Acruence Active Hedge U.S. Equity ETF
XVOL
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- Acruence Active Hedge U.S. Equity ETF (XVOL) is an actively managed exchange-traded fund that seeks capital appreciation with reduced volatility compared to the S&P 500 Index by investing primarily in U.S. large-cap equity securities and employing proprietary options strategies. The fund, launched on April 21, 2021, and listed on the Cboe BZX Exchange, holds a portfolio of 40 to 80 equity securities comprising dividend-paying companies selected for yield, relative debt levels, and price-to-earnings ratios, as well as growth-oriented companies chosen for earnings and sales growth; both components derive from industries analyzed for relative strength, institutional ownership trends, earnings changes, and debt-to-equity ratios within the S&P 500 universe, with overall equity exposure typically ranging from 50% to 95%. Volatility reduction incorporates a proprietary algorithm-driven purchase of VIX options contracts, alongside potential collar, vertical spread, covered call, and box trade strategies, with U.S. Treasury securities held for margin requirements; up to 20% of assets may be allocated to a Cayman Islands subsidiary focused on VIX options. Headquartered through its adviser Tidal Investments LLC in Milwaukee, Wisconsin, and sub-advised by Acruence Capital, LLC in Dallas, Texas, the fund targets institutional and retail investors seeking lower-risk U.S. equity exposure and operates exclusively in the United States market. Recent developments include a sub-adviser-led shift in principal investment strategies prior to April 28, 2023, a 2022 transfer from NYSE to Cboe BZX Exchange, and an expense ratio adjustment to 0.86% as of the July 2024 prospectus.