Bridges Capital Tactical ETF

Bridges Capital Tactical ETF (BDGS) is an actively managed fund that moves between US stock index ETFs, a few giant US companies and cash-like holdings, seeking growth while limiting losses in downturns. As of June 30, 2026, about 56% sat in the Alpha Architect 1-3 Month Box ETF and 15% in a US Treasury note, with Tesla, Microsoft and Meta the largest stocks. It charges 0.87% a year and trades heavily (381% portfolio turnover).

• Over the year to Oct 27, 2026, BDGS returned +7.9%.
• Its worst full calendar year was 2025 (+10.6%); its best was 2024 (+19.1%).
• The deepest fall in its price history was 9.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.

As of Jun 30, 2026, the fund held 11 securities; the ten largest made up 97.02% of assets.

• Over the three months to Jun 30, 2026, investors added a net $1.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.51%, +2.32%, -1.73%.

BDGS, from ETF Architect, does not track an index. Its sub-adviser, Bridges Capital, LLC, holds 5 to 20 investments. It picks them from passive ETFs that follow U.S. large-, mid- and small-company indexes, such as the S&P 500, Nasdaq-100 and Russell 2000, and from individual large companies. First, it forms a "macro-thesis". This is a bullish or bearish view based on Federal Reserve policy, earnings trends, and hiring or layoffs at the biggest companies. The prospectus says this view changes less than once a year.

Within that view, the manager moves roughly 75% of assets between index ETFs and cash equivalents, such as money market or T-bill funds. Timing comes from its own measures of market breadth (how many stocks are joining a trend) and volatility, read from index option prices. Fully invested means about 75% in index ETFs and 20% in stocks. Partially invested means about 80% in cash and 20% in stocks. These shifts happen about six times a year in bullish periods and about twice a month in bearish ones.

The stock sleeve is generally capped at about 20% and equally weighted. It is drawn from the top 10 holdings of the S&P 500 and Nasdaq-100 and screened for growth, valuation and volatility. As of June 30, 2026, it held Tesla, Microsoft, Meta, Netflix, Apple, Alphabet, NVIDIA, Amazon and Broadcom, which together made up 27.5% of assets. Most of the rest sat in the Alpha Architect 1-3 Month Box ETF (56.3%) and a U.S. Treasury note (15.0%).

• BDGS charges 0.87% a year.
• Of that, 0.78% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $89 in the first year and $1,073 over 10 years (assuming a 5% annual return).

It aims to protect capital during market drops, and its price has moved about half as much as the market, though it has not yet been tested in a deep bear market.

BDGS aims to own stocks in calmer markets and move most assets to cash equivalents when its manager sees more risk. It launched in May 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 9.1%, from February 19 to April 8, 2025. It recovered by June 10, 2025, about two months later. Its weakest calendar year, 2025, still gained 10.6%. Shallow dips help anyone who may need to withdraw money in a bad year, but a timing call could still go wrong in a sharper crash.

Income is small: the trailing yield was 0.51% as of October 27, 2026, paid once a year. Fees are 0.87% a year, or $89 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.

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