STF Tactical Growth & Income ETF
TUGN
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- STF Tactical Growth & Income ETF (TUGN) is an actively managed exchange-traded fund that seeks long-term growth of capital and monthly income with downside mitigation by tactically allocating among U.S. equity securities or ETFs replicating the Nasdaq-100 Index, long-duration U.S. Treasury securities or related ETFs, short-term U.S. Treasury bills, money market funds, and cash equivalents; it also opportunistically employs an options spread strategy involving selling call options on the Nasdaq-100 Index collateralized by equity holdings and purchasing longer-dated call options to generate premium income and provide a downside buffer. The fund utilizes STF Management LP's proprietary TUG Model, which employs quantitative trend-following, volatility, momentum metrics, and rates of change in asset class price action and correlation to adjust allocations between equities and fixed income, reducing equity exposure in bearish environments while remaining invested in bullish ones; options typically have one-month expirations with strike prices at or above current levels for sold calls and higher for purchased calls, all cash-settled on national exchanges. STF Management LP, headquartered in Frisco, Texas, serves as investment adviser with portfolio managers Jonathan Molchan and Thomas Campbell since the fund's inception on May 18, 2022; the ETF trades on Nasdaq, maintains a 0.65% expense ratio, and as of late 2025 holds approximately 100-106 securities with assets under management around $64-73 million. In March 2025, STF Management LP signed a definitive agreement with Hennessy Advisors, Inc. for the sale of TUGN and sister fund STF Tactical Growth ETF (TUG), involving approximately $220 million in combined assets, with the transaction expected to close in Q3 2025, reorganize the funds under Hennessy Funds Trust, and rename them Hennessy Tactical Growth & Income ETF and Hennessy Tactical Growth ETF, enhancing Hennessy's ETF lineup while retaining Molchan as portfolio manager. The fund targets investors seeking systematic, data-driven risk management to replace or augment traditional stock-bond portfolios across U.S. developed markets, with non-diversified status allowing concentrated positions and active trading yielding 57% portfolio turnover for the fiscal year ended March 31, 2025.