Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Cali Startup Says Good Night to Its 3rd Fund Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 14, 2023

A Cali Startup Says Good Night to Its 3rd Fund

by: Neil Anderson, Managing Editor

The team at a startup fund firm near San Francisco is preparing to shutter their third fund.

Bruce Ivins Lavine
NightShares / AlphaTrAI Funds, Inc.
CEO
The NightShares [profile] team plans to liquidate the NightShares 500 1x/1.5x ETF (NSPL on the NYSE Arca, Inc.) on or about September 8, according to a filing today. Per that filing, the board of Unified Series Trust approved the liquidation plan today, and the fund's last day of trading on the NYSE is expected to be August 31.

Corte Madera, California-based NightShares launched NSPL last October, about 10 months ago. As of last Friday, August 11, 2023, the ETF had grown to $14.93 million in AUM and had an expense ratio of 67 basis points (including a 10-bps fee waiver).

NightShares sibling AlphaTrAI Funds, Inc. serves as investment advisor to NSPL, and Exchange Traded Concepts, LLC (ETC) serves as subadvisor. The actively managed fund's PM team includes four ETC portfolio managers; Todd Alberico, Brian Cooper, Andrew Serowik, and Gabriel Tan. Bruce Lavine, CEO of NightShares and AlphaTrAI Funds, also joined the fund's PM team last December.

NSPL's other service providers include: Brown Brothers Harriman & Co. as custodian and transfer agent; Cohen & Company, Ltd. as independent accounting firm; Northern Lights Distributors, LLC as distributor; Ultimus Fund Solutions, LLC (parent of Northern Lights Distributors) as administrator and fund accountant; and Northern Ligths Compliance Services, LLC (NLCS, an Ultimus affiliate) as chief compliance officer provider.

Since entering the ETF space in June 2022, the NightShares team's ETFs have included: the NightShares 500 ETF (NSPY), the NightShares 2000 ETF (NIWM), the NightShares 100 ETF (NQQQ), the NightShares 100 1x/1.5x ETF (NQQL), the NightShares 500 Covered Call ETF (NCC), and NSPL. All of NightShares' ETFs were designed to capture what the team calls the "night effect," i.e. the overnight performance of the markets when the exchanges are closed.

The NSPL liquidation decision comes a month after the NightShares team filed to liquidate NSPY and NIWM, effective July 31, 2023. Lavine told ETF.com last month that the firm's ETFs' launch timing was "colossally unlucky."

"It just turned out that the day has been performing well of late and certainly better than the historical period that we've seen," Lavine told the publication. "Advisors are finding it a bridge too far to be totally out of the market during the day."

Looking ahead, Lavine hinted to ETF.com that the NightShares team is prepping a new fund, NightShares Select, for a fall launch, with an eye towards incorporating both nighttime and daytime gains, plus artificial intelligence

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use