The Toews Agility Shares Hedged Risk ETF is an actively managed exchange-traded fund that does not replicate a specific index. It gains exposure to the U.S. large-cap market while using options and futures to manage downside risk.

It may be worth considering for long-term investors who want to maintain U.S. large-cap exposure while also managing the volatility burden during market declines.

The ETF is managed actively by Toews Asset Management.

The product builds its market exposure using U.S. large-cap stocks, related exchange-traded funds, and stock index futures. It then combines longer-dated put options with short-term option positions in an effort to moderate volatility and manage risk. As a result, the manager's judgment has a larger influence than it does in a simple index-tracking product.

• Options-based defensive design
• Non-index-replicating management

Assets under management (AUM) stand at $34.4M, and the Expense Ratio is 0.95% per year.

Because the gap between the market price and net asset value of the HRSK ETF can vary with trading conditions, investors should check the bid-ask spread and liquidity before trading.

Returns can be influenced by the direction and volatility of the stock market, the cost of options protection, and the manager's judgment. In rising markets the equity exposure matters, while in declining markets the way the options protection works can drive performance differences, so the return profile may differ from that of a simple index-tracking product.

Interest in risk-managed strategies can be affected by market volatility and shifts in risk appetite. Because this product's structure is more complex than that of a simple index product, investors should consider options management, trading conditions, and the cost structure together when interpreting fund flows.

U.S. large-cap exposure and options-based risk management are its strengths, but the derivatives structure and the variation in results driven by the manager's judgment are factors to watch.

No tickers are registered in the provided list of comparison candidates, so we do not present any specific alternative exchange-traded fund as a direct comparison. Because the HRSK ETF combines U.S. large-cap exposure with options-based risk management, it is more appropriate to compare it on differences in risk management approach, derivatives use, cost structure, and trading conditions than on differences in exposure versus a simple large-cap index-tracking product.

Because this product combines equity exposure with options-based risk management, it is difficult to evaluate using the same criteria as a typical index-tracking exchange-traded fund. Before investing, check the role of derivatives, the trading environment, the distribution history, and the cost structure together.

Hedging through options and futures does not fully prevent losses, and during sharp market swings or liquidity deterioration, the effectiveness of the defensive strategy may differ from expectations. The gap between market price and net asset value, as well as interest rates and geopolitical variables, can also affect the trading experience and returns.

The Toews Agility Shares Hedged Risk ETF is structured to pursue growth opportunities in U.S. large-cap stocks while also taking downside risk management into account. However, because derivatives and the manager's judgment have a greater influence than in a typical index product, it is advisable to decide only after carefully considering whether it fits your own risk tolerance and holding purpose.