ETF filings: Gator Capital plans Long/Short ETF from mutual fund
Gator Capital Investment Trust filed an initial N-1A for the Gator Capital Long/Short ETF, which would take over a mutual fund and carry a 3.01% expense ratio.
The news: Gator Capital Investment Trust, of Tampa, Florida, filed an initial Form N-1A on August 19, 2026, for the Gator Capital Long/Short ETF. The fund is an actively managed ETF that would take over the assets and liabilities of the Gator Capital Long/Short Fund, a mutual fund that is a series of Caldwell & Orkin Funds, Inc. The trust was organized as a Delaware statutory trust on July 9, 2026. The ticker and listing exchange are blank, and the filing elects the 75-day automatic effectiveness route under Rule 485(a)(2), which points to early November.
Why it matters: The filing shows how a small mutual fund can move into the ETF wrapper. The mutual fund will be the accounting and tax survivor of the reorganization, so its performance history and financial highlights are carried into the ETF prospectus. Gator Capital Management has advised the mutual fund since November 1, 2017, when it replaced C&O Funds Advisor, Inc.
By the numbers:
- Management fee 1.00%; administrative expenses 0.56%
- Dividend expense on short sales 1.44%; interest expense on short sales 0.00%
- Acquired fund fees 0.01%; total annual operating expenses 3.01%
- Cost on $10,000: $304 (1 year), $930 (3), $1,582 (5), $3,327 (10)
- Predecessor portfolio turnover 59% in the latest fiscal year
The big picture: The 3.01% expense ratio is high for an ETF, and the table explains why: 1.44 percentage points are dividend payments owed on borrowed shares the fund has sold short. The fee table uses estimates based on the mutual fund’s fiscal year ended April 30, 2026. The strategy divides the portfolio among a long sleeve of stocks and ETFs, a short sleeve of borrowed securities and a cash and bond sleeve. Net market exposure can range from 100% net long to 60% net short, and the adviser says it typically holds between 30% and 100% of net assets in common stocks and ETFs. The fund may concentrate a significant portion of assets in financial, real estate or related technology companies. Derek Pilecki, listed as president, is named as the agent for service.
What’s next: If the filing goes effective on the 75-day schedule, the reorganization and listing are the next steps. Details still to come include the ticker, the exchange and a completed table of contents.
Prepared with AI assistance from public sources and reviewed under our editorial policy. Not investment advice.