SRN Advisors, LLC to Close and Liquidate the Siren Large Cap Blend Index ETF (SPQQ)
The Board of Trustees of Siren ETF Trust announced the closure and liquidation of the Siren Large Cap Blend Index ETF (NASDAQ: SPQQ) after careful consideration. The Fund will cease accepting new creation unit orders after March 10, 2022, and trading will halt prior to market open on March 11, 2022. Shareholders will receive a liquidating distribution based on their ownership on the Liquidation Date. This event may result in a taxable event for shareholders, and the net asset value will reflect liquidation costs.
- Shareholders will receive a liquidating distribution based on their ownership on the Liquidation Date.
- Fund will cease accepting new creation units and halt trading, indicating a complete shutdown.
- Shareholders may face a taxable event due to liquidation distributions.
- The fund’s strategy may be altered during liquidation, preventing it from achieving original investment objectives.
HUNTINGDON VALLEY, Pa., Feb. 11, 2022 /PRNewswire/ -- After careful consideration, the Board of Trustees of Siren ETF Trust has determined to close and liquidate the Siren Large Cap Blend Index ETF (NASDAQ: SPQQ) (the "Fund"). SRN Advisors, LLC ("SRN") serves as the investment adviser to the Fund.
The Fund will no longer accept orders for new creation units after the close of business on March 10, 2022, and trading in shares of the Fund on The NASDAQ Stock Market LLC will be halted prior to market open on March 11, 2022. The Fund's shares will subsequently be delisted. Prior to March 11, 2022, 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 that time period. Customary brokerage charges may apply to such transactions. The Fund will liquidate on or around Friday, March 11, 2022 (the "Liquidation Date").
In anticipation of the liquidation of the Fund, SRN will manage the Fund in a manner intended to facilitate its orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, effective immediately, all or a portion of the Fund may not be invested in a manner consistent with the Fund's stated investment strategies, which may prevent the Fund from achieving its investment objective. The Fund is likely to experience higher tracking error than is typical for the Fund.
Shareholders who continue to hold shares of the Fund on the Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund on that date. This liquidating distribution received by a shareholder may be in an amount that is greater or less than the amount a shareholder might receive if they sell their shares before the Liquidation Date.
The liquidation distribution amounts will include any accrued income and capital gains and will generally be a taxable event for shareholders investing through taxable accounts. The net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
For additional information, please call 866-829-5457 or visit www.sirenetfs.com.
About SRN Advisors, LLC
SRN is an exchange-traded fund sponsor and investment adviser. SRN seeks to identify companies that can be put into an exchange-traded fund portfolios designed to give retail and institutional investors key, focused opportunities, with the continued goal of lower costs than the peer universe.
Carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For this and other important information, obtain a statutory prospectus by calling 866-829-5457 or visiting www.sirenetfs.com. Read the prospectus carefully before investing.
An investment in the Fund is subject to investment risk, including the possible loss of principal. Fund shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and expenses will reduce investment returns. There can be no assurance that an active trading market for Fund shares will be developed or maintained. The risks associated with this Fund are detailed in the prospectus and could include factors such as market risk, large capitalization risk, investment style risk, REIT risk, sector risk, market trading risk, passive strategy risk, tracking error risk, index-related risk, new fund risk, non-diversification risk, foreign investment risk and depositary receipt risk.
NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
Distributor: Foreside Financial Services, LLC, member FINRA, SIPC
Contact
Scott Freeze
CEO – SRN Advisors, LLC
855-713-3837
sfreeze@srnadvisors.com
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SOURCE SRN Advisors, LLC
FAQ
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