Documents
LVUS – US Equity ETF
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Updated October 14, 2026
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Updated October 14, 2026
Premium Drag (PDF)
Explains why a manager’s size can slow implementation, using an airplane deboarding analogy to show how large firms take months or years to reach target weights in less-liquid small value stocks, while smaller, nimbler managers can act quickly.
The Return Investors Demand (PDF)
Shows how expected return can be estimated from market prices and company fundamentals using the dividend discount model, and why price and profitability must be evaluated together rather than in isolation.
EBI – US Equity ETF
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Updated December 31, 2025
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Download Now (PDF)
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February 28, 2026
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351 Conversion vs. Echange Funds (PDF)
In this white paper, we examine the pros and cons of exchange funds and 351 conversions. We compare the diversification benefits, costs, and operational differences, which all point in one direction: 351 conversions yield higher after-tax returns in almost every scenario of concentrated stock positions for clients.
Premium Drag (PDF)
Explains why a manager’s size can slow implementation, using an airplane deboarding analogy to show how large firms take months or years to reach target weights in less-liquid small value stocks, while smaller, nimbler managers can act quickly.
The Return Investors Demand (PDF)
Shows how expected return can be estimated from market prices and company fundamentals using the dividend discount model, and why price and profitability must be evaluated together rather than in isolation.
The Momentum Catch 22 (PDF)
Evidence-based investors want exposure to a factor like momentum because it is a powerful driver of returns; capturing it effectively is typically challenging due to high trading costs and turnover. We believe that seeking a balanced approach that integrates momentum with other factors, especially at lower asset levels, can help capture the momentum premium without the excessive costs.
Release the Constraints (PDF)
Our research tell us that traditional style boxes, like those created by Morningstar, limit investment potential by imposing unnecessary constraints. We believe that by focusing on risk and return rather than rigid categories, investors can achieve more efficient outcomes to help meet their expectations.
Valuation Timing (PDF)
While history tells us that value stocks tend to outperform growth stocks over time, the value premium can’t be reliably timed. However, by adjusting the tilt toward value based on valuation spreads, we believe that investors can potentially capture higher returns when spreads are wider and reduce tracking error when spreads are lower. In other words, take more value exposure when you are paid more for it.
Download 2026 (PDF)
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HEXX – Expected Return ETF
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Updated October 14, 2026
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Updated October 14, 2026
The Hunt for Expected Returns (PDF)
Traces how evidence-based investing moved from size to value to profitability, and how HEXX now targets higher expected returns directly, wherever they appear, rather than within a style box.
The Three P’s (PDF)
Evaluates HEXX through price, premiums, and process: a 0.17% expense ratio, a focus on expected return over style boxes, and a nimble daily process meant to keep more of the return for investors.
LVIG – Fixed Income ETF
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Dated December 24, 2025, as supplemented February 26, 2026
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Download 2026 (PDF)
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Evidence-based ETFs built for advisors who understand that how a strategy is implemented matters as much as what it holds.
Built with purpose, not shortcuts. Explore the ETFs to see how disciplined implementation sets them apart.