ETF Evaluator:
Kensington Hedged Premium Income ETF ()
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(as of Nov 13)
Best Performing in Derivative Income - Diversified Over the Last Year
| 24.9% | Federated Hermes Enhanced Income ETF (PAYR) |
| 21.1% | Amplify COWS Covered Call ETF (HCOW) |
| 20.5% | Parametric Equity Premium Income ETF (PAPI) |
| 20.2% | First Trust Small Cp BuyWrt Inc ETF (FTKI) |
| 19.9% | Cullen Enhanced Equity Income ETF (DIVP) |
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Risk
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ETF Details
Kensington Hedged Premium Income ETF Overview
Kensington Hedged Premium Income ETF (KHPI) is an actively managed Nontraditional Equity Derivative Income - Diversified exchange-traded fund (ETF). Kensington Asset Management LLC launched the ETF in 2024.
The investment seeks current income with the potential for capital appreciation.
In implementing its strategy, the manager employs a methodology similar the MerQube Hedged Premium Income Index (the “MQKHPI”). The MQKHPI is designed to be 100% invested in the Vanguard S&P 500 ETF (VOO) while selling 1-Month call options and purchasing 3-Month put options on the SPDR S&P 500 ETF (SPY). The MQKHPI aims to generate income from selling call spreads while providing downside protection through the purchase of put spreads, maintaining exposure to the U.S. large-cap equity market. The fund is non-diversified.
About Kensington Hedged Premium Income ETF (KHPI)
There are 3 members of the management team with an average tenure of 2.16 years: Adam Stewart (2024), Elio Chiarelli (2024) and Shawn Gibson (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and MerQube Hedged Premium Income PR USD index with a weighting of 100%. Kensington Hedged Premium Income ETF has 9 securities in its portfolio. The top 10 holdings constitute 107.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Kensington Hedged Premium Income ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Kensington Hedged Premium Income ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.4% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Kensington Hedged Premium Income ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $454 million in total assets, which is below the $1 billion average for the Derivative Income - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
KHPI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Kensington Hedged Premium Income ETF expense ratio is high compared to funds in the Derivative Income - Diversified category. Kensington Hedged Premium Income ETF has an expense ratio of 0.98%, which is 34% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Kensington Hedged Premium Income ETF has a portfolio turnover rate of 9%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 65% for the Derivative Income - Diversified category.
Recently, in the month of October 2026, Kensington Hedged Premium Income ETF returned 0.6%, which earned it a grade of B, as the Derivative Income - Diversified category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Kensington Hedged Premium Income ETF has a trailing yield of 1.45%, which is below the 6.26% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Kensington Hedged Premium Income ETF Grades
Year to date, the ETF has returned 8.2%, 0.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 8.4% over the past year (grade of D).
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KHPI Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KHPI Return (NAV) | 0.6% | 1.8% | 8.4% | na | na | na |
| KHPI Return (Price) | 0.6% | 1.8% | 8.5% | na | na | na |
| NAV +/- Price Return | 0.004% | 0.043% | -0.087% | na | na | na |
| Derivative Income - Diversified Avg | -2.0% | 0.9% | 10.1% | 16.5% | 8.1% | 8.1% |
| KHPI Grade (NAV) | B | B | D | na | na | na |
| +/- Category (NAV) | 2.5% | 0.9% | -1.6% | na | na | na |
| KHPI Tax-Cost Ratio | na | na | 0.6% | na | na | na |
KHPI Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KHPI Return (NAV) | 8.2% | 11.3% | na | na | na | na | na | na | na | na | na |
| KHPI Return (Price) | 8.2% | 11.1% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.002% | -0.015% | na | na | na | na | na | na | na | na | na |
| Derivative Income - Diversified Avg | 8.9% | 13.8% | 15.9% | 16.3% | -11.8% | 19.1% | 3.7% | 19.2% | -5.9% | 14.0% | 7.1% |
| KHPI Grade (NAV) | D | D | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.7% | -2.5% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.5% |
| Total Assets: | $ 455 Mil |
| Share Class Assets: | $ 455 Mil |
| Turnover: | 9.0% |
| Expense Ratio: | 0.98% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.2 years | |||
| Average Tenure: 2.2 years | |||
| Managers (Year): Stewart Adam (2024), Chiarelli Elio (2024), Gibson Shawn (2024) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 107.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.4% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.5% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Kensington Asset Management LLC |
| Phone Number: | 866-303-8623 |
| Website: | www.NewPathGTAAFund.com |
| Inception Date: | September 4, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.98% (Rating: High) |
| Category Average Expense Ratio (%): | 0.73% |
