FFND, Future Funds first ETF actively selects US-listed securities that are positioned to benefit or derive significant revenue from change-driven secular trends: social networking, mobility, climate change, E-commerce, automation, medical technology, information management, payment systems, entertainment consumption and lifestyle improvements. Using their own proprietary fundamental research, eligible companies are identified as either thematic winners (firms with attractive valuations that benefit from secular trends) or thematic losers (firms with excessive valuation that are negatively affected by secular trends). The fund adviser selects companies classified as thematic winners and may also employ short positions in firms identified as thematic losers (aside from futures and options) for hedging purposes. Although the fund includes firms of all sizes, the resulting portfolio skews toward large- and midcaps. The fund may also have a foreign exposure through ADRs.