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.
