NSPL — NightShares 500 1x/1.5x ETF

NSPL Fund Overview

NSPL — NightShares 500 1x/1.5x ETF is a US ETF managed by Unified Series Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Unified Series Trust
• Category: Money Market
• Assets under management: $5.35M
• Ticker: NSPL
• SEC CIK: 0001199046
• SEC series ID: S000077252
• Share class ID: C000237488

NSPL Investment Objective and Strategy

NightShares 500 1x/1.5x ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Unified Series Trust.

Investment objective

The Fund seeks to provide investment results, before fees and expenses, that correspond to 100% (1x) of the performance of a portfolio of 500 large cap U.S. companies during the day and to 150% (1.5x) of the portfolio performance at night. The Fund does not seek to achieve its investment objective over a period of time greater than a single day.

Principal investment strategy

Under normal circumstances, the Fund invests its net assets in equity securities included in a portfolio of 500 large cap U.S. companies weighted by market capitalization, exchange-traded funds (ETFs) that invest in or track the performance of such large cap U.S. companies, financial instruments, such as swap agreements, futures contracts and other financial instruments that provide daily exposure to such large cap U.S. companies. The financial instruments in which the Fund most commonly invests are swap agreements and futures contracts which are intended to produce economically leveraged investment results, money market instruments and United States Treasury securities. The Funds investment adviser, AlphaTrAI Funds, Inc. (the Adviser) and its sub-adviser Exchange Traded Concepts, LLC (the Sub-Adviser) consider large cap companies for purposes of the Funds investment strategies to be those with a capitalization range of approximately $5 billion to $1 trillion.

The Fund will achieve its desired exposure in one of three ways, or a combination thereof. These are owning individual securities, owning third-party ETFs, and using futures or total return swaps. In the case of owning individual securities or third-party ETFs, an actively managed strategy of trading futures will be used to achieve overnight returns. If the Fund uses futures or swaps, it will also invest in money market instruments and/or United States Treasury securities. The night return is measured from the time when the regular daytime trading ends in the U.S. market (the closing) to the time the market is open on the next trading day in the U.S. The night return is calculated as the percent difference from the opening price today versus the previous day closing price. The Fund has the flexibility to hold customized swap contracts with a single counterparty or multiple counterparties designed to achieve its investment objective.

The Adviser determines the quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Funds daily investment objective. The Fund may invest in or obtain exposure to only a representative sample of the securities in the market cap-weighted portfolio of 500 large cap U.S. companies or in financial instruments, with the intent of gaining exposure with aggregate characteristics similar to those of a multiple of the night returns of the portfolio of large cap U.S. companies. In managing the assets of the Fund, the Adviser does not invest the assets of the Fund in securities or financial instruments based on the Advisers view of the investment merit of a particular security, or company, nor does it conduct research to forecast market movement or trends.

The Fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the overnight returns of such portfolio of large cap U.S. companies, consistent with its investment objective, without regard to market conditions, trends or direction. The Fund seeks investment results for a single day only, measured from the time the Fund calculates its NAV to the next time the Fund calculates its NAV, and not for any other period. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Funds returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Funds stated multiple (1.5x) times the night return of the portfolio of large cap U.S.

companies for the same period. For periods longer than a single day, the Fund will lose money if the portfolio performance is flat, and it is possible that the Fund will lose money even if the portfolio performance rises. Longer holding periods, higher market volatility, and greater leveraged exposure each exacerbate the impact of compounding on an investors returns. During periods of higher market volatility, the volatility of the market may affect the Funds return as much as or more than it affects the portfolio performance.

NSPL Costs and Fees

NSPL costs about $67 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.67%
• Gross expense ratio: 0.77%
• Brokerage commissions: 0.95 bps of average net assets (SEC N-CEN)

NSPL Cashflows

Over the 12 months to 2023-08, NightShares 500 1x/1.5x ETF had net inflows of $4.06M, from monthly SEC N-PORT filings.

NSPL Debt Constituents

No individual debt constituents are reported in NightShares 500 1x/1.5x ETF's latest SEC N-PORT filing.

NSPL Prospectus and SEC Filings

Official NightShares 500 1x/1.5x ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2022-08-12
• Prospectus supplement (497) — filed 2022-10-04
• Portfolio holdings (N-PORT) — filed 2023-10-27
• Portfolio holdings (N-PORT) — filed 2023-07-28
• Portfolio holdings (N-PORT) — filed 2023-04-28
• Annual census (N-CEN) — filed 2023-08-03

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.