We look for best-in-class team members and partners that share our core values. Our goal is to bring together a talented, passionate group of specialists working toward our mission to be the premier provider of actively-managed, liquid alternative ETFs.
Michael J. Winter, CFA
Michael Winter, CFA, is the Founder and Chief Executive Officer of Leatherback Asset Management. Michael has more than 20 years of investment experience managing both hedge fund and mutual fund vehicles. His core competency is long/short investing. Michael has a Master of Business Administration from The University of Chicago Booth School of Business, with concentrations in Accounting, Economics, Entrepreneurship and Finance. He holds a Bachelor of Science degree from Boston College, with concentrations in Economics and Finance. Michael has been a CFA Charterholder since 2004.
Michael believes in giving back to the community. As Founder and President of the Palm Beach North Athletic Foundation, a 501(c)(3) organization, he is overseeing the development of a $40 million, 200,000+ square foot, two-story indoor sportsplex. This will be the first facility to bring youth ice sports and squash programs to northern Palm Beach County.
William W. Suzor, CFA
William Suzor, CFA is the Co-Founder and President of Leatherback Asset Management. William has almost 20 years of experience in the financial services industry, with a focus on equity, fixed income, and derivatives products. William has been a CFA Charterholder since 2007, and is a member of the CFA Institute® and the CFA Society New York.
Most recently, William worked with Nomura in support of their Americas equity sales and trading division, with a focus on their structured complex derivatives franchise and their highest profile institutional clients. Prior to this, he worked with Morgan Stanley in New York supporting their institutional equity derivatives trading division. William began his career with A.G. Edwards & Sons in fixed income, and holds a Bachelor of Arts from Eckerd College.
William is a champion of organizations supporting children with special needs and illnesses, and is involved with the United Mitochondrial Disease Foundation and the Energy for Life Walkathon. He and his family are also supporters of The Make-A-Wish Foundation and Give Kids the World Village.
Michael Venuto, Chief Investment Officer of Toroso Investments, and Co-Founder of Tidal ETF Services, has been a portfolio manager of the Fund since its inception in 2020. Mr. Venuto is an ETF industry veteran with over a decade of experience in the design and implementation of ETF-based investment strategies. Previously, he was Head of Investments at Global X Funds where he provided portfolio optimization services to institutional clients. Before that, he was Senior Vice President at Horizon Kinetics where his responsibilities included new business development, investment strategy and client and strategic initiatives.
Charles A. Ragauss, CFA
Head of Trading
Charles Ragauss, CFA, Portfolio Manager at Toroso Investments, has been a portfolio manager of the Fund since its inception in 2020. Mr. Ragauss also provides support services to CSat Investment Advisory, L.P., doing business as Exponential ETFs. Mr. Ragauss previously served as Chief Operating Officer and in other roles at Exponential from April 2016 to September 2020. Previously, Mr. Ragauss was Assistant Vice President at Huntington National Bank, where he was Product Manager for the Huntington Funds and Huntington Strategy Shares ETFs, a combined fund complex of almost $4 billion in assets under management. At Huntington, he led ETF development bringing to market some of the first actively managed ETFs. Mr. Ragauss joined Huntington in 2010. Mr. Ragauss attended Grand Valley State University where he received his Bachelor of Business Administration in Finance and International Business, as well as a minor in French. He is a member of both the National and West Michigan CFA societies and holds the CFA designation.
© Leatherback Asset Management
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 clicking here. 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 Funds are actively managed they do not seek to replicate the performance of a specified index. The Funds therefore may have higher portfolio turnover and trading costs than index-based funds.
LBAY Risks: Investing involves risk, including the loss of principal. As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market price normally should approximate the Fund’s net asset value per share (NAV), but the market price sometimes may be higher or lower than the NAV. The Fund is new with a limited operating history. There are a limited number of financial institutions authorized to buy and sell shares directly with the Fund; and there may be a limited number of other liquidity providers in the marketplace. There is no assurance that Fund shares will trade at any volume, or at all, on any stock exchange. Low trading activity may result in shares trading at a material discount to NAV.
The Fund uses short sales and derivatives (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 which may cause a loss if the Fund is unable to sell an asset at a beneficial time or price.
Through its investments in real estate investment trusts (REITs), the Fund is subject to the risks of investing in the real estate market, including decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.
The Fund’s exposure to master limited partnerships (MLPs) may subject the Fund to greater volatility than investments in traditional securities. The value of MLPs and MLP based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.
Business development companies (BDCs) generally invest in debt securities that are not rated by a credit rating agency and are considered below investment grade quality (“junk bonds”). Little public information generally exists for the type of companies in which a BDC may invest and, therefore, there is a risk that the Fund may not be able to make a fully informed evaluation of the BDC and its portfolio of investments.
The Fund is classified as “non-diversified” and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.
Foreside Fund Services, LLC, Distributor