The Convergence ETFs seek to provide greater return potential than traditional approaches. Armed with a proprietary dynamic quantitative model, additional tools and added flexibility, the managers at Convergence are able to pursue a more material and consistent alpha1.

Long/Short Mutual Fund
Long/Short Equity ETF

Long The Strong And Short The Broken
The Convergence Long/Short Equity ETF seeks alpha from a net long portfolio. The ETF goes long positions in fundamentally strong equities and short positions in broken and declining business models.


The Convergence Long/Short Equity ETF seeks to provide a greater return potential than traditional approaches while reducing risk. The fund endeavors to provide a more material and consistent alpha through its proprietary fundamental ranking process from both its long and short holdings over a market cycle. The objective of the Convergence Long/Short Equity ETF is to pursue long-term capital growth while minimizing volatility.


The Convergence investment process captures the best attributes of both quantitative and fundamental methods. This "quantamental" investment approach combines the bottom-up fundamental methods of its experienced managers, along with tools and technologies to efficiently organize vast amounts of investment data. Unlike traditional fundamental stock picking, quantitative methods allow for broader coverage and increased data utilization. The Convergence investment approach involves a dynamic process that sources alpha from both the long and short holdings via stock picking, and fundamental tilts. The Convergence dynamic process measures what metrics are being rewarded as well as those being punished. This analysis is utilized to rank the attractiveness of stocks within each industry group. Convergence systematically measures these fundamental preferences based on the characteristics found to be most efficacious in identifying securities deemed to offer the greatest alpha potential.


Proposed short holdings that exhibit fundamental scores consistent with favorable shorting metrics must also pass multiple criteria of risk controls built within the Convergence investment process. Position sizes for short holdings are reduced to mitigate idiosyncratic risk. Stocks with lower borrowing costs are favored over more controversial names with higher borrowing costs. Short holdings are monitored to minimize exposure to names that have a high percentage of short float. These measures help to mitigate risks as part of the process of shorting companies with weak or declining fundamentals.


The strategy utilizes shorting as an active alpha source rather than simply as a portfolio hedge. We believe that companies can be mispriced within public markets, creating investing opportunities for both favorably ranked long holdings and short holdings. Portfolio investments of both long and short holdings have a positive risk adjusted alpha expectation.

Fund Overview
Fiscal Year-End11/30
ExchangeCboe BZX
Inception Date12/29/2009
Inception NAV$10.00
Listing Date2/22/2022
Listing NAV$15.4742
Fees And Expenses
Management Fees0.95%
Margin Interest Expense and Short Sale Fees0.61%
Total Annual Expenses1.56%
Current Fund Data
Closing NAV2
Closing Market Price3
Premium/Discount to NAV
30-Day Median Bid/Ask Spread4
Total Net Assets
Outstanding Shares
Number of Holdings (excluding cash)
Fund Exposure
Long Exposure
Short Exposure
Net Exposure
Calendar Year Returns

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (561-494-8001).

Historical Premium Discount Chart5
Calendar Year YTD Through
Days Traded at Premium
Days Traded at NAV
Days Traded at Discount
Top Long Exposure Holdings
Holding Percent
Top Short Exposure Holdings
Holding Percent
CUSIP Ticker Name Units Market Value Percent Of Net Assets
Prospectus Prospectus
Statement of Additional Information Statement of Additional Information
Annual Report Annual Report
Semi-Annual Report Semi-Annual Report
Convergence Long/Short Strategy Research Research