At a glance
LBO charges 6.53% a year. It has $7.1M in assets; it paid 6.52% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −11.0% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 66.7% of the fund, out of 38 in all.
The short version
WHITEWOLF Publicly Listed Private Equity ETF (LBO) is an actively managed fund of U.S.-listed companies that lend to or invest in private businesses. Its largest holdings were Ares Capital, Apollo Global Management and KKR as of July 31, 2026. It may appeal to investors seeking income: its 12-month yield was 6.52% as of October 27, 2026, paid quarterly. The catch is an unusually high 6.53% total expense ratio and only about $7.1 million in assets.
Price history
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LBO -11.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| LBO price data to Oct 27, 2026 | -13.2% | -11.0% | — | — | — | +4.6% |
- Over the year to Oct 27, 2026, LBO returned -11.0%.
- Its worst full calendar year was 2025 (-6.4%); its best was 2024 (+30.9%).
- The deepest fall in its price history was 31.4% (Jan 31, 2025 to Mar 12, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -13.2% | — |
| 2025 | -6.4% | -6.45% |
| 2024 | +30.9% | +30.92% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9400 | |
| 2025 | $2.0300 | +5.7% |
| 2024 | $1.9200 |
What's inside
As of Jul 31, 2026, the fund held 38 securities; the ten largest made up 66.7% of assets, and 2.31% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Ares Capital Corp | 10.16% | |
| Apollo Global Management Inc | 9.73% | |
| KKR & Co Inc | 7.81% | |
| Blackstone Secured Lending Fund | 7.19% | |
| Ares Management Corp | 6.57% | |
| Golub Capital BDC Inc | 5.37% | |
| HERCULES CAPITAL INC | 5.16% | |
| Blackrock Inc | 5.07% | |
| Blue Owl Capital Inc | 5.00% | |
| Carlyle Group Inc | 4.64% | |
| Brookfield Asset Management Ltd | 4.18% | |
| Blackstone Inc | 4.13% | |
| Compass Diversified Holdings | 3.42% | |
| TPG Inc | 3.25% | |
| Brookfield Corp | 3.11% |
By country
United States 90.44%Canada 7.29%By asset type
Stocks 97.73%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.01%, -4.10%, +4.81%.
How it works
LBO is actively managed and does not track an index. Its sub-adviser, White Wolf Capital Advisors, must keep at least 80% of net assets in U.S.-listed companies that invest in or lend to private businesses. These fall into two groups, each generally 40% to 60% of assets. One is lenders: business development companies (BDCs, listed firms that lend to and invest in mostly private midsize businesses), finance companies and direct lenders. The other is buyout firms and asset managers. Banks, real estate companies and REITs are excluded.
Within that group of companies, White Wolf screens for liquidity, lower volatility than the overall market, dividend yield and a low price-to-earnings ratio. That last screen is a value approach. It also weighs credit quality, sensitivity to interest rates and debt levels. The fund expects to hold 25 to 40 companies. On July 31, 2026, it held 38, and the top 10 made up 66.7% of assets. White Wolf decides position sizes and trades; no index rulebook sets them. The prospectus reports 28% portfolio turnover.
The fund puts more than 25% of its assets in financial services, so its results depend on one industry. As of July 31, 2026, about 31.1% of assets sat in fund-type holdings such as BDCs. SEC rules count those holdings' operating costs in LBO's 6.53% expense ratio. Its management fee is 0.70%. BDCs can also trade below their net asset value.
What it really costs
- LBO charges 6.53% a year.
- Of that, 0.7% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $648 in the first year and $6,052 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LBO | $648 | $1,914 | $3,142 | $6,052 |
In a retirement portfolio
Its high income comes with a 6.53% expense ratio, a focus on one industry, a 31.4% drop within less than three years of history and only about $7.1 million in assets.
LBO could add exposure to listed lenders and buyout managers, plus high income. Its yield over the past 12 months was 6.52% as of October 27, 2026, paid quarterly. The trade-offs are large. Its 6.53% total expense ratio works out to about $648 in the first year on $10,000 under the SEC's standard example.
The fund launched in November 2023, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short history includes a 31.4% fall from January 31, 2025 to March 12, 2026, not recovered as of October 27, 2026. In 2025, the weaker of its two full calendar years, it lost 6.45%. Someone who needed to sell during that slide would have locked in losses. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking quarterly income from listed lenders and buyout managers; the 12-month yield was 6.52% as of October 27, 2026.
- Those wanting one fund holding BDCs such as Ares Capital alongside managers such as Apollo and KKR (holdings as of July 31, 2026).
- Investors comfortable with active stock picking that screens for yield, value and lower volatility, held as a small slice beside broader funds.
Look elsewhere if
- Cost-conscious investors: the 6.53% total expense ratio means about $648 in costs on $10,000 in the first year, per the SEC example.
- Those who may need the money soon: it fell 31.4% from January 2025 to March 2026 and hadn't recovered by October 27, 2026.
- Investors wary of tiny funds or single-industry bets: assets were about $7.1 million as of July 31, 2026, concentrated in financial services.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What is LBO's expense ratio?
LBO's total expense ratio is 6.53%, according to its prospectus filed May 27, 2026. Its management fee is 0.70%. Funds that hold business development companies, as LBO does, must count those companies' own operating costs in the total. These are called acquired fund fees and expenses, and they can push the total far above the management fee. Under the SEC's standard example ($10,000 invested, 5% yearly return), costs would come to about $648 after one year and $6,052 after 10 years.
Does LBO pay monthly dividends?
No. LBO pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $1.57 per share, a trailing yield of 6.52%. As of July 31, 2026, its holdings included business development companies such as Ares Capital, Blackstone Secured Lending and Golub Capital BDC, which generally pay out most of their taxable income. The prospectus warns that some BDCs may not produce income in certain periods, so the fund's payouts can vary.
Is LBO a good investment for retirement?
It may fit only as a small, higher-risk part of a retirement portfolio. LBO's 6.52% trailing yield (as of October 27, 2026) comes with a 6.53% total expense ratio. The fund launched in November 2023, so its record is short. It fell 31.4% from January 31, 2025 to March 12, 2026 and had not recovered by October 27, 2026. It also concentrates in financial services and held only about $7.1 million in assets as of July 31, 2026.
Is LBO actually private equity?
Not directly. LBO owns publicly traded companies that run private equity and private lending businesses, such as Apollo Global Management, KKR, Ares Management and Blackstone, plus BDCs like Ares Capital (holdings as of July 31, 2026). It does not hold stakes in private funds. Its shares trade daily on an exchange, but they also swing with the stock market. As of October 27, 2026, one-year volatility was 22.9%. Its beta, a measure of how closely it moves with the overall market, was 1.03.
How has LBO performed since launch?
Mixed. According to its prospectus, LBO returned 30.92% in 2024, its first full calendar year, then lost 6.45% in 2025. It lost 13.24% in 2026 through October 27, and 11% over the 12 months to that date. Its deepest drop was 31.4%, from January 31, 2025 to March 12, 2026. With less than three years of history, its record does not include a broad market crash like 2008 or 2020, so it says little about a full market cycle.