NSPY — NightShares 500 ETF

NSPY Fund Overview

NSPY — NightShares 500 ETF is a US ETF managed by Unified Series Trust, categorised as United States Blend / Core Equity. 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: United States Blend / Core Equity
• Assets under management: $3.63M
• Ticker: NSPY
• SEC CIK: 0001199046
• SEC series ID: S000076400
• Share class ID: C000236227

NSPY Investment Objective and Strategy

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

Investment objective

The NightShares 500 ETF (the ?Fund?) seeks to return the night performance of a portfolio of 500 large cap U.S. companies.

Principal investment strategy

The Fund seeks to return the night performance of a portfolio of 500 large cap U.S. companies. 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 is most suitable to investors seeking to gain exposure to the overnight markets. AlphaTrAI Funds, Inc. (the Adviser) serves as investment adviser to the Fund and the Adviser has retained Exchange Traded Concepts, LLC (the Sub-Adviser) to serve as the Sub-Adviser. Under normal circumstances, the Fund invests its net assets (plus borrowings for investment purposes) in exchange-traded funds (ETFs) that invest in or track the performance of large cap U.S companies, large cap U.S.

companies, equity swaps, futures contracts, or options on such large cap U.S. companies or an index of such large cap U.S. companies. The Fund will also purchase United States Treasury securities and maintain collateral during periods when derivatives are utilized to capture the night effect on the large cap U.S. companies. The Adviser and Sub-Adviser currently consider large cap companies 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 or owning United States Treasury securities, and using futures contracts or total return swaps. In the case of owning the individual securities, third-party ETFs, or United States Treasury securities, an actively managed strategy of trading futures will be used to achieve overnight returns.

Overnight returns are achieved by having exposure to large cap U.S. companies from the close of the trading day and then removing that exposure at the start of the next trading day. Investments made to capture the returns of the large cap U.S. companies will be made with the goal of maximizing the benefits of the night effect. The Fund has the flexibility to hold customized swap contracts with a single counterparty or multiple counterparties designed to achieve the overnight returns of the large cap U.S. companies.

NSPY Costs and Fees

NSPY costs about $55 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.55%
• Gross expense ratio: 0.55%
• Brokerage commissions: 1.39 bps of average net assets (SEC N-CEN)

NSPY Cashflows

Over the 12 months to 2023-05, NightShares 500 ETF had net inflows of $3.92M, from monthly SEC N-PORT filings.

NSPY Debt Constituents

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

NSPY Prospectus and SEC Filings

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

• Prospectus (485BPOS) — filed 2022-05-17
• Portfolio holdings (N-PORT) — filed 2023-07-28
• Portfolio holdings (N-PORT) — filed 2023-04-28
• Portfolio holdings (N-PORT) — filed 2023-01-27
• Annual census (N-CEN) — filed 2023-08-03

Related Funds

Other United States Blend / Core Equity funds tracked on ABC INVEST:

• International Small Company Portfolio (DFISX)
• iShares Preferred and Income Securities ETF (PFF)
• Guggenheim Macro Opportunities Fund (GIOAX)
• Emerging Markets Portfolio (DFEMX)
• Eaton Vance Global Macro Absolute Return Advantage Fund (EGRAX)

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.