ETF Evaluator:
Toews Agility Managed Risk ETF ()
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(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
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ETF Details
Toews Agility Managed Risk ETF Overview
Toews Agility Managed Risk ETF (MRSK) is an actively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Toews Corporation launched the ETF in 2020.
The investment seeks to provide long-term growth of capital and income, while limiting risk.
The adviser seeks to achieve the fund's investment objective by investing, in: equity and equity index futures, equity index options, options on equity index futures, options on exchange traded funds ("ETFs"), exchange traded funds ("ETFs") that invest primarily in common stocks, exchange traded funds ("ETFs") that invest primarily in fixed income securities, common stocks, fixed income securities and cash or cash equivalents.
About Toews Agility Managed Risk ETF (MRSK)
There are 4 members of the management team with an average tenure of 6.10 years: Randall Schroeder (2020), Jason Graffius (2020), Charles Collins (2020) and Phillip Toews (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and CBOE S&P 500 BuyWrite BXM TR USD index with a weighting of 100%. Toews Agility Managed Risk ETF has 5 securities in its portfolio. The top 10 holdings constitute 93.4% 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.
Toews Agility Managed Risk ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Toews Agility Managed Risk ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.7% 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). Toews Agility Managed Risk ETF has 6.8% of the portfolio in cash.
Assets Under Management
The fund has $314 million in total assets, which is above the $294 million average for the Equity Hedged 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.
MRSK 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 Toews Agility Managed Risk ETF expense ratio is high compared to funds in the Equity Hedged category. Toews Agility Managed Risk ETF has an expense ratio of 0.98%, which is 28% 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. Toews Agility Managed Risk 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 97% for the Equity Hedged category.
Recently, in the month of July 2026, Toews Agility Managed Risk ETF returned 0.6%, which earned it a grade of B, as the Equity Hedged 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.
Toews Agility Managed Risk ETF has a trailing yield of 0.35%, which is below the 3.45% 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.
Toews Agility Managed Risk ETF Grades
Year to date, the ETF has returned 5.5%, 1.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 14.3% over the past year (grade of C), 9.9% over the past three years (grade of D) and 7.4% per year over the past five years (grade of C).
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MRSK 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 |
|
| MRSK Return (NAV) | 0.6% | 4.5% | 14.3% | 9.9% | 7.4% | na |
| MRSK Return (Price) | 0.8% | 5.0% | 14.7% | 10.1% | 7.5% | na |
| NAV +/- Price Return | -0.260% | -0.518% | -0.339% | -0.210% | -0.078% | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| MRSK Grade (NAV) | B | A | C | D | C | na |
| +/- Category (NAV) | 2.0% | 2.8% | 0.8% | -2.2% | 0.9% | na |
| MRSK Tax-Cost Ratio | na | na | 0.2% | 0.2% | 1.0% | na |
MRSK Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MRSK Return (NAV) | 5.5% | 12.2% | 14.2% | 13.4% | -11.8% | 20.4% | na | na | na | na | na |
| MRSK Return (Price) | 5.8% | 11.9% | 14.6% | 13.3% | -11.9% | 20.5% | na | na | na | na | na |
| NAV +/- Price Ret | 0.048% | -0.021% | 0.031% | -0.008% | 0.005% | 0.003% | na | na | na | na | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| MRSK Grade (NAV) | D | C | C | C | C | A | na | na | na | na | na |
| +/- Category | -1.6% | -0.4% | -0.4% | -1.4% | 1.0% | 4.9% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.73 |
| R-Squared: | 85% |
| Standard Deviation: | 10.3% |
| Category Risk Index: | 0.98 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.84 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.4% |
| Total Assets: | $ 314 Mil |
| Share Class Assets: | $ 314 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.98% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 6.1 years | |||
| Average Tenure: 6.1 years | |||
| Managers (Year): Schroeder Randall (2020), Graffius Jason (2020), Collins Charles (2020), Toews Phillip (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 93.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 92.7% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Toews Corporation |
| Phone Number: | 888-604-5506 |
| Website: | |
| Inception Date: | June 24, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.98% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
