At a glance
INTL charges 0.89% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $239.7M in assets, the 8th largest of that group; it paid 3.51% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +8.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +18.8% a year.
The short version
Main International ETF (INTL) is an actively managed fund of funds. It holds a handful of other ETFs to invest in stocks outside the US, and it aims to beat the MSCI ACWI ex USA Index over a full market cycle while taking less risk. It does not copy an index. Its managers lean toward countries and sectors they see as undervalued, and they may sell options for extra income. It charges 0.89% a year.
Price history
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INTL +8.2% 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 | |
|---|---|---|---|---|---|---|
| INTL official prospectus, to Dec 31, 2025 | — | +29.08% | — | — | — | +14.79% |
| MSCI ACWI ex USA Net (USD) index, same period | — | +32.38% | — | — | — | +15.81% |
| INTL price data to Oct 27, 2026 | +7.2% | +8.2% | +18.8% | — | — | +13.3% |
- Over the year to Oct 27, 2026, INTL returned +8.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+2.0%); its best was 2025 (+29.5%).
- The deepest fall in its price history was 14.5% (Mar 17, 2025 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.2% | — |
| 2025 | +29.5% | +29.08% |
| 2024 | +2.0% | +2.06% |
| 2023 | +18.1% | +18.35% |
| 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) | $0.3200 | |
| 2025 | $0.7200 | +20.0% |
| 2024 | $0.6000 | -4.8% |
| 2023 | $0.6300 |
What's inside
As of Jul 31, 2026, the fund held 8 securities; the ten largest made up 99.72% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES CORE DEV | 38.32% | |
| ISHA CORE EM | 19.08% | |
| STATE STREET SPD | 13.13% | |
| VANGUARD FTSE PA | 7.97% | |
| SPDR PORTFOLIO E | 6.59% | |
| FNK FTSE CH ETF | 6.38% | |
| FRANKLIN S KOREA | 5.62% | |
| FNK FTSE CN ETF | 2.61% |
By country
United States 99.72%By asset type
Stocks 99.72%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $18.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.54%, -0.46%, -1.11%.
How it works
Main International ETF is actively managed and does not track an index. It aims to beat the MSCI All Country World ex-USA Index, a broad gauge of non-US stocks, over a full market cycle while taking less risk than the index. As a fund of funds, it picks 5 to 20 other ETFs instead of individual stocks, with at least half its assets in funds focused mainly on non-US companies.
The adviser, Main Management ETF Advisors, LLC, uses economic and company data to find sectors, countries and regions that look cheap versus their historical average prices and poised to grow over 6 to 18 months. It then chooses ETFs to match, weighing each fund's index, holdings and liquidity. Each position gets a price target; once hit, managers raise it or sell. There is no fixed rebalancing schedule.
The fund may also sell options, usually one- to three-month contracts, on up to 100% of its ETF shares. Selling a covered call brings in cash but lets the buyer purchase the fund's ETF shares at a set price, capping gains on those shares. Any puts it sells must be backed by cash, and the prospectus bars uncovered ("naked") options. As of July 31, 2026, it held eight ETFs and no options.
What it really costs
- INTL charges 0.89% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.55% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INTL | $91 | $284 | $493 | $1,096 |
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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It adds stocks from developed and emerging markets outside the US, but its active bets, short history and 0.89% cost make it a poor fit as a core holding.
INTL could add non-US stocks to a portfolio built mostly on US holdings. It launched on December 1, 2022, so it has no record from the 2008, 2020 or 2022 sell-offs. Its weakest calendar year was 2024, which still ended with a gain of 2.06%. Its worst quarter, the fourth quarter of 2024, lost 5.27%. Its deepest drop was 14.5%, from March 17 to April 8, 2025, and it had recovered by May 2, 2025. That short record says little about a long bear market, when a retiree might have to sell shares at low prices.
The fund yielded 3.51% over the 12 months to October 27, 2026, and pays twice a year. Income from selling options is usually taxed as ordinary income. In the SEC's standard example, $10,000 would cost $1,096 in fees over 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 with mostly US holdings who want one fund that spreads money across developed and emerging markets outside the US.
- People comfortable with active country bets, such as its South Korea and other Franklin FTSE country funds, instead of fixed index weights.
- Income-focused holders who are fine with payouts twice a year. The trailing yield was 3.51% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: it charges 0.89% a year, mostly to own ETFs that investors could buy directly themselves.
- Anyone who wants a proven record in downturns: it launched in December 2022, after the 2008, 2020 and 2022 sell-offs.
- Investors who want index-like returns: it trailed the MSCI ACWI ex USA Net index in 2025, 29.08% versus 32.38%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| INTL this fund | 0.89% | $239.7M | +8.2% | +18.8% |
| 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 INTL ETF hold?
INTL holds other ETFs, not individual stocks. As of July 31, 2026, it owned 8 funds, which made up 99.72% of assets, with 0.34% in cash. The largest were an iShares core developed-markets fund at 38.3%, an iShares core emerging-markets fund at 19.1% and a State Street SPDR fund at 13.1%. Smaller stakes included Vanguard FTSE and SPDR Portfolio funds plus Franklin FTSE country funds, including South Korea at 5.6%.
Does INTL pay monthly dividends?
No. INTL pays twice a year. Over the 12 months to October 27, 2026, it paid $1.04 per share, a trailing yield of 3.51%. The payouts come from dividends on the ETFs it owns and from selling options when the managers use them. Option income is usually taxed as ordinary income, not at the lower rate for qualified dividends. That matters in a taxable account.
Has INTL beaten the MSCI ACWI ex USA index?
Not so far. According to its prospectus, INTL returned 29.08% over the year ended December 31, 2025, and 14.79% a year since its December 2022 launch. The MSCI ACWI ex USA Net index returned 32.38% and 15.81% over the same periods. The fund aims to beat that index over a full market cycle with less risk. About three years is too short to judge a full cycle.
What is INTL's expense ratio?
INTL's expense ratio is 0.89% a year, according to its prospectus filed February 24, 2026. The management fee is 0.55% of that. In the SEC's standard example, $10,000 earning 5% a year would cost about $91 after one year, $493 after five years and $1,096 after ten. That is well above what many broad international index ETFs charge, so the active approach has to earn back the difference.
Is INTL a covered call ETF?
Partly. INTL may sell covered calls on 0% to 100% of its ETF holdings and sell cash-secured puts. These options usually run one to three months. The goal is to earn option payments and smooth out price swings, but the strategy limits some gains in strong rallies. Options are not always in use: the July 31, 2026, holdings report showed none. Buffer funds such as FT Vest Laddered Buffer ETF (BUFR) follow a different strategy.