Toews Tactical Defensive Alpha
TTDAX
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- Toews Tactical Defensive Alpha Fund (TTDAX) is an open-end mutual fund managed by Toews Corporation that seeks long-term growth of capital while limiting risk during unfavorable market conditions through tactical defensive strategies. The fund primarily invests, long or short, in exchange-traded funds (ETFs), common stocks, fixed-income securities, futures contracts, options including dynamically managed long-dated puts offset by writing shorter-dated options, and swaps, with a focus on the S&P 500 Index; it maintains significant allocations to cash equivalents such as Banksafe Toews Money Market and U.S. Treasury Bills, alongside holdings like Vanguard FTSE Developed Markets ETF. Distributed by Northern Lights Distributors, LLC, the fund targets conservative investors as a core holding or protective sleeve alongside traditional stocks and bonds, operating within the long-short equity or equity-hedged category with assets under management of approximately $73-$81 million, a net expense ratio of 1.27%, and high portfolio turnover. Toews Corporation, founded in 1994 and headquartered at 1750 Zion Road, Suite 201, Northfield, New Jersey, with an additional office in New York, New York, serves as the SEC-registered investment adviser for TTDAX and related products; the firm manages about $1 billion in assets across mutual funds, ETFs, and model portfolios emphasizing rules-based, price-reactive strategies to hedge sudden event risks. TTDAX operates primarily in the United States, available to U.S. investors with a minimum initial investment of $10,000. In recent developments, Toews Asset Management announced 2024 year-end ordinary income distributions for TTDAX at $0.24 per share, later adjusted, reflecting ongoing income generation amid market conditions. The firm appointed Christopher Collins as regional vice president for the eastern U.S. in December 2025 to expand partnerships with registered investment advisers, financial advisers, family offices, and institutions. Toews continues to evolve its offerings, including the Agility Shares family of managed-risk ETFs, building on its tactical equity funds like TTDAX without reported acquisitions, funding rounds, or major strategic shifts in the past 1-2 years.