At a glance
SWP charges 0.99% a year, above the 0.32% average of the 8 funds most like it (the most expensive of 9). It has $149.9M in assets, the 8th largest of that group; it paid 9.52% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds. Its ten largest positions make up 36.4% of the fund, out of 42 in all.
The short version
SWP Growth & Income ETF is an actively managed fund from SWP Investment Management. It holds about 40 to 70 mostly large US companies that pay dividends, and it sells covered call options on some of them for extra income. Its 0.99% expense ratio is about three times the 0.32% average of similar funds. Its trailing 12-month yield was 9.52% as of October 27, 2026, and it pays out quarterly.
Price history
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SWP +6.9% 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 | |
|---|---|---|---|---|---|---|
| SWP price data to Oct 27, 2026 | +6.0% | +6.9% | — | — | — | +11.5% |
- Over the year to Oct 27, 2026, SWP returned +6.9%, 9th of 9 among similar funds.
- Its worst full calendar year was 2025 (+16.9%); its best was 2025 (+16.9%).
- The deepest fall in its price history was 16.4% (Feb 11, 2025 to Apr 8, 2025), recovered by Jul 1, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.0% |
| 2025 | +16.9% |
| 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) | $1.8200 | |
| 2025 | $1.5700 |
What's inside
As of Aug 31, 2026, the fund held 42 securities; the ten largest made up 36.42% of assets.
| Holding | Weight | |
|---|---|---|
| Microsoft Corp | 5.36% | |
| Apple Inc | 4.41% | |
| NVIDIA Corp | 4.16% | |
| Broadcom Inc | 3.86% | |
| IBM | 3.56% | |
| Alphabet Inc | 3.43% | |
| Meta Platforms Inc | 3.08% | |
| Blackstone Inc | 2.91% | |
| JPMorgan Chase & Co | 2.83% | |
| Philip Morris International In | 2.82% | |
| Prologis Inc | 2.71% | |
| United Rentals Inc | 2.57% | |
| Goldman Sachs Group Inc | 2.37% | |
| Emerson Electric Co | 2.35% | |
| AbbVie Inc | 2.28% |
By country
United States 89.14%Canada 3.15%United Kingdom 2.24%Ireland 2.06%Taiwan 1.93%By asset type
Stocks 98.52%By sector
Sectors of the companies held, for the 85.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.42%, +1.65%, +0.84%.
How it works
SWP does not track an index. SWP Investment Management actively picks every holding. At least 80% of net assets must go into dividend-paying stocks and similar securities that the adviser judges to have strong growth traits. It compares each company's gross, operating and net profit margins with industry peers, past and projected, seeking steady margins, earnings growth and a record of stable dividends.
The fund generally holds 40 to 70 stocks, with no position above 10% at purchase. Most are large U.S. companies, but up to 25% may go into ADRs, U.S.-traded shares of foreign firms. There is no fixed rebalancing schedule; managers sell when a stock hits their value estimate or a better idea appears. As of August 31, 2026, the largest holdings were Microsoft (5.4%), Apple (4.4%) and NVIDIA (4.2%).
The managers also sell covered calls on some holdings, typically when a stock rallies or option prices rise. A covered call gives a buyer the right to purchase a stock the fund owns at a set price. The fund keeps the fee, called a premium, as income but gives up gains above that price, and may buy the option back if the stock falls. As of August 31, 2026, it had 30 option positions, a net liability equal to 0.25% of assets.
What it really costs
- SWP charges 0.99% a year, versus an average of 0.32% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,213 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SWP | $101 | $315 | $547 | $1,213 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It pays quarterly distributions from dividend-paying stocks plus option premiums, with a trailing yield of 9.52% as of October 27, 2026.
The fund launched in September 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 16.4%, from February 11 to April 8, 2025. It recovered by July 1, 2025, about 2.8 months later. Its only full calendar year, 2025, returned 16.88%. That short history says little about a long slump, when a retiree drawing income might have to sell shares at low prices. The trailing yield was 9.52% as of October 27, 2026, paid quarterly. Option income is usually taxed as ordinary income, and covered calls limit gains in strong rallies. Its 0.99% expense ratio is the highest in its group of similar funds. In the SEC's standard example, a $10,000 investment costs $1,213 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want quarterly payouts from a stock fund. The trailing 12-month yield was 9.52% as of October 27, 2026.
- People who prefer managers picking large, profitable dividend payers such as Microsoft, Apple and JPMorgan Chase over simply tracking an index.
- Investors willing to give up some gains in strong rallies in exchange for option premiums. Its one-year beta was 0.83 as of October 27, 2026.
Look elsewhere if
- Cost-focused investors. Its 0.99% fee ranked last among nine similar funds, and so did its 6.9% one-year return as of October 27, 2026.
- Investors who want a long track record. It launched in September 2024 and has never been through a full bear market.
- Taxable investors who want qualified dividends, since the fund's option income is usually taxed at higher ordinary income rates.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SWP this fund | — | 0.99% | $149.9M | +6.9% | — |
| CGDV Capital Group Dividend Value ETF · different strategy | 38% | 0.33% | $38.69B | +15.6% | +23.9% |
| CGCV Capital Group Conservative Equity ETF · different strategy | 38% | 0.33% | $2.04B | +10.3% | — |
| FDRR Fidelity Dividend ETF for Rising Rates · different strategy | 36% | 0.16% | $736.6M | +18.0% | +25.2% |
| CGUS Capital Group Core Equity ETF · different strategy | 35% | 0.33% | $11.81B | +11.4% | +23.8% |
| BDIV AAM Brentview Dividend Growth ETF · different strategy | 35% | 0.49% | $6.7M | +11.1% | — |
| MODL VictoryShares WestEnd U.S. Sector ETF · different strategy | 33% | 0.46% | $1.02B | +11.9% | +23.8% |
| IWL iShares Russell Top 200 ETF · different strategy | 33% | 0.15% | $2.19B | +12.5% | +25.5% |
Questions investors ask
Does SWP pay monthly dividends?
No. SWP pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $2.62 per share, a trailing yield of 9.52%. Part of the fund's income comes from selling covered call options, and that income is usually taxed as ordinary income rather than as qualified dividends. A trailing yield shows what the fund paid in the past. Future payouts can be higher or lower.
What is the SWP ETF expense ratio?
SWP's expense ratio is 0.99%, according to its prospectus filed December 17, 2025. That is all management fee, with no waiver. The average for similar funds is 0.32%. In the SEC's standard example, $10,000 earning 5% a year would cost $101 in fees after one year and $1,213 after 10 years. If the fund buys other ETFs, holders also pay those funds' fees indirectly.
What's the difference between SWP and CGDV?
Both funds own large dividend-paying stocks, and about 38% of their holdings overlap based on their latest N-PORT reports. Capital Group Dividend Value ETF (CGDV) follows a different strategy and does not share SWP's covered call approach. CGDV charges 0.33% a year versus SWP's 0.99%. CGDV had about $38.7 billion in net assets, compared with about $150 million for SWP, as of August 31, 2026. CGDV returned 15.9% over one year as of October 30, 2026. SWP returned 6.9% as of October 27.
Is SWP a covered call ETF?
Partly. SWP is mainly an actively managed stock fund. Its main goal is long-term growth, and income comes second. The managers sell covered calls on some holdings when they see an opportunity, rather than on the whole portfolio. As of August 31, 2026, the fund had 30 option positions, which were worth -0.25% of assets. The premiums add income, but the fund gives up gains on a stock if it rises above the option's strike price.
How has SWP ETF performed since it launched?
SWP has a short record. It returned 16.88% in 2025, its only full calendar year. It was up 5.98% for 2026 through October 27 and up 6.9% over the year to that date. Its deepest drop was 16.4%, from February to April 2025, and it recovered in about 2.8 months. Its one-year return ranked last among nine similar funds. The prospectus does not yet report official multi-year performance.