At a glance
MRSK charges 0.98% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $314.2M in assets, the 8th largest of that group; it paid 0.33% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +9.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.3% a year. At its worst it fell 14.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The short version
Toews Agility Shares Managed Risk ETF (MRSK) is an actively managed fund that holds the S&P 500, mostly through an iShares S&P 500 ETF, and buys put options to soften steep market drops. Unlike buffer ETFs, it has no preset loss limit or upside cap. Its 0.98% expense ratio is the highest among the eight similar funds compared, and it has lagged the S&P 500 in rising markets.
Price history
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MRSK +9.3% 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 | |
|---|---|---|---|---|---|---|
| MRSK official prospectus, to Dec 31, 2025 | — | +12.19% | — | +9.06% | +11.24% | — |
| CBOE S&P 500 Buy Write Index (reflects no deduction for fees, expense or taxes) index, same period | — | +8.91% | — | +9.33% | +11.45% | — |
| S&P 500 Total Return Index (reflects no deduction for fees, expense or taxes) index, same period | — | +17.88% | — | +14.42% | +17.50% | — |
| MRSK price data to Oct 27, 2026 | +8.2% | +9.3% | +15.3% | +7.5% | — | +11.0% |
- Over the year to Oct 27, 2026, MRSK returned +9.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +7.5%.
- Its worst full calendar year was 2022 (-11.8%); its best was 2021 (+20.5%).
- The deepest fall in its price history was 14.7% (Dec 27, 2021 to Jun 16, 2022), recovered by Jul 17, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.2% | — |
| 2025 | +11.9% | +12.19% |
| 2024 | +14.6% | +14.18% |
| 2023 | +13.3% | +13.38% |
| 2022 | -11.8% | -11.81% |
| 2021 | +20.5% | +20.45% |
| 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 13.9% over that stretch · deepest drop along the way 14.6%, back to its old high 12.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1300 | -13.3% |
| 2024 | $0.1500 | -11.8% |
| 2023 | $0.1700 | -41.4% |
| 2022 | $0.2900 | -93.1% |
| 2021 | $4.1800 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 86.58% of assets, and 6.61% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| ISHARES-C S&P500 | 86.58% |
By country
United States 86.58%By asset type
Stocks 86.58%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $8.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.12%, -0.23%, +0.57%.
How it works
MRSK does not track an index. Its adviser, Toews Corp., gets exposure to large US companies through S&P 500 futures contracts, ETFs that track the S&P 500, and/or the stocks in that index. As of July 31, 2026, the fund's N-PORT filing showed 86.6% of assets in the iShares Core S&P 500 ETF, 6.6% in cash and two derivative positions. Because its main holding is another fund, MRSK is a fund of funds. It pays that ETF's fees indirectly.
The protection layer is made of put options. A put is a contract that gains value when the market falls below a set price. The largest put position was on S&P 500 E-mini futures expiring in December 2027, at about 6% of assets. The adviser may also buy and write (sell) calls and puts against the same positions to reduce swings. Selling a call brings in cash up front but gives up some gains if the market rallies. Futures need only a small margin deposit, so the prospectus warns they carry leverage risk.
This is not a buffer or defined-outcome fund. There is no stated protection level, no cap and no fixed outcome period. How much downside protection holders get depends on the adviser's choices and on what the puts cost. That cost can hold back returns when the market rises.
What it really costs
- MRSK charges 0.98% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.05% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $100 in the first year and $1,255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MRSK | $100 | $323 | $564 | $1,255 |
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 keeps S&P 500 exposure while using put options to try to limit losses, which has meant smaller swings than the index (a one-year beta of 0.74) and lower returns.
MRSK may give a retirement portfolio stock exposure with a cushion against steep drops. Its record is short. It launched in June 2020, after the COVID crash, so there is no record for 2008 or 2020. In the 2022 bear market it fell 14.6% between January 3 and June 16, 2022, and took about 13 months to get back to its peak, in July 2023. Its worst calendar year was 2022, at -11.81%. Anyone who had to sell shares for spending money in mid-2022 would still have taken a real loss. It is not much of an income fund: the yield was 0.33% as of October 27, 2026, paid twice a year. Under the SEC's standard example, $10,000 would cost $100 in fees in the first year and $1,255 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with put-option protection and accept giving up some gains, as in 2025's 12.19% versus the index's 17.88%.
- People who are uneasy with full stock-market swings and are comfortable with MRSK's 2022 drop of about 15% and its 13-month recovery.
- Investors who want protection that the adviser manages actively, with no fixed buffer level, cap or outcome-period start date to track.
Look elsewhere if
- Cost-focused investors: the 0.98% expense ratio ranks 8th of 8 among similar funds, which average 0.86%.
- Retirees who need regular income: the yield was 0.33% as of October 27, 2026, and distributions come only twice a year.
- Investors who want a stated maximum loss over a set period, which defined-outcome buffer ETFs such as BUFR or PJAN aim to provide.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MRSK this fund | 0.98% | $314.2M | +9.3% | +15.3% |
| 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
Is MRSK good for retirement?
It may suit retirees who want stock exposure with smaller swings and accept lower returns in exchange. In 2022, its worst calendar year, MRSK lost 11.81%. Its deepest drop was 14.7%, and it took about 13 months to recover, by July 2023. It pays very little income, with a 0.33% yield as of October 27, 2026. It also costs 0.98% a year, more than the similar funds compared. The fund has no record from the 2008 or 2020 crashes.
What's the difference between MRSK and BUFR?
They use different strategies. The FT Vest Laddered Buffer ETF (BUFR) holds defined-outcome buffer funds that have stated loss buffers and caps. In MRSK, the adviser actively manages put options on the S&P 500, with no preset buffer or cap. As of October 27, 2026, BUFR returned 11.6% over one year versus MRSK's 9.3%, and averaged 16.8% a year over three years versus 15.3%. BUFR charges 0.95% versus MRSK's 0.98%, and it is much larger: about $10.5 billion versus $314 million.
Does MRSK pay dividends?
Yes, but not much. MRSK pays distributions twice a year. Over the 12 months to October 27, 2026, it paid about $0.13 per share, a 0.33% yield. That is low because the fund holds the S&P 500 mainly through an iShares ETF, and the put options it buys produce no income. Investors who rely on regular cash flow from their holdings may find the payments too small and too infrequent.
What is the MRSK expense ratio?
MRSK's expense ratio is 0.98%, according to the prospectus filed August 28, 2026. That includes a 0.85% management fee and reflects a 0.05% fee waiver. The similar funds compared average 0.86%, so MRSK ranks 8th of 8 on cost. In the SEC's standard example, a $10,000 investment earning 5% a year would cost $100 in the first year, $564 over five years and $1,255 over 10 years. The prospectus notes that the fund indirectly pays the fees of the ETFs it holds.
How has MRSK performed compared with the S&P 500?
It has lagged the S&P 500, as you would expect from a fund that pays for downside protection. As of December 31, 2025, MRSK returned 12.19% over one year and averaged 9.06% a year over five years. The S&P 500 Total Return Index returned 17.88% and averaged 14.42% over the same periods. MRSK was closer to the CBOE S&P 500 BuyWrite Index, which returned 8.91% over one year and averaged 9.33% over five years.