LBAR — Leatherback Long/Short Absolute Return ETF

LBAR Fund Overview

LBAR — Leatherback Long/Short Absolute Return ETF is a US ETF managed by Tidal Trust I, categorised as Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Tidal Trust I
• Category: Real Estate
• Ticker: LBAR
• SEC CIK: 0001742912
• SEC series ID: S000069693
• Share class ID: C000222267

LBAR Investment Objective and Strategy

Leatherback Long/Short Absolute Return ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust I.

Investment objective

The Leatherback Long/Short Absolute Return ETF (the Fund or the Absolute Return ETF) seeks absolute return. The Fund has not yet commenced operations.

Principal investment strategy

The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by purchasing long positions in securities believed to be undervalued and taking short positions in securities expected to decline in price. The Fund will generally have net exposure of 0-80% long. Investment decisions for the Fund are made by Leatherback Asset Management, LLC (Leatherback or the Sub-Adviser), the Funds sub-adviser. Leatherback identifies securities to purchase long for the Fund primarily through quantitative and fundamental analyses of U.S.-listed large-, mid-, or small-capitalization companies. Leatherback typically looks to purchase securities of companies with high margins and a high return on invested capital that operate in industries Leatherback expects to outperform the broader market over a several year period.

As part of its analysis, Leatherback considers whether a security is expected to pay a dividend and the ability of the issuer to grow that dividend over time, although the Fund may own securities that do not pay any dividends. The Fund may also invest in companies with unique opportunities such as having been spun-off from a larger company or having emerged from bankruptcy, or in securities that Leatherback believes are mispriced based on the securitys place in a companys capital structure. The Funds long positions are generally expected to be comprised of equity securities or depositary receipts, although long positions may also include investment-grade corporate bonds and convertible bonds. The Funds equity securities may include common stocks, preferred stocks, real estate investment trusts (REITs), and closed-end funds.

Leatherback seeks to identify short positions for the Fund based on identifying idiosyncratic ideas that suggest a securitys price will decline. For example, Leatherback may look for financial or accounting anomalies in a companys financial statements, may seek to identify short-term fads leading to overvalued securities, or look for companies with a poor governance record. Securities that the Fund sells short are generally expected to have lower margins and be in industries facing significant challenges for growth. The Fund may also sell short equity securities or other ETFs that are sector-, market capitalization-, or geography-focused, or those that target specific drivers of return or risk, such as momentum, low volatility or value (sometimes referred to as factor-based ETFs), to take advantage of headwinds perceived by Leatherback for those investments.

A short sale is a transaction in which the Fund sells a security it does not own, typically in anticipation of a decline in the market price of that security. To effect a short sale, the Fund arranges through a broker to borrow the security it does not own to be delivered to a buyer of such security. In borrowing the security to be delivered to the buyer, the Fund will become obligated to replace the security borrowed at the time of replacement, regardless of the market price at that time. A short sale results in a gain when the price of the securities sold short declines between the date of the short sale and the date on which a security is purchased to replace the borrowed security. Conversely, a short sale will result in a loss if the price of the security sold short increases. When the Fund makes a short sale, the broker effecting the short sale typically holds the proceeds as part of the collateral securing the Funds obligation to cover the short position.

In addition to the strategies described above, the Fund may also purchase put options on equity securities or ETFs. The Fund is considered to be non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

LBAR Costs and Fees

LBAR costs about $123 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.23%
• Gross expense ratio: 1.23%

LBAR Debt Constituents

No individual debt constituents are reported in Leatherback Long/Short Absolute Return ETF's latest SEC N-PORT filing.

LBAR Prospectus and SEC Filings

Official Leatherback Long/Short Absolute Return ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-12-23
• Prospectus (485BPOS) — filed 2024-12-20
• Prospectus (485BPOS) — filed 2023-12-19

Related Funds

Other Real Estate funds tracked on ABC INVEST:

• Trend Aggregation Dividend And Income Fund (TRADX)
• ICON Opportunities Fund (ICONX)
• VanEck Real Estate TruSector ETF (TRUR)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.