ETF Evaluator: Adaptive Hedged Multi-Asset Income ETF () Follow This ETF

Adaptive Hedged Multi-Asset Income ETF Overview

Adaptive Hedged Multi-Asset Income ETF (AMAX) is an actively managed Taxable Bond Nontraditional Bond exchange-traded fund (ETF). Adaptive ETF launched the ETF in 2009.

The investment seeks total return through a combination of capital appreciation and current income. As an actively managed exchange-traded fund (“ETF”), the fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the fund’s investment objective of total return by investing in other investment companies, including mutual funds and exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and not affiliated with the fund (“portfolio funds”) or by making direct investments.

About Adaptive Hedged Multi-Asset Income ETF (AMAX)

There are 1 members of the management team with an average tenure of 5.75 years: Scott Wetherington (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 1 primary benchmark: Bloomberg Capital U.S. Aggregate TR USD index with a weighting of 100%. Adaptive Hedged Multi-Asset Income ETF has 24 securities in its portfolio. The top 10 holdings constitute 92.4% 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.

Adaptive Hedged Multi-Asset Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Adaptive Hedged Multi-Asset Income ETF has 3.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 25.5% There is 3.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 31.7% (31.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Adaptive Hedged Multi-Asset Income ETF has 28.0% of the portfolio in cash.

Assets Under Management

The fund has $67 million in total assets, which is below the $320 million average for the Nontraditional Bond 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.

AMAX 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 Adaptive Hedged Multi-Asset Income ETF expense ratio is high compared to funds in the Nontraditional Bond category. Adaptive Hedged Multi-Asset Income ETF has an expense ratio of 1.36%, which is 1% higher than its category average, making the fund expense ratio grade a F. 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. Adaptive Hedged Multi-Asset Income ETF has a portfolio turnover rate of 720%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 190% for the Nontraditional Bond category.

Recently, in the month of July 2026, Adaptive Hedged Multi-Asset Income ETF returned -0.0%, which earned it a grade of B, as the Nontraditional Bond category had an average return of -0.4%. 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.

Adaptive Hedged Multi-Asset Income ETF has a trailing yield of 11.95%, which is above the 6.67% category average. The fund normally distributes its income monthly 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.

Adaptive Hedged Multi-Asset Income ETF Grades

Year to date, the ETF has returned 0.6%, 0.6 percentage points better than the category, which translates into a grade of D. The fund has returned 4.6% over the past year (grade of C), 7.2% over the past three years (grade of B) and 2.9% per year over the past five years (grade of C) and 2.9% per year over the past 10 years (grade of F).

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