PLCY — EventShares U.S. Legislative Opportunities ETF

PLCY Fund Overview

PLCY — EventShares U.S. Legislative Opportunities ETF is a US ETF managed by Listed Funds Trust, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Listed Funds Trust
• Category: Commodity
• Assets under management: $22.56M
• Ticker: PLCY
• SEC CIK: 0001683471
• SEC series ID: S000056881
• Share class ID: C000180592

PLCY Investment Objective and Strategy

EventShares U.S. Legislative Opportunities ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Listed Funds Trust.

Investment objective

The U.S. Tax Reform Funds (the Fund ) objective is to seek capital appreciation by investing in market segments that Active Weighting Advisors LLC (the Advisor ) believes will be impacted by the enactment of changes to the U.S. Tax Code.

Principal investment strategy

The Fund is an actively managed exchange-traded fund ( ETF ) that seeks to achieve its objective of capital appreciation by investing, including both long and short positions, primarily in equity securities traded in the U.S. markets. Under normal circumstances the Fund will invest at least 80% of its total assets in the securities of issuers domiciled in the U.S. The Funds 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed without shareholder approval. The Fund typically holds securities of a limited number of issuers, generally 30 to 75, and invests in issuers with a market capitalization greater than $250 million USD. The Fund may, to a limited extent, invest in equity securities traded in non-U.S. markets, including emerging market securities, as well as fixed income securities, derivatives, currencies, and commodities.

The Fund will be subject to active turnover, generally on a quarterly basis, throughout market cycles based on the outlook of the Advisor. At the discretion of the Advisor, the Fund may actively add and remove positions intra-quarter based on changing market conditions. Investment Objective Definition The Fund takes positions in securities that are expected by the Advisor to appreciate in value as a result of proposed changes in U.S. tax policy and regulations that change the way taxable income is currently calculated and/or the tax rate at which taxable income is taxed ( Tax Reform Themes ), regardless of whether the change increases or decreases the tax burden on individuals or issuers domiciled in the U.S. The Advisor defines Tax Reform Themes as bills, rules, or regulations that change: ?

the tax rate at which a corporations or individuals income is taxed; ? the method under which a U.S. companys international income is taxed in or repatriated to the U.S.; ? the amount of import or export taxes or tariffs levied in the U.S. on products from an industry or foreign country; and ? the current Internal Revenue Code, primarily relating to the use of tax credits and expense categories allowed as deductions. The Advisor will, based on its discretionary analysis, identify themes it views as Tax Reform Themes. At any given time, the Advisor generally identifies four to ten Tax Reform Themes for consideration in constructing the Funds portfolio. Security Selection Process In its fundamental research and proprietary security selection process, the Advisor searches for sectors and issuers that it views as directly exposed to Tax Reform Themes.

The Advisors research and analysis leverages insights from diverse sources, including external research, to develop and refine its investment themes and capture trends that have implications for individual issuers or entire sectors. During this fundamental research process, the Advisor screens for issuers that have the potential to either experience significant multi-year earnings growth or significant business model disruption due to Tax Reform Themes. This process requires the Advisor to review each sector and/or issuers fundamental characteristics. The Fund initiates long positions in the securities of issuers (or sectors) that the Advisor believes will appreciate in value as a result of the implementation of such Tax Reform Themes and short positions in the securities of issuers (or sectors) that the Advisor believes will depreciate in value as a result of the implementation of such Tax Reform Themes.

The weight of each security within the portfolio will be rebalanced quarterly. As of each quarterly rebalance date, each security within the portfolio will be weighted equally regardless of its market capitalization or other fundamental characteristics. In determining whether to exit an investment position of the Fund, the Advisor uses the same type of analysis it uses in initiating a position by purchasing or shorting a security. The Advisor continuously reviews each security for exposure to its associated Tax Reform Theme. If a security, based on the Advisors discretionary analysis, is determined to no longer be exposed to its associated Tax Reform Theme or if the investment position has appreciated in value as compared to the Advisors expectations, the Fund will exit the investment position by selling the security or covering the short, as applicable.

Additionally, if the Advisor removes a Tax Reform Theme from consideration in constructing the portfolio, the investment positions relating to such theme will be exited. In addition to equities, the Fund may invest in fixed income securities. The Fund may utilize, to a limited extent, futures contracts, swap contracts and option contracts to obtain or hedge exposure to any security selected as part of its investment process. The Fund may also invest in commodities positions through exposure obtained through futures contracts, swap contracts, option contracts or exchange-traded vehicles (including ETFs, ETNs and exchange-traded commodities). The Fund will be constructed and managed in accordance with the Advisors current views of Tax Reform Themes. The failure of the U.S. government to take positive action on Tax Reform Themes may negatively impact the Funds portfolio.

The Advisor does not intend to hedge the portfolio against, or otherwise take defensive positions with respect to, government failure to take positive action on Tax Reform Themes. For additional information about the Funds principal investment strategies, including the thematic research and the security selection processes, see Description of the Principal Strategies of the Funds.

PLCY Costs and Fees

PLCY costs about $75 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.75%
• Gross expense ratio: 0.85%
• Portfolio turnover: 217%
• Brokerage commissions: 11.55 bps of average net assets (SEC N-CEN)

PLCY Cashflows

Over the 12 months to 2020-05, EventShares U.S. Legislative Opportunities ETF had net inflows of $1.42M, from monthly SEC N-PORT filings.

PLCY Debt Constituents

No individual debt constituents are reported in EventShares U.S. Legislative Opportunities ETF's latest SEC N-PORT filing.

PLCY Prospectus and SEC Filings

Official EventShares U.S. Legislative Opportunities ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-01-03
• Prospectus (485BPOS) — filed 2019-01-04
• Prospectus (485BPOS) — filed 2017-10-24
• Portfolio holdings (N-PORT) — filed 2020-07-28
• Annual census (N-CEN) — filed 2019-11-14
• Annual census (N-CEN) — filed 2018-11-14

Related Funds

Other Commodity funds tracked on ABC INVEST:

• VanEck Vectors Gold Miners ETF (GDX)
• VanEck Vectors Junior Gold Miners ETF (GDXJ)
• Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
• PIMCO CommoditiesPLUS Strategy Fund (PCLAX)
• First Eagle Gold Fund (SGGDX)

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.