Brandywine Launches Large-Cap ETF With Built-In Downside Protection

Brandywine Asset Management launched the Brandywine Large Cap ETF (BWLB) on NYSE Arca, combining U.S. large-cap equity exposure with a strategy designed to cushion market declines. The actively managed fund targets approximately 100% notional exposure to companies valued at $10 billion or more, primarily through index-tracking ETFs. It also purchases out-of-the-money index put options to provide downside protection. To help offset the cost of these options, Brandywine employs a diversified portfolio of long and short futures across equities, bonds, currencies and commodities, using strategies based on momentum, market fundamentals, investor sentiment and arbitrage opportunities. The approach seeks to maintain participation in equity market gains while generating alternative returns to finance downside protection, although neither objective is guaranteed. The ETF carries a 0.70% total annual expense ratio