The case highlights deliberations led by Brett Barakett, CEO and chief investment officer of Tremblant Capital, just months prior to launching an actively managed ETF, Tremblant Global (TOGA). However, his team continued to have reservations around the launch. On the one hand, TOGA would provide investors compelled by Tremblant's investment philosophy a more tax-efficient, liquid, and transparent product, at a lower cost than its long-only fund. On the other hand, there were concerns that TOGA might cannibalize Tremblant's higher-fee hedge fund business, increase its disclosure requirements, and expose the firm to greater counterparty risk.