At a glance
AHLT charges 0.96% a year. It has $131.4M in assets; it paid 1.48% of its price in distributions over the past 12 months, annual. Over the past year it returned +21.7% with distributions reinvested; over three years it returned +6.1% a year.
The short version
American Beacon AHL Trend ETF (AHLT) is a managed-futures fund. It uses futures and currency forwards to follow price trends, up or down, in more than 20 global stock index, bond and currency markets, and it reaches commodities through a Cayman Islands subsidiary. Most of its money sits in U.S. Treasury bills as collateral. It can profit when markets fall and aims for 15% annual volatility, but it charges 0.96% a year.
Price history
The interactive chart needs JavaScript.
AHLT +21.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AHLT official prospectus, to Dec 31, 2025 | — | +13.97% | — | — | — | +6.52% |
| S&P 500® Index TR (Reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | +21.32% |
| ICE Bof A US 3-Month Treasury Bill Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +4.18% | — | — | — | +4.84% |
| AHLT price data to Oct 27, 2026 | +15.3% | +21.7% | +6.1% | — | — | +8.1% |
- Over the year to Oct 27, 2026, AHLT returned +21.7%.
- Its worst full calendar year was 2024 (+6.1%); its best was 2025 (+13.7%).
- The deepest fall in its price history was 20.1% (Oct 3, 2023 to May 14, 2025), recovered by Dec 19, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.3% | — |
| 2025 | +13.7% | +13.97% |
| 2024 | +6.1% | +6.14% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4500 |
What's inside
As of Jul 31, 2026, the fund held 9 securities; the ten largest made up 81.75% of assets, and 3.3% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 15.88% | |
| United States Treasury Bonds and notes | 13.66% | |
| United States Treasury Bonds and notes | 11.37% | |
| United States Treasury Bonds and notes | 11.33% | |
| United States Treasury Bonds and notes | 11.33% | |
| United States Treasury Bonds and notes | 10.61% | |
| United States Treasury Bonds and notes | 3.80% | |
| United States Treasury Bonds and notes | 2.26% | |
| United States Treasury Bonds and notes | 1.51% |
By country
United States 81.75%By issuer
US Treasury 81.75%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $81.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.53%, -1.23%, +0.62%.
How it works
AHLT does not track an index. Its sub-advisor runs computer models that look for price trends, on the theory that past price moves tend to carry forward for a while. When a market is trending up, the fund takes a "long" position, which gains if prices rise. When a market is trending down, it takes a "short" position, which gains if prices fall. It trades futures (contracts to buy or sell at a set price on a later date) on stock indexes, government bonds and currencies, plus currency forwards. Up to 25% of total assets can go into a wholly owned Cayman Islands subsidiary that trades commodity futures. Funds use this setup to stay within U.S. tax rules for funds.
Position sizes follow "volatility scaling": the model cuts exposure when a market turns choppy and adds to it when things calm down. The goal is 15% annualized volatility, though the prospectus warns that actual volatility will differ. Holdings change often. The total value of its contracts usually exceeds the fund's net assets, so there is built-in leverage. It is not a daily-reset leveraged ETF, though.
Futures need only a small deposit, so most of the money is held as collateral. As of July 31, 2026, about 82% of net assets sat in nine U.S. Treasury bill issues with an average maturity of about 0.2 years, plus 3.3% in cash. Among its 266 derivative positions, the largest were 10-year and 5-year Treasury note futures, long-bond futures and FTSE 100 futures.
What it really costs
- AHLT charges 0.96% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $98 in the first year and $1,178 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AHLT | $98 | $306 | $531 | $1,178 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its trend-following strategy can go long or short across stocks, bonds, currencies and commodities, so its returns have not moved closely with the stock market.
AHLT could add returns that don't simply follow stocks. Its one-year beta was 0.47 as of October 27, 2026, meaning it moved about half as much as the stock market. It launched on August 31, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its weakest calendar year, 2024, was still a 6.1% gain. Even so, it fell 20.1% from October 2023 to May 2025 and took about seven months to recover, in December 2025. A retiree who cashed out shares during that stretch would have locked in losses. Its three-year volatility of 17.1% is far from bond-like. It pays once a year, with a trailing yield of 1.48%, and its 0.96% expense ratio is high. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a holding that can gain in falling markets as well as rising ones. Its one-year beta to stocks was 0.47 as of October 27, 2026.
- People willing to pay 0.96% a year for a computer-driven trend strategy across stocks, bonds, currencies and commodities.
- Patient holders who can sit through long slumps, like the 20.1% drop from October 2023 to May 2025.
Look elsewhere if
- Investors who need income: it pays once a year, and its trailing yield was 1.48% as of October 27, 2026.
- Anyone expecting it to act like a Treasury bill fund. Most assets are T-bills, but its three-year volatility was 17.1%.
- Investors who want a long record. It launched in August 2023 and missed the 2008, 2020 and 2022 downturns.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
What is AHLT ETF and what does it invest in?
AHLT is a managed-futures ETF in the American Beacon lineup. It uses models to follow price trends in more than 20 global markets. It trades futures and forwards on stock indexes, government bonds and currencies, and it trades commodities through a Cayman subsidiary. As of July 31, 2026, about 82% of its $131.4 million in net assets sat in U.S. Treasury bills used as collateral. It also held 266 derivative positions, led by Treasury note and bond futures.
Is AHLT a good hedge against a stock market crash?
It might help, but it hasn't been tested in a crash. Trend funds can take short positions, which gain when prices fall, and AHLT's one-year beta was 0.47 as of October 27, 2026. However, it launched in August 2023, after the 2008, 2020 and 2022 downturns. It has also had its own slumps. It fell 20.1% between October 2023 and May 2025 and didn't recover until December 2025. Its worst quarter, the third quarter of 2024, lost 6.11%.
Does AHLT pay dividends?
Yes, but only once a year, and not much. Over the 12 months to October 27, 2026, it paid $0.45 per share, a trailing yield of 1.48%. The payout mostly reflects interest on its Treasury bill collateral and gains from trading, so the amount can change a lot from year to year. AHLT is built for capital growth, not steady income, so it may not suit investors who rely on regular cash payouts.
What is AHLT's expense ratio?
AHLT's expense ratio is 0.96% a year, according to its prospectus filed May 28, 2026. The management fee accounts for 0.95% of that. The SEC's standard example assumes $10,000 invested, a 5% annual return and cashing out at the end of each period. On that basis, costs would be about $98 after one year, $306 after three, $531 after five and $1,178 after ten. That is far more than a typical stock index fund costs.
How has AHLT performed compared with the S&P 500?
It has trailed the S&P 500 but beaten Treasury bills. As of December 31, 2025, AHLT returned 13.97% over one year, compared with 17.88% for the S&P 500. Since inception, it returned 6.52% a year, compared with 21.32% for the index and 4.84% for 3-month Treasury bills. Based on market price, it gained 21.7% over the year to October 27, 2026. That is consistent with its goal of returns that don't follow stocks, rather than beating them.