Swan Global Investments

What Swan Global Investments does

Swan Global Investments, LLC is a privately held, SEC-registered investment advisor headquartered in Durango, Colorado, founded in 1997 by Randy Swan. The firm manages portfolios using a proprietary Defined Risk Strategy (DRS) — an options-based hedged equity methodology that maintains continuous equity market exposure while hedging downside risk through long-term equity anticipation securities (LEAPS) put options and supplementing income via covered call writing. The strategy is delivered through multiple product structures: the HEGD Hedged Equity ETF and SCLZ Enhanced Dividend Income ETF (launched 2021), the Defined Risk Fund and Defined Risk Growth Fund mutual funds (multiple share classes), institutional-caliber separately managed accounts across several DRS variants, and bespoke option overlay mandates for concentrated or multi-asset portfolios.

Revenue is generated through asset-based investment advisory and ETF management fees across these wrappers, with no publicly disclosed pricing. The firm serves three customer segments — high-net-worth individual investors (primary), financial advisors and broker-dealers, and institutional investors (endowments, foundations, pensions) — distributed through a hybrid content-led and field-sales motion that emphasizes educational research, webcasts, and financial media coverage. Operations are domestic (United States only), and the firm is affiliated with three related entities under common control: Swan Capital Management, LLC; Swan Global Management, LLC; and Swan Wealth Advisors, LLC. Headcount is reported at 11–50 employees; no revenue, AUM, or funding figures are disclosed.

Name

Swan Global Investments

Legal name

Swan Global Investments, LLC

Website

https://swanglobalinvestments.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Swan Global Investments is a privately held, SEC-registered investment advisor founded in 1997 in Durango, Colorado, that manages portfolios using a proprietary options-based Defined Risk Strategy across ETFs, mutual funds, separately managed accounts, and custom overlays for high-net-worth individuals, financial advisors, and institutional clients.

Ownership category

akta.pro rank

Product category

Investment Management (Hedged Equity / Asset Management)

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)

akta.pro secondary industry

Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG)

Keywords

• Options-based investing
• Hedged equity strategies
• Investment advisory services
• ETF asset management
• Portfolio risk management

Headquarters

HQ city

Durango

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Advisory Fees: Asset management fees charged for managing client assets using the proprietary Defined Risk Strategy across ETFs, mutual funds, and separately managed accounts.
2. ETF Management Fees: Ongoing management fees for exchange-traded funds including HEGD (Hedged Equity ETF) and SCLZ (Enhanced Dividend Income ETF).

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Swan Global Investments is an SEC-registered investment advisor that manages assets using its proprietary Defined Risk Strategy (DRS), which combines always-invested equity market exposure with LEAPS put option hedges and covered call writing to mitigate downside risk and generate income. The strategy is delivered to individuals, advisors, and institutions through multiple wrappers including the HEGD and SCLZ ETFs, mutual funds (Defined Risk Fund, Defined Risk Growth Fund), and separately managed accounts with DRS variants. The firm also provides custom option overlay solutions for concentrated positions and multi-asset portfolios.

Product overview

Swan Global Investments offers a unified suite of options-based investment products built around the proprietary Defined Risk Strategy (DRS), launched in 1997. The core strategy combines always-invested equity market exposure with always-hedged put option protection to seek consistent returns through market cycles. The product suite spans multiple regulatory structures: ETFs (Hedged Equity ETF HEGD, Enhanced Dividend Income ETF SCLZ), mutual funds (Defined Risk Fund, Defined Risk Growth Fund), and separately managed accounts with multiple DRS variants (US Large Cap, US Large Cap Growth, US Large Cap Prime). Additionally, the firm offers custom option overlay strategies for investors with specific portfolio needs. All products utilize LEAPS put options and covered call strategies for risk management and income generation.

Differentiator

Problem solved

Functional benefit

Products and services

• Swan Defined Risk Strategy (DRS) Flagship options-based hedged equity strategy that combines always-invested equity market exposure with always-hedged put option protection to seek consistent returns through market cycles. Designed for long-term individual investors, financial advisors, and institutional clients seeking downside risk mitigation and income generation.
• Hedged Equity ETF (HEGD) Actively managed ETF that implements the Defined Risk Strategy through a collar approach, using put options to hedge downside risk while maintaining equity market exposure. Targeted at long-term investors and advisors seeking hedged equity exposure in an ETF wrapper.
• Enhanced Dividend Income ETF (SCLZ) Actively managed ETF that uses an 'active-active' approach combining quality growth and dividend stock screening with selective covered call writing to seek income and capital appreciation. Designed for income-oriented investors and advisors.
• Swan Defined Risk Fund Mutual fund version of the Defined Risk Strategy available in multiple share classes (A, C, I) for retail and institutional investors seeking hedged equity exposure through an actively managed mutual fund structure.
• Swan Defined Risk Growth Fund Growth-oriented mutual fund variant of the Defined Risk Strategy targeting long-term capital appreciation through hedged equity investing for retail and institutional investors.
• Options-Based Strategies (Separately Managed Accounts) Institutional-caliber separately managed accounts implementing options-based strategies including DRS, DRS US Large Cap, DRS US Large Cap Growth, and DRS US Large Cap Prime variants for advisors and institutional clients.
• Custom Portfolio Overlays / Option Overlay Strategies Tailored option overlay solutions for concentrated positions or multi-asset portfolios to meet specific investor risk management and income objectives. Designed for investors with existing portfolios needing customized hedging or income overlays.

Quantifiable outcome

• Recovered from 2008 selloff in under 5 months while S&P 500 took 4.5 years to recover
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Cboe Vest Financial: Cboe Vest specializes in options-based ETFs including buffered and defined-outcome funds, addressing the same downside-risk concern that Swan's DRS targets and competing for the same advisor allocation.
• Innovator ETFs: Innovator pioneered buffered and defined-outcome ETFs that hedge equity drawdowns using options — the same value proposition Swan's HEGD offers, often at lower expense ratios, intensifying competition for advisor mindshare.
• Calamos Advisors: Calamos runs a well-known suite of hedged equity and options-based funds (e.g., Calamos Hedged Equity Fund) and ETFs that combine long equity exposure with protective options overlays — directly comparable to Swan's Defined Risk Strategy and HEGD.
• Gateway Investment Advisers: Gateway has long offered hedged equity strategies that combine equity exposure with options overlays, providing a direct strategy-level analogue to Swan's DRS for institutional and intermediary clients.
• Simplify ETFs: Simplify builds actively managed ETFs around options-based hedged equity, tail risk, and income strategies — overlapping directly with Swan's HEGD and SCLZ ETFs as competitor wrappers in the advisor channel.

Emerging players

• Pacer ETFs: Pacer focuses on rules- and options-based ETFs across trend, income, and hedged themes, providing partial overlap with Swan's options-based approach while targeting similar advisor and self-directed investors.

Broad incumbents

• First Trust: First Trust is a large ETF sponsor that includes hedged and buffered equity strategies (e.g., FT Hedged) alongside a much broader product line, competing for the same advisor wallet with superior distribution scale.
• Hartford Funds: Hartford (with sub-advisors including Schroders and Wellington) offers hedged equity and income strategies that compete for the same risk-managed allocation slots within advisor portfolios that Swan's DRS targets.
• Allianz Investment Management (AllianzIM): AllianzIM offers a broad suite of structured, buffered, and hedged equity ETFs backed by a large asset manager, competing in the same options-based ETF category as Swan but with materially greater scale and distribution.
• Nationwide Fund Advisors: Nationwide sponsors hedged income and risk-managed equity ETFs/funds (e.g., NSPI) that compete directly with Swan's income- and hedged-equity wrappers while leveraging Nationwide's broader distribution platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/swanglobal
• LinkedInlinkedin.com/company/swan-wealth-advisors

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Swan Global Investments