At a glance
RHTX charges 1.54% a year, above the 1.27% average of the 3 funds most like it (the most expensive of 4). It has $8.2M in assets, the 4th largest of that group. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 4 funds; over three years it returned +15.4% a year. At its worst it fell 23.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low.
The short version
RH Tactical Outlook ETF (RHTX), from Adaptive Investments, is an actively managed fund that invests in other ETFs. It shifts among stocks, bonds and cash, and it trims stocks when its advisor's trend signals turn negative. As of May 31, 2026, it held no bond funds, mainly stock ETFs plus silver and gold funds. Its 1.54% yearly expense ratio tops three similar tactical ETFs, and with $8.2 million in assets it is the smallest of the four.
Price history
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RHTX +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 | |
|---|---|---|---|---|---|---|
| RHTX official prospectus, to Dec 31, 2025 | — | +14.64% | — | +7.29% | +7.28% | +7.13% |
| RHTX price data to Oct 27, 2026 | +5.1% | +7.3% | +15.4% | — | — | +4.3% |
- Over the year to Oct 27, 2026, RHTX returned +7.3%, 4th of 4 among similar funds.
- Its worst full calendar year was 2022 (-19.7%); its best was 2024 (+18.3%).
- The deepest fall in its price history was 24.7% (Dec 29, 2021 to Oct 14, 2022), recovered by Sep 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.1% | — |
| 2025 | +15.4% | +14.64% |
| 2024 | +18.3% | +18.35% |
| 2023 | +7.0% | +7.57% |
| 2022 | -19.7% | -19.69% |
| 2021 | — | +21.34% |
| 2020 | — | +0.53% |
| 2019 | — | +17.04% |
| 2018 | — | -0.90% |
| 2017 | — | +17.18% |
| 2016 | — | +5.08% |
| 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 23.7% over that stretch · deepest drop along the way 23.9%, back to its old high 21.2 months after the low |
What's inside
As of May 31, 2026, the fund held 6 securities; the ten largest made up 93.75% of assets, and 6.29% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| State Street SPDR | 44.84% | |
| SPDR Portfolio S&P 4 | 20.86% | |
| iShares Silver Trust | 9.82% | |
| SPDR Gold Shares | 8.38% | |
| iShares Russell 2000 | 7.54% | |
| MicroStrategy Inc | 2.31% |
By country
United States 93.75%By asset type
Stocks 93.75%What changed recently
- Over the three months to May 31, 2026, investors withdrew a net $998K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.12%, +6.80%, +3.21%.
How it works
RHTX does not track an index. Its advisor picks other exchange-traded funds (ETFs). Stock funds are judged on how closely they track the S&P 500, S&P Mid Cap 400 or Russell 2000. Bond funds are judged on how closely they track short- to intermediate-term Treasury indexes or the Bloomberg Barclays US Aggregate Bond Index. Bond holdings are mostly investment-grade (higher-quality). The stock share can range from 0% to 100%, guided by price-trend and economic research. Up to 20% can go into alternatives such as real estate trusts (REITs) and commodities.
When its trend measures signal a higher risk of falling stock prices, it cuts stock exposure and may move heavily into cash. It can also add a hedge: options, including puts that gain value when prices drop; inverse ETFs built to rise when stocks fall; or ETFs tied to market volatility. The prospectus reports 46.93% turnover (the share of holdings replaced in a year) and warns that trading can raise costs and taxes.
As of May 31, 2026, the fund held six investments and no bond funds: a State Street SPDR ETF (44.8%), a SPDR Portfolio S&P ETF (20.9%), iShares Silver Trust (9.8%), SPDR Gold Shares (8.4%), iShares Russell 2000 (7.5%) and MicroStrategy stock (2.3%) plus options on it. Another 6.3% was in cash. Shareholders also indirectly pay the underlying funds' fees.
What it really costs
- RHTX charges 1.54% a year, versus an average of 1.27% for the similar funds below (4th of 4, cheapest first).
- Of that, 1% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.96% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $157 in the first year and $3,644 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RHTX | $157 | $892 | $1,649 | $3,644 |
In a retirement portfolio
Its 1.54% expense ratio, $8.2 million in assets, sizable silver and gold positions and a 19.69% loss in 2022 make it more of a small add-on than a core or defensive holding.
RHTX's appeal is a manager who can shift toward cash and protective hedges when trend signals turn negative. Its record shows the limits. Its history begins after 2008. The prospectus shows a 20.67% loss in the COVID-hit first quarter of 2020, though the fund ended that year up 0.53%. It fell 23.9% in the 2022 bear market and lost 19.69% that calendar year, its worst. Its deepest drop, 24.7% from December 29, 2021, took until September 19, 2024, to recover. A retiree drawing cash during that stretch would have redeemed shares at depressed prices.
No distributions are on record, so it provides no regular income, though its objective mentions income. Its 1.54% expense ratio, after a fee waiver, tops the 1.27% average of three similar funds. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want an advisor to move between stock ETFs, bond ETFs and cash on trend and economic signals instead of holding a fixed mix.
- Those comfortable with side bets such as silver (9.8%) and gold (8.4%) funds and a MicroStrategy stake, as of May 31, 2026.
- Investors adding it as a small slice of a broader portfolio who don't need cash payouts, since no distributions are on record.
Look elsewhere if
- Cost-focused investors: the 1.54% expense ratio, even after a fee waiver, is higher than all three similar tactical ETFs, including HTUS at 0.96%.
- Anyone counting on firm downside protection: it lost 19.69% in 2022 and took about 23 months to recover from its deepest drop, 24.7%.
- Those wary of tiny funds: assets were $8.2 million as of May 31, 2026, with about $1 million in net outflows over three months.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does RHTX invest in?
Mostly other ETFs. As of May 31, 2026, its largest holdings were a State Street SPDR ETF (44.8% of assets), a SPDR Portfolio S&P ETF (20.9%), iShares Silver Trust (9.8%), SPDR Gold Shares (8.4%) and iShares Russell 2000 (7.5%). It also owned MicroStrategy stock (2.3%) and options on it, plus 6.3% in cash. It held no bond funds at that point, though its prospectus lets the advisor put anywhere from 0% to 100% in stocks or bonds.
Does RHTX protect against stock market crashes?
Not reliably. When trend signals turn negative, RHTX is designed to cut stock exposure, hold more cash and possibly use options or inverse ETFs (which aim to rise when stocks fall). Still, the prospectus shows a 20.67% loss in the first quarter of 2020 and a 19.69% loss in 2022. Its deepest drop, 24.7%, ran from December 29, 2021, to October 14, 2022, and took until September 19, 2024, to recover. The prospectus itself warns these techniques may not protect against declines and can limit gains.
Does RHTX pay dividends?
No distributions are on record for RHTX, so it has no yield to report, even though its stated objective is total return through growth and current income. Part of the portfolio sits in gold and silver funds (8.4% and 9.8% of assets as of May 31, 2026), and the metals themselves pay no interest or dividends. Investors who need regular cash from this fund would have to redeem shares, which in a down year can mean cashing out at low prices.
What's the difference between RHTX and HTUS?
The biggest differences are cost, size and recent returns. Both are tactical ETFs, and their holdings overlapped by 45% in their latest SEC portfolio filings. Capitol Series Trust Hull Tactical US ETF (HTUS) charges 0.96% a year versus 1.54% for RHTX. Through October 27, 2026, HTUS returned 17.8% over one year and 27% a year over three, against 7.3% and 15.4% for RHTX. HTUS had $156 million in assets as of July 31, 2026; RHTX had $8.2 million as of May 31, 2026.
What is RHTX's expense ratio?
RHTX's expense ratio (its yearly cost) is 1.54%, according to its September 28, 2026, prospectus, after a 1.96% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would incur total costs of $157 over one year, $892 over three, $1,649 over five and $3,644 over ten, with shares cashed out at the end. The jump after year one suggests the waiver is counted only for a limited period. Shareholders also indirectly bear the fees of the ETFs it holds.