New ETF launches: TenGrove files five ETFs holding private firms
TenGrove ETF Trust filed an N-1A for five actively managed NYSE Arca ETFs, including three that may hold up to about 10% in private company securities.
The news: TenGrove ETF Trust, of Rye, New York, filed its initial Form N-1A on September 4, 2026, registering five actively managed exchange-traded funds. Shares of each fund are to be listed on NYSE Arca. Tickers, fees and the sub-adviser are all blank in this first draft. The adviser is TenGrove LLC, Ultimus Fund Solutions is named as administrator and transfer agent, and Chapman and Cutler LLP is fund counsel.
Why it matters: Three of the five funds are built around a public-and-private strategy, which is unusual for an ETF. The trust plans to register these funds, among the new ETF launches in the pipeline this fall:
- TenGrove U.S. Public-Private Technology ETF
- TenGrove International Public-Private Technology ETF
- TenGrove Public-Private Fintech, Payments & Digital Commerce ETF
- TenGrove Premium Equity Income ETF
- TenGrove Laddered Buffered Equity ETF
The big picture: Each of the first three funds will put at least 80% of net assets in securities of companies in its theme, public or private, or in derivatives that give similar exposure. The funds may buy private company shares directly or get indirect exposure through swaps. The prospectus caps private company exposure at about 10% of net assets immediately after any purchase, though a fund need not sell if appreciation pushes it above that level. The filing flags heightened liquidity, valuation and information risks for those holdings.
The Premium Equity Income ETF seeks current income. It holds large-cap U.S. equities and writes call options on broad-based equity indexes covering up to 100% of the stock value, and it may use part of the premium to buy out-of-the-money calls for upside participation. The Laddered Buffered Equity ETF seeks capital appreciation using options, swaps and FLEX options that reference a U.S. large-cap equity index or an ETF tracking that index. Each option package is designed to give a cap on gains and a buffer against roughly the first 10% of losses of that reference asset over its target outcome period, and the fund does not provide exposure to dividends.
By the numbers: Five funds, one trust, one exchange (NYSE Arca), and a roughly 10% ceiling on private holdings in the three public-private funds. Management fees are structured as a unified fee, with the adviser paying ordinary operating expenses other than items such as taxes, brokerage, borrowing costs and acquired fund fees.
What’s next: This is a first-time registration, so the SEC review process and any amendments come before launch. The final ticker list, fee percentages and the sub-adviser’s identity are the main items to watch for in the next filing.
Prepared with AI assistance from public sources and reviewed under our editorial policy. Not investment advice.