Asymmetry® ETFs are exchange-traded funds developed by Shell Capital Management built around the ASYMMETRY® investment philosophy: systematically managing portfolios to produce asymmetric investment returns — capturing meaningful participation in favorable market environments while limiting exposure during unfavorable ones. These vehicles make the Asymmetry® approach available in the flexible, liquid, tax-efficient ETF structure.

The Asymmetry® Approach in ETF Form

Traditional ETFs track market indices passively, accepting the full volatility of their benchmark. Asymmetry® ETFs apply active risk management rules — trend-following signals, volatility filters, position sizing disciplines, and systematic exit rules — to dynamically manage the portfolio’s exposure. When market conditions are favorable, the portfolio maintains meaningful market exposure. When conditions deteriorate, the portfolio reduces exposure to limit downside participation.

Advantages of the ETF Structure

The ETF structure provides significant practical advantages for investors: daily liquidity at market prices, intraday tradability, lower costs than most hedge fund structures, tax efficiency through the in-kind creation/redemption mechanism, and transparency of holdings. These advantages make asymmetric investment management accessible to a broader range of investors than traditional institutional or hedge fund vehicles allow.

Performance Expectations

Asymmetry® ETFs are designed to be evaluated not by their performance in any single period but by their asymmetric capture profile over full market cycles: how much of bull market gains they captured versus how much of bear market losses they avoided. The goal is a favorable ratio — more up, less down — that produces superior long-term compounding despite potentially lagging pure equity exposure during strong, uninterrupted bull markets.

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