Leatherback Asset Management announced on June 2, 2022, that its first ETF, the Leatherback Long/Short Alternative Yield ETF (LBAY), has surpassed $50 million in assets under management.
LBAY, which launched in November 2020 in partnership with Tidal ETF Services, is managed by Leatherback founder and 20-year veteran of the mutual fund and alternative asset management industry Michael Winter, CFA. Winter designed LBAY 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 allocation with targeted monthly distributions to their respective portfolios.
“Crossing the $50 million mark is an exciting milestone for our firm as it directly speaks to the ways in which investors are becoming more interested in gaining exposure to dynamic, active long/short strategies with all the benefits that the ETF wrapper provides,” said Mr. Winter.
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.
The Fund’s investment process, guided by Winter’s experience focused on building effective long/short strategies, has enabled LBAY to outperform the S&P 500 Index* year-to-date, delivering a 19.54% net asset value cumulative total return as of May 31, 2022. Positive contributions have come from both the long and short sides of the portfolio. LBAY has been in positive territory every month of 2022, during one of the most significant market selloffs in recent memory.
Additionally, over the life of the Fund, LBAY has delivered a cumulative total return in excess of 50% and has paid 18 consecutive months of distributions to shareholders.
“We’ve been very pleased with the response LBAY has garnered so far and are excited to continue to the tell the fund’s story, which is very timely given all that is going on amidst rising rates and a volatile equity market,” added Winter.
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.
* The S&P 500 Index includes 500 leading companies and covers approximately 80% of the available market capitalization. Indexes are unmanaged and it is not possible to invest in an index.