NOVATO,
Calif., Feb. 23, 2024 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ: HNNA) today announced that it has
completed the acquisition of assets related to the management of
the CCM Core Impact Equity Fund. As a result, the CCM Core Impact
Equity Fund will be reorganized into an existing exchange-traded
fund ("ETF") managed by Hennessy Advisors, Inc. This acquisition
represents approximately $60 million
in assets.
"We are grateful to the shareholders of the CCM Core Impact
Equity Fund for their vote of confidence in Hennessy Funds," said
Neil Hennessy, Chairman and CEO of
Hennessy Advisors, Inc. "We are excited to have the opportunity to
provide strong investment management and quality customer service
to our new shareholders," he added.
"We know the Hennessy Stance ESG ETF is the right home for our
equity fund shareholders and look forward to seeing its ongoing
growth," said Alyssa Greenspan, CEO
and President of CCM.
The Fund is different from traditional ETFs.
Traditional ETFs tell the public what assets they hold each day.
The Fund will not. This may create additional risks for your
investment. For example:
-
- You may have to pay more money to trade the Fund's shares. The
Fund will provide less information to traders, who tend to charge
more for trades when they have less information.
- The price you pay to buy Fund shares on an exchange may not
match the value of the fund's portfolio. The same is true when you
sell shares. These price differences may be greater for the Fund
compared to other ETFs because it provides less information to
traders.
- These additional risks may be even greater in bad or uncertain
market conditions.
- The Fund will publish on its website each day a "Portfolio
Reference Basket" designed to help trading in shares of the Fund.
While the Portfolio Reference Basket includes all the names of the
Fund's holdings, it is not the Fund's actual portfolio.
The differences between the Fund and other ETFs
may also have advantages. By keeping certain information about the
Fund portfolio secret, the Fund may face less risk that other
traders can predict or copy its investment strategy. This may
improve the Fund's performance. If other traders are able to copy
or predict the Fund's investment strategy, however, this may hurt
the Fund's performance.
For additional information regarding the unique
attributes and risks of the Fund, see the Fund's prospectus and
statement of additional information.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager
offering a broad range of domestic equity, multi-asset, and sector
and specialty funds. Hennessy Advisors, Inc. is committed to
providing superior service to shareholders and employing a
consistent and disciplined approach to investing based on a buy and
hold philosophy that rejects the idea of market timing.
Additional Information
Nothing in this press release
shall be considered a solicitation to buy or an offer to sell a
security to any person in any jurisdiction where such offer,
solicitation, purchase, or sale would be unlawful under the
securities laws of such jurisdiction.
Investors should consider the investment objectives,
risks, charges, and expenses carefully before investing. This and
other important information can be found in the Fund's statutory
and summary prospectuses, which can be obtained by calling
877-671-3199 or visiting hennessyetfs.com. Please read the
prospectus carefully before investing.
Investing involves risk, including possible loss of principal.
For these and other reasons, there is no guarantee the Fund will
achieve its stated objective. ETFs are subject to additional risks
that do not apply to conventional mutual funds, including the risks
that the market price of an ETF's shares may trade at a premium or
discount to its net asset value, an active secondary trading market
may not develop or be maintained, or trading may be halted by the
exchange in which they trade, which may impact a fund's ability to
sell its shares. Shares are bought and sold at market price (not
NAV) and are not individually redeemed from the Fund. Investors may
purchase or sell individual shares on an exchange on which they are
listed. Market returns are based upon the midpoint of the bid/ask
spread at 4:00 p.m. ET, and do not
represent the returns you would receive if you traded shares at
other times. Brokerage commissions will reduce returns. ESG
investing risk is the risk stemming from the Environmental, Social,
and Governance factors that the Fund applies in selecting
securities. The Fund intends to invest in companies with measurably
high ESG ratings relative to their sector peers, and screen out
particular companies that do not meet its ESG criteria. This may
affect the Fund's exposure to certain companies or industries and
cause the Fund to forego certain investment opportunities. The
Fund's returns may be lower than other funds that do not seek to
invest in companies based on ESG ratings. The Fund seeks to pursue
its investment objective by using proprietary models that
incorporate quantitative analysis.
The Hennessy Funds are distributed by Quasar Distributors,
LLC.
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SOURCE Hennessy Advisors, Inc.