UP Fintech Asset Management Announces Closure of UP Fintech China-U.S. Internet Titans ETF
NEWTOWN SQUARE, Pa., Nov. 2, 2020 /PRNewswire/ -- The Board of Trustees of the TIGERSHARES Trust has decided to liquidate and close the UP Fintech China-U.S. Internet Titans ETF (TTTN) (the "Fund"), based on the recommendation of the Fund's adviser, Wealthn LLC (d/b/a UP Fintech Asset Management ("Wealthn")), and Wealthn's parent company, UP Fintech Holding Limited. This recommendation is based on a determination that, in light of an ongoing review of market demand, the Fund's continued operation is not in the best interests of the Fund's shareholders.
The Fund will cease trading on the Nasdaq Stock Market LLC ("Nasdaq") and will be closed to purchase by investors as of the close of regular trading on the NYSE on November 18, 2020 (the "Closing Date"). The Fund will not accept purchase orders after the Closing Date.
Shareholders may sell their holdings in the Fund prior to the Closing Date subject to customary brokerage charges. However, from November 18, 2020 through November 25, 2020 (the "Liquidation Date") shareholders may only be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for the Fund's shares during this time period. Between the Closing Date and the Liquidation Date, the Fund will be in the process of closing down and liquidating its portfolio. This process will result in the Fund increasing its cash holdings and, as a consequence, not pursuing its investment objective.
On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all shareholders who have not previously redeemed or sold their shares. These distributions are taxable events. In addition, these payments to shareholders may include accrued capital gains and dividends. As calculated on the Liquidation Date, the Fund's net asset value will reflect certain costs of closing the Fund, such as brokerage commissions paid by the Fund to liquidate portfolio positions. Wealthn will otherwise pay all expenses associated with the Fund's liquidation. Once the distributions are complete, the Fund will terminate.
About UP Fintech Asset Management:
UP Fintech Asset Management is the asset management arm of UP Fintech Holding Limited (NASDAQ: TIGR) known as "Tiger Brokers" in Asia, and the investment adviser to the UP Fintech China-U.S. Internet Titans ETF. Tiger Brokers is an online brokerage and fintech firm whose mobile-driven trading platforms enable investors to trade in equities and other financial instruments on major exchanges around the world.
IMPORTANT DISCLOSURES
Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives.
The value of the Fund's investments in Chinese securities will be impacted by the economic, political, diplomatic, and social conditions within China and to be more volatile than the performance of more geographically diversified funds. China is generally considered an emerging market country and investments in Chinese securities carry the risks associated with emerging markets, as well as risks particular to the region. Investments in emerging markets may be subject to the risk of abrupt and severe price declines and their financial markets often lack liquidity. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Certain securities held by the Fund may be difficult (or impossible) to buy or sell at the time and at the price the Fund would like due to a variety of factors, including general market conditions, the perceived financial strength of the issuer, specific restrictions on resale of the securities, infrequent trading, or lack of market participants. ETF shares are not redeemable with the issuing fund other than in large Creation Unit aggregations. Instead, investors must buy or sell ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. The NAV of the Fund's shares is calculated each day the national securities exchanges are open for trading as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time (the "NAV Calculation Time"). Shares are bought and sold at market price (closing price) not NAV. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined).
For more information on the Fund, please visit www.upfintecham.com or call 1-800-614-0004. The Fund is distributed by Quasar Distributors, LLC.
A fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. A copy of the Fund's summary prospectus may be obtained at www.upfintecham.com or call 1-800-614-0004 and should be read carefully before investing.
CONTACT: Yang Xu
[email protected]
SOURCE UP Fintech Asset Management
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