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AMAXAdaptive Hedged Multi-Asset Income ETF

Get income16y track recordRanked #1,128 of 1,650 in this goal

Seeks total return through a combination of capital appreciation and current income.

By Adaptive ETF · Launched 2009

Annual Cost

1.36%

#5,648 of 5,853 · expensive

Fund Size

$65M

#3,387 of 5,853 · mid-size

Dividend YieldGoal

11.72%

Track Record

16 years

#691 of 5,853 · established

Performance

Total-return NAV · USD
Growth of $10,000
$10,550+5.5%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Strategy

Option income

What it actually holds

By weight

Concentration

Top 10 holdings = 84.8% of fund✓ diversified through underlying funds

iShares 20+ Year Tre
22.5%
State Street SPDR
12.8%
RH Hedged Multi-Asse
11.8%
FT Vest Gold Strateg
11.7%
Vanguard Value ETF
6.5%
VanEck Vectors GoldGDX
6.3%
MicroStrategy IncMSTR
6.1%
X-Links Crude Oil Sh
5.1%
YieldMax GOOGL Optio
1.2%
YieldMax AAPL Option
1.0%

Asset allocation

Bonds
32.8%
Stocks
29.8%
Cash
26.4%
Other
10.9%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
10.7%Moderate

Year-on-year price swings

Max drawdown
-16.3%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
0.39Below average
Sortino (3Y)
0.53Moderate downside risk

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks total return through a combination of capital appreciation and current income.
Strategy
Actively managed ETF investing in a mix of fixed income and equity investments, including Portfolio Funds and direct securities. Employs a buy-write strategy and risk management to manage volatility and protect against loss, with potential investments in foreign and emerging market securities.
Inception date
October 2, 2009
Fund family
Adaptive ETF

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-02