HNDL vs MDIV: Grades, Fees and Holdings Compared

Strategy Shares Nasdaq 7HANDL Index ETF

HNDLBNasdaq

Multi-Asset Diversified Income Index Fund

MDIVBNasdaq

Overlap

0.0%by weight

Expense ratio

MDIV −0.23pt a year

HNDL0.94%MDIV0.71%

Avg volume · 30D

HNDL 1.6×the volume

HNDL93.1KMDIV58.4K

5Y return · a year

MDIV +2.2pt

HNDL+3.9%MDIV+6.1%

HNDL vs MDIV Performance

Oct 29, 2021 – Oct 30, 2026

+21.4%HNDL+34.8%MDIV

Expense ratio: HNDL 0.94%; MDIV 0.71%, better
Fund size: HNDL $638M; MDIV $418M
1Y total return: HNDL +6.4%; MDIV +11.5%, better
Yield (12M): HNDL 7.12%; MDIV 7.48%, better
Holdings: HNDL 24; MDIV 124
Avg volume (30D): HNDL 93.1K sh, better; MDIV 58.4K sh
NAV per share: HNDL $22.16; MDIV $16.18
52W range

ETF.net Grade

Pillar letters and Scores for HNDL, MDIV, with each pillar’s weight
Pillar	HNDL	MDIV
Cost30% weight	C43	C50Higher
Mission25% weight	A75	A86Higher
Risk15% weight	C44	B55Higher
Tradability15% weight	B67	A74Higher
Holdings10% weight	C53	B67Higher
Durability5% weight	A71	A83Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. HNDL 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 HNDL 6th 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 6BHNDLStrategy Shares Nasdaq 7HANDL Index ETFScore 56
Rank 7BLOTILiberty One Tactical Income ETFScore 55

Our read on each fund

ETF.net Research

HNDLBStrategy Shares Nasdaq 7HANDL Index ETF

MDIVBMulti-Asset Diversified Income Index Fund

In short

HNDL An income fund built backwards: rather than hunt high yielders, HNDL holds a basket of ETFs, adds 23% index leverage, and targets a 7% annual payout of NAV, paid monthly. Some of that cash can be return of capital, per the prospectus.

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

HNDL The Fund seeks to track, before fees and expenses, the price and yield performance of the NASDAQ 7 HANDLTM Index.

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

HNDL The payout is engineered, not scraped off the highest yielders: the index targets a total return able to support a 7% annual distribution rate on NAV, paid in monthly installments.sec.gov
One ticker, two engines: a fund of roughly 19 ETFs, half a core of U.S. aggregate bonds and equities, half a Dorsey Wright Explore sleeve rotating across 12 asset categories.sec.gov
Leverage is modest and spelled out: the index applies leverage equal to 23% of the total portfolio through a total return swap, not a daily-reset 2x or 3x structure.sec.gov
A 2018 original in a crowded payout-target field, with the index rules and the monthly cadence unchanged since launch.sec.gov

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

HNDL At 0.94% with no fee waiver, HNDL sits above the category median on cost; index-built peers IYLD and INKM each run 0.50%.
Paying a target 7% of NAV regardless of what markets deliver means weak stretches can be funded partly from capital. Holding NAV steady over time is the index's goal, not an assurance.sec.gov
The swap sleeve cuts both ways: borrowing costs and counterparty exposure ride along, and the 23% leverage magnifies declines as well as gains.sec.gov

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 HNDL profile⁠

Full MDIV profile⁠

HNDL vs MDIV Holdings

How HNDL and MDIV differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Sector11 Sectors51.4%
Countryby domicile96.2%

Sector

Sector weights in HNDL and MDIV, widest gap first
Sector	More in HNDLMore in MDIV	HNDL	MDIV
Technology	HNDL +25.5 points	25.5%	0.0%
Real Estate	MDIV +22.2 points	10.5%	32.7%
Energy	MDIV +18.6 points	16.3%	34.9%
Financials	MDIV +7.1 points	6.9%	13.9%
Consumer Discretionary	HNDL +4.8 points	5.4%	0.6%
Health Care	HNDL +4.7 points	6.5%	1.8%
Industrials	HNDL +4.6 points	5.3%	0.7%
Utilities	HNDL +4.0 points	12.9%	8.9%
Communication	HNDL +3.8 points	5.5%	1.7%
Materials	HNDL +1.1 points	1.1%	0.0%
Consumer Staples	MDIV +0.8 points	4.0%	4.8%

Country, concentration and asset class

Country by domicile

Country weights in HNDL and MDIV, widest gap first
Country	More in HNDLMore in MDIV	HNDL	MDIV
United States	MDIV +3.8 points	95.4%	99.2%
Canada	HNDL +1.6 points	2.4%	0.8%
Ireland	HNDL +0.6 points	0.6%	0.0%
Other countries (28)	HNDL +1.7 points	1.7%	0.0%

Concentration

Weight in the 10 largest Holdings

HNDL100.6%
MDIV32.1%

Securities held

HNDL22
MDIV123

Asset class

HNDL: Multi-Asset
MDIV: Multi-Asset

Holdings

Only in HNDL22
In both0
Only in MDIV123

Only in HNDL

22 securities, 100% of HNDL by weight

Recv Hndl Trs N7HNDLT Eq31.95%
Vanguard Total Bond Marke11.55%
Schwab U.s. Aggregate Bon11.54%
Ishares Core U.s. Aggrega11.53%
Global X Mlp & Energy Inf8.19%
Wisdomtree Us Efficient C6.88%
Invesco Nasdaq 100 Etf6.70%
Vanguard Dividend Appreci6.51%
JPMorgan Equity Premium I5.71%
Schwab U.s. Reit Etf5.20%
State Street Utilities4.79%
Global X Us Preferred Etf3.60%
Vanguard Intermediate-Ter3.14%
Dimensional Core Fixed In2.52%
Spdr Series Trust Portfol2.38%
Vanguard S&P 500 Etf2.20%
Ishares Core S&P 500 Etf2.06%
Invesco Taxable Municipal1.90%
Schwab High Yield Bond Et1.24%
Us T-Bill Dn 9/2/20270.70%
Us T-Bill Dn 1/21/20270.70%
Vanguard Mortgage-Backed0.62%

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

HNDL and MDIV share no securities.

All 20 HNDL 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.

HNDL vs MDIV Cost

Overpaying HNDL vs MDIV

$3,922

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

HNDL 0.94%
$17,704
MDIV 0.71%
$13,782

Amount$10,000

Years30 years

Cost over time

HNDL 0.94%
MDIV 0.71%
Overpaying

Year by year

Year	HNDL	MDIV	Overpaying
10	$1,661	$1,267	$394
20	$6,260	$4,824	$1,436
30	$17,704	$13,782	$3,922

Expense ratio

0.94%HNDL
0.71%MDIV, cheaper

MDIV0.71%HNDL0.94%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

MDIV 8th cheapest of 15 funds

HNDL 9th cheapest of 15 funds

HNDL vs MDIV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HNDL 7.12%; MDIV 7.48%, better
Payout (12M): HNDL $1.57; MDIV $1.21
Last payment: HNDL $0.13; MDIV $0.08
Ex-dividend: HNDL Oct 13, 2026; MDIV Oct 21, 2026
Paid on: HNDL Oct 14, 2026; MDIV Oct 30, 2026
Frequency: HNDL Monthly; MDIV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HNDLMonthly · 46 paymentsAll HNDL payments⁠

MDIVMonthly · 46 paymentsAll MDIV payments⁠

HNDL vs MDIV Risk

Fall from peak · 5 years

HNDL
MDIV

Risk facts

VolatilityStd dev, 3 years: HNDL 9.7%MDIV 8.5%, better
Return per unit of riskSharpe ratio, 3 years: HNDL 0.93, betterMDIV 0.82
Worst fallMax drawdown, 5 years: HNDL −23.7%MDIV −13.1%, better
Market sensitivityBeta, 5 years: HNDL 1.01MDIV 0.69; Market = 1

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