{
 "ticker": "TOAK",
 "name": "Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF",
 "issuer": "Manager Directed Portfolios",
 "desk": "alternatives",
 "url": "https://etfiq.com/funds/toak",
 "html": "https://etfiq.com/funds/toak",
 "markdown": "https://etfiq.com/funds/toak.md",
 "as_of": "2026-10-27",
 "verdict": "Over the year to Oct 27, 2026, TOAK returned 3.6%. When the S&P 500 fell, it fell 2% as much.",
 "promise": {
  "badge": "delivered",
  "label": "Delivered",
  "category": "alternatives",
  "sentence": "In the 52 weeks to Oct 27, 2026, TOAK moved 1.9% as much as the S&P 500 in the 25 weeks it fell.",
  "figure": 1.9,
  "unit": "%",
  "from": "2025-10-28",
  "to": "2026-10-27",
  "url": "https://etfiq.com/promise-index/alternatives/"
 },
 "key_facts": [
  {
   "key": "correlation_with_the_s_p_500",
   "label": "Correlation with the S&P 500",
   "value": "+0.17",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-27",
   "sentence": "TOAK, correlation with the S&P 500: +0.17, as of Oct 27, 2026.",
   "cite": {
    "value": "+0.17",
    "as_of": "2026-10-27",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/toak#fact-correlation-with-the-s-p-500",
    "text": "TOAK, correlation with the S&P 500: +0.17, as of Oct 27, 2026."
   }
  },
  {
   "key": "beta_to_the_s_p_500",
   "label": "Beta to the S&P 500",
   "value": "+0.04",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-27",
   "sentence": "TOAK, beta to the S&P 500: +0.04, as of Oct 27, 2026.",
   "cite": {
    "value": "+0.04",
    "as_of": "2026-10-27",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/toak#fact-beta-to-the-s-p-500",
    "text": "TOAK, beta to the S&P 500: +0.04, as of Oct 27, 2026."
   }
  },
  {
   "key": "down_week_capture",
   "label": "Down-week capture",
   "value": "1.9%",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-27",
   "sentence": "TOAK, down-week capture: 1.9%, as of Oct 27, 2026.",
   "cite": {
    "value": "1.9%",
    "as_of": "2026-10-27",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/toak#fact-down-week-capture",
    "text": "TOAK, down-week capture: 1.9%, as of Oct 27, 2026."
   }
  },
  {
   "key": "against_t_bills_52_weeks",
   "label": "Against T-bills, 52 weeks",
   "value": "\u22120.1 pts",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-10-27",
   "sentence": "TOAK, against T-bills, 52 weeks: \u22120.1 pts, as of Oct 27, 2026.",
   "cite": {
    "value": "\u22120.1 pts",
    "as_of": "2026-10-27",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/toak#fact-against-t-bills-52-weeks",
    "text": "TOAK, against T-bills, 52 weeks: \u22120.1 pts, as of Oct 27, 2026."
   }
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$90m",
   "source": "SEC N-PORT, whole fund, as filed for May 31, 2026",
   "as_of": "2026-05-31",
   "sentence": "TOAK, net assets: $90m (SEC N-PORT, whole fund, as filed for May 31, 2026).",
   "cite": {
    "value": "$90m",
    "as_of": "2026-05-31",
    "source": "SEC N-PORT, whole fund, as filed for May 31, 2026",
    "url": "https://etfiq.com/funds/toak#fact-net-assets",
    "text": "TOAK, net assets: $90m (SEC N-PORT, whole fund, as filed for May 31, 2026)."
   }
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.26%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-25",
   "sentence": "TOAK, expense ratio: 0.26% (485BPOS XBRL, Sep 25, 2026).",
   "cite": {
    "value": "0.26%",
    "as_of": "2026-09-25",
    "source": "485BPOS XBRL, Sep 25, 2026",
    "url": "https://etfiq.com/funds/toak#fact-expense-ratio",
    "text": "TOAK, expense ratio: 0.26% (485BPOS XBRL, Sep 25, 2026)."
   }
  }
 ],
 "fields": [
  {
   "key": "issuer",
   "label": "Issuer",
   "value": "Manager Directed Portfolios",
   "source": null
  },
  {
   "key": "strategy",
   "label": "Strategy",
   "value": "Hedged equity",
   "source": "ETFIQ, from its prospectus"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.26%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$90m",
   "source": "SEC N-PORT, whole fund, as filed for May 31, 2026"
  },
  {
   "key": "index_its_prospectus_names",
   "label": "Index its prospectus names",
   "value": "Bloomberg U.S. Aggregate Bond Index; no other fund tracks it",
   "source": null
  },
  {
   "key": "weeks_measured",
   "label": "Weeks measured",
   "value": "52, from Oct 28, 2025 to Oct 27, 2026",
   "source": null
  },
  {
   "key": "weeks_the_s_p_500_fell",
   "label": "Weeks the S&P 500 fell",
   "value": "25",
   "source": null
  },
  {
   "key": "the_s_p_500_in_those_weeks_on_average",
   "label": "The S&P 500 in those weeks, on average",
   "value": "\u22121.10%",
   "source": null
  },
  {
   "key": "toak_in_those_weeks_on_average",
   "label": "TOAK in those weeks, on average",
   "value": "\u22120.02%",
   "source": null
  },
  {
   "key": "toak_total_return_over_those_weeks",
   "label": "TOAK total return over those weeks",
   "value": "+3.6%",
   "source": null
  },
  {
   "key": "t_bills",
   "label": "T-bills",
   "value": "+3.7%",
   "source": null
  },
  {
   "key": "when_stocks_fell",
   "label": "When stocks fell",
   "value": "S&P 500 \u22124.9% in March 2026; TOAK +0.3%",
   "source": null
  },
  {
   "key": "weekly_correlation_with_the_s_p_500",
   "label": "Weekly correlation with the S&P 500",
   "value": "+0.17, 52 weeks to Oct 27, 2026",
   "source": null
  },
  {
   "key": "first_traded",
   "label": "First traded",
   "value": "Aug 20, 2024",
   "source": null
  },
  {
   "key": "days_traded",
   "label": "Days traded",
   "value": "549",
   "source": null
  },
  {
   "key": "quoted",
   "label": "Quoted",
   "value": "on an exchange, every trading day",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Total return": "+0.4%",
   "S&P 500 (SPY)": "\u22120.2%"
  },
  {
   "window": "3 months",
   "Total return": "+0.9%",
   "S&P 500 (SPY)": "+4.1%"
  },
  {
   "window": "6 months",
   "Total return": "+1.8%",
   "S&P 500 (SPY)": "+8.7%"
  },
  {
   "window": "Year to date",
   "Total return": "+2.9%",
   "S&P 500 (SPY)": "+13.7%"
  },
  {
   "window": "1 year",
   "Total return": "+3.6%",
   "S&P 500 (SPY)": "+13.5%"
  },
  {
   "window": "Since launch",
   "Total return": "+8.9%",
   "S&P 500 (SPY)": "+41.4%"
  },
  {
   "window": "Since launch, annualised",
   "Total return": "+4.0%",
   "S&P 500 (SPY)": "\u2013"
  }
 ],
 "questions": [
  {
   "q": "Does TOAK move with the S&P 500?",
   "a": "Over the year to Oct 27, 2026, TOAK\u2019s weekly returns had a correlation of +0.17 with the S&P 500\u2019s, on a scale where 1 moves in step, 0 shows no pattern and \u22121 moves opposite. Its beta was +0.04, so for each 1% the index moved it moved about 0.04% the same way."
  },
  {
   "q": "What did TOAK do when stocks fell?",
   "a": "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%."
  },
  {
   "q": "Did TOAK earn more than cash?",
   "a": "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."
  },
  {
   "q": "What does TOAK cost?",
   "a": "The prospectus expense ratio is 0.26% a year."
  },
  {
   "q": "Why is TOAK listed as hedged equity?",
   "a": "ETFIQ files each fund by what its own prospectus says it does, and TOAK\u2019s, filed Sep 25, 2026, describes a hedged equity fund."
  }
 ],
 "key_stats": [
  {
   "key": "high52",
   "label": "52-week high, daily closes to Oct 27, 2026",
   "value": "$29.27 on May 12, 2026",
   "as_of": "2026-05-12",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 29.269,
   "window": {
    "from": "2025-10-28",
    "to": "2026-10-27"
   }
  },
  {
   "key": "low52",
   "label": "52-week low, daily closes to Oct 27, 2026",
   "value": "$28.19 on Nov 4, 2025",
   "as_of": "2025-11-04",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 28.185,
   "window": {
    "from": "2025-10-28",
    "to": "2026-10-27"
   }
  },
  {
   "key": "inrange",
   "label": "Close on Oct 27, 2026, within that range",
   "value": "$29.20, 94% of the way from the low to the high",
   "as_of": "2026-10-27",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 29.2
  }
 ],
 "trading": {
  "as_of": "2026-08-18",
  "score": null,
  "tier": null,
  "status": "not-scored",
  "lines": [
   "Not scored."
  ],
  "page": "https://etfiq.com/funds/toak/trading/"
 },
 "generated": "2026-10-28",
 "license": "https://etfiq.com/license/",
 "license_text": "Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.",
 "citation": "ETFIQ, TOAK, alternatives ETFs, data as of Oct 27, 2026. https://etfiq.com/funds/toak"
}