At a glance
MFUL charges 1.48% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $6.7M in assets, the 8th largest of that group; it paid 1.86% of its price in distributions over the past 12 months, annual. Over the past year it returned +0.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +5.3% a year. At its worst it fell 12.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months after the low. Its ten largest positions make up 75.2% of the fund, out of 15 in all.
The short version
The Collaborative Investment - Mindful Conservative ETF (MFUL) is an actively managed ETF that owns other ETFs. Its adviser, Retireful, LLC, uses a price-trend model to move among stock, bond and cash-like funds. It is pitched at conservative investors who want smaller swings. The trade-offs are a 1.48% expense ratio, very heavy trading and only about $6.7 million in net assets as of June 30, 2026.
Price history
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MFUL +0.7% 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 | |
|---|---|---|---|---|---|---|
| MFUL official prospectus, to Dec 31, 2025 | — | +4.50% | — | — | — | -0.72% |
| MFUL price data to Oct 27, 2026 | +1.3% | +0.7% | +5.3% | — | — | -0.4% |
- Over the year to Oct 27, 2026, MFUL returned +0.7%, 8th of 8 among similar funds.
- Its worst full calendar year was 2022 (-12.5%); its best was 2024 (+5.4%).
- The deepest fall in its price history was 16.4% (Nov 5, 2021 to Oct 27, 2023), recovered by Aug 12, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.3% | — |
| 2025 | +4.5% | +4.50% |
| 2024 | +5.4% | +5.28% |
| 2023 | +2.3% | +2.34% |
| 2022 | -12.5% | -12.48% |
| 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 | Lost 12.9% over that stretch · deepest drop along the way 12.9%, back to its old high 39.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7200 | +28.6% |
| 2024 | $0.5600 | -46.7% |
| 2023 | $1.0500 | +1650.0% |
| 2022 | $0.0600 |
What's inside
As of Jun 30, 2026, the fund held 15 securities; the ten largest made up 75.22% of assets.
| Fund held | Weight | |
|---|---|---|
| WISDOMTREE FLOATING RATE TREASURY FUND Other | 13.16% | |
| STATE STREET SPDR BLOOMBERG 1 3 MONTH T BILL ETF Other | 10.30% | |
| ISHARES CORE 60 40 BALANCED ALLOCATION ETF Other | 9.46% | |
| SCHWAB U S LARGE CAP VALUE ETF Other | 9.20% | |
| ISHARES SHORT DURATION BOND ACTIVE ETF Other | 8.24% | |
| STATE STREET SPDR BLOOMBERG CONVERTIBLE SECURITIES Other | 5.59% | |
| STATE STREET MULTI ASSET REAL RETURN ETF Other | 4.99% | |
| PROSHARES S P 500 DIVIDEND ARISTOCRATS ETF Other | 4.88% | |
| VANGUARD MEGA CAP VALUE ETF Other | 4.84% | |
| STATE STREET INCOME ALLOCATION ETF Other | 4.59% | |
| ISHARES 5 10 YEAR INVESTMENT GRADE CORPORATE BOND Other | 4.44% | |
| CAPITAL GROUP CORE BALANCED ETF Other | 4.23% | |
| WISDOMTREE YIELD ENHANCED US AGGREGATE BOND FUND Other | 4.00% | |
| PIMCO MULTISECTOR BOND ACTIVE ETF Other | 3.87% | |
| WISDOMTREE US HIGH DIVIDEND FUND Other | 3.58% |
By country
United States 95.35%By asset type
Other 95.35%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.45%, +1.26%, -0.12%.
How it works
MFUL does not track an index. Retireful, LLC manages it using a “tactical go-anywhere” approach. Its own software runs ETF and stock prices through several mathematical formulas to spot upward and downward trends. It then blends the results into a composite score that signals when to add or drop a holding. The adviser builds a portfolio of roughly 30 ETFs from these scores. When two funds rank about the same, it favors the cheaper, easier-to-trade one. After an unexpected event, the model may shift up to the entire portfolio into cash or money market ETFs.
It can own individual stocks and funds holding stocks of any size, Treasury and corporate bonds, convertibles, emerging-market securities and junk bonds (debt rated below investment grade). It may put up to 100% of assets in one asset class. As of June 30, 2026, it held 15 funds. The largest were the WisdomTree Floating Rate Treasury Fund (13.2%), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (10.3%) and iShares Core 60/40 Balanced Allocation ETF (9.5%).
The fund reported 336% portfolio turnover, meaning it replaced its holdings more than three times over in a year. That adds trading costs and can create short-term capital gains (taxed as ordinary income). Because MFUL is a fund of funds, holders also bear the costs of each underlying ETF on top of its own fees.
What it really costs
- MFUL charges 1.48% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.7% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $151 in the first year and $1,768 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MFUL | $151 | $468 | $808 | $1,768 |
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 adviser built it for conservative investors, and it leans on cash-like Treasury and bond funds with low volatility, though its 2022 loss shows the cushion has limits.
MFUL could add a cautious slice: as of June 30, 2026, its two largest holdings were short-term Treasury funds. It launched in November 2021, after the 2008 and 2020 crashes. In the 2022 bear market it fell 12.9%, and 2022 was its worst calendar year (down 12.48%). It took about 40 months to recover from the October 2022 low. Its deepest drop, 16.4%, hit bottom in October 2023, a year after the market's low, and was not erased until August 2026. Anyone drawing income then would have tapped a shrunken balance for years.
Income is modest: a 1.86% yield over the past 12 months as of October 27, 2026, paid once a year. Costs are high: 1.48% a year, or $151 in year one and $1,768 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should cover the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a manager to move among stock, bond and cash-like ETFs using price trends, instead of holding a fixed stock-bond mix.
- Cautious investors who accept modest gains for smaller swings: price volatility was about 4.3% a year over the three years to October 27, 2026.
- Those wanting one ticker spread across 15 funds from WisdomTree, iShares, State Street, Schwab, Vanguard, PIMCO and others, as of June 30, 2026.
Look elsewhere if
- Cost-conscious investors: the 1.48% expense ratio adds up to $1,768 over 10 years on $10,000 in the SEC's standard example.
- Retirees who need steady paychecks from a fund: it pays income once a year, and its 12-month yield was 1.86% as of October 27, 2026.
- Investors wary of tiny, shrinking funds: net assets were about $6.7 million as of June 30, 2026, after roughly $1.1 million in three-month outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MFUL this fund | 1.48% | $6.7M | +0.7% | +5.3% |
| 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 MFUL invest in?
MFUL invests mostly in other ETFs. As of June 30, 2026, funds made up about 95% of its assets across 15 holdings. The largest were the WisdomTree Floating Rate Treasury Fund (13.2%), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (10.3%), iShares Core 60/40 Balanced Allocation ETF (9.5%) and Schwab U.S. Large Cap Value ETF (9.2%). Bond, convertible, dividend-stock and balanced funds made up the rest of the list. The mix can change quickly: reported portfolio turnover was 336%.
Is MFUL good for retirement income?
It is a limited income source. MFUL pays distributions once a year, and its yield over the past 12 months was 1.86% as of October 27, 2026, or about $0.41 a share. The adviser says it designed the fund for conservative investors seeking current income, but the stated objective is capital appreciation (growth in value). Retirees who depend on monthly or quarterly payouts may find the annual schedule awkward, and the 1.48% expense ratio weighs on total returns.
What is MFUL's expense ratio?
MFUL's expense ratio is 1.48% a year, per its prospectus filed January 27, 2026, and that includes a 0.70% management fee. The SEC's standard example assumes $10,000 invested, a 5% yearly return and all shares cashed out at the end of each period. On that basis, costs total $151 after one year, $468 after three, $808 after five and $1,768 after 10. The prospectus also notes that, as a fund of funds, it costs more than owning its underlying ETFs directly.
How has MFUL performed since it launched?
It lost ground on average through 2025. Its prospectus shows an average annual return of -0.72% from its November 2021 launch through December 31, 2025, weighed down by a 12.48% loss in 2022. It then gained 2.34% in 2023, 5.28% in 2024 and 4.5% in 2025. Based on market prices, it returned 0.7% over the year to October 27, 2026, and 5.3% a year over three years. It did not regain its November 2021 peak until August 12, 2026.
Is MFUL a buffer ETF like BUFR?
No. MFUL held no derivatives as of June 30, 2026, and offers no set limit on losses. Buffer, or defined-outcome, ETFs such as the FT Vest Laddered Buffer ETF (BUFR) are built around options. These cushion a set slice of losses over a fixed period in exchange for capped gains. MFUL instead relies on a price-trend model to shift among stock, bond and cash-like funds. BUFR's expense ratio is 0.95%, against MFUL's 1.48%. Over the year to October 27, 2026, BUFR returned 11.6% and MFUL 0.7%.