At a glance
MSMR charges 1.06% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $182.4M in assets, the 8th largest of that group; it paid 2.09% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +1.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +16.5% a year. At its worst it fell 13.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The short version
McElhenny Sheffield Managed Risk ETF (MSMR) is an actively managed fund of funds. It owns other ETFs, picked by rules set by its sub-adviser, McElhenny Sheffield Capital Management. About half the fund follows a daily trend signal that can move it entirely into bond, gold or US dollar funds. The other half rotates each quarter into three momentum-ranked ETFs. Costs are high: a 1.06% expense ratio and 598% portfolio turnover.
Price history
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MSMR +1.6% 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 | |
|---|---|---|---|---|---|---|
| MSMR official prospectus, to Dec 31, 2025 | — | +15.78% | — | — | — | +9.49% |
| MSMR price data to Oct 27, 2026 | +2.2% | +1.6% | +16.5% | — | — | +8.5% |
- Over the year to Oct 27, 2026, MSMR returned +1.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2022 (-11.9%); its best was 2024 (+21.6%).
- The deepest fall in its price history was 14.9% (Nov 19, 2021 to Sep 19, 2022), recovered by Jul 12, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.2% | — |
| 2025 | +17.1% | +15.78% |
| 2024 | +21.6% | +21.58% |
| 2023 | +18.8% | +18.52% |
| 2022 | -11.9% | -11.93% |
| 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 12.8% over that stretch · deepest drop along the way 13.5%, back to its old high 8.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6100 | |
| 2025 | $0.5300 | -22.1% |
| 2024 | $0.6800 | +223.8% |
| 2023 | $0.2100 | +50.0% |
| 2022 | $0.1400 |
What's inside
As of Jul 31, 2026, the fund held 4 securities; the ten largest made up 80.07% of assets, and 20% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| iShares 0-3 Month Treasury Bond ETF | 39.45% | |
| iShares U.S. Pharmaceuticals ETF | 15.59% | |
| iShares Russell 2000 ETF | 14.99% | |
| SPDR Gold MiniShares Trust | 10.04% |
By country
United States 80.07%By asset type
Stocks 80.07%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $25.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.24%, -4.98%, -1.93%.
How it works
The fund aims for capital appreciation while managing downside risk. It puts about 100% of its assets into other ETFs. The split is roughly even between two rules-based strategies. The first, "Trend Plus," checks price, breadth (how many stocks are rising) and relative strength every day. When the signs point to an uptrend in US stocks, it holds equity ETFs that lean toward large companies like those in the Nasdaq-100 Index. As the trend weakens, it tightens its "stop levels." These are price points that trigger a switch, and the strategy can move all the way into defensive ETFs that hold investment-grade bonds, gold or the US dollar. Up to 25% of assets may reach gold through a Cayman Islands subsidiary, a setup that helps the fund meet US tax rules. After a defensive switch, it adds stocks back gradually.
The second, "Sector Rotation," ranks industry, sector and asset-class ETFs at the start of each quarter. The rankings use recent momentum, asset flows and other measures. It puts 40% in the top-ranked ETF and 30% in each of the next two. A "macro monitor" watches for downtrends across the whole market.
All this trading drove turnover to 598%. As of July 31, 2026, the holdings were SGOV, a Treasury bill ETF (39.5%), IHE, a pharmaceuticals ETF (15.6%), IWM, a small-company ETF (15.0%), and GLDM, a gold ETF (10.0%). About 20% was reported as cash.
What it really costs
- MSMR charges 1.06% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.84% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $108 in the first year and $1,294 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MSMR | $108 | $337 | $585 | $1,294 |
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 can move between stocks, Treasury bills, bonds, gold and narrow sector bets, so it behaves differently from a buy-and-hold stock fund.
MSMR could add a rules-based way to step out of stocks when trends turn down. Its record is short, though. It launched in November 2021, so it missed the 2008 and 2020 crashes. In the 2022 bear market it fell 13.5% between January 3 and September 19, 2022. It got back to its old high on June 15, 2023, about nine months later. Its worst calendar year was 2022, at −11.93%. Its deepest drop, 14.9%, started in November 2021 and was recovered in July 2023. Anyone who had to sell in late 2022 would have taken real losses despite the defensive design. The trailing yield was 2.09% as of October 27, 2026, paid quarterly. Costs are high: in the SEC's standard $10,000 example, you pay $108 in the first year. 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 a rules-based fund that can move fully from stocks into Treasury bills, bonds, gold or dollar funds when trends weaken.
- People who would rather have one ETF make tactical sector and asset-class moves than trade those themselves.
- Those comfortable with a record that starts in November 2021 and a deepest drop of 14.9% so far.
Look elsewhere if
- Cost-conscious investors: the 1.06% expense ratio is above the 0.86% average of the buffer ETFs it is compared with.
- Taxable-account investors wary of 598% turnover, since frequent trading can produce taxable capital gains distributions.
- Anyone who wants a set limit on losses: MSMR has no defined buffer, and its stop levels may not react in time.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MSMR this fund | 1.06% | $182.4M | +1.6% | +16.5% |
| 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 MSMR invest in?
MSMR invests in other ETFs, not individual stocks or bonds. As of July 31, 2026, its largest holding was the iShares 0-3 Month Treasury Bond ETF (SGOV) at 39.5%. Next came the iShares U.S. Pharmaceuticals ETF (IHE) at 15.6%, the iShares Russell 2000 ETF (IWM) at 15.0% and SPDR Gold MiniShares (GLDM) at 10.0%. About 20% was reported as cash. These holdings can change a lot, because its trend and sector rules trade often.
How has MSMR performed since launch?
Results have been mixed. According to its prospectus, MSMR returned an average of 9.49% a year from its November 2021 launch through December 31, 2025. By calendar year, it lost 11.93% in 2022, then gained 18.52% in 2023, 21.58% in 2024 and 15.78% in 2025. Gains have slowed since then. As of October 27, 2026, its price return was 2.2% for the year to date and 1.6% over one year.
What is MSMR's expense ratio?
MSMR's expense ratio is 1.06%, according to its prospectus filed February 26, 2026. That includes a 0.84% management fee. In the SEC's standard example ($10,000 invested, 5% annual return, shares sold at the end), the costs add up to $108 after one year, $337 after three, $585 after five and $1,294 after ten. That is higher than the 0.86% average of the buffer ETFs it is compared with.
Does MSMR pay dividends?
Yes. MSMR pays distributions quarterly. Its trailing 12-month yield was 2.09% as of October 27, 2026, or about $0.73 per share. The income comes from the ETFs it holds, such as the Treasury bill fund that made up 39.5% of assets on July 31, 2026. Because the fund shifts between stocks, bonds, gold and cash-like holdings, its payouts can vary from quarter to quarter.
MSMR vs BUFR: what's the difference?
They limit risk in different ways. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund. Buffer funds generally use options to absorb a set share of losses, and in exchange they cap gains. MSMR has no set buffer or cap. It uses trend signals to move between stocks and defensive assets. BUFR charges 0.95% to MSMR's 1.06%. As of October 27, 2026, BUFR returned 11.6% over one year to MSMR's 1.6%, and 16.8% a year over three years to MSMR's 16.5%.