The LeaderShares Equity Skew ETF aims for substantial long-term capital appreciation. This actively managed exchange-traded fund primarily invests in equity securities, allocating a minimum of 80% of its net assets, including any borrowed capital, to stocks. This includes direct stock investments and holdings in other equity-focused ETFs. The fund employs a contrarian strategy, systematically increasing exposure to underperforming asset classes and/or factors while reducing positions in outperforming ones, all based on comprehensive quantitative research. Its core equity exposures encompass large-cap growth, large-cap value, small-cap growth, small-cap value, and emerging market equities. The allocation to these styles is determined through proprietary quantitative methodologies that integrate "statistical skew" – a measure of the asymmetry in a return distribution among various constituents. By evaluating skewness, the adviser assesses how recent returns of each of the five equity groups align with their historical return patterns. This process typically results in higher allocations to security groups that have recently underperformed and lower allocations to those that have recently outperformed during portfolio rebalancing. The ETF further restricts its investments to equity securities with a minimum market capitalization of $1 billion.