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
info@upfinteckam.com
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SOURCE UP Fintech Asset Management