At a glance
GMMA charges 0.77% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $6.6M in assets, the 8th largest of that group; it paid 3.18% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
GammaRoad Market Navigation ETF (GMMA) is an actively managed ETF that holds other ETFs, shifting between S&P 500 and short-term Treasury bill funds by a rules-based signal, sometimes adding a 2x leveraged S&P 500 ETF. It aims for S&P 500-like long-term returns with smaller drops. Its 0.77% fee is below the 0.86% average of seven buffer ETFs, but it is small ($6.6 million in assets on August 31, 2026) and launched in September 2024.
Price history
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GMMA +6.0% 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 | |
|---|---|---|---|---|---|---|
| GMMA price data to Oct 27, 2026 | +5.7% | +6.0% | — | — | — | +7.2% |
- Over the year to Oct 27, 2026, GMMA returned +6.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.0%); its best was 2025 (+9.0%).
- The deepest fall in its price history was 5.2% (Dec 6, 2024 to Jan 10, 2025), recovered by Jan 22, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.7% |
| 2025 | +9.0% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.3600 | |
| 2025 | $0.6400 |
What's inside
As of Aug 31, 2026, the fund held 2 securities; the ten largest made up 99.77% of assets.
| Fund held | Weight | |
|---|---|---|
| iShares Core S&P 500 ETF | 68.16% | |
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 31.61% |
By country
United States 99.77%By asset type
Stocks 99.77%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.78%, +0.18%, +1.87%.
How it works
GammaRoad Market Navigation ETF is actively managed but generally tracks the MarketVector – GammaRoad U.S. Equity Strategy Index. That rules-based index shifts between large U.S. stocks and Treasury bills (short-term U.S. government debt) through other ETFs, aiming for S&P 500-like long-run returns with smaller drops.
A daily signal scores 0 to 3 by adding three bullish-or-bearish readings: a monthly consumer confidence survey, the weekly price trend of SPDR S&P 500 ETF Trust (SPY), and whether commodities such as copper and lumber are beating gold (counted only alongside another bullish reading). At 0, the index holds 100% SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). At 1 or 2, it holds one-third or two-thirds SPY, the rest BIL. At 3, it holds 75% SPY and 25% ProShares Ultra S&P500 (SSO), a 2x leveraged ETF, for about 125% stock exposure. It rebalances when the signal changes.
Leveraged ETFs reset daily, so their returns over longer periods can stray from 2x, and SSO can grow past 25% between rebalances. If the S&P 500 falls 5.25% or more in a day, the adviser aims to swap SSO for an unleveraged S&P 500 ETF. The fund may also use similar ETFs: as of August 31, 2026, it held iShares Core S&P 500 ETF (IVV) instead of SPY. Portfolio turnover was 315%, a sign of frequent trading.
What it really costs
- GMMA charges 0.77% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.09% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $79 in the first year and $1,052 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GMMA | $79 | $265 | $468 | $1,052 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its rules shift between S&P 500 ETFs and Treasury bills to aim for smaller drops than the S&P 500, though it launched after the 2008, 2020 and 2022 downturns.
GMMA could add a rules-based S&P 500 holding that moves into Treasury bills (short-term U.S. government debt) when signals turn negative. It launched in September 2024, so it missed the 2008, 2020 and 2022 downturns. Its deepest drop was 5.2%, from December 6, 2024, to January 10, 2025, recovered by January 22, 2025. Its one full calendar year, 2025, returned 8.97%. So retirees who may need cash in a bad year have no long-slump record to judge, and its top signal adds a 2x leveraged ETF.
It paid $0.70 per share in quarterly payments over the 12 months to October 27, 2026, a 3.18% yield. Costs are 0.77% a year, or $79 in year one and $1,052 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure that can shift partly or fully into Treasury bills when consumer, price-trend and commodity signals turn negative.
- Those wanting a smoother ride: its deepest drop from launch through October 27, 2026, was 5.2%, recovered by January 22, 2025.
- People comparing downside-focused funds on cost: its 0.77% yearly expense ratio is below the 0.86% average of seven large buffer ETFs.
Look elsewhere if
- Investors who want to keep pace in rising markets: its one-year return was 6.0% to October 27, 2026, behind all seven buffer ETFs compared (9.5%–12.9%).
- Anyone uneasy with leverage or heavy trading: at its top signal it holds a 2x leveraged S&P 500 ETF, and portfolio turnover was 315%.
- Those wanting a long record and sizable assets: it held about $6.6 million on August 31, 2026, and launched after the 2022 bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GMMA this fund | 0.77% | $6.6M | +6.0% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does GMMA invest in?
GMMA, issued by Tidal Financial Group, invests in other ETFs rather than individual stocks or bonds. Its rules move money among an S&P 500 ETF, a 1-3 month Treasury bill ETF and, when all three of its signals are bullish, a 2x leveraged S&P 500 ETF. As of August 31, 2026, it held 68.2% in iShares Core S&P 500 ETF (IVV), 31.6% in SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and 0.2% in cash. That mix is close to the index's two-thirds-stock, one-third-T-bill setting.
Does GMMA use leverage?
Sometimes. When its signal reaches the top level of 3, the fund generally holds 75% in SPDR S&P 500 ETF Trust (SPY) and 25% in ProShares Ultra S&P500 (SSO), which seeks twice the S&P 500's daily return, for about 125% stock exposure. Leveraged ETFs reset daily, so their returns over months can differ sharply from 2x. If the S&P 500 drops 5.25% or more in a day, the adviser aims to swap SSO for an unleveraged fund; if it can't, losses could be significant.
How did GMMA perform in a market downturn?
There's little history to judge. GMMA launched on September 16, 2024, after the 2008, 2020 and 2022 downturns. Its largest drop through October 27, 2026, was 5.2%, from December 6, 2024, to January 10, 2025, and it was back to its prior peak by January 22, 2025. Its only full calendar year, 2025, returned 8.97%. Two of its three signals update monthly or weekly, so they may react slowly to a fast drop.
Does GMMA pay monthly dividends?
No. GMMA pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $0.70 per share, a trailing yield of 3.18%. The payouts come from what its underlying ETFs pay out, such as T-bill interest and stock dividends, so the amount can shift as the mix changes. Income isn't the main goal, though: the fund's stated objective is capital appreciation, meaning growth in value.
What's the difference between GMMA and BUFR?
Both aim to soften stock-market losses, but they work differently. FT Vest Laddered Buffer ETF (BUFR) uses options-based buffer strategies, while GMMA shifts between S&P 500 ETFs and Treasury bills based on its signals. GMMA's 0.77% expense ratio (yearly cost) is below BUFR's 0.95%. Over the year to October 27, 2026, GMMA returned 6.0% and BUFR 11.6%. BUFR is far larger: about $10.5 billion in net assets versus GMMA's $6.6 million, both as of August 31, 2026.