At a glance
TRIO charges 0.7% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $120.3M in assets, the 8th largest of that group. Over the past year it returned +0.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
MC Trio Equity Buffered ETF (TRIO) is an actively managed fund. It uses FLEX options on three ETFs, covering U.S. large companies, U.S. small companies and international developed markets, to seek stock gains while limiting some losses. Most buffer funds have one set buffer and cap, but TRIO sets a new buffer and cap for each position and has no fixed overall level. Its 0.70% yearly fee is the lowest of the eight buffer funds compared here.
Price history
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TRIO +0.2% 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 | |
|---|---|---|---|---|---|---|
| TRIO price data to Oct 27, 2026 | +8.2% | +0.2% | — | — | — | +6.7% |
- Over the year to Oct 27, 2026, TRIO returned +0.2%, 8th of 8 among similar funds.
- The deepest fall in its price history was 11.1% (Dec 22, 2025 to Mar 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.2% |
| 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 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $643K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.72%, +0.37%, +0.43%.
How it works
TRIO does not track an index. EA Advisers (Empowered Funds, LLC) oversees the fund. Sub-adviser McCarthy & Cox decides how much goes to each of three asset classes. It bases that on its view of U.S. GDP growth compared with other economies, jobs data, earnings estimates and market valuations. Most assets go to U.S. large companies, with smaller slices for U.S. small companies and international developed markets. Allocations are reviewed at least once a year. As of July 31, 2026, options on SPY made up about 68% of assets, IWM about 16% and EFA about 15%.
Each new position uses four FLEX options. These are exchange-listed options whose strike price and expiration date can be customized. A second sub-adviser, Arin Risk Advisors, picks them. The fund purchases a call to gain exposure to the ETF. It purchases a put to create the buffer, the amount of loss it absorbs (for example, the first 10% over three months). It writes a lower put to offset that cost. It also writes a call, which caps the upside.
Each buffer can range from 0% to 100%, so the fund has no single overall buffer or cap. Positions are reset when options near expiry, or early to lock in gains once a position gets close to its cap. Portfolio turnover was 101%. The prospectus warns that the protection may not work in any given period.
What it really costs
- TRIO charges 0.7% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TRIO | $72 | $224 | $390 | $871 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
Its option buffers aim to soften stock losses, and its one-year beta of 0.47 means it moved about half as much as the market in the year to October 27, 2026.
TRIO could serve as a lower-volatility stock holding for someone who wants equity exposure with some cushion. Its record is short. It launched March 5, 2025, so it missed the 2008, 2020 and 2022 sell-offs and has no full calendar year of results. Its deepest drop was 11.1%, from December 22, 2025, to March 30, 2026. Price data through October 27, 2026, did not show a full recovery. A retiree who withdraws money during a stretch like that turns a paper loss into a real one. The fund paid no distributions, so any cash has to come from selling shares. Its 0.2% one-year return trailed every buffer fund it was compared with. In the SEC's standard $10,000 example, the 0.70% fee costs $72 in year one and $871 over ten years. 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 buffered stock exposure beyond U.S. large companies, including U.S. small companies and international developed markets, in one fund.
- Cost-conscious users of buffer funds: TRIO's 0.70% fee is below the 0.86% average of the buffer funds compared.
- Holders comfortable letting an active manager shift allocations, buffers and caps based on views of growth, jobs, earnings and valuations.
Look elsewhere if
- Anyone who needs income from a holding: no distributions were recorded for this fund.
- Investors who want one stated, fixed buffer and cap; TRIO's levels vary by position and are not set for the whole fund.
- Those who want a long track record: TRIO launched in March 2025, held about $120 million, and trailed all seven peers over one year.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TRIO this fund | 0.7% | $120.3M | +0.2% | — |
| 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 TRIO good for retirement?
It may suit retirees who want stock exposure with a cushion against losses, but its history is short. TRIO launched March 5, 2025, so a major bear market has not tested it. Its deepest drop was 11.1%, between December 22, 2025, and March 30, 2026, and it pays no distributions. Its one-year beta of 0.47 means it moved about half as much as the market in the year to October 27, 2026.
Does TRIO pay dividends?
No. No distributions were recorded for TRIO. The fund gets its stock exposure through options on SPY, IWM and EFA instead of owning those ETFs' shares. Option holders don't receive the dividends those ETFs pay. So any return comes from changes in TRIO's share price. Investors who need regular cash from a holding would have to sell shares or consider funds built to pay income.
What is TRIO's expense ratio?
TRIO's expense ratio is 0.70% a year, all of it management fee, according to its prospectus filed May 26, 2026. That is below the 0.86% average for the seven buffer funds it is compared with here, and the lowest of the group. In the SEC's standard example, $10,000 earning 5% a year would cost about $72 after one year, $224 after three, $390 after five and $871 after ten.
TRIO vs BUFR: what's the difference?
Both use options to cushion losses, but they differ in cost, size and approach. TRIO charges 0.70% a year, and FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. BUFR held about $10.5 billion as of August 31, 2026, while TRIO held about $120 million as of July 31, 2026. In the year to October 27, 2026, BUFR returned 11.6% and TRIO returned 0.2%. TRIO spreads its exposure across three equity markets, and its manager sets each buffer.
Can you lose money in TRIO?
Yes. Each buffer covers only a set amount of loss, such as 10%, over a set period. The prospectus warns that the strategy may not protect the fund in any given period. Losses beyond the buffer still pass through, and the options can lose value before they expire. TRIO fell 11.1% from December 22, 2025, to March 30, 2026. The fund is not a bank deposit, and the FDIC does not insure it.