© 2022 NIS. Legal Notices | Form CRS | View Full Glossary of Terms
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 clicking here. Please read the prospectus carefully before you invest.
As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market price normally should approximate the Fund’s net asset value per share (NAV), but the market price sometimes may be higher or lower than the NAV. There are a limited number of financial institutions authorized to buy and sell shares directly with the Fund; and there may be a limited number of other liquidity providers in the marketplace. There is no assurance that Fund shares will trade at any volume, or at all, on any stock exchange. Low trading activity may result in shares trading at a material discount to NAV.
The fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline. Since the Fund is actively managed it does not seek to replicate the performance of a specified index. The Fund therefore may have higher portfolio turnover and trading costs than index-based funds. The Fund may invest in other funds, and in so doing will incur the expenses and risks of those funds.
The Fund is not a money market fund and does not seek to maintain a stable NAV of $1.00 per Share. An investment in the fund involves risk, including possible loss of principal. There is no guarantee that the Fund will achieve or maintain a status or credit quality equivalent to “investment grade.”
The fund is distributed by Foreside Fund Services, LLC.
Launch & Structure Partner: Tidal ETF Services.
Effective duration is a measure of the Fund’s price sensitivity to changes in yields or interest rates. A Fund with a higher effective duration will, under normal circumstances, have a greater sensitivity to interest rates.
The ICE BofAML 3-Month T-Bill Index is an unmanaged index that measures returns of 3-month T-Bills. It is not possible to invest directly in an index.
30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
The Gross Expense Ratio includes management fees and Acquired Fund Fees and Expenses.
Net Expense Ratio represents the Fund’s total operating expenses as a percentage of total assets. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 0.23%.
The 30-Day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and does not reflect waivers in effect.
The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous 7 days.
