ETF Evaluator:
Gadsden Dynamic Multi-Asset ETF ()
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(as of Aug 26)
Best Performing in Global Moderately Conservative Allocation Over the Last Year
| 23.3% | Gadsden Dynamic Multi-Asset ETF (GDMA) |
| 13.5% | Global Moderately Conservative Allocation () |
| 13.2% | iShares Morningstar Multi-Asset Inc ETF (IYLD) |
| 13.2% | First Trust Income Opportunity ETF (FCEF) |
| 12.7% | RiverNorth Active Income ETF (CEFZ) |
Risk
Index
Risk
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ETF Details
Gadsden Dynamic Multi-Asset ETF Overview
Gadsden Dynamic Multi-Asset ETF (GDMA) is an actively managed Allocation Global Moderately Conservative Allocation exchange-traded fund (ETF). Gadsden launched the ETF in 2018.
The investment seeks total return.
The fund is an actively-managed ETF that seeks to achieve its investment objective by investing in asset classes that the fund's portfolio managers believe offer the most attractive combined risk/return opportunities. The term "asset classes" generally includes, among others, U.S. equities, foreign securities, currencies, bonds, and REITs. It may invest globally in any asset class or security and may at times have significant exposure to a single asset class.
About Gadsden Dynamic Multi-Asset ETF (GDMA)
There are 3 members of the management team with an average tenure of 5.24 years: Kevin Harper (2018), Richard Shaner (2022) and Joshua Russell (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Solactive us agg bond TR USD index with a weighting of 100% and Solactive GBS Global Mkt All Cap TR USD index with a weighting of 100%. Gadsden Dynamic Multi-Asset ETF has 25 securities in its portfolio. The top 10 holdings constitute 79.5% 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.
Gadsden Dynamic Multi-Asset ETF is part of the Allocation global asset class and is within the Allocation ETF group. Gadsden Dynamic Multi-Asset ETF has 12.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 108.3% There is 12.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.2% (0.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Gadsden Dynamic Multi-Asset ETF has -18.7% of the portfolio in cash.
Assets Under Management
The fund has $202 million in total assets, which is below the $293 million average for the Global Moderately Conservative 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.
GDMA 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 Gadsden Dynamic Multi-Asset ETF expense ratio is above average compared to funds in the Global Moderately Conservative Allocation category. Gadsden Dynamic Multi-Asset ETF has an expense ratio of 0.75%, which is 47% lower 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. Gadsden Dynamic Multi-Asset ETF has a portfolio turnover rate of 661%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 154% for the Global Moderately Conservative Allocation category.
Recently, in the month of July 2026, Gadsden Dynamic Multi-Asset ETF returned -1.8%, which earned it a grade of F, as the Global Moderately Conservative Allocation category had an average return of -0.8%. 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.
Gadsden Dynamic Multi-Asset ETF has a trailing yield of 2.53%, which is below the 4.36% category average.
The fund normally distributes its income 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.
Gadsden Dynamic Multi-Asset ETF Grades
Year to date, the ETF has returned 10.6%, 4.4 percentage points better than the category, which translates into a grade of A. The fund has returned 23.3% over the past year (grade of A), 16.1% over the past three years (grade of A) and 8.5% per year over the past five years (grade of A).
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GDMA 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 |
|
| GDMA Return (NAV) | -1.8% | 1.4% | 23.3% | 16.1% | 8.5% | na |
| GDMA Return (Price) | -1.8% | 1.3% | 23.4% | 16.1% | 8.5% | na |
| NAV +/- Price Return | 0.055% | 0.012% | -0.006% | -0.022% | 0.010% | na |
| Global Moderately Conservative Allocation Avg | -0.8% | 1.1% | 13.5% | 11.6% | 5.3% | 5.8% |
| GDMA Grade (NAV) | F | A | A | A | A | na |
| +/- Category (NAV) | -1.0% | 0.3% | 9.9% | 4.6% | 3.2% | na |
| GDMA Tax-Cost Ratio | na | na | 1.1% | 1.2% | 1.0% | na |
GDMA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GDMA Return (NAV) | 10.6% | 25.3% | 7.3% | 1.9% | -2.1% | 4.2% | 20.6% | 11.8% | na | na | na |
| GDMA Return (Price) | 10.6% | 25.3% | 7.4% | 1.7% | -2.1% | 4.0% | 21.1% | 11.6% | na | na | na |
| NAV +/- Price Ret | -0.005% | -0.003% | 0.023% | -0.065% | 0.013% | -0.066% | 0.024% | -2.0% | na | na | na |
| Global Moderately Conservative Allocation Avg | 6.2% | 15.5% | 9.0% | 10.1% | -13.3% | 9.3% | 6.8% | 18.4% | -6.3% | 14.1% | 8.6% |
| GDMA Grade (NAV) | A | A | D | F | A | F | A | F | na | na | na |
| +/- Category | 4.4% | 9.8% | -1.7% | -8.3% | 11.2% | -5.1% | 13.8% | -6.6% | na | na | na |
| Risk Measures | |
| Beta: | 0.53 |
| R-Squared: | 30% |
| Standard Deviation: | 9.2% |
| Category Risk Index: | 1.13 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.75 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.5% |
| Total Assets: | $ 202 Mil |
| Share Class Assets: | $ 202 Mil |
| Turnover: | 661.0% |
| Expense Ratio: | 0.75% |
| Index Fund: | No |
| Index Tracked: | Solactive us agg bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.7 years | |||
| Average Tenure: 5.2 years | |||
| Managers (Year): Harper Kevin (2018), Shaner Richard (2022), Russell Joshua (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 25 |
| % in Top 10 Holdings: | 79.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.7% |
Portfolio Allocation |
|
| Domestic Stock: | 108.3% |
| Foreign Stock: | 12.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -2.6% |
| Cash: | -18.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Gadsden |
| Phone Number: | 215-330-4476 |
| Website: | www.valueshares.com |
| Inception Date: | November 14, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.41% |
