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Thursday, October 06, 2022

Three ETFs In Less Than Four Months

Reported by Neil Anderson, Managing Editor

The team at a startup on the West Coast have launched their third fund in less than four months.

Bruce Ivins Lavine
NightShares / AlphaTrAI Funds, Inc.
Today, Bruce Lavine, CEO of NightShares [profile], and Max Gokhman, chief investment officer of NightShares sibling AlphaTrAI Funds, Inc., unveiled the NightShares 500 1x/1.5x ETF (NSPL on the NYSE Arca, Inc.). The new fund's inception date is today, and it comes with an expense ratio of 67 basis points.

Today's launch comes after the NightShares team launched their first two ETFs last June. Like with those first two funds, NSPL is a series of Unified Series Trust, with Alpha as investment advisor and Exchange Traded Concepts, LLC (ETC) as subadvisor. NSPL also uses the same PM team, namly Gokhman plus a quarter of ETC portfolio managers: Todd Alberico, Brian Cooper, Andrew Serowik, and Gabriel Tan.

Like NightShares' first two ETFs, NSPL is an actively managed ETF designed to offer investors exposure to what the NightShares team refers to as "the night effect," i.e. the overnight performance of markets. NSPL specifically targets 500 large cap U.S. stocks, offering 1.5-times exposure to those stocks' nighttime performance and then 100 percent of those stocks' daytime performance.

"Because the day and night market sessions perform very differently, we wanted to provide investors with yet another cutting-edge approach to capturing the Night Effect," Lavine states.

The new fund's other service providers include: Brown Brothers Harriman & Co. (BBH) as custodian and transfer agent; Cohen & Company, Ltd. as independent accounting firm; Ultimus Fund Solutions, LLC as administrator and fund accountant; Northern Lights Compliance Services, LLC (an Ultimus affiliate) as provider of a chief compliance officer; and Northern Lights Distributors, LLC (an Ultimus subsidiary) as distributor. 

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