CCOR vs TOAK

CCORDCore Alternative ETF

TOAKATwin Oak Short Horizon Absolute Return ETF

In short

CCOR Hedged equity that buys its hedge instead of selling calls: about 40 large-cap growth and quality names ringed by long S&P 500 put options, aiming for low correlation to the broad market. Active since 2017.

TOAK Shelved with low-volatility equity funds, TOAK owns no stocks. It runs a paired options book with a zero-to-one-year horizon, each position's maximum loss limited to the premium paid, at 0.26% net of a waiver through September 30, 2027.

Stated mandate

CCOR The Fund seeks capital appreciation and preservation with low correlation to the broader U.S. equity market. It combines a concentrated large-cap long-equity portfolio with S&P 500 put options intended to reduce downside risk and seek positive returns during equity declines.

TOAK The Fund seeks capital appreciation with low price volatility, which the Adviser describes as stable returns. It pursues this through defined-risk options intended to generate an absolute return over a short, zero-to-one-year duration.

Why people hold it

• CCOR The protection is purchased, not financed by giving away upside. Long index puts sit beside the stock sleeve, intended to cushion sharp declines and seek gains when equities fall.
• Built to march to its own drum: the stated goal is capital appreciation plus preservation with low correlation to the broad U.S. market, not a closet S&P 500 clone.
• Concentrated and genuinely active. Roughly 40 U.S. large caps picked for growth and quality, with no index to hug.
• A 2017 launch means a long live record through real selloffs, not a backtest.

• TOAK Defined risk is written into the strategy: the most any single option position can lose in an expiry period is the premium paid, and the fund states it uses no leverage and sells no naked options.sec.gov
• 0.26% net of a waiver through September 30, 2027 (0.46% gross) sits below the category median and under peers such as LOWV at 0.39% and SIXL at 0.46%.
• Long calls are always paired with long puts (and call spreads with put spreads), legs that tend to move against each other. That pairing is the stated engine behind the low-volatility half of the mandate.sec.gov
• Different wiring from its shelf-mates: an absolute-return options sleeve on broad US equity exposure rather than a screened basket of defensive stocks, and it stands in the upper half of that peer group.sec.gov

Worth knowing

• CCOR Options expertise costs 1.16% a year, above the norm for low-volatility peers, with no waiver trimming it. SELV charges 0.15% and CGCV 0.33%.
• Small fund, light trading. Spreads can run wider than in big peers, which makes limit orders the usual tool here.
• A standing put position costs premium every year. That is the price of the cushion, and it weighs on results in calm, grinding rallies.

• TOAK Launched in 2024, so the track record is short and covers only one market stretch. It is also a smaller fund than most names on this shelf.
• Thinly traded for its category, so bid-ask spreads can run wider than the big liquid names. Limit orders matter more here.
• No income stream: the fund has not been paying distributions, so whatever the options book produces shows up in share price, not as yield.

Full CCOR profile⁠

Full TOAK profile⁠