WHITEWOLF Publicly Listed Private Equity ETF — Ticker: LBO
Access the leveraged buyout ecosystem
in a single actively managed ETF.
LBO is an actively managed income-oriented ETF that provides investors with exposure to certain components of the leveraged buyout ecosystem. This ETF invests in publicly listed private equity buyout firms & publicly-listed sponsors, Business Development Companies (BDCs), leverage providers, and related asset managers.
WHITEWOLF Publicly Listed Private Equity ETF (the “Fund” or “LBO”) seeks long-term capital appreciation and current income.
The Fund seeks long-term capital appreciation and current income. The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. Publicly Listed Private Equity companies including Leverage Finance Providers and Buyout Firms, Sponsors, and Asset Managers. We define Leverage Finance Providers as Business Development Companies (BDCs), finance companies, and direct lenders (excluding banks). BDCs are considered specialty finance companies and primarily make investments in the debt and/or equity of small to mid-size companies predominantly in the U.S. We define Buyout Firms, Sponsors, and Asset Managers as leading publicly traded private equity companies, publicly traded asset managers that invest in private equity sponsors, and other vehicles whose principal business is to invest in or lend capital to privately held companies.
Holdings are subject to change.
LBO invests in publicly listed private equity, leveraged finance providers (BDCs), and related asset managers. BDCs primarily make investments in the debt and/or equity of small to mid-size companies predominantly in the U.S.
LBO provides investors with the potential for meaningful current income generation as well as long-term capital appreciation.
LBO provides investors with exposure to a diversified portfolio of private companies while also offering the liquidity and transparency of a publicly traded stock.
Unlike passive private equity and passive BDC ETFs that simply replicate an index, LBO is actively managed – enabling fundamental analysis of the companies included in the ETF, including review of filings and selective exposure across private equity and private credit.
1. The 30-day SEC yield is a standardized yield calculated in accordance with SEC rules and reflects the dividends and interest earned during the period after expenses. It is not indicative of future performance. Distribution rates may vary and are not guaranteed. Past performance does not guarantee future results. Investment return and principal value will fluctuate.
2. The Fund’s investment advisory agreement provides that the Adviser will pay substantially all expenses of the Fund, except for the fee payment under the Fund’s Investment Advisory Agreement, payments under the Fund’s Rule 12b-1 Distribution and Service Plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), litigation expense and other non-routine or extraordinary expenses. Additionally, the Fund shall be responsible for its non-operating expenses (see the italicized items in the preceding sentence) and fees and expenses associated with the Fund’s securities lending program, if applicable.
3. Other Expenses and Acquired Fund Fees and Expenses (“AFFE”) are estimated for the current fiscal year. The Fund’s investments in other funds requires the fund to report a total annual fund operating expense ratio in its prospectus fee table that accounts for both the expenses that a fund pays directly out of its assets (direct expenses), and the expense ratios of the underlying funds, including business development companies (BDCs), in which it invests, which are called AFFEs. AFFEs are indirect expenses. This disclosure is designed to provide investors with a better understanding of the actual costs of investing in a fund that invests in other funds. Accordingly, the prospectus for LBO discloses its AFFEs which are in the table above. However, because these fees are not borne directly by the Fund, they will not be reflected in the expense information in LBO’s financial statements. Information presented in the prospectus table will differ from financial highlights presented in LBO’s reports to shareholders, when available.
4. Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
White Wolf Capital is a private investment firm founded in 2011. As an SEC-registered investment advisor, the firm manages approximately $600 million in assets under management. White Wolf Capital specializes in Corporate Private Equity, Private Credit, and Private Fund Investing.
In addition to its core private capital strategies, White Wolf Capital serves as the investment advisor to the LBO ETF — the only private capital ETF managed by a firm that operates primarily in the private equity space. The firm provides tailored investment solutions to a diverse institutional and individual client base, including pension funds, family offices, registered investment advisors (RIAs), and high-net-worth individuals.
Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.
Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted.
Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. YTD is year-to-date and ITD is inception-to-date.
The Premium/Discount shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The table shows the premium or discount of the mid-point price as a percentage of the NAV as well as the number of trading days the Fund traded within the given premium/discount range.
Trading Days at Premium vs. Discount
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Rahul Hukeri joined White Wolf Capital in June 2021 as Managing Director and Head of Fund Research. Rahul is also Portfolio Manager for White Wolf Capital exchange traded funds. Rahul has over 20 years of experience in the areas of finance, accounting, portfolio management, and alternative asset valuation. Before joining White Wolf, Rahul was a Principal at KKR in its Private Markets group where he oversaw firm-wide portfolio company valuations and played a key role in overseeing portfolio company reporting for KKR. Before KKR, Rahul worked at Centerbridge Partners, Apollo Global Management, and Cerberus Capital Management. Rahul is an integral member of the Company’s investment and leadership team, where he focuses on fund portfolio management, valuation, and general oversight, as well as the execution of due diligence activities. Rahul has an MBA from NYU’s Leonard N. Stern School of Business and is a member of the New York Society of Security Analysts.
