Gadsden Dynamic Multi-Asset ETF

Gadsden Dynamic Multi-Asset ETF (GDMA) is an actively managed fund of funds. It does not follow an index. Instead, it moves money among stocks, bonds, gold, currencies and REITs based on its managers' view of the economy, and it can use leveraged and inverse ETFs to bet for or against an asset class. As of June 30, 2026, nearly 59% of assets sat in two short-term funds. It charges 0.75% a year.

• Over the year to Oct 27, 2026, GDMA returned +5.3%, 8th of 8 among similar funds.
• Its 5-year annualized return was +7.4%.
• In the 2020 COVID crash it fell 16.7% and regained its old high 3.6 months after the low.
• Its worst full calendar year was 2022 (-2.1%); its best was 2025 (+25.3%).
• The deepest fall in its price history was 16.7% (Feb 19, 2020 to Mar 18, 2020), recovered by Jul 6, 2020.

As of Jun 30, 2026, the fund held 27 securities; the ten largest made up 80.25% of assets. It also reported 4.14% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $8.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.33%, -1.04%, +4.26%.

GDMA tracks no index. It is actively managed and aims for total return: price gains plus income. Gadsden, LLC, the sub-adviser, recommends trades. The adviser, EA Advisers (Empowered Funds, LLC), places them and is expected to generally follow that advice. Most holdings reflect Gadsden’s long-term economic view (a “strategic” approach). Part of the portfolio may also shift on short-term market views (“tactical”).

Gadsden combines fundamental analysis, which seeks assets priced below their real worth, with an in-house model that signals whether it expects a market advance, correction or decline. The fund may hold stocks, bonds of any credit quality (including high-yield “junk” bonds), real estate trusts, commodities, currencies and cash, directly or through other exchange-traded funds. As of June 30, 2026, about 82% sat in other funds, led by Vanguard Short-Term Inflation-Protected Securities ETF (29.7%) and Alpha Architect 1-3 Month Box ETF (29.1%).

The fund may also use leveraged ETFs, and inverse ones such as the Direxion Daily Gold Miners Index Bear 2X ETF (1.5% of assets on that date), to bet against asset classes it sees as overpriced. These reset daily, so over longer periods results can drift from the stated multiple. Annual turnover of 661%, per the prospectus filed January 21, 2026, means holdings can change quickly.

• GDMA charges 0.75% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
• Of that, 0.59% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).

GDMA shifts among stocks, short-term bonds, gold and cash, and it fell less than stocks in recent downturns, so it may sit alongside core holdings rather than replace them.

GDMA held up fairly well in recent selloffs. In the 2020 COVID crash, it fell 16.7% from February 19 to March 18, 2020. It was back to its old high by July 6, about 3.6 months later. In the 2022 bear market, it gained 1.3% between the stock market's peak and its low. Its own deepest drop that year was 8.4%, though, and recovering from it took 23 months. Its worst calendar year was 2022, at -2.06%. The fund launched in 2018, so it has no record from 2008.

It paid a 2.67% yield over the 12 months to October 27, 2026, but only once a year. It costs 0.75% a year. In the SEC's standard $10,000 example, that comes to $77 for one year and $930 over 10 years. Results depend heavily on the managers' calls. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.