At a glance
TSPX charges 1.04% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $243.7M in assets, the 8th largest of that group.
The short version
Twin Oak Active Opportunities ETF (TSPX) is an actively managed fund of funds, meaning it owns other funds. Its adviser can shift between stocks, bonds and cash. As of August 31, 2026, about 83% sat in Vanguard S&P 500 ETF (VOO) and roughly 16% in two ultra-short bond ETFs. Its 1.04% expense ratio is high for a portfolio that closely resembles a simple stock-heavy index mix.
Price history
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TSPX — 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 | |
|---|---|---|---|---|---|---|
| TSPX price data to Oct 27, 2026 | +4.1% | — | — | — | — | — |
- The deepest fall in its price history was 2.6% (Jul 10, 2026 to Jul 29, 2026), recovered by Aug 3, 2026.
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Aug 31, 2026, the fund held 3 securities; the ten largest made up 99.87% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 83.44% | |
| JPMorgan Ultra-Short Income ETF | 8.66% | |
| iShares Ultra Short Duration Bond Active ETF | 7.76% |
By country
United States 99.87%By asset type
Stocks 99.87%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $33.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.72%, +0.01%, +2.18%.
How it works
TSPX does not track an index. Its adviser, Twin Oak ETF Company, picks investments to pursue long-term capital appreciation, meaning growth in value rather than income. The prospectus lets it own stocks of small, medium and large companies. It can also own government or corporate bonds of any maturity and credit quality, including below-investment-grade ("junk") bonds. It may hold these directly or through other ETFs, including ETFs the adviser manages. It may also use derivatives to get similar exposure.
The adviser pairs "bottom-up" research on individual securities with a "top-down" view of risk across the whole portfolio. It moves money between stocks and bonds as it sees opportunities. It may put all assets in one asset class, or hold cash for defensive reasons. Exchange Traded Concepts, the sub-adviser, handles trading and proxy voting.
As of August 31, 2026, the fund held just three funds: Vanguard S&P 500 ETF at 83.4%, JPMorgan Ultra-Short Income ETF at 8.7% and iShares Ultra Short Duration Bond Active ETF at 7.8%. Cash made up 0.16%. Turnover was 2%, so trading was light. Because TSPX owns other funds, the prospectus notes that holders indirectly bear those funds' fees too. It is also "non-diversified," so it can concentrate in a few issuers.
What it really costs
- TSPX charges 1.04% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $106 in the first year and $1,271 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSPX | $106 | $331 | $574 | $1,271 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
As of August 31, 2026, about 83% sat in an S&P 500 fund and the rest in ultra-short bond funds, so it works as a broad, stock-heavy allocation rather than a niche bet.
TSPX has no record through a major downturn. It launched on February 20, 2025, but its price history starts June 9, 2026. It missed the 2008, 2020 and 2022 sell-offs and has no full calendar year of results. Its deepest drop in that window was 2.6%, from July 10 to July 29, 2026, and it recovered by August 3. With about 83% in an S&P 500 fund as of August 31, 2026, a broad stock decline would likely pull it down sharply. The exception is if the adviser had already moved toward bonds or cash. That judgment call could help or hurt someone drawing money in a bad year. Its trailing 12-month yield was 0% as of October 27, 2026, and it costs 1.04% a year. 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 a manager to set the stock-bond mix, knowing about 83% sat in an S&P 500 fund as of August 31, 2026.
- Those willing to pay a 1.04% expense ratio for active allocation decisions between stocks, ultra-short bonds and cash in one ticker.
- Long-term savers seeking growth rather than income, since the fund targets capital appreciation and yielded 0% over 12 months to October 27, 2026.
Look elsewhere if
- Cost-focused investors: TSPX's largest holding, Vanguard S&P 500 ETF, can be owned directly without TSPX's 0.99% management fee layered on top.
- Retirees needing regular income; the trailing 12-month yield was 0% as of October 27, 2026, and any payouts are expected only annually.
- Anyone wanting a tested track record; price history starts June 9, 2026, and the fund has not been through a bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TSPX this fund | 1.04% | $243.7M | — | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What's the difference between TSPX and VOO?
TSPX is an actively managed fund that owned VOO as its largest holding: 83.4% of assets as of August 31, 2026. Most of the rest was in two ultra-short bond ETFs. VOO simply tracks the S&P 500. TSPX's adviser can shift between stocks, bonds and cash, which VOO cannot. The trade-off is cost. TSPX charges a 1.04% expense ratio, and its prospectus notes that owning it costs more than owning the underlying funds directly.
Is TSPX good for retirement?
It depends on the portfolio's needs. TSPX offers a stock-heavy mix, and its manager can move toward bonds or cash. Its record is short, though: price history starts June 9, 2026, and it has not been through a bear market. It paid no yield over the 12 months to October 27, 2026, and costs 1.04% a year. It may suit growth-focused savers more than retirees who rely on regular income.
Does TSPX pay dividends?
Not over the most recent year. TSPX's trailing 12-month yield was 0% as of October 27, 2026, and any distributions are expected once a year. That fits its stated goal of long-term capital appreciation rather than income. Investors who need regular cash payouts may want to compare TSPX with funds built around dividends or bond interest.
What is TSPX's expense ratio?
TSPX's expense ratio is 1.04%, including a 0.99% management fee, according to its prospectus filed September 25, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would be about $106 after one year, $331 after three, $574 after five and $1,271 after ten. As a fund of funds, it adds a layer of cost over owning the underlying ETFs directly.
Is TSPX a buffer ETF?
No. TSPX is an actively managed fund of funds, not a defined-outcome fund. Buffer ETFs such as FT Vest Laddered Buffer ETF (BUFR) use options to absorb part of a market loss in exchange for capping gains. TSPX held no derivatives as of August 31, 2026. Any downside protection comes only from the adviser's ability to shift toward bonds or cash, and that isn't guaranteed.