Validea Market Legends ETF
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- Validea Market Legends ETF (VALX) is an exchange-traded fund that seeks to track the performance, before fees and expenses, of the Validea Market Legends Index by investing at least 80% of its total assets in the index's component securities, which consist of equity securities of U.S. companies and foreign equity securities traded in the U.S. selected using actively managed, quantitative models derived from the published investment strategies of Wall Street legends such as Warren Buffett, Benjamin Graham, and David Dreman; the fund employs a disciplined, fundamental-based stock selection process from a universe of approximately 2,500 stocks, selecting the highest-scoring names across 10-17 models based on historical performance and low correlation, with portfolio rebalancing every 28 days, position caps at 10%, and sector limits at 40% to manage risk. Validea Capital Management, LLC serves as the investment adviser, with ETF Series Solutions as the sponsor, Quasar Distributors, LLC as the distributor, and U.S. Bancorp Fund Services, LLC as administrator and transfer agent; the fund targets capital appreciation with a secondary focus on income, primarily in mid-cap blend equities across various sectors including financials, consumer discretionary, and technology. Launched on December 10, 2014, and listed on Nasdaq, the ETF was headquartered in Milwaukee, Wisconsin, through its sponsor ETF Series Solutions. In a significant operational change, the Validea Market Legends ETF was liquidated in 2020, with shareholders receiving cash distributions of approximately $17.609 per share plus an additional $0.074 per share in separate payments, ceasing all trading and operations thereafter; no recent partnerships, funding rounds, acquisitions, or new product launches have occurred given its defunct status.