LBO
WHITEWOLF Publicly Listed Private Equity ETF
WHITEWOLF Publicly Listed Private Equity ETF invests primarily in publicly traded companies that engage in private equity investment strategies, aiming to provide investors with exposure to the performance of private equity markets.
US
EQUITY
Active
MANAGEMENT STYLE
8.6 M
ASSETS UNDER MGMT
70 bp
EXPENSES
Fund Basics
| Fund sponsor | WHITEWOLF |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 30, 2023 |
| Assets (mns) | $9 |
| Expense ratio | 70 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ARES CAPITAL CORP | 10.8 % |
| BLACKSTONE SECURED LENDING FUND | 9.0 % |
| HERCULES TECHNOLOGY GROWTH | 8.3 % |
| ARES MANAGEMENT LP | 5.7 % |
| FS INVESTMENT CORP | 5.7 % |
| GOLUB CAPITAL BDC INC | 5.6 % |
| BLACKSTONE GROUP LP/THE | 4.6 % |
| KKR & CO LP | 4.4 % |
| APOLLO GLOBAL MANAGEMENT INC. | 4.2 % |
| CARLYLE GROUP/THE | 3.6 % |
Constituent Breakdown
| Number of holdings | 36 |
| Herfindahl-Hirschman Index | 512 |
| Wgt avg mkt cap (mns) | $21,626 |
| Large cap (>$10bn) | 35.6% |
| Mid cap ($2-10bn) | 23.6% |
| Small cap (<$2bn) | 15.9% |
| Developed mkts. | 85.1% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 85.5 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -12.9% | -17.0% | 6.6% | -- | -- | -- | -- | 6.6% |
| Dividend Yield | 1.3% | 1.2% | 3.8% | -- | -- | -- | -- | 3.8% |
| Total Returns | -11.6% | -15.7% | 10.4% | -- | -- | -- | -- | 10.4% | Ann. Volatility | 24.5% | 23.9% | 20.1% | -- | -- | -- | -- | 20.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.03 | 71% |
| MSCI EAFE | 0.99 | 47% |
| MSCI Emg Mkts | 0.83 | 38% |
Liquidity Measures
| Avg. volume (000) | 6 |
| ADV traded (mns) | $0 |
| Turnover | 2.1% |
| Avg. Bid/Ask (% of price) | 0.21% |
Technical Indicators
| 30d moving avg. (EMA) | $28.25 |
| Relative strength (RSI) | 49 |
| MACD/Signal | -0.08/-0.21 |
| Bollinger Bands (Upper/Lower) | $28.79/$27.25 |
| Short interest (% of AUM) | 2.3% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. LBO |
Expenses vs. LBO |
ALTAR Score™ vs. LBO |
|---|---|---|---|---|
| PEX | ProShares Global Listed Private Equity ETF | 36.1% | +11 bp | +11.2% |
| BIZD | VanEck BDC Income ETF | 35.3% | -59 bp | +11.5% |
| GPZ | VanEck Alternative Asset Manager ETF | 31.9% | -30 bp | +4.7% |
| AAUM | Tema Alternative Asset Managers ETF | 31.6% | +29 bp | +3.5% |
| PSP | Invesco Global Listed Private Equity ETF | 24.9% | +36 bp | +6.2% |
| KCE | State Street SPDR S&P Capital Markets ETF | 13.0% | -35 bp | +6.3% |
| PFI | Invesco Dorsey Wright Financial Momentum ETF | 12.6% | -10 bp | +5.0% |
| KBWD | Invesco KBW High Dividend Yield Financial ETF | 12.2% | +314 bp | +14.1% |
Risk and Returns: LBO vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/5/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
LBO
9.3%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 1021 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.3%. LBO's ALTAR Score™ is approximately
1.6 standard deviations
above
the category average. This places LBO in the 94th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
LBOSELL
U/W
HOLD
O/W
BUY