'Flagging' an ETF During America's Holiday Week

The forensic accounting long-short ETF, known by its ticker 'flag', uses forensic accounting to evaluate 500 large-cap stocks, identifying companies with potential accounting or performance issues. Initially a long-only fund, it transitioned to a long-short strategy in August 2015, with a 30% short and 130% long allocation. The fund manages over $20 million in assets with around 140 holdings, including long positions in Macy's, Marathon Oil, and Ralph Lauren, and short positions in Shinner Energy, E-Trade, and Caesars. Despite its innovative approach, the fund has an expense ratio of 100.61 basis points and has underperformed the broader market since its 2013 launch. It receives a yellow light in the Bloomberg Intelligence Traffic Light system due to its alternative weighting and potential hidden costs from shorting.

What is the primary investment strategy of the forensic accounting long short ETF?

How did the fund's strategy change in August 2015?

What percentage of the fund's allocation is short and long?

Can you name some of the long positions held by the fund?

What has been the performance of the fund since its launch in 2013?