AMAX vs MDIV: Grades, Fees and Holdings Compared

Adaptive Hedged Multi-Asset Income ETF

AMAXFNYSE Arca

Multi-Asset Diversified Income Index Fund

MDIVBNasdaq

Overlap

0.0%by weight

Expense ratio

MDIV −0.66pt a year

AMAX1.37%MDIV0.71%

Avg volume · 30D

AMAX 1.03×the volume

AMAX60.2KMDIV58.4K

3Y return · a year

MDIV +1.4pt

AMAX+10.3%MDIV+11.7%

AMAX vs MDIV Performance

Oct 31, 2025 – Oct 30, 2026

−0.2%AMAX+11.5%MDIV

Expense ratio: AMAX 1.37%; MDIV 0.71%, better
Fund size: AMAX $73M; MDIV $418M
1Y total return: AMAX −0.2%; MDIV +11.5%, better
Yield (12M): AMAX 12.53%, better; MDIV 7.48%
Holdings: AMAX 13; MDIV 124
Avg volume (30D): AMAX 60.2K sh, better; MDIV 58.4K sh
NAV per share: AMAX $7.15; MDIV $16.18
52W range

ETF.net Grade

Pillar letters and Scores for AMAX, MDIV, with each pillar’s weight
Pillar	AMAX	MDIV
Cost30% weight	F0	C50Higher
Mission25% weight	C41	A86Higher
Risk15% weight	F21	B55Higher
Tradability15% weight	D39	A74Higher
Holdings10% weight	F23	B67Higher
Durability5% weight	C51	A83Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. AMAX and MDIV are both graded against the same 15 Multi-Asset Income funds, so their Grades compare head to head.

Multi-Asset Income⁠

Category · 15 funds

See all 15 ›

MDIV ranks 4th and AMAX 15th of 15 funds in the Multi-Asset Income Category.

Rank 1AINCMFranklin Income Focus ETFScore 82
Rank 2AIYLDiShares Morningstar Multi-Asset Income ETFScore 79
Rank 3AINKMState Street Income Allocation ETFScore 72
Rank 4BMDIVMulti-Asset Diversified Income Index FundScore 66
Rank 5BALTYGlobal X Alternative Income ETFScore 57
Rank 13DYFYAYields for You Income Strategy A ETFScore 37
Rank 15FAMAXAdaptive Hedged Multi-Asset Income ETFScore 24

Our read on each fund

ETF.net Research

AMAXFAdaptive Hedged Multi-Asset Income ETF

MDIVBMulti-Asset Diversified Income Index Fund

In short

AMAX Most multi-asset income funds follow a fixed recipe. This one is actively managed, spreads across stocks, bonds and alternatives via other funds, hedges on the manager's call, and pays monthly.

MDIV Five income sleeves in one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each reset to roughly 20% every quarter. Trading since 2012 and paying monthly, it spreads the yield hunt instead of making one big bet.

Stated mandate

AMAX The Fund seeks total return through capital appreciation and current income.

MDIV The Fund seeks investment results that generally track the price and yield of the Nasdaq US Multi-Asset Diversified Income Index before fees and expenses.

Why people hold it

AMAX Actively managed with no published benchmark to hug: the manager can reshape the stock, bond and alternative mix and layer on hedges. That flexibility is the whole pitch.bloomberg.com
Pays monthly, a cadence set in the fund's own income policy rather than a marketing habit.
The track record runs back to 2009, across multiple rate and credit cycles, not a two-year backtest.
Mandate is total return: capital appreciation sits alongside current income in the stated objective, so it is not chasing yield alone.

MDIV Five slices, one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each rebalanced back to about 20% each quarter.sec.gov
Each segment filters out names whose annual volatility runs more than 15 percentage points above its benchmark, so the wildest high-yielders get screened.ftportfolios.com nasdaqomx.com
Trading since 2012 and paying monthly, with about 120 holdings, it ranks as one of the stronger implementations in the multi-asset income group.

Worth knowing

AMAX 1.37% net of a waiver through September 30, 2027 (1.71% gross) is above the category median; INCM charges 0.38% and IYLD 0.50% for multi-asset income.
Monthly payouts can include return of capital, disclosed in the fund's documents, which hands back part of your own principal rather than income earned.
Discretionary hedging means results hinge on the manager's timing, with no index to measure the calls against.bloomberg.com

MDIV 0.71% net of a waiver through January 31, 2027 (0.83% gross) sits near the category median, but above peers like INCM at 0.38% and IYLD at 0.50%.
The high-yield sleeve is owned through another ETF, which may be a First Trust fund, so a slice of the cost and credit exposure sits one layer down.sec.gov
All five sleeves are income assets: preferreds, high-yield bonds, REITs and MLPs can lean the same way when rates or credit spreads move.nasdaqomx.com

Full AMAX profile⁠

Full MDIV profile⁠

AMAX vs MDIV Holdings

How AMAX and MDIV differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of AMAX and 0.0% of MDIV.

Level by level

Holdings0 in both0.0%
Sector11 Sectors14.9%
Countryby domicile95.5%

Sector

Sector weights in AMAX and MDIV, widest gap first
Sector	More in AMAXMore in MDIV	AMAX	MDIV
Technology	AMAX +59.0 points	59.0%	0.0%
Energy	MDIV +33.6 points	1.3%	34.9%
Real Estate	MDIV +32.0 points	0.7%	32.7%
Materials	AMAX +12.0 points	12.0%	0.0%
Financials	MDIV +8.4 points	5.6%	13.9%
Utilities	MDIV +8.1 points	0.8%	8.9%
Communication	AMAX +4.5 points	6.2%	1.7%
Consumer Discretionary	AMAX +3.9 points	4.5%	0.6%
Industrials	AMAX +3.0 points	3.7%	0.7%
Consumer Staples	MDIV +3.0 points	1.8%	4.8%
Health Care	AMAX +2.7 points	4.5%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in AMAX and MDIV, widest gap first
Country	More in AMAXMore in MDIV	AMAX	MDIV
United States	MDIV +4.5 points	94.7%	99.2%
Canada	AMAX +2.5 points	3.3%	0.8%
Australia	AMAX +0.5 points	0.5%	0.0%
Other countries (13)	AMAX +1.4 points	1.4%	0.0%

Concentration

Weight in the 10 largest Holdings

AMAX99.7%
MDIV32.1%

Securities held

AMAX13
MDIV123

Asset class

AMAX: Multi-Asset
MDIV: Multi-Asset

Holdings

Only in AMAX13
In both0
Only in MDIV123

Only in AMAX

13 securities, 100% of AMAX by weight

Cash / Cash Equivalents33.27%
SPDR S&P 500 ETF Trust19.85%
Ft Vest Gold Strt Trgt Incm Etf14.60%
Strategy Class A Ord11.44%
iShares Bitcoin Trus7.32%
Yieldmax Magft 7 Fnd Opt Incm Etf4.63%
Ubs AG Etracs Cd Ol Cr Class Etn3.87%
Vaneck Gold Miners Etf3.83%
Mstr 261127P001200000.54%
Ishares 20 Pls Year Treasury Bnd Etf0.33%
Cwalt 2006-28CB A1510/25/2036 6.5%0.26%
Ibit 261127P000400000.12%
Ahm 2004-1 4M104/25/2044 Var0.12%

Only in MDIV

123 securities, 99.7% of MDIV by weight

First Trust Tactical High Yield ETF20.34%
Kimbell Royalty Partners LP1.38%
Mach Natural Resources LP1.37%
AGNC Investment Corp.1.34%
Annaly Capital Management, Inc.1.32%
Rithm Capital Corp.1.32%
ARMOUR Residential REIT, Inc.1.28%
TXO Partners, L.P.1.27%
Icahn Enterprises, L.P.1.27%
Rithm Capital Corp., Series B, Variable Rate1.23%
Dorchester Minerals, L.P.1.17%
Alliance Resource Partners, L.P.1.12%
Western Midstream Partners LP1.12%
CrossAmerica Partners LP1.10%
Citigroup Capital XIII, Variable Rate, due 10/30/20400.99%
Black Stone Minerals, L.P.0.96%
Apple Hospitality REIT, Inc.0.95%
Gaming and Leisure Properties, Inc.0.92%
VICI Properties Inc.0.91%
AGNC Investment Corp., Series C, 7.000%, Variable Rate0.90%
Delek Logistics Partners LP0.90%
AGNC Investment Corp., Series E, 6.500% Variable Rate0.89%
USA Compression Partners LP0.89%
Rithm Capital Corp., Series D, Variable Rate0.88%
Annaly Capital Management, Inc., Series F, 6.950%, Variable Rate0.88%
Mplx Lp0.87%
AGNC Investment Corp., Series F, 6.125% Variable Rate0.87%
Lincoln National Corporation, Series D, 9.000%0.85%
Annaly Capital Management, Inc., Series G, 6.500% Variable Rate0.82%
Plains All American Pipeline, L.P.0.81%
EPR Properties0.81%
Synchrony Financial, Series B Variable Rate0.80%
Fifth Third Bancorp, Series I, 6.625%, Variable Rate0.79%
Algonquin Power & Utilities Corp., Series 19-A, 6.200%, Variable Rate, Due 07/01/20790.79%
Four Corners Property Trust, Inc.0.78%
Jackson Financial Inc., 8.000%, Variable Rate0.78%
Banc of California, Inc., Series F, 7.75% Variable Rate0.78%
Omega Healthcare Investors, Inc.0.77%
CubeSmart0.77%
Energy Transfer LP0.76%
CHS Inc., Series 1, 7.875%0.75%
American National Group Inc., Series D, 7.375%0.74%
Apollo Global Management, Inc., 7.625%, Variable Rate, Due 09/15/20530.73%
Plains GP Holdings, L.P. (Class A)0.73%
The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/20530.73%
Pfizer Inc.0.72%
Hess Midstream LP (Class A)0.72%
CHS Inc., Series 4, 7.500%0.71%
Reinsurance Group of America, Incorporated, 7.125%, Variable Rate, Due 10/15/20520.70%
Morgan Stanley, Series E, 7.125%, Variable Rate0.70%

Weight gaps

AMAX and MDIV share no securities.

All 14 AMAX holdings⁠All 123 MDIV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AMAX vs MDIV Cost

Overpaying AMAX vs MDIV

$10,625

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AMAX 1.37%
$24,407
MDIV 0.71%
$13,782

Amount$10,000

Years30 years

Cost over time

AMAX 1.37%
MDIV 0.71%
Overpaying

Year by year

Year	AMAX	MDIV	Overpaying
10	$2,378	$1,267	$1,111
20	$8,792	$4,824	$3,968
30	$24,407	$13,782	$10,625

Expense ratio

1.37%AMAX
0.71%MDIV, cheaper

MDIV0.71%AMAX1.37%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

MDIV 8th cheapest of 15 funds

AMAX 15th cheapest of 15 funds

AMAX vs MDIV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AMAX 12.53%, better; MDIV 7.48%
Payout (12M): AMAX $0.91; MDIV $1.21
Last payment: AMAX $0.07; MDIV $0.08
Ex-dividend: AMAX Oct 29, 2026; MDIV Oct 21, 2026
Paid on: AMAX Oct 30, 2026; MDIV Oct 30, 2026
Frequency: AMAX Monthly; MDIV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

AMAXMonthly · 46 paymentsAll AMAX payments⁠

MDIVMonthly · 46 paymentsAll MDIV payments⁠

AMAX vs MDIV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AMAX 8.9%MDIV 8.5%, better
Return per unit of riskSharpe ratio, 3 years: AMAX 0.65MDIV 0.82, better
Worst fallMax drawdown, 5 years: AMAX −16.2%since Nov 2021MDIV −13.1%
Market sensitivityBeta, 5 years: AMAX 0.89MDIV 0.69; Market = 1

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