Fund Description: Core Alternative ETF, formerly Cambria Core Equity ETF, is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Listed Funds Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Core Alternative ETF seeks capital appreciation and preservation with low correlation to the broad US equity market. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund utilizes a combination of several strategies in aiming to produce capital appreciation while reducing risk exposure across market conditions. Under normal market conditions, at least 80% of the value of the Fund’s net assets will be invested in equity securities. The fund intends to invest the remaining value of its net assets in options where pricing provides favorable risk/reward models and where gains can be attained independent of the direction of the broader U.S. equity market. The Fund uses proprietary models and analysis of historical portfolio profit and loss information to identify favorable option trading opportunities, including favorable call and put option spreads. FUND MANAGEMENT: Core Alternative Capital LLC. serves as the investment adviser of the Fund.