SPAX Robinson Alternative Yield Pre Merger Spac ETF

Distribution as of 06/25/2024

SPAX, launched in partnership with Tidal Investments LLC, is an actively managed exchange-traded fund (ETF) that invests primarily in pre-merger Special Purpose Acquisition Companies (SPACs), which offer the potential for mitigating downside risk and capturing upside opportunity. SPAX seeks to provide total return while minimizing downside risk.

About Robinson CapitalFounded in 2012, Robinson Capital Management is an independent investment advisor specialized in developing both traditional and alternative fixed income solutions. Our investment approach employs fundamental and value techniques to best identify positive risk/reward opportunities while maintaining consistency and discipline.

Robinson Capital also specializes in alternative fixed income strategies, with a focus on identifying and isolating structural inefficiencies in securities, such as SPACs and closed-end funds.

The firm serves as investment sub-adviser to the Robinson Alternative Yield Pre-Merger SPAC ETF (SPAX). For more information, visit, robinsonetfs.com.

About Tidal Investments LLC Formed by ETF industry pioneers and thought leaders, Tidal Investments LLC sets out to revolutionize the way ETFs have historically been developed, launched, marketed, and sold. With a focus on growing AUM, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. Tidal is an advocate for ETF innovation. The firm is on a mission to provide issuers with the intelligence and tools needed to efficiently and to effectively launch ETFs and to optimize growth potential in a highly competitive space. For more information, visit https://www.tidalfinancialgroup.com/.  

Investors should consider the investment objectives, risks, charges and expenses carefully before investing.  For a prospectus or summary prospectus with this and other information about the Fund, click here.  Read the prospectus or summary prospectus carefully before investing.

Important Information

Investing involves risk. Principal loss is possible. ETFs may trade at a premium or discount to their net asset value. Brokerage commissions are charged on each trade which may reduce returns.

The Fund invests in equity securities and warrants of SPACs, which raise assets to seek potential business combination opportunities. Unless and until a business combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other than seeking a business combination, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable business combination. There is no guarantee that the SPACs in which the Fund invests will complete a business combination or will be profitable.

Some SPACs may pursue a business combination only within certain industries or regions, which may increase the volatility of their prices. To the extent a SPAC or the fund is invested in cash or cash equivalents, this may impact the ability of the Fund to meet its investment objective. Investments in a SPAC may be considered illiquid and subject to restrictions on resale. 

The Fund may purchase warrants to purchase equity securities. Investments in warrants are pure speculation in that they have no voting rights and pay no dividends.  They do not represent ownership of the securities, but only the right to buy them. Warrants involve the risk that the Fund could lose the purchase value of the warrant if the warrant is not exercised or sold prior to its expiration.  The Fund may also purchase securities of companies that are offered in an IPO. The risk exists that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer.  Such investments could have a magnified impact on the Fund. 

Some sectors of the economy and individual issuers have experienced particularly large losses due to economic trends, adverse market movements and global health crises.  This may adversely affect the value and liquidity of the Fund’s investments especially since the fund is non-diversified, meaning it may invest a greater percentage of its assets in the securities of a particular, industry or sector than if it was a diversified fund. As a result, a decline in the value of an investment could cause the Fund’s overall value to decline to a great degree. 

The fund is distributed by Foreside Fund Services, LLC.

MEDIA CONTACT:Jim Robinson, 313-821-7007, jrobinson@robinsonfunds.com

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