ETF Evaluator:
MRBL Enhanced Equity ETF ()
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(as of Nov 13)
Best Performing in Derivative Income - Diversified Over the Last Year
| 24.9% | Federated Hermes Enhanced Income ETF (PAYR) |
| 21.1% | Amplify COWS Covered Call ETF (HCOW) |
| 20.5% | Parametric Equity Premium Income ETF (PAPI) |
| 20.2% | First Trust Small Cp BuyWrt Inc ETF (FTKI) |
| 19.9% | Cullen Enhanced Equity Income ETF (DIVP) |
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ETF Details
MRBL Enhanced Equity ETF Overview
MRBL Enhanced Equity ETF (EDGE) is an actively managed Nontraditional Equity Derivative Income - Diversified exchange-traded fund (ETF). MRBL Management, LLC launched the ETF in 2025.
The investment seeks capital appreciation.
Under normal circumstances, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and derivative instruments that provide exposure to equity securities. To gain this exposure, the fund will primarily invest in one or more ETFs or options on an ETF or index (each, a “reference asset”). The fund is non-diversified.
About MRBL Enhanced Equity ETF (EDGE)
There are 2 members of the management team with an average tenure of 1.78 years: Lawrence Lempert (2025) and Shulem Iskowitz (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
MRBL Enhanced Equity ETF has 6 securities in its portfolio. The top 10 holdings constitute 182.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
MRBL Enhanced Equity ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. MRBL Enhanced Equity ETF has 0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 171.0% There is 0.8% 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). MRBL Enhanced Equity ETF has -71.7% of the portfolio in cash.
Assets Under Management
The fund has $12 million in total assets, which is below the $1 billion average for the Derivative Income - Diversified 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.
EDGE 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 MRBL Enhanced Equity ETF expense ratio is above average compared to funds in the Derivative Income - Diversified category. MRBL Enhanced Equity ETF has an expense ratio of 0.74%, which is 1% higher than its category average, making the fund expense ratio grade a C. 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. MRBL Enhanced Equity 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 65% for the Derivative Income - Diversified category.
Recently, in the month of October 2026, MRBL Enhanced Equity ETF returned -0.8%, which earned it a grade of C, as the Derivative Income - Diversified category had an average return of -2.0%. 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.
MRBL Enhanced Equity ETF has a trailing yield of 0.00%, which is below the 6.26% 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.
MRBL Enhanced Equity ETF Grades
Year to date, the ETF has returned 13.4%, 4.5 percentage points better than the category, which translates into a grade of A. The fund has returned 16.1% over the past year (grade of A).
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EDGE Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EDGE Return (NAV) | -0.8% | 2.4% | 16.1% | na | na | na |
| EDGE Return (Price) | -1.1% | 2.2% | 15.9% | na | na | na |
| NAV +/- Price Return | 0.203% | 0.236% | 0.164% | na | na | na |
| Derivative Income - Diversified Avg | -2.0% | 0.9% | 10.1% | 16.5% | 8.1% | 8.1% |
| EDGE Grade (NAV) | C | B | A | na | na | na |
| +/- Category (NAV) | 1.1% | 1.5% | 6.0% | na | na | na |
| EDGE Tax-Cost Ratio | na | na | 0.0% | na | na | na |
EDGE Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EDGE Return (NAV) | 13.4% | na | na | na | na | na | na | na | na | na | na |
| EDGE Return (Price) | 13.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.021% | na | na | na | na | na | na | na | na | na | na |
| Derivative Income - Diversified Avg | 8.9% | 13.8% | 15.9% | 16.3% | -11.8% | 19.1% | 3.7% | 19.2% | -5.9% | 14.0% | 7.1% |
| EDGE Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 4.5% | 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: | 0.0% |
| Total Assets: | $ 13 Mil |
| Share Class Assets: | $ 13 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.74% |
| 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: 1.8 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Lempert Lawrence (2025), Iskowitz Shulem (2025) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 182.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.8% |
Portfolio Allocation |
|
| Domestic Stock: | 171.0% |
| Foreign Stock: | 0.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | -71.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | MRBL Management, LLC |
| Phone Number: | 215-330-4476 |
| Website: | www.valueshares.com |
| Inception Date: | January 21, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.74% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.73% |
