At a glance
SSFI charges 0.75% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $29.1M in assets, the 8th largest of that group; it paid 3.93% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.9% with distributions reinvested, the weakest of those 8 funds; over three years it returned +4.3% a year. At its worst it fell 13.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 41 months after the low.
The short version
Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) is an actively managed fund of funds that owns other bond ETFs across categories such as high yield, emerging market, Treasury and mortgage bonds. Its advisor's models reweight those categories monthly, aiming to beat the Bloomberg US Aggregate Bond Index, and can shift part of the fund to short-term Treasurys and cash when they flag stock market risk. It charges 0.75% a year.
Price history
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SSFI -1.9% 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 | |
|---|---|---|---|---|---|---|
| SSFI official prospectus, to Dec 31, 2025 | — | +6.53% | — | — | — | -0.27% |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +7.30% | — | — | — | -0.04% |
| SSFI price data to Oct 27, 2026 | -1.5% | -1.9% | +4.3% | -0.7% | — | -0.5% |
- Over the year to Oct 27, 2026, SSFI returned -1.9%, 8th of 8 among similar funds.
- Its 5-year annualized return was -0.7%.
- Its worst full calendar year was 2022 (-12.8%); its best was 2025 (+6.6%).
- The deepest fall in its price history was 16% (Nov 9, 2021 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.5% | — |
| 2025 | +6.6% | +6.53% |
| 2024 | +1.1% | +1.20% |
| 2023 | +4.3% | +4.22% |
| 2022 | -12.8% | -12.65% |
| 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 13.7% over that stretch · deepest drop along the way 13.8%, back to its old high 40.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5200 | |
| 2025 | $0.7500 | -1.3% |
| 2024 | $0.7600 | -10.6% |
| 2023 | $0.8500 | +112.5% |
| 2022 | $0.4000 |
What's inside
As of Jul 31, 2026, the fund held 9 securities; the ten largest made up 98.75% of assets.
| Fund held | Weight | |
|---|---|---|
| STATE STREET SPDR PORTFOLIO HIGH YIELD BOND ETF Other | 18.88% | |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND ETF Other | 18.80% | |
| STATE STREET SPDR PORTFOLIO LONG TERM TREASURY ETF Other | 18.46% | |
| STATE STREET SPDR PORTFOLIO MO Other | 18.41% | |
| STATE STREET SPDR PORTFOLIO INTER TERM TREASURY Other | 8.28% | |
| STATE STREET SPDR PORTFOLIO CO Other | 6.31% | |
| STATE STREET SPDR PORTFOLIO SHORT TERM TREASURY Other | 6.26% | |
| VANGUARD TOTAL INTERNATIONAL BOND ETF Other | 3.33% | |
| STATE STREET SPDR BLOOMBERG INVESTMENT GRADE FLOAT Other | 0.02% |
By country
United States 98.75%By asset type
Other 98.75%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $7.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.37%, +0.35%, -1.64%.
How it works
SSFI does not track an index. Its advisor, Day Hagan Asset Management, uses proprietary models to divide money among other bond ETFs, which makes SSFI a fund of funds. The prospectus allows eight categories: U.S. investment-grade corporate bonds, long-term Treasurys, mortgage-backed securities, international investment-grade bonds, Treasury inflation-protected securities, high yield (junk) bonds, emerging market bonds and floating-rate notes.
A model blending economic and technical (market-trend) indicators scores each category. Favored categories can exceed 25% of the fund; weak ones can drop to 0%. The aim is to beat the Bloomberg US Aggregate Bond Index and, in weak economies, to cut duration (sensitivity to interest rates) and exposure to shakier borrowers. A second model watches for stock market danger. On a sell signal, part of the high yield, emerging market, investment-grade corporate and floating-rate exposure, categories that have tended to move with stocks, shifts to short-term Treasury ETFs, Treasurys and money market funds.
The portfolio is rebalanced monthly, with extra trades if the models change sharply. Turnover, roughly the share of the portfolio replaced in a year, was 59%. As of July 31, 2026, SSFI held nine State Street SPDR and Vanguard ETFs, led by SPDR Portfolio High Yield Bond (18.9%), Vanguard Emerging Markets Government Bond (18.8%) and SPDR Portfolio Long Term Treasury (18.5%).
What it really costs
- SSFI charges 0.75% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.68% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SSFI | $77 | $240 | $417 | $930 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It spreads money across up to eight bond categories and can cut its stock-linked bond exposure on a sell signal, so it may complement stocks, though it fell sharply in 2022.
SSFI could add a bond mix that its models shift between riskier bonds and Treasurys. It launched in September 2021, so its record skips the 2008 and 2020 crashes. In the 2022 bear market it fell 13.8% from January 3 to October 10 and took about 41 months to regain its starting level. Its worst calendar year was 2022 (-12.65%). Its deepest drop, 16% from November 2021 to October 2023, remained unrecovered as of October 27, 2026. Anyone forced to sell in a year like 2022 would have locked in a loss despite the risk model.
It pays income quarterly; payouts over the 12 months to October 27, 2026 equaled a 3.93% yield. Annual costs of 0.75% come to $77 in year one on $10,000 under the SEC's standard example. 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 Day Hagan's models, rather than an index, to shift money among high yield, emerging market, Treasury and mortgage bond ETFs.
- Those wanting a rule that moves part of the fund to short-term Treasurys and cash when its stock market risk model turns negative.
- Investors wanting one fund covering many bond types, with quarterly income; the trailing 12-month yield was 3.93% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: SSFI charges 0.75% a year for a portfolio made almost entirely of other ETFs that investors could buy directly.
- Those expecting benchmark-beating results: SSFI trailed the Bloomberg US Aggregate Bond Index in 2025 and from launch through December 31, 2025.
- Very cautious bond investors: high yield and emerging market bond ETFs were its two largest holdings, near 19% each, as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SSFI this fund | 0.75% | $29.1M | -1.9% | +4.3% |
| 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
Does SSFI pay monthly dividends?
No. SSFI pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $0.81 per share, a trailing yield of 3.93%. Those payouts pass along income from the bond ETFs it owns. Because the fund shifts its mix among high yield, Treasury, emerging market and other bond categories, the size of each payment can change from one quarter to the next.
How does SSFI compare with the Bloomberg US Aggregate Bond Index?
Through 2025, SSFI trailed the index it aims to beat. According to its prospectus, the fund returned 6.53% in 2025, versus 7.3% for the Bloomberg US Aggregate Bond Index. From its September 29, 2021 launch through December 31, 2025, it averaged -0.27% a year, versus -0.04% for the index. Index returns carry no fees, while SSFI charges 0.75% a year. Unlike the index, SSFI's mix changes with its models, and it can put more than 25% in a single category, such as high yield bonds.
Is SSFI good for retirement income?
It may fit as one piece of a retirement bond allocation, but its record is short and uneven. SSFI launched in September 2021, lost 12.65% in 2022 and took about 41 months to regain its January 2022 level. It pays quarterly, with a 3.93% trailing yield as of October 27, 2026, and costs 0.75% a year. With about $29 million in net assets as of July 31, 2026, it is a small fund, which may mean wider gaps between buying and selling prices.
What does SSFI invest in?
SSFI invests in other bond ETFs, not individual bonds. As of July 31, 2026, it held nine, all from State Street SPDR and Vanguard. The largest were SPDR Portfolio High Yield Bond ETF (18.9%), Vanguard Emerging Markets Government Bond ETF (18.8%) and SPDR Portfolio Long Term Treasury ETF (18.5%). Others included SPDR Portfolio Intermediate Term Treasury (8.3%), SPDR Portfolio Short Term Treasury (6.3%) and Vanguard Total International Bond ETF (3.3%). The mix is reviewed monthly and changes as the models shift between categories.
Can SSFI lose money?
Yes. SSFI fell 13.8% in the 2022 bear market and, at its deepest, sat 16% below its November 9, 2021 high on October 19, 2023. Its prospectus sets no limits on the interest-rate sensitivity, maturity or country of the bonds its underlying funds hold, and some may own junk (below investment grade) bonds without limit, even defaulted ones. Rising rates push bond prices down, especially long-term ones. Its one-year volatility, a gauge of how much returns swing, was about 4% as of October 27, 2026.