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NSPL

NightShares 500 1x/1.5x ETF

Seeks to provide investment results that correspond to 100% (1x) of the performance of a portfolio of 500 U.S. large cap companies during the day and 150% (1.5x) of the portfolio performance at night.

Why NSPL?

  • Gain exposure to large cap U.S. companies
  • Maintain exposure to the day time trading session (1x)
  • Increase exposure to the night time session by 50% (1.5x), as the overnight session has been a differentiated source of U.S. large cap equity returns over the last two decades1

 

1 “The Overnight Drift”, Federal Reserve Bank of New York, February 2020 (revised August 2022), study based on evaluation of 24 hour trading returns of S&P 500 index futures from January 1998 - December 2020 and inclusive of a review of related academic literature.

OVERVIEW

Fund Overview
Current Fund Data

The Adviser pays all of the operating expenses of the Fund except portfolio transaction and other investment related costs (such as brokerage fees and commissions, and fees and expenses associated with investments in derivative instruments, including futures, option and swap fees and expenses), taxes, borrowing costs (such as interest and dividend expense on securities sold short), extraordinary expenses, and any indirect expenses (such as fees and expenses associated with investment in acquired funds and other collective investment vehicles).

PERFORMANCE

Average Annual Performance
Cumulative Performance

The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 1-833-NITE-ETF.
Fund NAV represents the closing price of underlying securities. Closing Market Price is calculated using the price which investors buy and sell ETF shares in the market. The Closing Market Price returns in the table were calculated using the closing price and account for distributions from the funds.

Premium/Discount

PORTFOLIO HOLDINGS

SUPPLEMENTAL TRANSACTION REPORT

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Investors should consider the investment objectives, risks, and charges and expenses of the Funds before investing. The prospectus contains this and other information about the Funds and should be read carefully before investing. The prospectus may be obtained by calling 1-833-NITE-ETF (648-3383) or at NightShares.com. The NightShares ETFs are distributed by Northern Lights Distributors, LLC, member FINRA/SPIC. AlphaTrAI Funds Inc. is the investment advisor to the Funds and is not affiliated with Northern Lights Distributors, LLC.


IMPORTANT RISK DISCLOSURES

The overnight strategy presents a risk of not capturing positive market movement during the day. With the overnight strategy the Fund gives up on potential upside gains during the normal hours exchanges are open.

While the shares of ETFs trade on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

The Advisor is a newly formed entity. The Fund is newly formed and has no operating history.

The NightShares 500 1x/1.5x ETF present different risks than other types of funds. These Funds operate pursuant to daily investment objectives and utilize leveraged investment techniques to achieve those objectives. Mathematical compounding combined with leverage prevent these ETFs from achieving their stated objectives over a period of time greater than one day. These Funds use leverage and are riskier than similar funds that do not use leverage. The Funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (1.5x) investment results of such portfolio of securities, including the impact of compounding on Fund performance. Investors in the Funds should actively manage and monitor their investments, as frequently as daily. An investor in these Funds could potentially lose the full value of their investment within a single day.

Leverage Risk. This is the risk that leverage may cause the effect of an increase or decrease in the value of the Fund’s portfolio securities to be magnified and the value of shares of the Fund to be more volatile than if leverage was not used. Leverage may result from certain transactions, including the use of derivatives and borrowing.

Compounding Risk. The Fund has a single day investment objective, and the Fund’s performance for any other period is the result of its return for each day compounded over the period. The performance of the Fund for periods longer than a single day will very likely differ in amount, and possibly even direction, from 1.5 times (1.5x) the night return of the portfolio of large cap U.S. companies for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on a leveraged fund. This effect becomes more pronounced as volatility and holding periods increase.

Investing involves risk, including loss of principal. There is no guarantee that the Funds will achieve their investment objectives. An investment in the Fund is not insured or guaranteed by any government agency. The Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund. Therefore, you should consider carefully the following risks before investing in the Fund; futures contract risk, overnight, market and geopolitical risk, COVID risk, active management risk, swap risk, counterparty risk, tax risk, inflation risk, operational risk, and investment style risk.

 

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