At a glance
AMAX charges 1.37% a year. It has $71.3M in assets; it paid 12.48% of its price in distributions over the past 12 months, monthly. Over the past year it returned +0.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +10.6% a year. At its worst it fell 15.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low. Its ten largest positions make up 58.4% of the fund, out of 13 in all.
The short version
Adaptive Hedged Multi-Asset Income ETF (AMAX) is an actively managed fund from Adaptive Investments. It moves money among stock, bond, gold and option-income funds, plus a few individual stocks and options, based on the manager's trend and recession model. It had a 12.48% trailing yield, paid monthly, as of October 27, 2026. It also costs 1.37% a year, and its portfolio turnover was 538%, so its holdings can change sharply.
Price history
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AMAX +0.1% 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 | |
|---|---|---|---|---|---|---|
| AMAX official prospectus, to Dec 31, 2025 | — | +11.48% | — | +2.71% | +3.53% | +2.77% |
| AMAX price data to Oct 27, 2026 | +2.3% | +0.1% | +10.6% | — | — | +3.1% |
- Over the year to Oct 27, 2026, AMAX returned +0.1%.
- Its worst full calendar year was 2022 (-12.3%); its best was 2025 (+11.4%).
- The deepest fall in its price history was 16% (Nov 17, 2021 to Oct 14, 2022), recovered by Apr 3, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.3% | — |
| 2025 | +11.4% | +11.48% |
| 2024 | +9.2% | +9.11% |
| 2023 | +6.7% | +6.52% |
| 2022 | -12.3% | -12.35% |
| 2021 | — | +0.65% |
| 2020 | — | +0.23% |
| 2019 | — | +4.48% |
| 2018 | — | +4.79% |
| 2017 | — | +4.89% |
| 2016 | — | +7.56% |
| 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 | Lost 15.2% over that stretch · deepest drop along the way 15.3%, back to its old high 17.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $0.7300 | +35.2% |
| 2024 | $0.5400 | +1.9% |
| 2023 | $0.5300 | -39.8% |
| 2022 | $0.8800 |
What's inside
As of Aug 31, 2026, the fund held 13 securities; the ten largest made up 58.36% of assets, and 19.62% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| RH Hedged Multi-Asse Other | 14.68% | |
| State Street SPDR S&P 500 ETF | 13.69% | |
| FT Vest Gold Strateg y Target Income ETF | 6.12% | |
| Strategy Inc | 5.97% | |
| Vanguard Value ETF | 5.79% | |
| VanEck Vectors Gold Miners ETF | 5.64% | |
| YieldMax Magnificent 7 Fund of Option In | 4.70% | |
| iShares 20+ Year Tre asury Bond ETF | 1.11% | |
| YieldMax GOOGL Optio n Income Strategy ET | 0.40% | |
| Alternative Loan Trust 2006-28CB Mortgage-backed securities | 0.26% | |
| American Home Mortgage Investment Trust 2004-1 Mortgage-backed securities | 0.14% | |
| Alternative Loan Trust 2005-J11 Mortgage-backed securities | 0.03% | |
| SPDR Portfolio S&P 5 00 Growth ETF | 0.02% |
By country
United States 58.55%By asset type
Stocks 43.44%Other 14.68%Mortgage-backed securities 0.43%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $10.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.38%, -0.01%, +3.58%.
How it works
AMAX does not track an index. Its adviser, Adaptive Investments, buys other funds (mutual funds and ETFs) and individual securities. Either one can make up all of the portfolio or none of it. The list of allowed holdings is wide. It includes mortgage- and asset-backed bonds, investment-grade bonds and junk bonds, dividend stocks, real estate investment trusts (REITs), preferred shares, and commodity funds. It can also hold exchange-traded notes (ETNs), which are bank-issued debt that tracks an index. The fund has no set duration target, so how much interest rates move its price changes over time.
A model drives the mix. It looks at price momentum, volatility, comparisons with market indexes, and the odds of a recession in the next several months. When the model signals a falling market, the fund can cut stocks, hold a lot of cash, or buy Treasury bond funds. It can also buy inverse ETFs, which aim to rise when markets fall, and leveraged ETFs, which offset its stock exposure. The fund trades heavily: the prospectus reports turnover of 538%.
Options produce much of the income. The fund owns covered-call funds such as the YieldMax Magnificent 7 fund. It also writes options itself. As of August 31, 2026, it had sold a call and bought a put on Strategy Inc (MicroStrategy), a 5.97% direct stake. Selling calls brings in cash but limits the gain if the stock jumps. The largest position, at 14.68%, was the RH Hedged Multi-Asset Income (Cayman) Fund.
What it really costs
- AMAX charges 1.37% a year.
- Of that, 0.8% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.34% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $139 in the first year and $1,991 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMAX | $139 | $506 | $896 | $1,991 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
AMAX is a small, heavily traded, high-cost fund whose results depend on one manager's model and on bets such as gold and Strategy Inc, so it fits better as a side position than as a foundation.
AMAX could add monthly income and a manager's attempt to limit losses, but the hedging has not prevented sizable drops. In the 2022 bear market it fell about 15% between January 3 and September 30, 2022. It took about 18 months to recover, in March 2024. Its worst calendar year was 2022, at -12.35%, and the prospectus shows a -7.56% quarter ending March 31, 2020. Someone drawing income during a slump like 2022 would have been selling shares at lower prices for well over a year. The trailing yield was 12.48% as of October 27, 2026. That is far above the 2.71% average annual five-year return through December 31, 2025, so the payout is not a guide to total return. Under the SEC's $10,000 example, costs run $139 in year one. 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
- Income seekers who accept a 1.37% expense ratio in exchange for monthly payouts and a 12.48% trailing yield as of October 27, 2026.
- Investors who want a manager to shift among stocks, gold, bonds, cash and hedges using trend and recession signals rather than holding a fixed mix.
- Those wanting smaller swings than stocks: its one-year beta was 0.55 as of October 27, 2026, so it moved about half as much as the market.
Look elsewhere if
- Cost-conscious investors: the SEC's $10,000 example puts costs at $1,991 over ten years, and the fund also holds other funds that charge their own fees.
- Anyone expecting a bond-heavy income fund: as of August 31, 2026, mortgage bonds were under 1%, beside large S&P 500, gold and Strategy Inc stakes.
- Those who want a steady, predictable portfolio: it lost 12.35% in 2022, and turnover of 538% means its holdings can change sharply between reports.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does AMAX pay monthly dividends?
Yes. AMAX pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $0.92 per share, a trailing yield of 12.48%. Much of that income comes from selling options, directly and through covered-call funds. Option income is usually taxed as ordinary income rather than as qualified dividends. Payouts can change from month to month, and a yield this high is well above the fund's long-run total return.
What is the AMAX expense ratio?
The prospectus filed September 28, 2026 lists an expense ratio of 1.37%. That includes a 0.80% management fee and reflects a 0.34% fee waiver. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost $139 in the first year, $506 over three years, $896 over five and $1,991 over ten. Because AMAX invests in other funds, it also bears those funds' fees.
What does AMAX hold?
As of August 31, 2026, AMAX had $71.3 million in net assets across 13 holdings. The largest were the RH Hedged Multi-Asset Income (Cayman) Fund at 14.68%, the SPDR S&P 500 ETF at 13.69%, and the FT Vest Gold Strategy Target Income ETF at 6.12%. Next came Strategy Inc (MicroStrategy) at 5.97%, the Vanguard Value ETF at 5.79% and the VanEck Gold Miners ETF at 5.64%. Cash made up 19.62%, and mortgage-backed bonds were under 1%.
Is AMAX a leveraged ETF?
No. AMAX does not aim to deliver a multiple of any index's return. However, the prospectus lets it buy leveraged ETFs and inverse ETFs, which aim to move opposite to a market, as hedges when its model signals a downturn. Inverse ETFs can miss gains when markets rise, and they may not behave as designed when markets swing wildly. The fund also trades options, such as calls and puts on Strategy Inc.
Is AMAX good for retirement income?
It depends on how much volatility and cost a retiree can accept. AMAX pays monthly and had a 12.48% trailing yield as of October 27, 2026. But it lost 12.35% in 2022, and from its November 2021 peak it took until April 2024 to recover. Its five-year average annual return was 2.71% through December 31, 2025, and its expense ratio is 1.37%. It may suit investors who want income and accept active, model-driven management.