At a glance
EDGE charges 0.74% a year. It has $11.9M in assets.
The short version
MRBL Enhanced Equity ETF (EDGE) is an actively managed fund from ETF Architect. It uses options to seek up to 150% exposure to large U.S. stocks and sells short-term call options on that exposure to collect premiums. Unlike a plain S&P 500 fund, its leverage can magnify both gains and losses, and the calls it sells limit gains in strong rallies. It charges 0.74% a year and launched on January 22, 2025.
Price history
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EDGE — 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 | |
|---|---|---|---|---|---|---|
| EDGE price data to Oct 27, 2026 | +7.7% | — | — | — | — | — |
- The deepest fall in its price history was 3.3% (Jul 10, 2026 to Jul 29, 2026), recovered by Aug 3, 2026.
| 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 |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 10.56% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $3.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.47%, +0.86%, +3.43%.
How it works
EDGE is actively managed and seeks capital appreciation. It doesn't track an index. MRBL Management, LLC decides what the fund owns. Arin Risk Advisors, LLC picks the options and the brokers that trade them, following MRBL's instructions. The adviser, Empowered Funds, LLC (EA Advisers), supervises both. At least 80% of net assets go into stocks or derivatives (contracts whose value tracks another asset), mainly ETFs or options on an ETF or index.
Options supply the leverage. A call option is the right to purchase an asset at a set price. It generally requires a small investment relative to the exposure it provides, which lets the fund reach up to 150% exposure. That level varies with market conditions and isn't a fixed daily multiple. As of August 31, 2026, 89.7% of net assets sat in one call option on SPY, an S&P 500 ETF, expiring January 15, 2027. Cash made up 10.56%.
The fund also sells call options expiring in under 90 days on up to 150% of net assets. On August 31, 2026, these were calls on the S&P 500 index (SPX and XSP). The fund keeps the premium but gives up gains above the strike price when the market climbs past it. In declines, the premium offsets only part of the loss, and leverage can make losses bigger than the market's.
What it really costs
- EDGE charges 0.74% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EDGE | $76 | $237 | $411 | $918 |
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
It uses options to seek up to 150% exposure to large U.S. stocks, has traded only since January 2025, and held $11.9 million as of August 31, 2026.
EDGE could add extra large-company stock exposure in a small slice of a portfolio. It launched in January 2025, so it has no record through the 2008, 2020 or 2022 downturns. Its prospectus shows no full calendar-year returns. Its deepest drop in price data starting June 9, 2026, was about 3.3%, from July 10 to July 29. It recovered by August 3. That brief dip says little about a bear market, when leverage can make losses bigger than the market's. That is a risk for anyone who may need to withdraw money in a bad year.
It is not built for income: no distributions were on record as of October 27, 2026. Under the SEC's standard example, costs on $10,000 come to $76 after one year and $918 after 10 years. 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 up to 150% exposure to large U.S. stocks inside one ETF, gained through options rather than borrowing in their own account.
- Investors who accept giving up market gains above the strike prices of the calls the fund sells, in exchange for the premiums collected.
- Those wanting active management, with MRBL Management changing stock exposure as market conditions shift instead of holding a fixed index weight.
Look elsewhere if
- Retirees seeking regular income: the fund aims for capital appreciation, and no distributions were on record as of October 27, 2026.
- Investors wanting simple, low-cost S&P 500 exposure: EDGE charges 0.74% a year, and its leverage can make losses larger than the market's.
- Anyone wanting a tested record: it didn't exist in the 2008, 2020 or 2022 sell-offs and held $11.9 million as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is EDGE a leveraged ETF?
Yes, but it works differently from daily leveraged ETFs. EDGE uses options, which generally require a small investment relative to the exposure they provide, to seek up to 150% exposure to large U.S. stocks. The prospectus treats 150% as a maximum and says exposure will vary with market conditions. It doesn't target a fixed daily multiple. As of August 31, 2026, about 89.7% of net assets sat in one call option on SPY. Leverage magnifies both gains and losses.
Does EDGE pay dividends?
No distributions were on record for EDGE as of October 27, 2026. Its stated goal is capital appreciation, not income. The fund collects premiums from selling call options, which the prospectus says adds income, but no payouts had been recorded. If option income is paid out, it is usually taxed as ordinary income. That differs from qualified dividends, which are taxed at lower rates.
What does the EDGE ETF hold?
Mostly options, not individual stocks. As of August 31, 2026, EDGE reported three option positions plus 10.56% in cash. The largest, at about 89.7% of net assets, was a call option on SPY, an S&P 500 ETF, expiring January 15, 2027. The other two were calls the fund had sold on the S&P 500 index (SPX and XSP), expiring September 18, 2026. They showed small negative weights because they are obligations rather than assets.
What is EDGE's expense ratio?
EDGE's expense ratio is 0.74%, all of it a management fee, according to its prospectus filed March 26, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, total costs come to about $76 after one year, $237 after three, $411 after five and $918 after 10. Many plain S&P 500 index funds charge less, but they don't use leverage or sell options.
How is EDGE different from an S&P 500 index fund?
EDGE is actively managed and gets most of its exposure through options rather than owning stocks directly. With up to 150% exposure, it can gain more than the market in modest rallies and lose more in declines. Because it sells calls, it gives up gains above their strike prices in strong rallies. It also charges 0.74% a year. It launched on January 22, 2025, so its track record is short.