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MATE — Man Active Trend Enhanced ETF

MATE holds 100% S&P 500 and 100% managed futures simultaneously on the same dollar of capital: full equity beta plus a full trend-following allocation, not a blend of the two.

Equity Efficiency:B+Capital Efficiency grades how well this ETF delivers equity-side returns relative to the capital and beta it uses, with SPY as the B baseline. Leveraged ETFs score higher when they free up capital for an alpha sleeve. Long/short and factor ETFs are graded on excess return versus SPY, net of costs. MATE allocates roughly 100% S&P 500 notional to the equity sleeve of the stack.Alpha Efficiency:B+Alpha Efficiency grades the non-equity sleeve of this stacked ETF on return above its borrowing cost: that's the true hurdle for a futures overlay. A sleeve that only matches its financing cost adds no value; grades above B mean the overlay is genuinely earning its keep. MATE's alpha sleeve is approximately 100% trend-following managed futures, spanning equities, rates, currencies, and commodities. It's designed to diversify the equity core across macro environments.Stacked Efficiency:B+Stacked Efficiency blends Capital- and Alpha-bucket grades using the configured sleeve weights (50% capital / 50% alpha).

MATE price history

Range
+20.13%
Total return (1Y)
MATE

Total return (Yahoo adjusted close—dividends and splits per Yahoo), normalized to $10,000 at first available trade date. Educational only.

Strategy

The fund uses futures and derivatives to run both sleeves in parallel. The equity allocation tracks the S&P 500; the managed-futures allocation trend-follows across equities, rates, currencies, and commodities. Cash and Treasuries back the derivatives as collateral. You hold the equivalent of two full positions, equity and alternatives, without selling one to buy the other.

Man manages the managed-futures allocation, so the trend-following component reflects the firm's systematic process rather than passive index replication. Unlike CTA-replication products, you get Man's active positioning across the futures universe, with all the discretion and tracking error that implies versus a pure rules-based approach.

Manager and Issuer Pedigree

Man Group is among the world’s largest publicly traded alternatives managers, with group assets under management of about $227.6 billion as at Dec. 31, 2025 (year-end results announcement). The firm runs systematic quant (including Man AHL and Man Numeric), discretionary, and multi-asset capabilities across public and private markets.

Man has been running systematic trend and quant strategies since the 1980s. For MATE, that matters: the managed-futures allocation sits inside an organization whose job is generating excess return, not packaging index beta.

Outperformance

Outperforms most when equity and managed futures are both trending simultaneously: a sustained equity bull drives the equity allocation; in a prolonged decline with clear trends in rates, FX, or commodities, the futures allocation can earn while the equity book tracks the index down.

Underperforms in a fast crash with no macro trend to follow: equity falls too quickly for trend signals to develop and both allocations lose at the same time. In 2022, the managed-futures allocation earned significantly as equity and rates both trended sharply.

Similar ETFs

TickerNameScoreMERAUM
MATEMan Active Trend Enhanced ETFB+0.97%~$37M
CTAPSimplify US Equity PLUS Managed Futures Strategy ETFB+~0.95%~$167M
HOLDHarbor Alpha Layering ETFB0.70%~$20M
RSSTReturn Stacked U.S. Stocks & Managed Futures ETFB+1.04%~$340M

Official ETF page

Read the official ETF page for current NAV, holdings, and documents: MATE official page.

Beta and MER may not be accurate.
Educational content only; not investment advice. Past performance does not guarantee future results.

Grades above are based on 4 months of live data and should be treated as provisional. Short history may not capture a full market-cycle.

Grades above are based on 4–11 months of live data and should be treated as provisional. Short history may not capture a full market-cycle.