At a glance
TBFC charges 0.44% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $362.1M in assets, the 8th largest of that group; it paid 3.16% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +4.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds. Its ten largest positions make up 71.4% of the fund, out of 24 in all.
The short version
Brinsmere Fund Conservative ETF (TBFC) is an actively managed fund of funds. It owns about two dozen other ETFs, mostly bond funds plus U.S. stock funds, and shifts the mix using three rules-based models run by its adviser, The Milwaukee Company. It aims for growth while preserving capital. Its expense ratio is 0.44%, and portfolio turnover was 195% according to its prospectus, so the mix changes often.
Price history
The interactive chart needs JavaScript.
TBFC +4.4% 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 | |
|---|---|---|---|---|---|---|
| TBFC official prospectus, to Dec 31, 2025 | — | +11.30% | — | — | — | +9.65% |
| TBFC price data to Oct 27, 2026 | +4.0% | +4.4% | — | — | — | +8.4% |
- Over the year to Oct 27, 2026, TBFC returned +4.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.4%); its best was 2025 (+11.4%).
- The deepest fall in its price history was 8.9% (Sep 27, 2024 to Apr 8, 2025), recovered by Jun 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.0% | — |
| 2025 | +11.4% | +11.30% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.4700 | |
| 2025 | $0.9200 |
What's inside
As of Jun 30, 2026, the fund held 24 securities; the ten largest made up 71.4% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard Intermediate-Term Treasury ETF | 14.52% | |
| Vanguard Intermediate-Term Corporate Bond ETF | 9.92% | |
| Xtrackers USD High Yield Corporate Bond ETF | 9.30% | |
| iShares 0-1 Year Treasury Bond ETF | 7.70% | |
| State Street SPDR Portfolio S&P 500 ETF | 7.25% | |
| iShares MBS ETF | 5.88% | |
| Invesco S&P 500 Momentum ETF | 4.92% | |
| Vanguard Growth ETF | 4.20% | |
| Vanguard Mega Cap Growth ETF | 4.17% | |
| Invesco RAFI US 1000 ETF | 3.53% | |
| Vanguard Short-Term Inflation-Protected Securities ETF | 3.48% | |
| Vanguard Long-Term Treasury ETF | 2.96% | |
| State Street SPDR Portfolio S&P 600 Small Cap ETF | 2.65% | |
| State Street SPDR Portfolio S&P 400 Mid Cap ETF | 2.59% | |
| iMGP DBi Managed Futures Strategy ETF | 2.28% |
By country
United States 99.91%By asset type
Stocks 99.91%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $3.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.63%, +2.07%, -0.05%.
How it works
TBFC does not track an index. Its adviser, The Milwaukee Company, splits the portfolio among three in-house systematic strategies. Two are conservative versions: Systematic Market Beta (SMB-C) and Classic Asset Allocation Revisited (CAAR-C). The third is the Structured International Strategy (SIS). The adviser decides how much goes to each, based on portfolio risk, market moves and relative value. It can also override a model when the model's data don't reflect market conditions.
SMB-C tries to capture broad market returns ("beta") with less in stocks than the standard SMB. It cuts risk when signals such as trend, volatility, valuation and interest rates point to danger. CAAR-C looks for the highest expected return within conservative limits, and it also watches the VIX, a gauge of expected stock market swings. SIS covers foreign stocks, short-term Treasuries and cash equivalents.
Holders own ETFs, not individual stocks or bonds, and each underlying fund charges its own fees. As of June 30, 2026, TBFC held 24 funds. The largest were Vanguard Intermediate-Term Treasury ETF (14.5%), Vanguard Intermediate-Term Corporate Bond ETF (9.9%), Xtrackers USD High Yield Corporate Bond ETF (9.3%), iShares 0-1 Year Treasury Bond ETF (7.7%) and State Street SPDR Portfolio S&P 500 ETF (7.3%). Some permitted underlying funds use futures, including inverse bond, commodity, gold and managed-futures funds.
What it really costs
- TBFC charges 0.44% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.35% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $45 in the first year and $555 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TBFC | $45 | $141 | $246 | $555 |
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
Its stated goal is capital preservation, bond ETFs are its largest holdings, and it moved about half as much as the stock market over one year.
TBFC could act as a steadier part of a portfolio. Bond and Treasury ETFs were its largest positions as of June 30, 2026, and its one-year beta was 0.5 as of October 27, 2026. Beta measures how much a fund moves with the market, so 0.5 means about half as much. The fund launched January 16, 2024, which means it missed the 2008, 2020 and 2022 sell-offs. Its deepest drop was 8.9%, from September 27, 2024 to April 8, 2025, and it recovered by June 12, 2025. Anyone who sold at the low would have locked in that loss. Its only full calendar year, 2025, returned 11.3%. The trailing 12-month yield was 3.16% as of October 27, 2026, paid quarterly. Under the SEC's standard example, costs on $10,000 come to $45 in year one. 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
- Conservative investors who want one ETF holding about two dozen stock and bond funds, with Treasury and corporate bond ETFs as the largest positions.
- Investors comfortable with rules-based models plus adviser judgment moving the mix, rather than a fixed stock-bond split.
- Investors who want quarterly income: the trailing 12-month yield was 3.16% as of October 27, 2026.
Look elsewhere if
- Investors who want a long track record. TBFC launched in January 2024 and has not been through a full bear market.
- Investors who want a set limit on losses. Unlike buffer ETFs, TBFC does not use options to cap how much it can fall.
- Investors who prefer a simple, rarely changed stock-bond mix. TBFC's 195% turnover and frequent model-driven shifts may not appeal to them.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TBFC this fund | 0.44% | $362.1M | +4.4% | — |
| 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 TBFC good for retirement?
TBFC may suit retirees who want a conservative, all-in-one mix of bond and stock ETFs, but its record is short. It launched January 16, 2024, so it has not been through a major bear market. Its deepest drop was 8.9%, from September 2024 to April 2025, and it recovered by June 12, 2025. It returned 11.3% in 2025, its only full calendar year. Past results don't predict the future.
What does TBFC invest in?
TBFC invests in other ETFs. As of June 30, 2026, it held 24 funds, and the top 10 made up 71.4% of assets. The largest were Vanguard Intermediate-Term Treasury ETF (14.5%), Vanguard Intermediate-Term Corporate Bond ETF (9.9%), Xtrackers USD High Yield Corporate Bond ETF (9.3%) and iShares 0-1 Year Treasury Bond ETF (7.7%). Its stock funds included State Street SPDR Portfolio S&P 500 ETF and Invesco S&P 500 Momentum ETF.
Does TBFC pay monthly dividends?
No, TBFC pays quarterly, not monthly. As of October 27, 2026, it paid $0.91 per share over the previous 12 months, a trailing yield of 3.16%. That income comes from the bond and stock ETFs it holds, so payments can change as the fund's mix shifts. Its high-yield corporate bond holdings add income, but they also carry more credit risk than Treasuries do.
What is TBFC's expense ratio?
TBFC's expense ratio is 0.44%, and its management fee is 0.35%, according to the prospectus filed June 18, 2026. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost about $45 after one year, $246 after five years and $555 after ten. The buffer ETFs it is grouped with average 0.86%, although those funds follow a different strategy.
What's the difference between TBFC and BUFR?
They use different strategies. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund. Buffer funds use options to limit losses within set ranges, and in exchange they cap gains. TBFC uses no buffer. It moves money among bond and stock ETFs to manage risk. TBFC costs 0.44% a year and BUFR costs 0.95%. As of October 27, 2026, BUFR returned 11.6% over one year and TBFC returned 4.4%.