GREENWICH, Conn., Jan. 25, 2024 (GLOBE NEWSWIRE) -- via IBN -- The Board of Trustees of the Northern Lights Fund Trust IV (the "Board") has authorized an orderly liquidation of the Inverse Cramer Tracker ETF (Ticker: SJIM) (the "Fund"). On [January 25], 2024, the Board determined that closing and liquidating the Fund was in the best interests of the Fund and its shareholders.
The last day of trading of the Fund's shares on CBOE will be [February 13], 2024 ("Closing Date"), which will also be the last day the Fund will accept creation units from authorized participants. Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. Authorized Participants may redeem baskets of shares for a pro rata portion of the Fund's portfolio on hand through the Closing Date.
The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on [February 23], 2024 (the "Liquidation Date").
From the Closing Date through 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 tracking its underlying index.
Shareholders remaining on the Liquidation Date will receive cash at the net asset value of their shares as of that date, which will include any capital gains and dividends as of such date. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of the Fund's shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation. Once the distributions are complete, the Fund will terminate.
"We started [the Fund] in order to point out the danger of following TV stockpickers, Jim Cramer specifically, and the total lack of accountability," said Matthew Tuttle, the Fund's portfolio manager, who added, "we feel like we have accomplished that mission, but retail investors are more focused on volatile products and the interest in a long/short portfolio never fully materialized." Tuttle continued, "With the success of the T-REX product line, and the other initiatives we are involved in, we just didn't have the time to keep running this portfolio." Tuttle will continue to publish his free Cramer Tracker daily newsletter for people who want to monitor Jim Cramer's recommendations, available at CramerTracker.SubStack.Com. He also offers a free report on his website entitled "Fading the Consensus by Taking the Opposite Side of Jim Cramer's Picks," available at TuttleCap.com/free-reports/.
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The Inverse Cramer Tracker ETF is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Tuttle Capital Management, LLC, the Fund's adviser, is not affiliated with Northern Lights Distributors, LLC. Short sales involve unlimited loss potential since the market price of securities sold short may continuously increase. 12787079-NLD-08182023
Contact:
Matthew Tuttle
347-852-0548
mtuttle@tuttlecap.com
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