---
title: "RBB Fund Trust files to register The Inflation Protection ETF, fee still blank"
url: "https://etf.net/news/rbb-fund-trust-files-to-register-the-inflation-protection-etf-fee-still-blank-2026-10-01"
published_at: "2026-10-01T13:32:32.986Z"
updated_at: "2026-10-01T13:32:32.986Z"
byline: "ETF.net Research"
---

# RBB Fund Trust files to register The Inflation Protection ETF, fee still blank

RBB Fund Trust filed on September 30 to register The Inflation Protection ETF for Twin Oak, with effectiveness requested for December 14.

By ETF.net Research. Published Oct 1, 2026.

RBB Fund Trust filed on Wednesday, September 30, to register The Inflation Protection ETF for Twin Oak ETF Company. The proposed fund would seek short-term fixed-income exposure and an inflation hedge whose notional amount, the size of the exposure rather than the cash posted, may substantially exceed the fund's assets. The registration is not yet effective.

The goal, in the prospectus's words, is "to provide fixed income exposure while hedging against rising inflation in order to protect purchasing power."

Under normal circumstances, at least 80% of net assets, plus any money borrowed to invest, would go into fixed-income instruments and into funds that invest mainly in them. That list runs from Treasuries, US government agency securities and investment-grade corporate bonds to commercial paper, cash, and shares of Twin Oak's other fund, Twin Oak Short Horizon Absolute Return ETF TOAK. It seeks an average effective duration of less than one year. A portfolio with a duration of one year, the prospectus says, would be expected to fall about 1% in value for each 1% rise in interest rates.

TOAK can sit inside that 80%. The prospectus describes it as seeking capital appreciation with low price volatility. Its latest holdings are almost entirely options on Invesco QQQ Trust, which tracks the Nasdaq-100: a call at about 73% of assets and a put at about 27%.

The inflation hedge is managed separately from that rate exposure. The prospectus says the fund would use instruments linked to the consumer price index, including inflation swaps, options on the index, inflation futures, and Treasury inflation-protected securities. They are meant to rise in value when inflation comes in above the expectations already in market prices when a position is opened.

On an inflation swap, the fund pays a fixed rate and receives a payment tied to the change in that index over the same period. If the index change is smaller than the fixed rate, the fund pays the difference.

The prospectus says the notional amount of that exposure may substantially exceed the fund's net assets. It also says losses on the derivatives can exceed the amount invested.

Twin Oak ETF Company would advise the fund, and Enduring Investments would run the inflation hedge. Exchange Traded Concepts would trade the portfolio and cast proxy votes on the holdings, under the adviser's supervision. Zachary Wainwright of Twin Oak and Michael Ashton of Enduring Investments would manage the fund day to day.

The fee table leaves the management fee blank, and the cost of any other funds the portfolio might buy is blank too. The lines it fills in are a 0.00% distribution fee and other expenses estimated at 0.00%.

The cover names Cboe BZX as the exchange and puts the ticker CPI in brackets, so those letters are proposed, not assigned. The SEC's record of the filing shows no ticker. CPI last belonged to IndexIQ's IQ Real Return ETF, which IndexIQ said would stop trading after Tuesday, December 12, 2023.

The trust filed this as a Rule 485(a) amendment and asked for effectiveness 75 days later, which falls on Monday, **December 14**. The cover says the prospectus is not complete and may still be changed. Shares would be offered as soon as practicable after the registration becomes effective.

## What a reader can buy today

The listed fund that already pairs inflation swaps with Treasury inflation-protected securities is American Beacon Ionic Inflation Protection ETF CPII. Trading since June 2022, it holds $11.4 million and charges 0.7%.

Chart: CPII's largest position is a CPI swap at **101%** of assets

Principal Inflation Protection ETF RIZE is the similarly named fund already trading. It holds inflation-protected Treasuries, aims for a duration near zero, and Principal says it uses derivatives to manage that duration. It charges 0.19%, holds $10.9 million, and listed this May.

iShares Inflation Hedged Corporate Bond ETF LQDI hedges investment-grade corporate bonds with inflation swaps, rather than the sub-one-year mix in this registration. It has been listed since 2018 and holds $65.9 million. BlackRock lists a 0.33% gross expense ratio and a 0.18% net expense ratio.

The plain fund of inflation-linked Treasuries is a different size. iShares TIPS Bond ETF TIP holds $14.3 billion.

The blank management fee is the price Twin Oak has yet to put on that kind of hedge. A reader can set it beside the 0.7% that CPII already charges.

Source: etf.net, https://etf.net/news/rbb-fund-trust-files-to-register-the-inflation-protection-etf-fee-still-blank-2026-10-01. Please cite the page URL.