At a glance
SSXU charges 1.19% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $44.0M in assets, the 8th largest of that group; it paid 2.63% of its price in distributions over the past 12 months, annual. Over the past year it returned +2.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.6% a year. Its ten largest positions make up 79.6% of the fund, out of 18 in all.
The short version
Day Hagan/Ned Davis Research Smart Sector International ETF (SSXU) is an actively managed fund of funds: it holds other ETFs, each tied to one country, and shifts among them using Day Hagan's models to try to beat the MSCI ACWI ex USA Index. It can also cut its stock exposure by up to half when its risk model turns cautious. That flexibility costs 1.19% a year, and the fund trailed its index from launch through 2025.
Price history
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SSXU +2.1% 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 | |
|---|---|---|---|---|---|---|
| SSXU official prospectus, to Dec 31, 2025 | — | +26.97% | — | — | — | +12.22% |
| MSCI ACWI ex USA Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +33.11% | — | — | — | +16.21% |
| SSXU price data to Oct 27, 2026 | +0.8% | +2.1% | +13.6% | — | — | +10.0% |
- Over the year to Oct 27, 2026, SSXU returned +2.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+5.3%); its best was 2025 (+27.1%).
- The deepest fall in its price history was 13.9% (Sep 26, 2024 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.8% | — |
| 2025 | +27.1% | +26.97% |
| 2024 | +5.3% | +5.27% |
| 2023 | +9.6% | +9.81% |
| 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 | $0.9100 | +19.7% |
| 2024 | $0.7600 | +35.7% |
| 2023 | $0.5600 |
What's inside
As of Jul 31, 2026, the fund held 18 securities; the ten largest made up 79.57% of assets.
| Fund held | Weight | |
|---|---|---|
| FRANKLIN FTSE JAPAN ETF Other | 19.37% | |
| FRANKLIN FTSE UNITED KINGDOM ETF Other | 12.23% | |
| ISHARES MSCI CHINA ETF Other | 10.94% | |
| ISHARES MSCI SOUTH KOREA ETF Other | 8.27% | |
| ISHARES MSCI TAIWAN ETF Other | 5.79% | |
| FRANKLIN FTSE INDIA ETF Other | 5.75% | |
| ISHARES MSCI SWITZERLAND ETF Other | 5.08% | |
| ISHARES MSCI NETHERLANDS ETF Other | 4.92% | |
| FRANKLIN FTSE CANADA ETF Other | 4.02% | |
| ISHARES MSCI HONG KONG ETF Other | 3.20% | |
| ISHARES MSCI BRAZIL ETF Other | 3.14% | |
| ISHARES MSCI MALAYSIA ETF Other | 3.08% | |
| ISHARES MSCI MEXICO ETF Other | 2.98% | |
| ISHARES MSCI FRANCE ETF Other | 2.91% | |
| ISHARES MSCI PERU AND GLOBAL EXPOSURE ETF Other | 2.84% |
By country
United States 99.04%By asset type
Other 99.04%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $10.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.89%, -2.85%, +0.17%.
How it works
SSXU does not track an index. Its advisor, Day Hagan Asset Management, buys ETFs that focus on single countries or regions. The goal is to beat the MSCI ACWI ex USA Index, which weights developed and emerging stock markets outside the US by their market value. Models score each region on economic, valuation and market signals, such as GDP growth, inflation, price-to-earnings ratios, analysts' earnings forecasts, price trends and investor sentiment. The fund then holds more of the top-ranked regions and less of the rest. One country can make up more than 25% of the fund or drop to zero, and the fund can buy regions that aren't in the index. As of July 31, 2026, it held 18 ETFs. The largest were Franklin FTSE Japan ETF (19.4%), Franklin FTSE United Kingdom ETF (12.2%) and iShares MSCI China ETF (10.9%).
A separate risk model decides how much of the fund stays in stocks. When that model sees poor reward for the risk, the fund can move up to 50% of its assets into cash, Treasuries or money market funds. It can also buy index put options (contracts that rise in value when markets fall) or sell index futures to offset part of its stock exposure. These hedges are not meant to make the fund a net bet against the market. The fund rebalances monthly and trades in between if the signals change sharply. Its portfolio turnover was 335%, according to the prospectus filed August 27, 2026.
What it really costs
- SSXU charges 1.19% a year, versus an average of 0.86% for the similar funds below (8th 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 $121 in the first year and $1,443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SSXU | $121 | $378 | $654 | $1,443 |
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
SSXU makes concentrated, model-driven country bets outside the US, charges 1.19% a year and has a short record, so it fits better as a small add-on than as a foundation.
SSXU adds non-US stocks run by a manager who can shift between countries and cut stock exposure by up to half. Its record is short. The fund launched July 1, 2022, so it missed the 2008 and 2020 crashes, and its record doesn't cover the full 2022 bear market. Its weakest calendar year, 2024, still gained 5.3%. Its deepest drop was 13.9%, from September 26, 2024, to April 8, 2025, and it recovered within a month. That is a mild test. A long global bear market could hit harder, and selling shares during one would lock in losses. The fund pays income only once a year. Its yield was 2.63% as of October 27, 2026. Costs add up: about $1,443 over 10 years on $10,000 in the SEC's standard example. 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 non-US stocks with an active manager shifting between countries such as Japan, the UK, China and South Korea.
- People who value a risk model that can move up to 50% of the fund into cash, Treasuries or hedges.
- Holders using tax-advantaged accounts such as IRAs, where the short-term gains that can come with 335% turnover matter less.
Look elsewhere if
- Cost-focused investors: its 1.19% expense ratio means about $121 in costs in the first year on $10,000 in the SEC example.
- Investors who want returns that match the index: through December 31, 2025, it returned 12.22% a year since launch, versus 16.21% for its index.
- Retirees who need regular income checks: it pays once a year, and its yield was 2.63% as of October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SSXU this fund | 1.19% | $44.0M | +2.1% | +13.6% |
| 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 SSXU good for retirement?
SSXU may fit as a small, higher-risk slice of a retirement portfolio rather than its core. It rotates between non-US markets and can cut its stock exposure by up to 50% when its risk model turns cautious. But it launched July 1, 2022, so it has never been through a crash like 2008 or 2020. Its deepest drop was 13.9%, from September 2024 to April 2025. It costs 1.19% a year and pays income only once a year.
How does SSXU compare with the MSCI ACWI ex USA Index?
It has lagged. The prospectus reports that as of December 31, 2025, SSXU returned 26.97% over one year, versus 33.11% for the MSCI ACWI ex USA Index. Since launch it returned 12.22% a year, versus 16.21% for the index. The index figures carry no fees, while the fund charges 1.19% a year. SSXU also differs by design: it overweights countries it favors, can drop others to zero and can hold up to 50% in cash or hedges.
Does SSXU pay dividends?
Yes, but only once a year. In the 12 months to October 27, 2026, SSXU paid $0.91 per share, a trailing yield of 2.63%. The fund holds other ETFs, so its payouts come mainly from dividends those funds pass along. Because it pays once a year, it is harder to use for monthly spending than funds that pay quarterly or monthly. Payout amounts can also change as the fund shifts between countries.
What is SSXU's expense ratio?
SSXU's expense ratio is 1.19%, including a 0.68% management fee, according to the prospectus filed August 27, 2026. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, costs would total about $121 after one year, $378 after three, $654 after five and $1,443 after ten. The fund's 335% turnover also creates trading costs, which aren't included in the expense ratio.
What does SSXU hold?
SSXU holds other ETFs, not individual stocks. As of July 31, 2026, it owned 18 single-country funds, mostly from iShares and Franklin, with 79.6% of assets in the top 10. The largest were Franklin FTSE Japan ETF (19.4%), Franklin FTSE United Kingdom ETF (12.2%), iShares MSCI China ETF (10.9%), iShares MSCI South Korea ETF (8.3%) and iShares MSCI Taiwan ETF (5.8%). The mix can change monthly as the models rerank countries.