Equable Shares

What Equable Shares does

Equable Shares is a private U.S. ETF issuer founded in 2018 by Ronald A. Santella and operating as the brand front for investment adviser Teramo Advisors, LLC (Naples, Florida). The company offers a single core product, the Equable Shares Hedged Equity ETF (NYSE Arca: HEDG), which employs a hedged options-based strategy on S&P 500 and large-cap U.S. equities. The strategy combines written call options for income, S&P 500 equity exposure for long-term capital appreciation, and put spreads for downside risk mitigation, with quarterly-rolled options positions.

The business model is a standard ETF management-fee structure: the fund charges a 0.96% expense ratio on approximately $412.5M of net assets as of June 2026, distributed via Quasar Distributors, LLC across all major U.S. brokerage platforms and retirement accounts. In October 2025 the firm executed a tax-free conversion of its predecessor EQHEX mutual fund into the HEDG ETF, preserving historical investor track record (8.08% annualized NAV since May 2019 inception). The operation is lean (1-10 employees), founder-owned with no disclosed institutional capital, supported by a service-provider ecosystem (U.S. Bank as custodian, ACA Group for compliance, Cohen & Co for audit, Chapman for legal, and Arrocomm for technology). The strategy is actively managed by a CIO with ~40 years of options and volatility experience, and there is no AI/ML capability disclosed.

Name

Equable Shares

Legal name

Teramo Advisors, LLC

Website

https://equableshares.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Equable Shares is a private U.S. ETF issuer managed by Teramo Advisors, offering a single hedged equity ETF (HEDG) on NYSE Arca that combines S&P 500 exposure, call option writing, and put spread downside protection for retail and institutional investors.

Ownership category

akta.pro rank

Product category

Active ETF Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Style/Factor Equity ETFs (Value, Growth, Quality, Low Vol, Momentum) (FSAAAFAB)

akta.pro secondary industry

Real Assets & Infrastructure ETFs (REITs, Infrastructure, Natural Resources) (FSAAAFAH)

Keywords

• Hedged equity ETF
• Defensive investment strategies
• Options-based income funds
• Active ETF management
• Put spread protection

Headquarters

HQ city

Naples

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fee (Expense Ratio): The fund charges an expense ratio of 0.96% annually on assets under management. This is the primary revenue stream, deducted daily from fund assets.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Equable Shares manages and operates the Equable Shares Hedged Equity ETF (HEDG), an actively managed ETF that uses a hedged options-based strategy on S&P 500 and large-cap U.S. equities. The fund generates income by writing call options, seeks long-term capital appreciation through S&P 500 equity exposure, and mitigates downside risk using call premiums combined with put spreads. The fund has $412.5M in net assets and a 0.96% expense ratio as of June 2026.

Product overview

Equable Shares offers a single core product: the Equable Shares Hedged Equity ETF (ticker: HEDG), an actively managed ETF listed on NYSE Arca. The fund employs a defensive hedged equity strategy managed by Teramo Advisors, combining income generation from written call options, S&P 500 equity exposure for long-term capital appreciation, and downside risk mitigation via put spreads. The product has an inception date of May 31, 2019, with a 0.96% expense ratio and approximately $412.5 million in net assets as of June 2026.

Differentiator

Problem solved

Functional benefit

Brands

• HEDG (Equable Shares Hedged Equity ETF): The flagship ETF employing a hedged options-based strategy seeking to deliver income, long-term capital appreciation, and downside risk mitigation through writing call options on S&P 500 and put spreads.

Products and services

• Equable Shares Hedged Equity ETF (HEDG) An actively managed ETF employing a hedged options-based strategy that generates income through writing call options, provides equity exposure tracking the S&P 500 for long-term capital appreciation, and implements downside risk mitigation through call premiums and put spreads. The fund transitioned from the predecessor mutual fund EQHEX to an ETF structure in October 2025 and is distributed by Quasar Distributors, LLC.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered core and supporting.

• Teramo Advisors, LLCcoreImplementation/ SI/ Consulting PartnerTeramo Advisors, LLC is the investment adviser to Equable Shares ETFs. They specialize in defensive strategies and manage the hedged equity strategy employed by the HEDG fund. Founded Equable Shares in 2018.
• Quasar Distributors, LLCcoreChannel Partner/ Reseller/ DistributorQuasar Distributors, LLC serves as the distributor for Equable Shares Funds, handling the distribution and sale of ETF shares to broker-dealers and investors.
• U.S. BanksupportingOthersU.S. Bank provides custodial and financial services to the fund. Listed as a service provider partner on the About Us page.
• ACA GroupsupportingOthersACA Group provides compliance advisory services to Teramo Advisors, the fund's investment adviser.
• Cohen & CosupportingOthersCohen & Co provides accounting and audit services for the fund. Listed as a service provider partner.
• ChapmansupportingOthersChapman provides legal services to the fund. Listed as a service provider partner.
• ArrocommsupportingTechnology or IntegrationArrocomm provides technology services to support fund operations. Listed as a service provider partner.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Calamos Asset Management: Operates the Calamos Hedged Equity Fund (CIHEX) and a broader family of hedged/covered-call strategies with S&P 500 exposure. Calamos' long-running hedged equity franchise is highly comparable to Equable Shares' defensive options-based approach.
• Amplify ETFs: Issuer of the Amplify BlackSwan Growth & Treasury Core ETF (SWAN), which combines equity exposure with protective put options on the S&P 500 — directly comparable to HEDG's hedged equity strategy. Both target investors seeking downside mitigation while maintaining equity participation.
• AGF Investments (AGFiQ): Issuer of the AGFiQ US Market Neutral Anti-Beta Fund (BTAL), which targets defensive, low-beta equity exposure using long/short and options overlays. Highly comparable in market-approach philosophy to HEDG's hedged equity strategy.
• Cambria Investment Management: Issuer of the Cambria Tail Risk ETF (TAIL), which holds equities combined with long-dated, deep out-of-the-money S&P 500 puts for tail risk hedging. Closely aligned with HEDG's put-spread-based downside mitigation strategy.
• Putnam Investments (PanAgora): Through the PanAgora unit, Putnam offers hedged equity mutual funds employing options-based downside mitigation on large-cap U.S. equities. Directly comparable in strategy and investor profile to Equable Shares' hedged equity product.
• Nationwide Funds: Issuer of the Nationwide Risk-Managed Income ETF (NUSI), which employs a covered-call strategy on large-cap U.S. equities with downside buffer features. Directly comparable to HEDG's hedged equity options overlay approach.

Broad incumbents

• JPMorgan Asset Management: Issuer of the JPMorgan Equity Premium Income ETF (JEPI), a massive-scale covered-call ETF on U.S. large caps, and the JPMorgan Hedged Equity Fund (JHEQX) mutual fund. JPMorgan represents the incumbent scaled competitor in the hedged equity / equity-income category.
• WisdomTree Asset Management: Issuer of products such as the WisdomTree U.S. Efficient Core Fund (NTSX), which combines equity exposure with Treasury allocations for risk-managed growth. WisdomTree is a scaled incumbent offering risk-managed equity ETFs comparable in category positioning.
• Morgan Stanley Investment Management (Parametric): Through its Parametric subsidiary, MSIM runs the Eaton Vance/Parametric Hedged Equity Fund, a long-running hedged equity strategy combining market exposure with options-based risk management. A scaled incumbent peer in the hedged equity space.

Emerging players

• Simplify Asset Management: Emerging ETF issuer with multiple options-overlay and hedged equity strategies (e.g., Simplify Tail Risk, Simplify Hedged Equity). A growing boutique competitor pursuing the same risk-managed equity category as HEDG.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/equableshares
• LinkedInlinkedin.com/company/equable-shares

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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 Equable Shares