The Board of Trustees of the Tidal ETF Trust has decided to
liquidate and close the
AWTM Ultra-Short Duration Enhanced
Income ETF (AWTM) (the “Fund”), based on the
recommendation of the Fund’s investment adviser, Toroso Investments
LLC. As a result, the Board concluded that liquidating and closing
the Fund would be in the best interest of the Fund and its
shareholders.
The Fund will cease trading on the NYSE Arca,
Inc. (“NYSE”) and will be closed to purchase by investors as of the
close of regular trading on the NYSE on July 15, 2022 (the “Closing
Date”). The Fund will not accept purchase orders after the Closing
Date.
Shareholders may sell their holdings in the Fund
prior to the Closing Date and customary brokerage charges may apply
to these transactions. However, from July 15, 2022, through July
22, 2022 (the “Liquidation Date”), shareholders may be able to sell
their shares only 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 the Fund’s portfolio. This process will result in the
Fund increasing its cash holdings and, as a consequence, not
tracking its underlying index, which is inconsistent with the
Fund’s investment objective and strategy.
On or about the Liquidation Date, the Fund will
liquidate its assets and distribute cash pro rata to all
shareholders of record who have not previously redeemed or sold
their shares, subject to any required withholding. Liquidation
proceeds paid to shareholders generally should be treated as
received in exchange for shares and will therefore be treated as a
taxable event giving rise to a capital gain or loss depending on a
shareholder’s tax basis. Shareholders should contact their tax
adviser to discuss the income tax consequences of the liquidation.
In addition, these payments to shareholders may include
distributions of accrued capital gains and dividends. As calculated
on the Liquidation Date, the Fund’s net asset value will reflect
the costs of closing the Fund. Once the distributions are complete,
the Fund will terminate.
ABOUT TIDAL ETF SERVICESFormed by ETF industry
pioneers and thought leaders, Tidal ETF Services 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
tidaletfservices.com.
IMPORTANT INFORMATION
Before investing you should carefully consider the
Fund’s investment objectives, risks, charges and expenses. This and
other information is in the prospectus. A prospectus may be
obtained by calling 844-986-7676 or by visiting
https://www.awtmetf.com/ . Please read the
prospectus carefully before you invest.
Investing involves risk and there is no guarantee of
principal.
The fund is distributed by Foreside Fund Services,
LLC.
MEDIA CONTACT
Eric Falkeis
ericf@tidaletfservices.com
Tidal ETF Trust (NYSE:ORFN)
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