M.D. Sass Concentrated Value ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 22 holdings as of May 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About SASS
TheFund is an actively-managed exchange-traded fund (“ETF”) that follows a high conviction, opportunistic U.S. equitystrategy. The Fund pursues its investment objective by investing at least 80% of its net assets (plus borrowings for investmentpurposes) in common stocks and American Depositary Receipts (“ADRs”) (the “80% Policy”). The Fund primarilyinvests in the U.S. exchange-listed equity securities of large-capitalization and mid-capitalization value companies that areconsidered by the Adviser to be of out-of-favor and/or misunderstood. The Adviser defines large-cap and mid-cap value companiesto be those companies with market capitalizations within the range of the Russell 1000® Value Index at the timeof purchase and that the Adviser believes are attractively valued relative to the market. TheAdviser’s investment process begins with intensive, bottoms-up fundamental research used to validate its investment thesison a given situation, build conviction and quantify the disconnect between market consensus and our own view. The Adviser seeksto identify businesses with favorable fundamentals, strong financial quality, and forecastable earnings. The investment processfavors companies that are undergoing positive fundamental change, are out of favor, and/or special situations, such as spin offs,transformative M&A and complex companies with a path to simplification. The Adviser seeks to identify stocks where 1) it hasa differentiated view versus the market consensus; 2) it believes there is a favorable reward/risk ratio; and 3) it expects anattractive internal rate of return over a multi-year period. TheAdviser’s research process includes, but is not limited to: reviewing SEC filings (10-Ks, 10-Qs, and proxies); analyzingearnings calls and conference transcripts; leveraging third-party research such as trade publications, expert network transcripts,and sell-side reports; engaging with industry stakeholders—including former employees, customers, suppliers, competitors,and management; building detailed financial models focused on key value drivers; assessing consensus expectations and market sentimentreflected in share prices; and conducting disciplined valuation reviews to quantify risk and reward. Fornew investments, the Adviser assesses probability-weighted returns and qualitative factor scores in determining optimal positionsizes, removing the emotional element that may lead to suboptimal sizing decisions. The Fund will generally hold up to 25 stocksat any given time, as the Adviser believes a concentrated portfolio of stocks it understands well will provide greater risk-adjustedreturns over time. As part of a broader risk management program, the Fund generally limits any individual position size to 8%of its total assets. TheFund typically sells an investment when either: 1) the Adviser’s view on earnings is no longer markedly different than consensus;or 2) valuation has become unreasonable in the opinion of the Adviser. The Adviser conducts a “post-mortem” analysisfor every stock after it is sold to understand what was done right/wrong, how much of the outcome was driven by skill versus luck,and how the Adviser can utilize lessons learned to fine tune its investment and research processes moving forward. TheFund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended, (the “1940 Act”)which means that the Fund may invest in fewer securities at any one time than a diversified fund. TheAdviser has retained Tidal Investments LLC (the “Sub-Adviser”), which is responsible for trading portfolio securitiesfor the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancingof the Fund. TheFund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”)under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”).
SASS News
Data for SASS is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.