The Changebridge Capital Long/Short Equity ETF (the "Fund" or "Long/Short Equity Fund") seeks long-term capital appreciation while minimizing volatility. The fund also strives to generate positive alpha via both the long and short portfolios over the course of an entire investment cycle. The Fund has the potential to enhance an investor’s return profile while reducing risk.
The Fund is a U.S. focused, liquid alternative ETF that takes both a quantitative and fundamental approach to security selection, identifying both long and short investments that are expected to outperform and underperform, respectively. The Fund’s strategy is centered around the belief that within the broad market, ample opportunities for mispricing exist, especially among smaller cap companies. The Fund targets long positions trading at a discount to current and future cash flows, that generate returns on invested capital in excess of their cost of capital. We look for short positions that erode shareholder value over time. Each position is expected to generate positive risk adjusted alpha by its own merit.
Idea generation begins with internally designed screening tools and a multivariate factor-based coding system. Our quant system is designed to actively identify inefficiencies - opportunities for fundamental analysts to add meaningful value. Quant elements are intended to reduce the impact of behavioral bias in our portfolio.
Extensive background identifying and executing short opportunities in equity markets. Shorts are generally required to have a near term catalyst to drive shares lower.
Because the only method of outperforming an index is to be different from it, the strategy focuses on a portfolio of generally small and mid cap securities. The strategy selects equity securities that it believes are misunderstood and/or overlooked by the market.
Investing according to environmental, social, and governance (ESG) criteria doesn’t need to occur at the expense of returns. We believe that a company’s understanding of ESG principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long term value.
Wilshire Liquid Alternative Equity Hedge Index
Premium/Discount to NAV
Median 30-Day Bid/Ask Spread
Margin Interest Expense and Short Sale Fee
Distribution and/or Service (12b-1) Fees
Total Annual Fund Operating Expenses
Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
Click here for a full list of holdings.
Holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.
As of TBD
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Market Returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern Time, when the NAV is normally calculated for ETFs. Your return may differ if you trade shares at other times.
Performance data shown below represents past performance and is no guarantee of, and not necessarily indicative of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
After-tax returns are calculated based on NAV using the highest individual federal income tax rate and does not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor's tax situation and may be different from those shown. After-tax would not be relevant to shares owned through a tax-deferred account such as an IRA or 401(k) plan. The return After Taxes on Distributions and Sales of Fund Shares may exceed the Return Before Taxes due to an assumed tax benefit from the pass-through of foreign tax credits and/or from losses on a sale of Fund shares at the end of the measurement period.
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|Days at NAV|
|Days at discount|
The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST). The vertical axis of the chart shows the premium or discount expressed in percentages. The horizontal axis indicates the trading days in the period covered by the chart.
Changebridge ETFs trade intraday on an exchange. ETFs are available through various channels including broker-dealers, investment advisers, and other financial services firms, including:*
* Neither Changebridge Capital nor Changebridge Capital Long/Short Equity ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.