Shelton Capital Acquires STF ETFs in Strategic Growth Play

DENVER, CO – March 30, 2026 – Shelton Capital Management is continuing its aggressive expansion, announcing today that it will become the investment advisor for two tactical exchange-traded funds from STF Management LP. The deal brings the STF Tactical Growth ETF (TUG) and the five-star rated STF Tactical Growth & Income ETF (TUGN) under the Shelton umbrella, adding approximately $100 million in assets and pushing the firm's total assets under management (AUM) beyond $6.5 billion.

As part of the acquisition, Jonathan Molchan, a managing partner at STF Management and a key architect of the funds, will join Shelton as senior portfolio manager and head of ETF trading. The move is the latest in a series of strategic initiatives by the Denver-based firm designed to broaden its product suite and solidify its position as a versatile, 'wrapper neutral' asset manager.

A Pattern of Deliberate Expansion

This latest transaction is not an isolated event but rather a continuation of a calculated growth strategy that has seen Shelton Capital's AUM more than double from $3 billion in 2020. The acquisition of the STF funds comes just months after Shelton finalized its purchase of Stringer Asset Management, a Memphis-based firm with approximately $650 million in assets, which closed in January 2026. That deal significantly expanded Shelton’s footprint in risk-managed portfolio solutions for financial advisors.

These moves underscore a clear ambition to build a comprehensive platform. Steve Rogers, chief executive officer of Shelton Capital Management, described the STF deal as a complement to the firm's growth strategy. "The merger complements our growth strategy as we migrate to become a 'wrapper neutral' platform, enabling Shelton to better serve advisors and their clients," Rogers stated. A 'wrapper neutral' approach signifies a firm's ability to offer its investment strategies across various product structures—such as mutual funds, ETFs, and separately managed accounts (SMAs)—without bias, giving advisors the flexibility to choose the best vehicle for their clients' needs.

By absorbing the TUG and TUGN funds, Shelton not only grows its AUM but also fills a specific niche in its ETF lineup, demonstrating a commitment to offering a diverse toolkit for investors navigating complex market environments.

Merging Minds: Bolstering Expertise with Key Talent

The acquisition is as much about talent and expertise as it is about assets. The appointment of Jonathan Molchan is a critical component of the deal, bridging a gap in Shelton's ETF capabilities. Molchan brings two decades of experience in derivatives trading, research, and risk management, with a background that includes roles at prominent firms like SAC Capital Advisors and Millennium Management.

His specific expertise, honed over 12 years in the options-based ETF space, is seen as a powerful complement to Shelton’s own nearly 20-year history in covered call strategies, which are featured in its popular Shelton Equity Premium Income ETF (SEPI) and Equity Income Fund (EQTIX). "Bringing on an ETF veteran like Jon Molchan is exciting because it bridges a gap in our ETF capabilities while bolstering our lineup with a very strong, five-star rated fund TUGN," said Rogers. "His 20 years of derivatives experience...will support our continued work to expand our ETF lineup."

For his part, Molchan views the merger as a vital step for the growth of the ETFs he helped build. The funds, which were the subject of a previously announced but uncompleted acquisition agreement by Hennessy Advisors in 2025, have found a new home on a platform with deeper distribution channels. "We're bringing a strong track record and our performance capabilities onto a platform that has the marketing and distribution capabilities needed for our products to flourish," Molchan explained. "That focus on execution is one reason I'm looking forward to joining Shelton and continuing to manage the ETFs."

Capitalizing on Demand for Tactical and Income Strategies

The TUG and TUGN funds tap directly into a growing investor appetite for actively managed strategies that can adapt to shifting market conditions. In an era of increased volatility, tactical funds that can dynamically adjust their exposure are gaining traction.

The STF Tactical Growth ETF (TUG) is an actively managed fund that uses a proprietary quantitative model to allocate investments between U.S. equities—typically tracking the Nasdaq-100—and U.S. Treasury securities. The goal is to capture growth while managing risk by shifting allocations based on market signals.

The STF Tactical Growth & Income ETF (TUGN) employs a similar tactical allocation strategy but adds a crucial second layer: an actively managed options overlay. This strategy is designed to generate monthly income and provide a downside buffer during market downturns. This dual approach to growth and income has earned TUGN a coveted Overall Morningstar Rating™ of 5 stars among 216 U.S. Fund Tactical Allocation funds as of February 28, 2026, placing it in the top 10% of its category based on risk-adjusted returns.

By integrating these funds, Shelton is not just acquiring assets but is also responding to clear market demand. Investors are increasingly seeking sophisticated solutions that go beyond simple buy-and-hold, particularly strategies that can generate income and protect capital, areas where both Shelton and Molchan have demonstrated deep expertise.

Building a Flexible, Future-Ready Platform

With the addition of the STF funds, the successful integration of Stringer Asset Management, and preliminary SEC approval to launch dual-share products, Shelton Capital Management is methodically assembling the components of a modern, multi-faceted asset management firm. The emphasis on a 'wrapper neutral' platform reflects an understanding that the future of investment management lies in providing choice, expertise, and tailored solutions.

This latest move enhances the firm's ETF suite, deepens its well of derivatives talent, and strengthens its value proposition to financial advisors who are tasked with building resilient portfolios. As Shelton continues to expand its product lineup and investment expertise, its strategic acquisitions signal a clear intent to be a formidable and adaptive competitor in the boutique investment space. The integration of Molchan's tactical, options-driven approach with Shelton's established covered call proficiency creates a more robust and comprehensive equity income and growth offering for the firm's clients.