Overview
Fund Details
| Fund Inception | 02/01/2008* |
| Ticker | SHRT |
| Primary Exchange | NYSE |
| CUSIP | 886364264 |
| Symbol | SHRT |
| Gross Expense Ratio * | 1.35% |
| Net Expense Ratio * | 1.35% |
*Prior to November 6, 2023, SHRT operated as a mutual fund, which commenced operations on August 1, 2017, and prior to that as a private fund, which commenced operations on February 1, 2008.
To the extent that SHRT utilizes a derivative instrument such as a swap agreement to gain short exposure to securities, costs typically associated with short sales of securities, such as dividend and interest expenses, will be embedded in the cost of the swap and SHRT’s return from such instrument will be net of such expenses and any other expenses associated with the swap.
Fund Data & Pricing
| Net Assets | $10,724,448 |
| NAV | $7.70 |
| Shares Outstanding | 1,392,414 |
| Premium/Discount | -0.29% |
| Closing Price | $7.68 |
| Median 30 Day Spread | 0.37% |
Data as of 11/19/2024
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.
Performance
Month End
As of October 31, 2024
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Since Inception (Annualized) | Since Inception (Cumulative) | |
|---|---|---|---|---|---|---|---|---|---|---|
| SHRT NAV | 3.15% | -3.09% | -2.07% | -1.76% | -5.00% | 13.30% | -0.85% | -2.38% | -0.39% | -6.41% |
| SHRT Market Price | 2.88% | -3.53% | -2.33% | -1.71% | -5.36% | 13.16% | -0.93% | -2.42% | -0.42% | -6.77% |
| S&P 500 Index | 20.97% | -0.91% | 3.66% | 14.08% | 38.02% | 9.08% | 15.27% | 13.00% | 11.02% | 476.31% |
| 50% Inverse of S&P 500 | -10.49% | 0.62% | -2.33% | -7.70% | -17.86% | -6.19% | -8.87% | -7.36% | -6.69% | -68.63% |
Quarter End
As of September 30, 2024
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Since Inception (Annualized) | Since Inception (Cumulative) | |
|---|---|---|---|---|---|---|---|---|---|---|
| SHRT NAV | 6.45% | 1.52% | 6.98% | 3.63% | 1.29% | 13.32% | -0.41% | -2.11% | -0.21% | -3.43% |
| SHRT Market Price | 6.64% | 1.61% | 7.26% | 3.55% | 1.36% | 13.34% | -0.39% | -2.10% | -0.20% | -3.35% |
| S&P 500 Index | 22.08% | 2.14% | 5.89% | 10.42% | 36.35% | 11.91% | 15.98% | 13.38% | 11.14% | 481.58% |
| 50% Inverse of S&P 500 | -11.04% | -1.41% | -3.67% | -6.08% | -17.33% | -7.79% | -9.25% | -7.55% | -6.75% | -68.83% |
The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Investment return and value of the ETF shares will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. Performance data for the most recent month-end is available above. Returns less than one year are cumulative.
A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded. The NAVs of the predecessor funds are used for both NAV and market price performance from inception through SHRT’s listing date of 11/6/2023.
The Gotham Short Strategies Fund (the “Predecessor Mutual Fund”) was managed by the Sub-Adviser and was reorganized into the Gotham Short Strategies ETF (“SHRT”) on November 6, 2023, the date SHRT commenced operations. The Predecessor Mutual Fund, which commenced operations on August 1, 2017, had an investment objective, investment policies and restrictions that were, in all material respects, the same as SHRT. A privately offered fund managed by the Sub-Adviser (the “Predecessor Private Fund”) was reorganized into the Predecessor Mutual Fund on August 1, 2017, the date the Predecessor Mutual Fund commenced operations. The Predecessor Private Fund was organized and commenced operations on February 1, 2008, and had an investment objective, investment policies and restrictions that were, in all material respects, the same as the Predecessor Mutual Fund. However, the Predecessor Private Fund was not registered as an investment company under the 1940 Act. In addition, the Predecessor Private Fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code which, if applicable, might have adversely affected its performance. SHRT’s performance for periods prior to the commencement of operations of the Predecessor Mutual Fund on August 1, 2017, is that of the Predecessor Private Fund adjusted to reflect the Predecessor Mutual Fund’s fee structure, which had an expense cap of 1.35%.
An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. The prospectus and summary prospectus should be read carefully before investing.
The S&P 500 Index (the “Index”) is a commonly followed equity index and is generally considered a barometer of the U.S. equity market. The 50% Inverse of the Index reflects the return of the Index adjusted to show the 50% targeted net short exposure of the Fund. The year-to-date return of the 50% Inverse of the Index will equal negative 50% of the Index. Returns for the Index include the reinvestment of income and do not include transaction fees, management fees, or any other costs. The performance and volatility of the Fund will be different than that of the Index. It is not possible to invest directly in the Index.
An investment in the Fund is subject to numerous risks including the possible loss of principal. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also seek to gain exposure to short positions and certain long positions through the use of derivative instruments such as a total return swap agreement (a “swap agreement”), through which the Fund would receive the returns of investments in a customized basket of equity securities. A swap agreement can be a form of leverage, which can magnify the Fund’s gains or losses. It is anticipated that the Fund will frequently adjust the size of its long and short positions and thus may experience high portfolio turnover which may increase brokerage costs. The Fund may invest in large, mid, and small cap companies. Small and mid-cap equity securities may be more volatile and less liquid than the securities of larger companies.
The Gotham Short Strategies ETF (SHRT) is distributed by Foreside Fund Services, LLC.