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KHPIKensington Hedged Premium Income ETF

Get income1y track recordRanked #996 of 1,650 in this goal

Seeks current income with the potential for capital appreciation.

By Kensington Asset Management LLC · Launched 2024

Annual Cost

0.98%

#5,069 of 5,861 · expensive

Fund Size

$401M

#1,780 of 5,861 · large

Dividend YieldGoal

4.65%

Track Record

1 year

#3,682 of 5,861 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,145+11.5%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 6 holdings = 100.7% of fundconcentrated

Vanguard S&P 500 ETF
100.1%
N/A
2.1%
N/A
0.7%
US BANK MMDA - USBGFS 9
0.6%
N/A
-0.5%
N/A
-2.2%

Asset allocation

Stocks
99.4%
Cash
1.8%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
7.6%Low

Year-on-year price swings

Max drawdown
-10.6%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks current income with the potential for capital appreciation.
Strategy
Actively manages a portfolio to gain exposure to the S&P 500 Index while implementing monthly call and quarterly put option strategies to generate income and provide downside protection. Aims for current income with potential capital appreciation, focusing on U.S. large-cap equities.
Inception date
September 4, 2024
Fund family
Kensington Asset Management LLC

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04