to limit losses had the category's worst return"
url: "https://etf.net/news/real-asset-funds-beat-the-s-p-500-fund-inside-multi-asset-allocation-2026-09-25"
published_at: "2026-09-25T14:51:10.976Z"
updated_at: "2026-09-25T14:51:10.976Z"
byline: "ETF.net Research"
---

# 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%.

By ETF.net Research. Published Sep 25, 2026.

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%.

Chart: 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.

Source: etf.net, https://etf.net/news/real-asset-funds-beat-the-s-p-500-fund-inside-multi-asset-allocation-2026-09-25. Please cite the page URL.