NEW YORK, Jan. 12, 2018 (GLOBE NEWSWIRE) -- AuthEX, the New York-based company that recently acquired LocalShares, LLC, which serves as the adviser to the Nashville Area ETF (NASH), announced today that AuthEX will close this Fund. The Fund plans to liquidate on or around Friday, February 16, 2018, and any person holding shares in the Fund as of its liquidation will receive a cash distribution equal to the net asset value (NAV) of the investor’s shares as of that date, and will include any capital gains and dividends as of such date.
Shareholders may sell their holdings in the Fund prior to the end of the trading day on Friday, February 9, 2018, and customary brokerage charges may apply to these transactions. The Fund will cease trading at the close of regular trading on Friday, February 9, 2018. The Fund will close to new investment after January 12, 2018, and will begin the process of closing down and liquidating its portfolio (the “Liquidating Period”). During the Liquidating Period, the Fund will no longer pursue its investment objectives and strategies. Accordingly, during the Liquidating Period, the Fund will sell all of its assets and hold only cash. The Fund will liquidate on or around Friday, February 16, 2018. LocalShares, LLC, the adviser to the Funds, will bear all fees and expenses that may be incurred related to the liquidation of the Fund and the distribution of cash proceeds to investors, other than brokerage fees and expenses.
“As it has in many areas, Nashville was an innovator when it created the concept of a city-based investing vehicle,” said AuthEX CEO Eric Sinoway. “As it is currently structured, the Nashville Area ETF, as a single fund with the associated regulatory and operating costs, is not a viable business proposition. AuthEX embraces the concept of city-based investing but will deconstruct this fund as it is currently structured in order to pave the way for potential future, more scalable opportunities in this space.”
AuthEX plans to expand the LocalShares product suite, which accentuates the potential of city economies, through data and information such as LocalShares’ city-specific indexes which can be leveraged via the company’s electronic platform and more efficiently across new technologies. LocalShares currently tracks the publicly-traded companies of US cities via a series of 30 city-specific indexes according to a factor-based algorithm.
The Nashville Area ETF began trading on the New York Stock Exchange on August 1, 2013, as the first city-based exchange traded fund, comprised of the diverse publicly-traded companies based in Nashville, Tennessee and its surrounding counties.
AuthEX provides strategy, content, sales, and marketing products and services to extraordinary individuals, organizations, and cities. AuthEX builds, buys, or accelerates great businesses and brands, and helps inspired ideas come to life. It is led by a seasoned management team and backed by a world-class group of investors that includes entrepreneurs, owners, and CEOs of some of the world’s most admired financial, travel, retail, healthcare and sports and entertainment companies.
The AuthEX platform consists of the 25-year old media asset Worth; the AuthEX content and design studio; an ultra-luxury set of products and services that operate under the Worth Select brand; and LocalShares, a firm focused on the dynamics of city economies.
All ETF products are subject to risk, which may result in the loss of principal. Investment in smaller companies typically exhibit higher volatility. The Fund will invest substantially all of its assets in the securities of companies that have their headquarters or principal place of business located in the Nashville, Tennessee region. The Fund may be impacted by events or conditions affecting the region to a greater extent than a fund that did not focus its investments in that manner.
Carefully consider the Nashville Area ETF’s investment objective, risk factors, and charges and expenses before investing. This and other important information can be found in the Nashville Area ETF’s Prospectus, which may be obtained by calling 855-480-NASH (6274). Read it carefully before investing.
The Nashville Area ETF is distributed by SEI Investments Distribution Co., which is not affiliated with AuthEX and LocalShares, LLC, or with any of their affiliates.