WHITEWOLF Publicly Listed Private Equity ETF (LBO) Holdings

For informational purposes only. Not financial advice.

Quick Answer

WHITEWOLF Publicly Listed Private Equity ETF (LBO) has a last stored price of $23.93, as of the Oct 2, 2026 trading session. It has a 6.71% expense ratio and $10M in assets under management.

Holdings and weights below are as of Mar 15, 2026. In the stored portfolio snapshot, the largest listed holding is Ares Capital Corp (ARCC) at 11.01%, and the largest sector allocation is Financial Services at 97.3%.

WHITEWOLF Publicly Listed Private Equity ETF (LBO) ETF — Price, Holdings & Analysis

ETF Overview

LBO is designed to provide investors with exposure to the private equity market through publicly traded companies. The fund operates by investing at least 80% of its net assets in U.S. listed private equity firms, encompassing Leverage Finance Providers, Buyout Firms, Sponsors, and Asset Managers. This concentrated approach aims to capture the performance of the private equity sector within a liquid, exchange-traded format. The ETF's top holdings reflect this strategy, with significant allocations to Ares Capital Corp (11.01%), Apollo Global Management Inc (8.20%), and Blackstone Secured Lending Fund Ordinary Shares (7.82%). The fund's sector allocation is heavily weighted towards Financial Services (97.3%), with a smaller allocation to Industrials (2.7%). LBO is non-diversified, meaning it concentrates its investments in a smaller number of companies compared to a diversified ETF. This strategy is designed for investors seeking targeted exposure to the private equity space.

Risk Metrics

LBO presents several risk factors that investors may want to research. The fund's non-diversified status means that its performance is closely tied to the performance of a relatively small number of holdings, increasing concentration risk. The heavy allocation to the Financial Services sector (97.3%) exposes the fund to sector-specific risks, such as changes in interest rates, regulatory policies, and economic conditions affecting financial institutions. With a beta of 0.00 (3Y), the fund has demonstrated very low volatility relative to the market, but this may not persist. The high expense ratio of 6.71% significantly reduces net returns, creating a substantial expense drag compared to other equity ETFs. Investors should carefully weigh these risks against their investment objectives and risk tolerance. Past performance does not guarantee future results.

Beta: 0.00

Expense Ratio

6.71%

What does LBO hold?

Holding	Weight
Ares Capital Corp (ARCC)	11.01%
Apollo Global Management Inc (APO)	8.20%
Blackstone Secured Lending Fund Ordinary Shares (BXSL)	7.82%
Hercules Capital Inc (HTGC)	7.14%
KKR & Co Inc Ordinary Shares (KKR)	7.11%
Blue Owl Capital Inc Ordinary Shares - Class A (OWL)	5.40%
Golub Capital BDC Inc (GBDC)	5.29%
BlackRock Inc (BLK)	5.20%
The Carlyle Group Inc (CG)	4.95%
Ares Management Corp Ordinary Shares - Class A (ARES)	3.90%

Holdings and weights as of Mar 15, 2026. This fund data is more than 45 days old; verify current holdings with the issuer.

How Is the Fund Allocated?

Sector	Weight
Financial Services	97.3%
Industrials	2.7%

Country	Weight
United States	94.3%
Canada	3.2%
Other	2.6%

Dividend Yield

0.00%

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State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
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State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
WisdomTree Emerging Markets ESG Fund (DVEM) — 0.32% expense ratio
Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) — 0.59% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

Questions & Answers

What is LBO and what does it track?

The WHITEWOLF Publicly Listed Private Equity ETF (LBO) is an actively managed fund that aims to invest in U.S. publicly listed private equity companies. It focuses on companies categorized as Leverage Finance Providers, Buyout Firms, Sponsors, and Asset Managers.

The fund seeks to provide investors with exposure to the private equity market through publicly traded entities.

What is the expense ratio for LBO?

The expense ratio for LBO is 6.71%. This is significantly higher than the average expense ratio for equity ETFs, which is around 0.44%.

The high expense ratio means that investors will pay $67.10 annually for every $1,000 invested in the fund. This high cost can significantly impact the fund's overall return, especially over the long term, and should be carefully considered by potential investors.

What are the top holdings in LBO?

The top holdings in LBO, as of 2026-03-15, include Ares Capital Corp (ARCC) at 11.01%, Apollo Global Management Inc (APO) at 8.20%, and Blackstone Secured Lending Fund Ordinary Shares (BXSL) at 7.82%.

Other significant holdings are Hercules Capital Inc (HTGC) at 7.14% and KKR & Co Inc Ordinary Shares (KKR) at 7.11%.

Is LBO a good long-term investment?

Whether LBO is a suitable long-term investment depends on an individual's investment goals, risk tolerance, and understanding of the private equity market. The fund's high expense ratio of 6.71% can significantly impact long-term returns.

Its concentrated holdings and focus on the financial services sector also introduce specific risks.

How does LBO compare to similar ETFs?

LBO distinguishes itself with its specific focus on publicly listed private equity companies, a niche within the broader equity ETF landscape.

Its expense ratio of 6.71% is considerably higher than many broad-based equity ETFs and even some specialized financial sector ETFs. With AUM of $0.01 billion, LBO is relatively small compared to more established ETFs.

Does LBO pay dividends?

As of 2026-03-15, the WHITEWOLF Publicly Listed Private Equity ETF (LBO) has a dividend yield of 0.00%. This indicates that the fund is not currently distributing any dividends to its shareholders.

Investors seeking income-generating investments may need to consider other ETFs with a history of dividend payments.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Data provided for informational purposes only.

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