The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (833) 417-0090. The gross expense ratio for the fund is 1.43%.
View LBAY standardized performance here.
The Fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the Fund was traded.
WE ARE CELEBRATING TWO YEARS SINCE LAUNCHING OUR FIRST ETF
Leatherback Asset Management announced on December 5, 2022, that its first ETF, the Leatherback Long/Short Alternative Yield ETF (LBAY), recently marked its second anniversary since launch. LBAY has been a consistent top performer in the long/short ETF category and among active ETFs overall.
LBAY, which launched in November 2020 in partnership with Tidal Financial Group, is managed by Leatherback founder and 20-year veteran of the mutual fund and alternative asset management industry Michael Winter, CFA. LBAY is designed to be an actively managed alternative yield strategy that provides a cost-effective, liquid, and potentially tax efficient means for investors to add a high-quality long/short allocation with targeted monthly distributions to their respective portfolios.
In addition to celebrating the Fund recently passing the two-year mark, Leatherback is pleased to announce that the LBAY distribution was increased from 6.5 cents to 7.5 cents for the month of November, with the next targeted distribution set to take place in December 2022.
Over the life of the Fund, LBAY has delivered a cumulative total return in excess of 56% and has paid 24 consecutive months of distributions to shareholders.
LBAY holds long positions in equity securities and other publicly traded instruments that appear well-positioned to deliver attractive yields to shareholders, while simultaneously seeking to identify idiosyncratic opportunities where a security’s price may be poised to decline and will build short positions as determined by the Fund’s management.
LBAY has outperformed the S&P 500 Index year-to-date, delivering over a 22% cumulative total return as of November 30, 2022, with positive contributions coming from both the long and short sides of the Fund’s portfolio. LBAY returns also rank in the top 2% of the Morningstar Long-Short Equity category for the one-year period out of 195 funds as of November 30, 2022.
“The past two years have been challenging for a host of investment strategies, with broad passive exposures experiencing significant downturns and the bulk of long-only active strategies largely disappointing,” said Mr. Winter. “We’re very pleased and proud of the way we have been able to navigate LBAY through the choppy markets of 2021 and 2022, a volatile period which has offered numerous opportunities for a long/short strategy such as ours. Part of our mission has been to provide less correlation to equity markets by seeking downside protection through short positions in overvalued securities. Now that we’re two years in, with approximately $60 million in assets under management, and a cumulative total return of over 56% since inception, we feel we’re off to a strong start and are looking forward to continuing to tell the LBAY story to advisors and investors of all types.”
FINAL THOUGHTS
We hope our investor partners enjoy our monthly perspectives. We are finding many compelling ideas both long and short and we look forward to continuing our dialogue in the weeks and months ahead.