(KHPI) Kensington Hedged Premium - Overview
Etf: Vanguard S&P 500 ETF, 1-Month Call Options, 3-Month Put Options
Dividends
| Dividend Yield | 9.07% |
| Yield on Cost 5y | 10.40% |
| Yield CAGR 5y | 200.39% |
| Payout Consistency | 100.0% |
| Payout Ratio | - |
| Risk 5d forecast | |
|---|---|
| Volatility | 8.14% |
| Relative Tail Risk | -0.29% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.53 |
| Alpha | -0.04 |
| Character TTM | |
|---|---|
| Beta | 0.500 |
| Beta Downside | 0.517 |
| Drawdowns 3y | |
|---|---|
| Max DD | 10.58% |
| CAGR/Max DD | 1.10 |
Description: KHPI Kensington Hedged Premium January 18, 2026
The Kensington Hedged Premium Income ETF (KHPI) follows a rules-based approach modeled on the MerQube Hedged Premium Income Index (MQKHPI). It holds the Vanguard S&P 500 ETF (VOO) for full market exposure, while simultaneously selling 1-month call spreads and buying 3-month put spreads on the SPDR S&P 500 ETF (SPY). This structure is intended to capture option premium income and to cushion the portfolio against sharp equity drawdowns, resulting in a non-diversified, large-cap U.S. equity tilt.
Key market drivers that affect KHPI’s performance include (1) the level of implied volatility on the S&P 500 options market-higher VIX readings typically boost option premiums and thus income, (2) the Federal Reserve’s interest-rate stance, which influences both equity valuations and the cost of carry for options, and (3) the S&P 500’s forward earnings multiple, a leading indicator of equity price momentum that can amplify or dampen the effectiveness of the put-protective leg. As of the most recent quarter, the ETF’s option-income yield hovered around 5-6% annualized, while its downside protection reduced portfolio drawdowns by roughly 30% relative to a pure VOO position during the last market correction.
For a deeper, data-driven view of how KHPI’s option-overlay behaves across market cycles, you might explore the analytics on ValueRay.
What is the price of KHPI shares?
Over the past week, the price has changed by +0.00%, over one month by +0.72%, over three months by +1.14% and over the past year by +9.66%.
Is KHPI a buy, sell or hold?
What are the forecasts/targets for the KHPI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | - | - |
| Analysts Target Price | - | - |
| ValueRay Target Price | 33.6 | 30.9% |
KHPI Fundamental Data Overview February 04, 2026
EBIT TTM = 0.0 USD
EBITDA TTM = 0.0 USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = unknown
Net Debt = unknown
Enterprise Value = 298.3m USD (298.3m + (null Debt) - (null CCE))
Interest Coverage Ratio = unknown (Ebit TTM 0.0 / Interest Expense TTM 0.0)
EV/FCF = unknown (FCF TTM 0.0)
FCF Yield = 0.0% (FCF TTM 0.0 / Enterprise Value 298.3m)
FCF Margin = unknown (Revenue TTM is 0 or missing)
Net Margin = unknown
Gross Margin = unknown ((Revenue TTM 0.0 - Cost of Revenue TTM 0.0) / Revenue TTM)
Tobins Q-Ratio = unknown (Enterprise Value 298.3m / Total Assets none)
Interest Expense / Debt = unknown (Interest Expense 0.0 / Debt none)
Taxrate = 21.0% (US default 21%)
NOPAT = 0.0 (EBIT 0.0 * (1 - 21.00%))
Current Ratio = unknown (Total Current Assets none / Total Current Liabilities none)
Debt / Equity = unknown (Debt none)
Debt / EBITDA = unknown (Net Debt none / EBITDA 0.0)
Debt / FCF = unknown (Net Debt none / FCF TTM 0.0)
Total Stockholder Equity = 0.0 (from calculated bookValueOfEquity)
RoA = unknown (Net Income 0.0 / Total Assets none)
RoE = unknown (Net Income TTM 0.0 / Total Stockholder Equity 0.0)
RoCE = unknown (EBIT 0.0 / Capital Employed )
RoIC = unknown (NOPAT 0.0, Invested Capital 0.0, EBIT 0.0)
WACC = 7.76% (E(298.3m)/V(298.3m) * Re(7.76%) + (debt-free company))
Discount Rate = 7.76% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Fair Price DCF = unknown (Cash Flow 0.0)