SELV vs TOAK

SELVASEI QiM US Large Cap Low Volatility Active ETF

TOAKATwin Oak Short Horizon Absolute Return ETF

In short

SELV Active low-volatility large cap at index-fund pricing. SEI scores Russell 1000 names on volatility, momentum, quality and value, then holds roughly 90 of them, aiming for a smoother ride than the broad U.S. large-cap market.

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

SELV The Fund seeks long-term capital appreciation while targeting lower volatility than the broad U.S. large-cap equity market.

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

• SELV 0.15% a year, well under the typical low-vol competitor, and the cheapest of the top-graded funds in its group (CGCV 0.33%, LOWV 0.39%).
• Not a one-trick screen. The model blends low volatility with momentum, quality and value, so cheap and improving names can make the cut, not just the sleepiest ones.
• Roughly 90 stocks against a Russell 1000 reference: genuinely active positioning, not a closet index wearing a defensive label.
• Rates as one of the stronger implementations in a small defensive-equity peer group, largely on price discipline.

• 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

• SELV Thinly traded. Spreads can run wider than the household-name low-vol funds, and bigger orders take patience.
• Lower volatility is the target, not a floor. The fund still owns stocks and can fall with the market, and defensive tilts tend to trail in fast, speculative rallies.
• Launched in 2022, so the live record is short and the asset base stays modest next to the category's giants.

• 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 SELV profile⁠

Full TOAK profile⁠