IQ

TOAK Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF

$29.20
0.0% · 1 day, price

Over the year to Oct 27, 2026, TOAK returned 3.6%. When the S&P 500 fell, it fell 2% as much.

Hedged equity fund: owns stocks and pays for protection against a fall, most often with put optionsManager Directed Portfolios Expense ratio 0.26%Fund assets $90m net assets, latest filing (May 31, 2026)First traded Aug 20, 2024SEC filings ↗

Promise check: DeliveredIn the 52 weeks to Oct 27, 2026, TOAK moved 1.9% as much as the S&P 500 in the 25 weeks it fell.

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TOAK risk and return scorecard

vs its benchmark

Not measured: no ETF prices its benchmark (none named).

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

What you earned

TOAK +0.4%: total return over one month to Oct 27, 2026.
TOAK+0.4%
TOAK +0.9%: total return over three months to Oct 27, 2026.
TOAK+0.9%
TOAK +1.8%: total return over six months to Oct 27, 2026.
TOAK+1.8%
TOAK +2.9%: total return over the year to Oct 27, 2026.
TOAK+2.9%
TOAK +3.6%: total return over one year to Oct 27, 2026.
TOAK+3.6%
TOAK +8.9%: total return since launch to Oct 27, 2026.
TOAK+8.9%
askIQ: what drove TOAK’s returns? ↗

How concentrated, and what does it cost?

+0.17
Correlation with the S&P 500
Report
+0.04
Beta to the S&P 500
Report
1.9%
Down-week capture
Report
−0.1 pts
Against T-bills, 52 weeks
Report
Sector mix
Cost against like funds
askIQ: is a 0.26% fee low for a fund like TOAK? ↗

More on TOAK

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Price, 1 year

$29.200.0%1 day, priceClose, Oct 27, 2026

Price only. No distribution was paid over these days, so total return is the same. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 27, 2026. Updated every trading night. Report a data error

TOAK returns by window: total return, cash paid and price change
WindowTotal returnS&P 500 (SPY)
1M Sep 25 – Oct 27, 2026+0.4%−0.2%
3M Jul 28 – Oct 27, 2026+0.9%+4.1%
6M Apr 28 – Oct 27, 2026+1.8%+8.7%
YTD Dec 31, 2025 – Oct 27, 2026+2.9%+13.7%
1Y Oct 27, 2025 – Oct 27, 2026+3.6%+13.5%
Since launch Aug 20, 2024 – Oct 27, 2026+8.9%+41.4%
Since launch, annualised Aug 20, 2024 – Oct 27, 2026+4.0%–

Total returns, distributions reinvested. Listed Aug 2024: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested. Report a data error

Fell 2% as much as the S&P 500
Fell 2% as much as the S&P 500TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.SPY−1.10%TOAK−0.02%Average week when SPY fell: 25 of 52, year to Oct 27, 2026Fell 2% as much as the S&P 500TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.SPY−1.10%TOAK−0.02%Average week when SPY fell

TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.

79.5
IQ Alternatives ScoreETFIQ Stock Diversification Score5th of 22 · Oct 27, 2026
8.0 · lowest of 22 equity hedged alternatives ETFs with a full year97.7 · highest

How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed

TOAK’s weekly returns had a correlation of +0.17 with the S&P 500, and in the weeks the index fell its down-week capture was 1.9%. Over the same 52 weeks it finished 0.1 points behind T-bills.

correlation with the S&P 500+0.17 · 80th pct
down-week capture against the S&P 5001.9% · 80th pct
All 22 ranked by this score →

TOAK key stats

52-week high, daily closes to Oct 27, 2026 (ETFIQ)$29.27 on May 12, 2026
52-week low, daily closes to Oct 27, 2026 (ETFIQ)$28.19 on Nov 4, 2025
Close on Oct 27, 2026, within that range (ETFIQ)$29.20, 94% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Aug 18, 2026
Trading · TOAKas of Aug 18, 2026
·
Not scored1 of 6 measured · Aug 18, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

How much does it diversify a stock portfolio?

Correlation with the S&P 500
QBER −0.68TAIL −0.67CAOS −0.22CCOR +0.01HOLA +0.69HEDG +0.85HEQQ +0.87QBUL +0.87SHDG +0.88KSPY +0.89ATTR +0.91QTR +0.91HELO +0.94HEQT +0.94PHEQ +0.94FHEQ +0.97HEGD +0.97ZHDG +0.97ACIO +0.98THEQ +0.99XTR +0.99TOAK +0.17TOAK +0.17−0.68+0.99
−0.68 to +0.99 across 22 · Its percentile 79.5 · Weight 50%

79.5% of the 22 sit at or above TOAK on this measure.

Down-week capture against the S&P 500
QBER −13.8%TAIL −8.5%CAOS −4.3%CCOR −0.7%ATTR 12.8%HEDG 19.4%QBUL 31.2%PHEQ 32.7%KSPY 38.4%HOLA 39.0%HEQT 47.4%HELO 55.6%SHDG 63.9%HEGD 73.2%THEQ 75.9%HEQQ 77.8%ACIO 82.5%FHEQ 83.7%XTR 97.1%ZHDG 97.8%QTR 157.8%TOAK 1.9%TOAK 1.9%−13.8%157.8%
−13.8% to 157.8% across 22 · Its percentile 79.5 · Weight 50%

79.5% of the 22 sit at or above TOAK on this measure.

Weighted evenly, those two positions are what the score combines, across the 22 equity hedged alternatives ETFs with a full year. Neither spread above is the score: a fund can sit further right on one and score lower.

One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. Where the fund sits in this set, not a rating. Do not average it with another category's score.

What the score is computed from
TOAK: What the score is computed from
What it measuresThis fundIts percentileWeight
correlation with the S&P 500+0.1779.550%
down-week capture against the S&P 5001.9%79.550%

About TOAK

IssuerManager Directed Portfolios
Strategy (ETFIQ, from its prospectus)Hedged equity
Expense ratio (485BPOS XBRL, Sep 25, 2026)0.26%Report
Net assets (SEC N-PORT, whole fund, as filed for May 31, 2026)$90mReport
Index its prospectus namesBloomberg U.S. Aggregate Bond Index; no other fund tracks it
Weeks measured52, from Oct 28, 2025 to Oct 27, 2026
Weeks the S&P 500 fell25
The S&P 500 in those weeks, on average−1.10%
TOAK in those weeks, on average−0.02%
TOAK total return over those weeks+3.6%
T-bills (BIL) over the same weeks+3.7%
When stocks fellS&P 500 −4.9% in March 2026; TOAK +0.3%
Weekly correlation with the S&P 500+0.17, 52 weeks to Oct 27, 2026
First tradedAug 20, 2024
Days traded549
Quotedon an exchange, every trading day
How we measure
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. Method
IQ Investment Committee on TOAK

Three seats on TOAK, as of Oct 27, 2026.

In the tradition ofJohn BogleBogle-style Low CostChallengesIn the tradition ofJesse LivermoreLivermore-style Trend FollowingMixedUses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatSupports
Put TOAK to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about TOAK

Does TOAK move with the S&P 500?
Over the year to Oct 27, 2026, TOAK’s weekly returns had a correlation of +0.17 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.04, so for each 1% the index moved it moved about 0.04% the same way.
What did TOAK do when stocks fell?
The S&P 500 fell in 25 of the 52 weeks to Oct 27, 2026, by 1.10% on average. In those weeks TOAK fell 0.02% on average, a down-week capture of 1.9%.
Did TOAK earn more than cash?
Over the same 52 weeks TOAK returned +3.6% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. TOAK finished 0.1 percentage points behind it.
What does TOAK cost?
The prospectus expense ratio is 0.26% a year.
Why is TOAK listed as hedged equity?
ETFIQ files each fund by what its own prospectus says it does, and TOAK’s, filed Sep 25, 2026, describes a hedged equity fund.
Sources and dates
Prices, TOAK and S&P 500 (SPY)Prices, Tiingo end of day ↗
Fee, 0.26%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $90mSEC N-PORT, whole fund · May 31, 2026
SourceProspectus the strategy was read from (SEC) ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, TOAK, alternatives ETFs, data as of Oct 27, 2026. https://etfiq.com/funds/toak

The down-week bars for TOAK, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same number as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
Full definitions: alternatives ETFs vocabulary page. →
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TOAK: TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/toak"><img src="https://etfiq.com/assistant/api/embed/alternatives/toak.svg" alt="TOAK: TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">TOAK: TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%. Data: <a href="https://etfiq.com/funds/toak">ETFIQ</a></figcaption>
</figure>

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Snapshot, Oct 27, 2026. More on the tabs above.