At a glance
USAF charges 0.94% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $17.5M in assets, the 8th largest of that group; it paid 2.4% of its price in distributions over the past 12 months, annual. Over the past year it returned +4.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds. Its ten largest positions make up 67.6% of the fund, out of 61 in all.
The short version
Atlas America Fund (USAF) is a small, actively managed ETF that mostly owns other funds: short-term Treasury and inflation-protected bond ETFs, gold trusts and commodity funds, plus modest defense and cybersecurity stakes. Its adviser, Atlas Capital Team, shifts the mix with its view of growth and inflation, aiming for steady returns that fall less than stocks in declines and rise less in rallies. It charges 0.94% a year and launched only in November 2024.
Price history
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USAF +4.2% 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 | |
|---|---|---|---|---|---|---|
| USAF official prospectus, to Dec 31, 2025 | — | +8.99% | — | — | — | +8.57% |
| USAF price data to Oct 27, 2026 | +4.1% | +4.2% | — | — | — | +5.7% |
- Over the year to Oct 27, 2026, USAF returned +4.2%, 8th of 8 among similar funds.
- The deepest fall in its price history was 4.5% (Jan 29, 2026 to Mar 26, 2026), recovered by Aug 20, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.1% | — |
| 2025 | — | +8.99% |
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 61 securities; the ten largest made up 67.62% of assets, and 3.73% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST AGRICULTURE COMMODITY STRATEGY NO K-1 ETF | 9.19% | |
| ISHARES TRUST 0-5 YR TIPS ETF | 8.07% | |
| VANGUARD SCOTTSDALE FUNDS SHORT TERM TREAS | 7.70% | |
| ISHARES GOLD TRUST MICRO SHARES REPRESENTING UNITS OF FRACTIONAL UNDIVIDED BENEFICIAL INTEREST IN THE NET ASSETS OF THE TRUST | 7.58% | |
| SCHWAB STRATEGIC TRUST SHT TM US TRES | 6.67% | |
| ISHARES TRUST 1 3 YR TREAS BD | 6.66% | |
| SPDR SERIES TRUST STATE STREET SPDR PORTFOLIO SHORT TERM TREASURY ETF | 6.66% | |
| WORLD GOLD TRUST SPDR GLD MINIS | 6.39% | |
| VANGUARD MALVERN FUNDS STRM INFPROIDX | 5.49% | |
| Simplify Commodities Strategy No K-1 ETF | 3.22% | |
| ProShares UltraShort 20+ Year Treasury | 2.92% | |
| GLOBAL X FUNDS CYBRSCURTY ETF | 2.55% | |
| GLOBAL X FUNDS DEFENSE TECH ETF | 2.24% | |
| ISHARES TRUST CYBERSECURITY | 1.67% | |
| SPDR SERIES TRUST STATE STREET SPDR S&P AEROSPACE & DEFENSE ETF | 1.41% |
By country
United States 92.51%By asset type
Stocks 92.51%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.64%, -0.23%, -0.55%.
How it works
USAF follows no index. Its adviser, Atlas Capital Team, Inc., screens funds and securities in each asset class it uses, such as investment-grade bonds, gold trusts, stocks and REITs (real estate investment trusts), weighing fees, size and ease of trading. It adds rule-based “systematic trading strategies” built by major financial institutions and reached through structured notes or swaps (contracts with those firms). It then judges the “State of the World,” its read on growth and inflation, and sets target weights to match.
So the fund depends on those firms honoring their contracts, and some strategies can bet on falling prices. REITs are picked using a proprietary climate-resilience score. At least 80% of net assets is normally tied economically to the U.S. The adviser may sell when its State of the World view or a REIT's score changes, or shift after geopolitical shocks, climate events or market strain.
As of June 30, 2026, the largest holdings were Invesco's agriculture commodity ETF (PDBA, 9.2%), iShares 0-5 Year TIPS (inflation-protected Treasuries; STIP, 8.1%), Vanguard Short-Term Treasury (VGSH, 7.7%) and an iShares gold trust (IAUM, 7.6%). It also held ProShares UltraShort 20+ Year Treasury (TBT, 2.9%), a leveraged inverse fund designed to gain when long-term Treasury prices fall, and put options on gold and the S&P 500, which pay off if prices drop.
What it really costs
- USAF charges 0.94% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $96 in the first year and $1,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| USAF | $96 | $300 | $520 | $1,155 |
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 aims for steady returns with little link to stocks by mixing short-term Treasuries, inflation-protected bonds, gold and commodities, rather than driving growth or income.
USAF could add assets that often move apart from stocks, such as short-term Treasuries, inflation-protected bonds and gold. Its one-year beta, a gauge of how much it moves with stocks, was 0.16 as of October 27, 2026. Launched in November 2024, it has no record in the 2008, 2020 or 2022 sell-offs; its first full calendar year, 2025, gained 8.99%. Its deepest drop since September 2025 was 4.5%, from January 29 to March 26, 2026, and it recovered about 4.8 months later. That was a mild setback for anyone forced to sell; a deep bear market remains untested.
Income is modest and paid annually: a 2.4% trailing 12-month yield as of October 27, 2026. Costs are 0.94% a year, or $96 on $10,000 in year one under the SEC's standard example. Past results don't predict future ones; a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund mixing short-term Treasuries, inflation-protected bonds, gold and commodities, weighted by the adviser's view of growth and inflation.
- Those wanting a holding that has moved little with stocks: over the year to October 27, 2026, its beta was 0.16 and deepest drop 4.5%.
- Investors comfortable paying 0.94% a year for active asset allocation rather than choosing and rebalancing similar Treasury and gold ETFs themselves.
Look elsewhere if
- Retirees needing regular income: the trailing 12-month yield was 2.4% as of October 27, 2026, and distributions have been paid once a year.
- Anyone wanting a long, tested record: launched in November 2024, it had just $17.5 million in net assets as of June 30, 2026.
- Those wanting easy-to-follow holdings: the strategy can use swaps and structured notes built on financial institutions' rules and promises to pay.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| USAF this fund | 0.94% | $17.5M | +4.2% | — |
| 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
What does USAF invest in?
USAF mostly owns other ETFs. As of June 30, 2026, its largest positions were Invesco's agriculture commodity ETF (PDBA, 9.2%), iShares 0-5 Year TIPS (inflation-protected Treasuries; STIP, 8.1%), Vanguard Short-Term Treasury (VGSH, 7.7%) and iShares Gold Trust Micro (IAUM, 7.6%). Three more short-term Treasury ETFs (SCHO, SHY and SPTS) were about 6.7% each, and the GLDM gold trust was 6.4%. Smaller stakes included defense and cybersecurity ETFs, a leveraged inverse Treasury ETF and put options. The top 10 made up about 68% of assets.
Is USAF good for retirement income?
USAF is not built mainly for income. Its trailing 12-month yield was about 2.4% as of October 27, 2026, based on $0.67 a share in payouts, and it has paid distributions once a year. The goal stated in its prospectus is stable returns while preserving capital, not steady payouts. Someone who needs monthly or quarterly cash would get one distribution a year and may need to sell shares or lean on other holdings in between.
USAF vs BUFR: what's the difference?
The two funds limit losses in different ways, so BUFR is not a like-for-like alternative. Buffer, or defined-outcome, ETFs such as FT Vest Laddered Buffer ETF (BUFR) generally use options to cushion part of a stock market decline in exchange for capped gains. USAF instead spreads money across short-term Treasuries, inflation-protected bonds, gold and commodities. Over the year to October 27, 2026, BUFR returned 11.6% and USAF returned 4.2%. Their expense ratios are nearly identical: 0.95% for BUFR and 0.94% for USAF.
What is the USAF expense ratio?
USAF's expense ratio is 0.94% a year, including a 0.75% management fee, according to the prospectus filed October 28, 2026. Under the SEC's standard example, $10,000 earning 5% a year would incur about $96 in costs after one year, $520 after five and $1,155 after ten. As of June 30, 2026, much of the portfolio was in widely available Treasury, inflation-protected bond and gold ETFs, so the fee largely pays for the adviser's decisions on how to mix them.
How has USAF performed since launch?
USAF has posted positive returns with small swings over a short history. The prospectus shows an 8.99% return for 2025, its first full calendar year, and 8.57% a year from its November 2024 launch through December 31, 2025. Based on share prices, it returned 4.2% over the year to October 27, 2026. Its deepest drop in that year was 4.5%, from January 29 to March 26, 2026. Its one-year Sharpe ratio, a measure of return above cash per unit of risk, was just 0.03.