CHICAGO and MILWAUKEE and NEW YORK, Feb. 02, 2023 (GLOBE NEWSWIRE) — Due to its inability to attract sufficient investment assets to maintain a competitive operating structure, the Board of Trustees of the Tidal ETF Trust (the “Board”) has decided to liquidate and close the
Newday Sustainable Development Equity ETF (SDGS)
(the “Fund”). Toroso Investments LLC (“Toroso”), the Fund’s investment adviser, and Newday Funds, Inc., doing business as Newday Impact (“Newday”), the Fund’s investment sub-adviser, informed the Board of their joint view that the Fund could not conduct its business and operations in an economically efficient manner over the long term, and recommended the Fund’s closure and liquidation to the Board. The Board, after considering the recommendation of Toroso and Newday, determined that it is in the best interests of the Fund and its shareholders to liquidate and terminate the Fund.
Shares of the Fund will cease trading on the NYSE Arca, Inc. (“NYSE”) and will be closed to purchase by investors as of the close of regular trading on the NYSE on February 21, 2023 (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 and customary brokerage charges may apply to these transactions. However, from February 22, 2023 through February 28, 2023 (the “Liquidation Date”), shareholders may be able to sell their shares only 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 the Fund’s portfolio. This process will result in the Fund increasing its cash holdings and, as a consequence, not tracking its underlying index, which is inconsistent with the Fund’s investment objective and strategy.
On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all shareholders of record who have not previously redeemed or sold their shares, subject to any required withholding. Liquidation proceeds paid to shareholders generally should be treated as received in exchange for shares and will therefore be treated as a taxable event giving rise to a capital gain or loss depending on a shareholder’s tax basis. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation. In addition, these payments to shareholders may include distributions of accrued capital gains and dividends. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing the Fund. Once the distributions are complete, the Fund will terminate.
ABOUT NEWDAY
Newday Impact is a financial services company which provides authentic portfolios for value based investors focused on sustainability. Backed by insightful research and recognized community leaders, they offer portfolios addressing the world’s most pressing environmental and social issues, including climate action, ocean health, clean water, diversity equity and inclusion, wildlife conservation and animal welfare, and stakeholder capitalism. Newday invests in public equities and creates thematic based portfolios focusing on a subset of the UN Sustainable Development Goals.
Please contact Newday Impact at
doug@newdayinvesting.com
for information on similar strategies.
ABOUT TIDAL FINANCIAL GROUP
Formed by ETF industry pioneers and thought leaders, Tidal Financial Group sets out to revolutionize the way ETFs have historically been developed, launched, marketed, and sold. With a focus on growing AUM, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. Tidal is an advocate for ETF innovation. The firm is on a mission to provide issuers with the intelligence and tools needed to efficiently and to effectively launch ETFs and to optimize growth potential in a highly competitive space. For more information, visit
.
IMPORTANT INFORMATION
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by calling 833-486-7347 or by visiting
www.newdayimpact.com/etfs
. Please read the prospectus carefully before you invest.
Investing involves risk and there is no guarantee of principal.
Distributed by Foreside Fund Services, LLC.
MEDIA CONTACT Gavin Filmore gfilmore@tidalfg.com 650-260-4345
