At a glance
THY charges 1.04% a year. It has $88.1M in assets; it paid 4.91% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.0% with distributions reinvested; over three years it returned +5.0% a year. At its worst it fell 5.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low.
The short version
THY, the Toews Agility Shares tactical income ETF from Toews Corp., moves between high-yield ("junk") bonds and Treasuries or cash, based on price trends in the high-yield market. It is an actively managed market-timing fund, not an index tracker. It aims to earn income while stepping aside during junk-bond sell-offs. It costs 1.04% a year, and it held about 100% cash as of July 31, 2026.
Price history
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THY -1.0% 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 | |
|---|---|---|---|---|---|---|
| THY official prospectus, to Dec 31, 2025 | — | +4.33% | — | +1.64% | +2.26% | — |
| Morningstar US Core Bond Index index, same period | — | +7.12% | — | -0.43% | -0.12% | — |
| Bloomberg Barclays Aggregate Bond Index index, same period | — | +7.30% | — | -0.36% | -0.06% | — |
| THY price data to Oct 27, 2026 | -0.2% | -1.0% | +5.0% | +1.6% | — | +1.9% |
- Over the year to Oct 27, 2026, THY returned -1.0%.
- Its 5-year annualized return was +1.6%.
- Its worst full calendar year was 2022 (-5.6%); its best was 2024 (+5.4%).
- The deepest fall in its price history was 8.5% (Jul 7, 2021 to Nov 9, 2022), recovered by Jul 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.3% | — |
| 2025 | +4.5% | +4.33% |
| 2024 | +5.4% | +5.34% |
| 2023 | +5.0% | +4.84% |
| 2022 | -5.6% | -5.38% |
| 2021 | -0.5% | -0.50% |
| 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 | Lost 5.5% over that stretch · deepest drop along the way 5.6%, back to its old high 16.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8100 | |
| 2025 | $1.3400 | +16.5% |
| 2024 | $1.1500 | +10.6% |
| 2023 | $1.0400 | +79.3% |
| 2022 | $0.5800 | -31.0% |
| 2021 | $0.8400 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 100.03% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $3.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.25%, +0.18%, -0.62%.
How it works
THY does not track an index. Its adviser, Toews Corp., uses technical analysis to decide how much of the fund to put in junk bonds. That means watching price movements and momentum in the high-yield bond market. Junk bonds are debt rated below Baa3 by Moody's or below BBB by S&P. When the adviser is bullish, up to 100% of the fund's exposure can go to high-yield debt that the adviser expects to perform like the BofA Merrill Lynch High Yield Cash Pay Index.
When the adviser sees unfavorable conditions, the fund turns defensive. It can move 100% into U.S. Treasuries, short-term fixed income or cash, and the prospectus says it may stay there for significant periods. The July 31, 2026, holdings report showed exactly that: a single position, with cash at about 100% of assets.
To get its exposure, the fund mainly buys other ETFs, plus futures and options on ETFs, stocks and indexes. It may also hold bonds directly and hedge with futures. Futures need only a small deposit, so they carry leverage risk. The fund trades often: the prospectus shows 414% portfolio turnover. Fees charged by the ETFs it owns come on top of THY's own costs.
What it really costs
- THY charges 1.04% a year.
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.23% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $106 in the first year and $1,514 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| THY | $106 | $380 | $675 | $1,514 |
Structure and tax notes
- 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
Its stated objective is income, it pays monthly, and it can move to Treasuries or cash when the adviser sees trouble in high-yield bonds.
THY offers monthly income with a built-in exit from junk bonds. Its trailing 12-month yield was 4.91% ($1.05 per share) as of October 27, 2026. It launched in June 2020, so it missed both the 2008 crisis and the 2020 crash. In the 2022 bear market it fell about 5.6% and took 16.6 months to recover. Its worst calendar year was 2022, at -5.38%. Its deepest drop was -8.5%, from July 2021 to November 2022, and it took 20 months to recover. Anyone who had to sell during those stretches would have locked in losses.
Over the five years to December 31, 2025, THY returned 1.64% a year. The Bloomberg Barclays Aggregate Bond Index returned -0.36% a year over the same period. THY's 1.04% expense ratio uses up a big share of bond-like returns. 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
- Income seekers who want monthly payouts (a trailing yield of 4.91% as of October 27, 2026) and accept tactical shifts into cash.
- Investors who want some junk-bond exposure but prefer a manager who moves to Treasuries or cash when high-yield price trends weaken.
- Those wanting low sensitivity to stocks: its one-year beta was 0.11 and its three-year volatility was 3.9% as of October 27, 2026.
Look elsewhere if
- Cost-conscious investors. The 1.04% expense ratio, plus fees inside the ETFs it owns, is a heavy drag on bond-level returns.
- Anyone wanting steady high-yield exposure. The fund can sit 100% in cash for long stretches, as it did on July 31, 2026.
- Investors who want simplicity. It uses 414% turnover, futures and options, and its timing approach trailed the Bloomberg Aggregate index in 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is THY good for retirement income?
It may suit retirees who want monthly income plus an effort to limit losses, but its holdings can change sharply. THY, from Toews Corp., shifts between high-yield bonds and Treasuries or cash based on price trends. Its trailing 12-month yield was 4.91% as of October 27, 2026. The drawbacks are a 1.04% expense ratio and possible long stretches in cash: as of July 31, 2026, its SEC holdings report showed about 100% in cash or cash equivalents.
What does THY invest in?
THY shifts mainly between high-yield bonds and Treasuries or cash, depending on the adviser's market signals. When price and momentum trends look favorable, it can put up to 100% of its exposure into high-yield, or "junk," bonds from lower-rated borrowers, aiming for returns similar to the BofA Merrill Lynch High Yield Cash Pay Index. When conditions look unfavorable, it can move entirely into Treasuries, short-term bonds or cash. It works largely through other ETFs, futures and options. As of July 31, 2026, holdings were about 100% cash.
Does THY pay monthly dividends?
Yes. THY pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $1.05 per share, a trailing yield of 4.91% (income paid over the past year divided by the share price). Payouts are not fixed. When the fund sits in cash or short-term Treasuries, as it can for long periods, its income depends mostly on short-term interest rates rather than junk-bond interest. Income also does not guarantee a gain: the fund's market-price return over the same year was about -1%.
What is the expense ratio of THY?
THY's expense ratio, the yearly fee taken from fund assets, is 1.04%, per its prospectus filed August 26, 2026. That is high for a bond fund. It includes a 0.85% management fee and reflects a 0.23% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would incur about $106 in costs over one year, $380 over three, $675 over five and $1,514 over ten. Turnover of 414%, a sign of very frequent trading, adds costs the expense ratio does not show.
How has THY performed compared with the bond market?
It has trailed the broad bond market over one year but beaten it over five. As of December 31, 2025, THY returned 4.33% over one year, versus 7.3% for the Bloomberg Barclays Aggregate Bond Index, a broad gauge of higher-rated US bonds. Over five years it averaged 1.64% a year, while the index lost 0.36% a year. Losses still happen: THY fell 5.38% in 2022, and its deepest drop, 8.5% from July 2021 to November 2022, took until July 2024 to recover.