Investment Objective: |
The Even Herd Long Short ETF (the "Fund") seeks long-term capital appreciation. The Fund, an actively-managed exchange-traded fund ("ETF"), seeks to achieve its investment objective by taking both long and short positions in equity securities. Even Herd, LLC, the Fund's sub-adviser (the "Sub-Adviser"), employs its proprietary algorithm to manage the Fund's portfolio, seeking to maintain a consistent 100% long exposure to equity securities. In addition, the Fund's short exposure will vary between 10% to 60%. Consequently, the Fund's net equity exposure defined as the value of the Fund's long positions minus its short positions will generally range from 40% to 90% net long. This range is subject to adjustment by the Sub-Adviser based on prevailing market conditions. The Sub-Adviser follows a momentum-focused investment strategy. Momentum is defined as an upward (positive) or downward (negative) price movement of a security (or an asset class), generating positive or negative investment returns, over the course of a predefined observation period. |