At a glance
RSBY charges 1.01% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $60.2M in assets, the 8th largest of that group; it paid 1.75% of its price in distributions over the past 12 months, annual. Over the past year it returned +12.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
Return Stacked Bonds & Futures Yield ETF (RSBY), from Tidal Financial Group, is an actively managed fund that uses leverage. Each dollar invested gets about a dollar of US bond exposure plus about a dollar of a futures “carry” strategy across commodities, currencies, stocks and bonds. That stacking sets it apart from ordinary bond funds. It costs 1.01% a year, and it lost 12.5% in 2025, its first full calendar year.
Price history
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RSBY +12.4% 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 | |
|---|---|---|---|---|---|---|
| RSBY official prospectus, to Dec 31, 2025 | — | -12.50% | — | — | — | -14.65% |
| RSBY price data to Oct 27, 2026 | +19.0% | +12.4% | — | — | — | -2.2% |
- Over the year to Oct 27, 2026, RSBY returned +12.4%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (-13.0%); its best was 2025 (-13.0%).
- The deepest fall in its price history was 23.3% (Sep 6, 2024 to May 21, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.0% | — |
| 2025 | -13.0% | -12.50% |
| 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 |
|---|---|---|
| 2025 | $0.3200 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 75.81% of assets, and 14.75% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| State Street SPDR Portfolio Aggregate Bond ETF | 75.81% |
By country
United States 75.81%By asset type
Stocks 75.81%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $14.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.67%, +2.34%, -3.54%.
How it works
RSBY does not track an index. It runs two strategies at once and targets 100% of net assets in each, for total exposure of about 200%. It gets the extra exposure through leverage: futures and swaps (contracts tied to an asset's price) need only part of their face value as collateral. The bond side is run by sub-adviser Newfound Research. It aims to capture the broad US bond market through Treasuries, low-cost aggregate bond ETFs, Treasury futures and swaps. It targets a duration, a measure of interest-rate sensitivity, of two to eight years. As of July 31, 2026, 75.8% of assets sat in State Street SPDR Portfolio Aggregate Bond ETF (SPAB).
The futures yield side is run by ReSolve Asset Management with a systematic, rules-based model that hunts for “carry.” Carry is the benefit of holding an asset, like a dividend or a bond coupon, minus its holding costs. The model goes long assets with positive carry and short those with negative carry, and it sizes each position by its estimated risk. On July 31, 2026, the fund's 32 derivative positions included coffee, sugar and gasoil futures, Australian dollar futures and Nasdaq-100 futures. Some trades run through a Cayman Islands subsidiary, and the fund is regulated as a commodity pool. Treasury bills and cash, 14.75% of assets, back the contracts. Financing costs reduce the stacked return. Portfolio turnover was 75%.
What it really costs
- RSBY charges 1.01% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $103 in the first year and $1,236 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RSBY | $103 | $322 | $558 | $1,236 |
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 uses leverage, takes long and short futures positions, has a short record and a 23.3% drawdown, so it fits better as a small add-on than as a core bond holding.
RSBY could add a second source of return, from futures carry, on top of broad bond exposure. It launched on August 20, 2024, so it has no record through the 2008, 2020 or 2022 sell-offs. Its short history has been rough for a fund built on bonds. It lost 12.5% in 2025. It fell 23.3% from September 6, 2024 to May 21, 2025, and it had not regained that peak as of October 27, 2026. It then gained 19.0% in 2026 through October 27. Anyone who had to sell during that slump would have locked in a deep loss. Income is modest: a 1.75% trailing yield, paid once a year. On the SEC's $10,000 example, costs come to $103 in year one and $1,236 over 10 years. Past results don't predict the future, 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 broad bond exposure and a carry-based futures strategy from the same dollar, and who accept leverage to get both.
- Long-horizon investors who can sit through drops like the fund's 23.3% fall between September 2024 and May 2025.
- Investors comfortable with a commodity-pool structure, a Cayman subsidiary and short positions in commodity, currency and stock index futures.
Look elsewhere if
- Anyone expecting steady bond-fund behavior: RSBY lost 12.5% in 2025 even though most of its assets sat in an aggregate bond ETF.
- Cost-conscious investors: the 1.01% expense ratio adds up to $1,236 over 10 years on the SEC's standard $10,000 example.
- Retirees who need regular income: the trailing yield was 1.75%, paid once a year, and the fund's record starts only in August 2024.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| RSBY this fund | 1.01% | $60.2M | +12.4% | — |
| 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 RSBY a leveraged ETF?
Yes, but not in the same way as 2x or 3x funds. RSBY doesn't try to deliver a multiple of an index's daily return. It targets about 100% exposure to US bonds plus about 100% exposure to a futures carry strategy, so each dollar works like roughly two. Futures and swaps make that possible because they need only part of their face value as collateral. The leverage raises risk, and financing costs reduce the stacked return.
What's the difference between RSBY and SPAB?
SPAB, State Street SPDR Portfolio Aggregate Bond ETF, is a plain aggregate bond fund. RSBY holds SPAB as its bond base, at 75.8% of assets as of July 31, 2026. On top of that, it uses futures to add a second strategy that goes long and short commodities, currencies, stock indexes and bonds. So RSBY's returns can differ sharply from SPAB's. RSBY lost 12.5% in 2025 even though most of its assets sat in SPAB.
Does RSBY pay monthly dividends?
No. RSBY pays distributions once a year. Over the 12 months through October 27, 2026, it paid $0.32 per share, a trailing yield of 1.75%. Because most of the fund's return comes from bond prices and futures positions, not interest income, it may not suit investors who rely on steady monthly income. Annual payouts can also vary a lot from year to year.
How has RSBY performed since it launched?
Its results have been uneven. RSBY launched on August 20, 2024 and returned -12.5% in 2025. Its weakest quarter was -5.73%, ended June 30, 2025, and its strongest was 2.3%, ended September 30, 2025. From inception through December 31, 2025, its average annual return was -14.65%. Results then turned up: the fund gained 18.97% in 2026 through October 27 and 12.4% over the year ended that date. It still hadn't recovered its September 2024 peak.
What is RSBY's expense ratio?
RSBY's expense ratio is 1.01%, according to its prospectus filed April 27, 2026, and that includes a 0.95% management fee. On the SEC's standard example of $10,000 earning 5% a year, costs would be about $103 after one year, $322 after three, $558 after five and $1,236 after ten. The fund is small, with $60.2 million in net assets as of July 31, 2026, and investors pulled about $14.3 million out over the three months to that date.