At a glance
MKAM charges 0.55% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $13.0M in assets, the 8th largest of that group; it paid 2.59% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +11.2% a year.
The short version
MKAM ETF (MKAM) is an actively managed fund that shifts between an S&P 500 fund and short-term Treasury funds, guided by a trend-and-valuation model. It aims for most of the stock market's gains with less downside, and its 0.55% annual fee is below the 0.79% to 0.95% charged by seven larger buffer ETFs with a similar goal. The tradeoff: those funds returned more over one and three years to October 27, 2026.
Price history
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MKAM +7.3% 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 | |
|---|---|---|---|---|---|---|
| MKAM official prospectus, to Dec 31, 2025 | — | +7.96% | — | — | — | +10.37% |
| MKAM price data to Oct 27, 2026 | +7.1% | +7.3% | +11.2% | — | — | +10.1% |
- Over the year to Oct 27, 2026, MKAM returned +7.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.0%); its best was 2024 (+12.2%).
- The deepest fall in its price history was 5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.1% | — |
| 2025 | +8.0% | +7.96% |
| 2024 | +12.2% | +12.14% |
| 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) | $0.5300 | |
| 2025 | $0.7800 | +41.8% |
| 2024 | $0.5500 |
What's inside
As of Jun 30, 2026, the fund held 3 securities; the ten largest made up 99.92% of assets.
| Fund held | Weight | |
|---|---|---|
| iShares Core S&P 500 ETF | 51.72% | |
| iShares 0-3 Month Treasury Bond ETF | 47.81% | |
| United States Treasury Note/Bond Bonds and notes | 0.39% |
By country
United States 99.92%By asset type
Stocks 99.53%Bonds and notes 0.39%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.95%, +2.77%, -0.52%.
How it works
MKAM, from ETF Architect, is actively managed: its sub-adviser, MKAM ETF LLC, decides what to own using a proprietary model rather than tracking an index. The model weighs two inputs: trends and valuation. Each day it measures price trends with technical signals such as moving averages (average prices over a set period), and it judges valuation through fundamental analysis of financial statements and markets. A rising trend with valuations that aren't excessive points the fund toward stocks. A falling trend or high valuations point it toward Treasuries and cash. Mixed signals produce a blend.
Stock exposure can range from 0% to 100%, with Treasuries and cash-like holdings making up the rest. As of June 30, 2026, the fund held almost nothing but other ETFs: about 52% in the iShares Core S&P 500 ETF (IVV) and 48% in the iShares 0-3 Month Treasury Bond ETF (SGOV), plus a small Treasury note and cash. Rebalancing is expected monthly but follows the model's signals, and the prospectus reports portfolio turnover, a measure of trading, of 83%.
To soften a steep drop, the fund may purchase index put options or take short positions in index futures; both gain value when stocks fall. It held no such contracts as of June 30, 2026, and the prospectus offers no assurance they will help.
What it really costs
- MKAM charges 0.55% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MKAM | $56 | $176 | $307 | $689 |
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
It aims to capture most of the stock market's gains with less volatility and downside, and its model can move it largely or fully into Treasuries and cash.
MKAM could serve as a steadier stock holding. In the year to October 27, 2026, it moved about half as much as the stock market (a beta of 0.48). It launched in April 2023, so it never faced the 2008, 2020 or 2022 downturns. Its deepest drop was 5%, from February 19 to April 8, 2025, and it recovered by July 23, about 3.5 months later. Its worst full calendar year, 2025, still returned 7.96%. Its protection in a long bear market, when a retiree may need to withdraw money, is unproven.
It paid $0.84 per share over the year to October 27, 2026, a 2.59% yield, in quarterly payments. Its 0.55% expense ratio (annual fee) is below the 0.86% average for the buffer ETFs it was compared with. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure that can shift into Treasury bills when a trend-and-valuation model signals caution.
- People who value a smoother ride: through October 27, 2026, its deepest drop was 5%, and it moved about half as much as the market.
- Cost-conscious investors weighing downside-focused funds: its 0.55% expense ratio is below the 0.79% to 0.95% charged by seven larger buffer ETFs.
Look elsewhere if
- Growth-focused investors: its one- and three-year returns to October 27, 2026 ranked last against seven larger buffer ETFs.
- Anyone wanting a strategy proven in deep bear markets: launched in April 2023, it has not faced a downturn like 2008, 2020 or 2022.
- Those who prefer large funds: MKAM had about $13 million in net assets as of June 30, 2026, and small funds can close.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MKAM this fund | 0.55% | $13.0M | +7.3% | +11.2% |
| 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 MKAM ETF invest in?
MKAM invests in an S&P 500 fund and short-term Treasury funds, shifting between them based on a trend-and-valuation model. As of June 30, 2026, about 52% was in the iShares Core S&P 500 ETF (IVV) and 48% in the iShares 0-3 Month Treasury Bond ETF (SGOV), with a small Treasury note and cash making up the rest. Stock exposure can range from 0% to 100%, so the mix can change sharply when the model's signals change.
How often does MKAM pay dividends?
MKAM pays distributions (dividend-like payouts) quarterly. Over the year to October 27, 2026, it paid $0.84 per share, a yield of 2.59%. Because the fund holds both an S&P 500 fund and a Treasury bill fund, its payouts reflect stock dividends and Treasury interest, and they may shift as the model changes the mix. Income is a byproduct rather than the goal; the fund aims to capture most stock market gains with less downside.
What's the difference between MKAM and BUFR?
Both aim to soften stock market losses, but they work differently. Buffer ETFs such as the FT Vest Laddered Buffer ETF (BUFR) use options to limit losses over set periods, usually in exchange for a cap on gains. MKAM has no set buffer or cap; it moves money between stocks and Treasuries based on its model. MKAM costs 0.55% a year versus BUFR's 0.95%, but BUFR returned 11.6% over one year and 16.8% a year over three years to October 27, 2026, versus 7.3% and 11.2% for MKAM.
Is MKAM ETF good for retirement?
It may suit retirees who want stock exposure with smaller swings, but its record is short. From its April 2023 launch through October 27, 2026, its deepest drop was 5%, and it returned 12.14% in 2024 and 7.96% in 2025. It has not been through a downturn like 2008, 2020 or 2022, so its downside protection is untested. It is also very small, with about $13 million in net assets as of June 30, 2026.
What is MKAM's expense ratio?
MKAM's expense ratio is 0.55% a year, including a 0.50% management fee, according to its prospectus filed July 28, 2026. In the SEC's standard example, which assumes $10,000 invested, a 5% yearly return and shares cashed in at the end of each period, costs would total about $56 after one year, $176 after three, $307 after five and $689 after ten. That is below the 0.86% average for seven larger buffer ETFs it was compared with.