ETF Evaluator:
Defender Risk Adaptive 500 ETF (SPDF)
Follow This ETF
(as of Aug 07)
Best Performing in Tactical Allocation Over the Last Year
| 31.2% | Relative Sentiment Tactical Allc ETF (MOOD) |
| 27.5% | RH Tactical Rotation ETF (RHRX) |
| 25.2% | Cambria Global Momentum ETF (GMOM) |
| 24.3% | STF Tactical Growth ETF (TUG) |
| 23.1% | Alexis Practical Tactical ETF (LEXI) |
Risk
Index
Risk
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ETF Details
Defender Risk Adaptive 500 ETF Overview
Defender Risk Adaptive 500 ETF (SPDF) is an actively managed Allocation Tactical Allocation exchange-traded fund (ETF). Tamarisk Capital Management LLC launched the ETF in 2026.
The investment seeks long-term capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in U.S. large cap equities, primarily through ETFs that provide exposure to the broad U.S. large-cap equity market, with an actively managed risk overlay. The risk overlay involves a proprietary technical analysis model that is employed by Tamarisk Capital Management LLC (“Tamarisk”), a sub-advisor to the fund, as a means for determining the optimal market exposure at a given point in time.
About Defender Risk Adaptive 500 ETF (SPDF)
There are 2 members of the management team with an average tenure of 0.30 years: Vincent Randazzo (2026) and Ryan Gorman (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Defender Risk Adaptive 500 ETF has 3 securities in its portfolio. The top 10 holdings constitute 99.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Defender Risk Adaptive 500 ETF is part of the Allocation global asset class and is within the Allocation ETF group. Defender Risk Adaptive 500 ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.1% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Defender Risk Adaptive 500 ETF has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $144 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SPDF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Defender Risk Adaptive 500 ETF expense ratio is above average compared to funds in the Tactical Allocation category. Defender Risk Adaptive 500 ETF has an expense ratio of 0.69%, which is 29% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Defender Risk Adaptive 500 ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 261% for the Tactical Allocation category.
Recently, in the month of July 2026, Defender Risk Adaptive 500 ETF returned -0.0%, which earned it a grade of B, as the Tactical Allocation category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Defender Risk Adaptive 500 ETF has a trailing yield of 0.00%, which is below the 2.15% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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SPDF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPDF Return (NAV) | -0.0% | 4.1% | na | na | na | na |
| SPDF Return (Price) | -0.1% | 4.1% | na | na | na | na |
| NAV +/- Price Return | 0.041% | -0.052% | na | na | na | na |
| Tactical Allocation Avg | -1.4% | 1.6% | 15.9% | 10.6% | 5.4% | 7.4% |
| SPDF Grade (NAV) | B | A | na | na | na | na |
| +/- Category (NAV) | 1.4% | 2.5% | na | na | na | na |
| SPDF Tax-Cost Ratio | na | na | na | na | na | na |
SPDF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPDF Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| SPDF Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Tactical Allocation Avg | 7.5% | 12.7% | 11.7% | 10.7% | -13.3% | 16.9% | 7.5% | 14.0% | -6.3% | 19.2% | 7.1% |
| SPDF Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 23 Mil |
| Share Class Assets: | $ 23 Mil |
| Turnover: | na |
| Expense Ratio: | 0.69% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Randazzo Vincent (2026), Gorman Ryan (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 99.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.1% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 0.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Tamarisk Capital Management LLC |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | April 14, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.69% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.97% |
