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Launched · SEC filings

WHITEWOLF Publicly Listed Private Equity ETF

LBOCboeD

$25.41+0.67 (+2.69%)

As of Nov 2, 2026, 3:59 PM ET

D34/ 100

Rank 11 of 12 in Listed Private Markets

D34/100Rank 11 of 12inListed Private Markets
Intraday session: up, 78 prints from 24.74 to 25.41. Range 25.02 to 25.68. Use the arrow keys to read each point.25.0025.2025.6010 AM12 PM2 PM4 PM
Expense ratio
6.53%
Fund size
$6M
1Y total return
−6.3%
Yield · Last 12 months
6.35%
Holdings
38
Avg volume · 30D
1.03K sh
52W range
low $22.52high $30.76
Launched
Filings
SEC EDGAR

The ETF.net LBO Grade

Based on 5 of 6 pillars

D

Score 34 out of 100

Category
Listed Private Markets⁠
Rank
11 of 12
Six-pillar profile for LBO. Scores out of 100: Cost 35, Risk 26, Mission not scored, Tradability 32, Holdings 54, Durability 18. Strongest: Holdings (54). Weakest: Durability (18). Based on 5 of 6 pillars.

Score 34 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D35 out of 100
    Rank 8 of 12

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D26 out of 100
    Rank 10 of 12

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D32 out of 100
    Rank 11 of 12

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C54 out of 100
    Rank 6 of 11

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F18 out of 100
    Rank 12 of 12

Our read on LBO

ETF.net Research

In short

DLBO plays both sides of the buyout trade: the sponsors doing the deals and the BDCs financing them. Its 6.53% headline cost is mostly the pass-through fees of those BDCs, not the adviser's own.

Stated mandate

The actively managed fund seeks long-term capital appreciation and current income. It normally invests at least 80% of net assets in U.S.-listed private-equity companies, including leverage-finance providers and buyout, sponsor, and asset-management firms.

Why people hold it

  • Owns the whole buyout chain: listed buyout firms, sponsors and asset managers plus the leverage providers, with at least 80% of net assets in US-listed private equity companies.sec.gov
  • Income is half the mandate. The fund seeks long-term capital appreciation and current income, and it pays quarterly.
  • Peers pick a lane: GPZ at 0.40% buys alternative asset managers, BIZD at 9.69% buys BDCs. LBO takes both ends of the deal in one actively managed ticker.
  • Runs unlevered at the fund level and rebalances and reconstitutes at least quarterly, with a live track record since 2023.alphaarchitect.com

Worth knowing

  • Expensive on paper: 6.53% total, above the category median, no fee waiver. Most of it is acquired fund fees from the BDCs it holds, a cost you also bear owning them directly.sec.gov
  • A small fund that trades lightly, so spreads can be wider and limit orders carry more weight than with a mega-fund.
  • Non-diversified and entirely financials: a handful of large positions set the tone, and the lending side tracks the credit cycle.sec.gov

LBO Performance

Launched Nov 29, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
LBO$9,367
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. LBO $9,367. SPY $11,199. Use the arrow keys to read each point.$8,000$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for LBO. Periods over one year show the average yearly return.
PeriodLBO
Year to date−10.8%
1 month+3.0%
3 months−0.4%
1 year−6.3%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for LBO
YearReturn barLBO
2026 YTD−10.8%
2025−6.4%
2024+30.9%
2023+7.6%

Since listing, Nov 29, 2023

LBO in the news

LBO Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
6.35%Last 12 months
Payout per share
$1.57Last 12 months
Last payment
$0.34 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 12 payments from 2023 to 2026 YTD. Dec 28, 2023 $0.32; Mar 26, 2024 $0.35; Jun 27, 2024 $0.48; Sep 27, 2024 $0.47; Dec 30, 2024 $0.62; Mar 28, 2025 $0.35; Jun 27, 2025 $0.61; Sep 29, 2025 $0.44; Dec 23, 2025 $0.63; Mar 30, 2026 $0.26; Jun 29, 2026 $0.34; Sep 28, 2026 $0.34. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 28, 2026Sep 30, 2026$0.34
Jun 29, 2026Jun 30, 2026$0.34
Mar 30, 2026Mar 31, 2026$0.26
Dec 23, 2025Dec 24, 2025$0.63
Sep 29, 2025Sep 30, 2025$0.44
Jun 27, 2025Jun 30, 2025$0.61
Mar 28, 2025Mar 31, 2025$0.35
Dec 30, 2024Dec 31, 2024$0.62
Sep 27, 2024Sep 30, 2024$0.47
Jun 27, 2024Jun 28, 2024$0.48
Mar 26, 2024Mar 28, 2024$0.35
Dec 28, 2023Jan 3, 2024$0.32

$10,000 in LBO 1 year ago paid $560 in dividends.

LBO Risk

Risk pillarD26 out of 100Rank 10 of 12 in Listed Private Markets
How much the fund’s monthly returns vary, scaled to a year.
19.5%
Annualised · 35 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.15
vs 3-month T-bills · 35 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−31.4%
35 months · trough Mar 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.90
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

LBO Cost

Compare LBO and GPZ

Overpaying vs GPZ, cheapest in Listed Private Markets

$56,522

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • LBO 6.53%

    $64,612

  • GPZ 0.40% Cheapest

    $8,090

$10,000
30 years

Cost over time

  • LBO 6.53%
  • GPZ 0.40%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$20K$40K$60K$80K051015202530LBO $64,612GPZ $8,090

Year by year

YearLBOGPZOverpaying
10$9,191$723$8,468
20$27,714$2,793$24,921
30$64,612$8,090$56,522

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