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Trending ETFs

Leatherback Long/Short Alternative Yield ETF

Active ETF
LBAY
Payout Change
Pending
Price as of:
$26.871 +0.35 +1.32%
primary theme
N/A
LBAY (ETF)

Leatherback Long/Short Alternative Yield ETF

Payout Change
Pending
Price as of:
$26.871 +0.35 +1.32%
primary theme
N/A
LBAY (ETF)

Leatherback Long/Short Alternative Yield ETF

Payout Change
Pending
Price as of:
$26.871 +0.35 +1.32%
primary theme
N/A

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$26.87

$42.8 M

3.39%

$0.91

1.24%

Vitals

YTD Return

4.4%

1 yr return

4.0%

3 Yr Avg Return

8.9%

5 Yr Avg Return

N/A

Net Assets

$42.8 M

Holdings in Top 10

52.3%

52 WEEK LOW AND HIGH

$26.5
$24.54
$28.03

Expenses

OPERATING FEES

Expense Ratio 1.24%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$26.87

$42.8 M

3.39%

$0.91

1.24%

LBAY - Profile

Distributions

  • YTD Total Return 4.4%
  • 3 Yr Annualized Total Return 8.9%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Leatherback Long/Short Alternative Yield ETF
  • Fund Family Name
    N/A
  • Inception Date
    Nov 16, 2020
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Winter

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by purchasing long positions in securities believed to provide sustainable shareholder yield (defined as dividends plus buybacks plus debt paydowns) and taking short positions in securities expected to decline in price. The Fund will generally have net exposure of 75% - 110% long.

Investment decisions for the Fund are made by Leatherback Asset Management, LLC (“Leatherback” or the “Sub-Adviser”), the Fund’s sub-adviser. Leatherback identifies securities to purchase long for the Fund through quantitative and fundamental analyses of U.S.-listed large-, mid-, or small-capitalization companies. Leatherback typically looks to purchase securities of companies with high shareholder yield. As part of its analysis, Leatherback considers whether a security is expected to pay a dividend and the ability of the issuer to grow that dividend over time, although the Fund may own securities that do not pay any dividends. Leatherback considers alternative yield to include interest and dividend income received from a security that is not a debt instrument.

The Fund’s long positions are generally expected to be comprised of equity securities or depositary receipts, although long positions may also include investment-grade corporate bonds and convertible bonds. The Fund’s equity securities may include common stocks, preferred stocks, other ETFs, closed-end funds, business development companies (“BDCs”), master limited partnerships (“MLPs”), real estate investment trusts (“REITs”), and publicly traded companies that are formed to own operating assets that produce defined cash flows (“YieldCos”).

The Fund may write (sell) covered calls up to 100% of the value of the Fund’s individual equity security or an index when Leatherback believes call premiums are attractive relative to the price of the underlying security or index.

Leatherback seeks to identify short positions for the Fund based on identifying idiosyncratic ideas that suggest a security’s price will decline. For example, Leatherback may look for financial or accounting anomalies in a company’s financial statements, may seek to identify short-term fads leading to overvalued securities, or look for companies with a poor governance record. Securities that the Fund sells short are generally expected to have lower margins and be in industries facing significant challenges for growth. The Fund may also sell short equity securities or other ETFs that are sector-, market capitalization-, or geography-focused or factor-based to take advantage of headwinds perceived by Leatherback for those investments.

A short sale is a transaction in which the Fund sells a security it does not own, typically in anticipation of a decline in the market price of that security. To effect a short sale, the Fund arranges through a broker to borrow the security it does not own to be delivered to a buyer of such security. In borrowing the security to be delivered to the buyer, the Fund will become obligated to replace the security borrowed at the time of replacement, regardless of the market price at that time. A short sale results in a gain when the price of the securities sold short declines between the date of the short sale and the date on which a security is purchased to replace the borrowed security. Conversely, a short sale will result in a loss if the price of the security sold short increases. When the Fund makes a short sale, the broker effecting the short sale typically holds the proceeds as part of the collateral securing the Fund’s obligation to cover the short position.

In addition to the strategies described above, the Fund may also purchase put options on equity securities or ETFs.

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LBAY - Performance

Return Ranking - Trailing

Period LBAY Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% -11.7% 17.0% 11.92%
1 Yr 4.0% -27.2% 22.0% 0.52%
3 Yr 8.9%* -19.9% 23.4% N/A
5 Yr N/A* -13.4% 13.1% N/A
10 Yr N/A* -7.3% 11.5% N/A

* Annualized

Return Ranking - Calendar

Period LBAY Return Category Return Low Category Return High Rank in Category (%)
2023 -11.6% -54.0% 40.9% 2.16%
2022 18.9% -22.5% 24.1% N/A
2021 18.5% -19.4% 24.1% N/A
2020 N/A -8.4% 12.9% N/A
2019 N/A -14.0% 7.1% N/A

Total Return Ranking - Trailing

Period LBAY Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% -25.0% 17.0% 3.11%
1 Yr 4.0% -27.2% 22.0% 0.52%
3 Yr 8.9%* -19.9% 23.4% N/A
5 Yr N/A* -13.2% 14.1% N/A
10 Yr N/A* -6.9% 11.5% N/A

* Annualized

Total Return Ranking - Calendar

Period LBAY Return Category Return Low Category Return High Rank in Category (%)
2023 -8.5% -54.0% 40.9% 2.16%
2022 22.4% -22.5% 24.1% N/A
2021 22.3% -19.4% 24.1% N/A
2020 N/A -8.4% 12.9% N/A
2019 N/A -14.0% 15.9% N/A

LBAY - Holdings

Concentration Analysis

LBAY Category Low Category High LBAY % Rank
Net Assets 42.8 M 818 K 5.18 B 64.43%
Number of Holdings 56 3 2670 61.29%
Net Assets in Top 10 31.9 M -175 M 1.1 B 47.31%
Weighting of Top 10 52.35% 1.5% 100.0% 33.12%

Top 10 Holdings

  1. First American Government Obligations Fund 7.22%
  2. Mount Vernon Liquid Assets Portfolio, LLC 7.12%
  3. Bunge Global SA 5.64%
  4. Exxon Mobil Corp 4.84%
  5. Fidelity National Information Services Inc 4.79%
  6. Visa Inc 4.78%
  7. Zimmer Biomet Holdings Inc 4.71%
  8. Intercontinental Exchange Inc 4.50%
  9. Old Republic International Corp 4.43%
  10. American Water Works Co Inc 4.33%

Asset Allocation

Weighting Return Low Return High LBAY % Rank
Stocks
79.79% -2.90% 119.13% 18.18%
Cash
14.33% -67.46% 106.99% 95.68%
Preferred Stocks
7.27% 0.00% 7.60% 0.54%
Other
0.00% -35.22% 39.56% 34.59%
Convertible Bonds
0.00% -0.02% 4.68% 9.19%
Bonds
0.00% -48.31% 152.17% 26.74%

Stock Sector Breakdown

Weighting Return Low Return High LBAY % Rank
Utilities
0.00% 0.00% 21.71% 17.58%
Technology
0.00% 0.00% 43.24% 92.73%
Real Estate
0.00% 0.00% 10.93% 17.58%
Industrials
0.00% 0.00% 31.93% 69.70%
Healthcare
0.00% 0.00% 100.00% 69.70%
Financial Services
0.00% 0.00% 83.83% 44.85%
Energy
0.00% 0.00% 32.57% 49.09%
Communication Services
0.00% 0.00% 32.32% 32.73%
Consumer Defense
0.00% 0.00% 33.38% 17.58%
Consumer Cyclical
0.00% 0.00% 88.83% 25.45%
Basic Materials
0.00% 0.00% 28.58% 3.64%

Stock Geographic Breakdown

Weighting Return Low Return High LBAY % Rank
US
79.79% -24.26% 116.70% 15.68%
Non US
0.00% -43.01% 97.78% 21.62%

LBAY - Expenses

Operational Fees

LBAY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.24% 0.40% 11.46% 78.97%
Management Fee 0.95% 0.00% 2.50% 28.21%
12b-1 Fee N/A 0.00% 1.00% 3.70%
Administrative Fee N/A 0.03% 1.54% N/A

Sales Fees

LBAY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

LBAY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

LBAY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 479.00% N/A

LBAY - Distributions

Dividend Yield Analysis

LBAY Category Low Category High LBAY % Rank
Dividend Yield 3.39% 0.00% 11.11% 6.67%

Dividend Distribution Analysis

LBAY Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Annually

Net Income Ratio Analysis

LBAY Category Low Category High LBAY % Rank
Net Income Ratio N/A -3.33% 2.88% 0.52%

Capital Gain Distribution Analysis

LBAY Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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LBAY - Fund Manager Analysis

Managers

Michael Winter


Start Date

Tenure

Tenure Rank

Nov 16, 2020

1.54

1.5%

Michael J. Winter, CFA. Mr. Winter is a Principal and Portfolio Manager with the Advisor. Mr. Winter joined the previous investment advisor in January 2007 and serves as an investment professional. Prior to joining the General Partner of Otter Creek Management, Mr. Winter worked as a portfolio manager and analyst at Staghorn Capital Management, LLC, a long/short equity hedge fund, in Boston, Massachusetts from 2005 through 2006. From 2000 through 2003, Mr. Winter worked as an investment associate with Putnam Investment Management in Boston. While at Putnam, Mr. Winter analyzed both international and domestic equities in a variety of sectors including financial, transportation and consumer. Mr. Winter received his BS in Economics and Finance from Boston College in 2000 and earned an MBA from The University of Chicago Booth School of Business in 2005. While attending business school, Mr. Winter spent the summer of 2004 interning with the General Partner. Mr. Winter holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

Charles Ragauss


Start Date

Tenure

Tenure Rank

Nov 16, 2020

1.54

1.5%

Mr. Ragauss currently serves as Director of Product Management at CSat Investment Advisory, having joined the it in April 2016. Prior to joiningCSat Investment Advisory, Mr. Ragauss was Assistant Vice President at Huntington National Bank (“Huntington”), where he was Product Manager for the Huntington Funds and Huntington Strategy Shares ETFs, a combined fund complex of almost $4 billion in assets under management. At Huntington, he led ETF development bringing to market some of the first actively managed ETFs. Mr. Ragauss joined Huntington in 2010. Mr. Ragauss attended Grand Valley State University where he received his Bachelor of Business Administration in Finance and International Business, as well as a minor in French. He is a member of both the National and West Michigan CFA societies and holds the CFA designation.

Michael Venuto


Start Date

Tenure

Tenure Rank

Nov 16, 2020

1.54

1.5%

Mr. Venuto is a co-founder and has been the Chief Investment Officer of the Toroso Investments, LLC since 2012. Mr. Venuto is an ETF industry veteran with over a decade of experience in the design and implementation of ETF-based investment strategies. Previously, he was Head of Investments at Global X Funds where he provided portfolio optimization services to institutional clients. Before that, he was Senior Vice President at Horizon Kinetics where his responsibilities included new business development, investment strategy and client and strategic initiatives.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 5.99 7.93