ETFis Series Trust to launch Altshares Long/Short High Yield Fund

By Toni Weeks

San Luis Obispo, Calif., May 5 – ETFis Series Trust I announced plans in an N-1A filing with the Securities and Exchange Commission for a new fund investing in high-yield corporate bonds, the Altshares Long/Short High Yield Fund.

The fund (Symbol: LSHY) will seek current income and capital appreciation with reduced volatility over time. Under normal circumstances, it invests at least 80% of its assets in a portfolio of high-yield debt securities of U.S. companies.

For the “long” position, the subadviser, Bramshill ETF Management, LLC, identifies securities included in the Bloomberg USD Corporate High Yield Bond index that provide the most attractive opportunities. For the “short” position, Bramshill invests in individual debt securities that will likely underperform the market or decrease in value in the near term, generally by reviewing securities in the index whose underlying issuers have accounting irregularities, are part of an overbought sector, have weak fundamentals or exhibit other indications of high risk of default on their obligations.

The fund’s investment portfolio will generally include up to 200 different securities positions with a target portfolio net exposure (the market value of long positions minus the market value of short positions) of between negative 20% and 100%.

Arthur DeGaetano and Dean Somes are the portfolio managers.

There will be no shareholder fees. Management fees and total annual fund operating expenses have not yet been set.

New York-based Etfis Capital LLC is the fund’s investment adviser.

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