Actively managed Leatherback Long/Short Alternative Yield ETF (LBAY) is overseen by
portfolio manager and founder Michael Winter, a 20-year veteran of hedge funds, mutual funds
Palm Beach Gardens, FL, Nov. 17, 2020 (GLOBE NEWSWIRE) — Leatherback Asset Management, in partnership with Tidal ETF Services, is today launching its first Exchange-Traded Fund: the Leatherback Long/Short Alternative Yield ETF (LBAY).
LBAY is an actively managed alternative yield strategy that provides a cost-effective, liquid, and tax efficient means for investors to add a high-quality allocation with targeted monthly distributions to their respective portfolios.
Managed by Leatherback founder and 20-year veteran of the mutual fund and alternative asset management industry Michael Winter, LBAY holds long positions in equity securities and other publicly traded instruments that appear well-positioned to seek attractive yields to shareholders.
At the same time, the Fund will seek 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. Additionally, the Fund may write covered calls when Leatherback believes call premiums are attractive relative to the price of the underlying securities.
Over the course of Winter’s more than two decades in investment management, he has overseen both hedge fund and mutual fund vehicles, with a particular focus on building effective long/short strategies.
“I am thrilled to be bringing our first ETF to market. LBAY represents the type of dynamic, innovative, active approach that investors of all types should have available to them, but which for too long have been reserved for institutions and accredited investors,” said Mr. Winter. “With bond yields at historic lows, investors are looking elsewhere for the income they need. Passive strategies too often come with misunderstood or misattributed risks, and active strategies in a mutual fund or hedge fund wrapper burden investors with onerous lockups and high fees. With LBAY, investors now have a powerful tool for adding alternative yield to their portfolios, guided by experienced active management.”
LBAY trades on the NYSE and has a management fee of 0.95 percent and a total annual fund operating expense of 1.09 percent.
Additional information can be found at leatherbackam.com/etfs.
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About Leatherback Asset Management
Leatherback is filling the void in the active, alternative ETFs space. With long/short investing as a core competency and a progressive mindset, Leatherback is looking to disrupt the ETF industry by providing high-quality, actively managed alternatives in a cost-effective, liquid, tax efficient structure. The depth and breadth of the Leatherback Asset Management process is illustrated by the migration patterns of leatherback sea turtles, who swim over 10,000 miles per year and dive deeper than any known turtle. For more information, please visit leatherbackam.com.
About Tidal ETF Services
Formed by ETF industry pioneers and thought leaders, Tidal sets out to disrupt the way ETFs have historically been developed, launched, marketed and sold. With a transparent, partnership approach, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. As advocates for ETF innovation, Tidal helps institutions and organizations launch the most interesting and viable ETFs available today. For more information, visit tidaletfservices.com.
IMPORTANT INFORMATION
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by visiting www.leatherbackam.com. Please read the prospectus carefully before you invest.
“Long” and “short” are investment terms used to describe ownership of securities. To buy securities is to “go long.” The opposite of going long is “selling short.” Short selling is an advanced trading strategy that involves selling a borrowed security. Short sellers make a profit if the price of the security goes down and they are able to buy the security at a lower amount than the price at which they sold the security short.
Since the Fund is actively managed it does not seek to replicate the performance of a specified index. The Fund therefore may have higher portfolio turnover and trading costs than index-based funds. The Fund may invest in other funds, and in so doing will incur the expenses and risks of those funds.
The Fund uses short sales and derivatives (forwards, futures, swaps, and options), both of which may involve substantial risk. The loss on a short sale is in principle unlimited since there is no upward limit on the price of a shorted asset. The potential loss from a derivative may be greater than the amount invested due to counter-party default; illiquidity; or other factors. The Fund may hold illiquid assets (BDCs) which may cause a loss if the Fund is unable to sell an asset at a beneficial time or price.
The Fund is distributed by Foreside Fund Services, LLC
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| Media Contact: | Chris Sullivan MacMillan Communications (212) 473-4442 [email protected] |