# TOAK (Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF)

Manager Directed Portfolios · Alternatives ETFs · data as of Oct 27, 2026

Promise check: Delivered. 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. https://etfiq.com/promise-index/alternatives/

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

## Key facts

- TOAK, correlation with the S&P 500: +0.17, as of Oct 27, 2026.
- TOAK, beta to the S&P 500: +0.04, as of Oct 27, 2026.
- TOAK, down-week capture: 1.9%, as of Oct 27, 2026.
- TOAK, against T-bills, 52 weeks: −0.1 pts, as of Oct 27, 2026.
- TOAK, net assets: $90m (SEC N-PORT, whole fund, as filed for May 31, 2026).
- TOAK, expense ratio: 0.26% (485BPOS XBRL, Sep 25, 2026).

## TOAK over each window to Oct 27, 2026

| Window | Total return | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | +0.4% | −0.2% |
| 3 months | +0.9% | +4.1% |
| 6 months | +1.8% | +8.7% |
| Year to date | +2.9% | +13.7% |
| 1 year | +3.6% | +13.5% |
| Since launch | +8.9% | +41.4% |
| Since launch, annualised | +4.0% | – |

## TOAK key stats

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

## TOAK trading

- Not scored.
- The full trading page: https://etfiq.com/funds/toak/trading/

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Issuer | Manager Directed Portfolios | ETFIQ |
| Strategy | Hedged equity | ETFIQ, from its prospectus |
| Expense ratio | 0.26% | 485BPOS XBRL, Sep 25, 2026 |
| Net assets | $90m | SEC N-PORT, whole fund, as filed for May 31, 2026 |
| Index its prospectus names | Bloomberg U.S. Aggregate Bond Index; no other fund tracks it | ETFIQ |
| Weeks measured | 52, from Oct 28, 2025 to Oct 27, 2026 | ETFIQ |
| Weeks the S&P 500 fell | 25 | ETFIQ |
| The S&P 500 in those weeks, on average | −1.10% | ETFIQ |
| TOAK in those weeks, on average | −0.02% | ETFIQ |
| TOAK total return over those weeks | +3.6% | ETFIQ |
| T-bills | +3.7% | ETFIQ |
| When stocks fell | S&P 500 −4.9% in March 2026; TOAK +0.3% | ETFIQ |
| Weekly correlation with the S&P 500 | +0.17, 52 weeks to Oct 27, 2026 | ETFIQ |
| First traded | Aug 20, 2024 | ETFIQ |
| Days traded | 549 | ETFIQ |
| Quoted | on an exchange, every trading day | ETFIQ |

## Questions

### 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.


## Cite this page

ETFIQ, TOAK, alternatives ETFs, data as of Oct 27, 2026. https://etfiq.com/funds/toak
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at <https://etfiq.com/data/>.

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