At a glance
SSUS charges 0.76% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $564.3M in assets, the 8th largest of that group; it paid 0.44% of its price in distributions over the past 12 months, annual. Over the past year it returned +15.1% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +20.9% a year. At its worst it fell 23.8% in the 2020 crash (S&P 500: 33.7%) and 23.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 16 months after the lows. Its ten largest positions make up 88.6% of the fund, out of 16 in all.
The short version
Day Hagan/Ned Davis Research Smart Sector ETF (SSUS) is an actively managed fund of funds. It mainly owns ETFs that each hold one sector of the S&P 500, plus a few individual stocks. Its models shift money among 11 sectors every month and can move up to half the fund into cash when risks look high. The trade-off is cost and activity: a 0.76% expense ratio and 137% portfolio turnover.
Price history
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SSUS +15.1% 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 | |
|---|---|---|---|---|---|---|
| SSUS official prospectus, to Dec 31, 2025 | — | +16.57% | — | +11.59% | — | +12.72% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | +14.42% | — | +14.67% |
| SSUS price data to Oct 27, 2026 | +16.5% | +15.1% | +20.9% | +10.5% | — | +13.5% |
- Over the year to Oct 27, 2026, SSUS returned +15.1%, 1st of 8 among similar funds.
- Its 5-year annualized return was +10.5%.
- In the 2020 COVID crash it fell 23.8% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-17.6%); its best was 2021 (+28.0%).
- The deepest fall in its price history was 23.8% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 3, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.5% | — |
| 2025 | +16.5% | +16.57% |
| 2024 | +18.9% | +18.81% |
| 2023 | +18.2% | +17.98% |
| 2022 | -17.6% | -17.27% |
| 2021 | +28.0% | +28.01% |
| 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 | Lost 23.8% over that stretch · deepest drop along the way 23.8%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.1% over that stretch · deepest drop along the way 23.1%, back to its old high 15.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2500 | -13.8% |
| 2024 | $0.2900 | -23.7% |
| 2023 | $0.3800 | +100.0% |
| 2022 | $0.1900 | -5.0% |
| 2021 | $0.2000 |
What's inside
As of Jul 31, 2026, the fund held 16 securities; the ten largest made up 88.61% of assets.
| Fund held | Weight | |
|---|---|---|
| STATE STREET TECHNOLOGY SELECT Other | 35.66% | |
| STATE STREET HEALTH CARE SELECT SECTOR SPDR ETF Other | 9.95% | |
| STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF Other | 9.13% | |
| STATE STREET FINANCIAL SELECT Other | 8.25% | |
| STATE STREET CONSUMER DISCRETIONARY SELECT S SPDR Other | 6.92% | |
| STATE STREET ENERGY SELECT SEC Other | 4.52% | |
| STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR E Other | 4.15% | |
| STATE STREET REAL ESTATE SEL Other | 3.76% | |
| STATE STREET COMMUNICATION SERVICES SELECT SECTOR Other | 3.50% | |
| ALPHABET INC. | 2.77% | |
| STATE STREET UTILITIES SELECT SECTOR SPDR ETF Other | 2.56% | |
| MICROSOFT CORPORATION | 2.52% | |
| APPLE INC. | 2.12% | |
| NVIDIA CORPORATION | 1.93% | |
| META PLATFORMS, INC. | 1.71% |
By country
United States 99.96%By asset type
Other 88.91%Stocks 11.05%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $17.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.54%, -0.95%, -1.50%.
How it works
Day Hagan Asset Management runs SSUS with its own models instead of tracking an index. It mostly buys exchange-traded funds (ETFs) that each hold one sector of the S&P 500, such as technology or health care. It can also buy the index's stocks directly. A sector model combines price trends with economic, fundamental and behavioral (investor-sentiment) indicators to score each of the 11 sectors. Sectors with high scores get more than their S&P 500 weight and low scorers get less. One sector can take more than 25% of the fund, or none at all.
A separate risk model decides how much of the fund is in stocks at all. It counts the share of technical, monetary, economic, valuation and sentiment indicators that look bullish. When the model judges that the market offers a poor trade-off between possible reward and risk, the fund can hold up to 50% in cash, Treasury securities and money market funds. It moves back into stocks when the model shows that major risks may have eased.
The portfolio is rebalanced monthly, and the manager can trade in between if the models change sharply. As of July 31, 2026, State Street Select Sector SPDR ETFs made up about 89% of assets, led by the technology fund at 35.7%. Direct stakes in Alphabet, Microsoft, Apple, Nvidia and Meta made up most of the rest. Cash was 0%.
What it really costs
- SSUS charges 0.76% 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 $78 in the first year and $942 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SSUS | $78 | $243 | $422 | $942 |
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 spreads money across every major S&P 500 sector like a broad US stock fund, then adds active sector tilts and a model that can move part of the fund into cash.
SSUS gives broad exposure to large US companies, and its manager can cut back on stocks when markets look risky. Even so, it has fallen like a stock fund. It dropped 23.8% from February 19 to March 23, 2020, and recovered in 4.4 months. It fell 23.1% from January 4 to October 12, 2022, and took 15.9 months to recover. Its worst calendar year was 2022, at -17.27%. The fund launched in 2020, so it has no 2008 record. Anyone drawing money in a year like 2022 would have been selling shares at low prices.
Income is small: the yield over the past 12 months was 0.44% as of October 27, 2026, paid once a year. In the SEC's standard $10,000 example, costs come to $78 after one year and $942 after 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 exposure to all S&P 500 sectors, managed by models that tilt toward favored sectors and can hold up to 50% cash.
- Investors holding it in an IRA or other tax-advantaged account, where 137% turnover and possible short-term gains matter less.
- Investors who want one fund of 16 positions, rebalanced monthly by Day Hagan, rather than managing sector ETFs themselves.
Look elsewhere if
- Cost-focused investors: it charges 0.76% and returned 11.59% a year over five years to December 31, 2025, versus 14.42% for the S&P 500.
- Retirees who need regular income: the yield was 0.44% as of October 27, 2026, paid only once a year.
- Anyone expecting reliable protection in downturns: despite its cash-raising model, it fell 23.8% in 2020 and 23.1% in the 2022 bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SSUS this fund | 0.76% | $564.3M | +15.1% | +20.9% |
| 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 SSUS good for retirement?
It can work as a broad US stock holding, but it is not a low-volatility or income fund. SSUS spreads money across S&P 500 sectors and can move up to 50% into cash. Even so, it fell 23.1% in the 2022 bear market and took 15.9 months to recover. It yielded 0.44% as of October 27, 2026, paid once a year, and charges 0.76% a year. Whether it fits depends on the rest of the portfolio.
How does SSUS compare with the S&P 500?
SSUS has trailed the S&P 500 Index over longer periods. As of December 31, 2025, the fund returned 16.57% over one year, 11.59% a year over five years and 12.72% a year since its January 2020 launch. The index returned 17.88%, 14.42% and 14.67%, though index figures include no fees. SSUS differs from an index fund because it shifts weight between sectors, can hold cash, and charges 0.76% a year.
Does SSUS pay a dividend?
Yes, but it is small and paid once a year. In the 12 months to October 27, 2026, SSUS paid about $0.25 per share, a yield of 0.44%. The payout comes from dividends on the sector ETFs and stocks it holds, after costs. Because the fund trades heavily (137% turnover), it can also produce short-term capital gains. Those can be taxed at higher rates in a regular brokerage account.
What does SSUS hold?
Mostly other ETFs. As of July 31, 2026, about 89% of its $564 million in net assets was in State Street Select Sector SPDR ETFs. The largest were technology (35.7%), health care (9.9%), industrials (9.1%) and financials (8.3%). About 11% was in individual stocks, including Alphabet, Microsoft, Apple, Nvidia and Meta. The 10 largest positions made up 88.6% of the fund. These weights change as the models shift sectors.
Is SSUS a buffer ETF?
No. SSUS does not use options to limit losses or cap gains, as defined-outcome funds like FT Vest Laddered Buffer ETF (BUFR) do. Instead it manages risk by shifting among sectors and holding up to 50% in cash. As of October 27, 2026, SSUS returned 15.1% over one year, versus 11.6% for BUFR. SSUS charges 0.76% and BUFR 0.95%. They follow different strategies, so they are not direct substitutes.