Vintage Series ETFs
Yearly Vintage Series ETFs capture equal-weight exposure at inception; then we step aside and let winners run.
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The Challenge
Index investing changed the world. But today's market-cap-weighted index funds have evolved in ways that create risks many investors don't recognize until it's too late.
Most investors believe they're buying the market.
Today, nearly 35% of the S&P 500 is concentrated in just ten companies. Most of them mega-cap technology firms. As those companies grow larger, they occupy an increasingly dominant share of the index, leaving hundreds of other businesses with relatively little influence on your returns.
You're not buying 500 companies. You're buying 10 companies and 490 rounding errors.
Equal-weight funds solve today's concentration problem by constantly resetting yesterday's winners.
Every rebalance trims companies that have outperformed and reallocates capital to those that have lagged. The portfolio stays equal, but your best investments are never allowed to reach their full potential.
Every rebalance asks a simple question: Why sell what's working to buy more of what isn't?
What if every year's investment opportunity stood on its own?
Imagine an annual portfolio that begins with broad diversification, preserves its original holdings, and allows market performance (not periodic rebalancing) to determine its future.
That's the idea behind Vintage Series.
The Solution
Vintage Series ETFs begin with equal-weight portfolios and then step aside. No periodic reset. No forced selling of winners. Just a clear annual vintage that lets market outcomes emerge naturally.
Every eligible company begins with the same opportunity.
Winners are allowed to compound instead of being automatically trimmed.
Holdings rise or fall based on actual market performance.
Each fund preserves its own starting point, holdings, and return history.
The Comparison
| Feature | Cap-Weighted Index | Equal-Weight Index | Vintage Series ETF |
|---|---|---|---|
| Equal weight at launch | x | ✓ | ✓ |
| No ongoing rebalancing | x | x | ✓ |
| Broad diversification at launch | x | ✓ | ✓ |
| Winners not systematically trimmed | ✓ | x | ✓ |
| Vintage-specific return tracking | x | x | ✓ |
| Low tech concentration | x | ✓ | ✓ |
| Low-cost structure | ✓ | ✓ | ✓ |
You don't have to pay active-management fees to avoid the shortcomings of traditional indexes
Our Philosophy
Markets have rewarded patience for generations. We believe the best investment structures don't try to predict the future.
We don't believe anyone can consistently predict tomorrow's winners. Every company begins with the same opportunity. Then we step aside and let time determine the outcome.
Markets process an extraordinary amount of information every day. We don't claim to be smarter than millions of investors around the world. Our role isn't to outguess the market. Our goal is to build a structure that lets the market speak.
Our methodology isn't driven by opinions, forecasts, or market timing. It's built around a simple set of rules that remain consistent through every market cycle.
We won't promise to beat the market every year. We won't claim to know the future. We'd rather explain exactly how our strategy works and let investors decide whether it aligns with their own philosophy.
“A great vintner doesn't rush the harvest or constantly open every barrel to see if the wine is ready. They trust the process, the terroir, and time.”
Frequently Asked Questions
Clear answers about how Vintage Series works, what it is designed to do, and where it may fit.
Traditional equal-weight ETFs periodically rebalance by trimming their winners and adding to their laggards to restore equal weights. Vintage Series begins with equal weights but does not periodically rebalance. Once a company enters a Vintage, its weight evolves naturally with market performance.
Different vintages launch at different market entry points, in different economic environments, and with different cohorts of eligible companies. Holding multiple vintages gives you a laddered approach to market exposure similar to how bond investors ladder maturities to reduce dependence on a single entry point
Companies that are delisted, go bankrupt, or are acquired are removed from the Vintage at their final market value. The remaining holdings continue unchanged. Over time, the companies that endure naturally become a larger share of each Vintage.
Potentially. Because Vintage Series does not periodically rebalance, it may generate less portfolio turnover than strategies that regularly reset their holdings. Lower turnover can reduce realized capital gains within the fund, although tax outcomes depend on fund operations, corporate actions, and each investor's individual circumstances.
Each Vintage is intended to preserve the investment opportunity that existed at its launch. New companies are generally added only when required by corporate actions—such as a spin-off. Under normal market conditions, new companies are not added, preserving the integrity and comparability of each Vintage over time.
Vintage Series is designed for long-term investors who believe in broad diversification, low costs, and allowing market outcomes to emerge naturally rather than being continually reset through rebalancing.
Each year presents a unique investment opportunity. By launching a new Vintage annually, investors can build exposure across multiple market environments while preserving the identity and return history of each investment cohort. Rather than continuously modifying one portfolio, each Vintage tells its own story.