Exchange Listed Funds Trust files a draft SameSide ETF that can leave stocks entirely

Exchange Listed Funds Trust filed on Thursday, October 8 to add a new fund, the SameSide Tactical Thematic ETF. The prospectus is a draft. The cover says the details may change, and that the shares cannot be sold until the registration statement filed with the Securities and Exchange Commission is effective.

The fund would seek long-term capital appreciation. It would own stocks tied to themes, trends that at least one ETF already says it follows, and it could move some or all of that money into a defensive reserve.

Exchange Traded Concepts, of Oklahoma City, would oversee the fund. SameSide Capital would apply a quantitative, rules-based process under that oversight. SameSide is a Colorado limited liability company, and the prospectus leaves its address blank.

The portfolio is ten equal slices, reset every month. Each slice is either one theme's stocks or part of the reserve, so the fund can hold as many as ten themes, or none.

A slice leaves its stocks at a quarterly review, if its trend score falls below a set level. It can come back only after the score rises above a higher level than the one that pushed it out. The draft still marks, in brackets, the words that would time that return to a twice-a-year review, and those words can still change.

A theme can miss stocks without waiting for that review. If it does not have enough qualifying stocks, its slice is not funded and goes to the reserve. The draft writes that floor as less than 5, and the number is still in brackets.

The reserve can be 0% to 100% of the fund. Slices move in at the quarterly review, or when a theme does not qualify. A separate monthly test only decides what the reserve holds.

If gold's trend is positive, the reserve goes into gold ETFs that get their exposure primarily through futures, options and other contracts. If it is not, the reserve goes into cash, Treasurys, or funds that hold short-term Treasurys or other short-term bonds. The draft does not give the window used to measure that trend.

Twice a year, SameSide would rank themes by the money moving in or out of thematic ETFs with at least $50 million in assets, and by how large those ETFs are. A theme comes in above one score and drops out only below a lower one. The filing's examples are artificial intelligence, cybersecurity, robotics and defense.

A stock slice holds the ten names that score best on price trend, moving averages, momentum, relative strength and volume, in equal weight, drawn from the holdings of the thematic ETFs. A stock priced more than double its average over the past 200 days does not qualify. The list can include smaller companies and developed-market shares, not only large U.S. names.

The cost is still unknown. The management fee is blank, and so are the ticker and the exchange. If the reserve owns other funds, shareholders would pay those funds' fees on top of this fund's own charge.

A line still in brackets says the fund would not buy the thematic ETFs it uses to find stocks. Until that line is settled, the draft has not fixed whether shareholders would pay those ETFs' fees as well.

The prospectus names Eric Bush, a chartered financial analyst, as SameSide's chief investment officer and majority owner, and says he co-founded the firm in 2026. He was head of investments at United Capital from 2018 to 2023, a portfolio manager at Johnson Financial Group from 2017 to 2018, and an equity analyst and portfolio manager at GaveKal Capital from 2008 to 2017. The year the firm began advising clients is blank.

Two funds already rotate among themes.

The iShares U.S. Thematic Rotation Active ETF, BTHRO, has $7.5 billion in assets and charges 0.57% a year. iShares presents it as a fund that rotates among U.S. market themes. It has traded since December 2021.

The Strategas Macro Thematic Opportunities ETF, BSAMT, has $810 million in assets and charges 0.66% a year. It invests mainly in U.S. stocks tied to macro themes, and it has traded since January 2022.

The addition of the SameSide fund to the adviser's contract, and SameSide's contract with Exchange Traded Concepts, are still to be filed.

The trust asked the SEC to let the registration take effect 75 days after Thursday's filing. That is Tuesday, December 22, the date it would take effect on its own. An amendment can move it.