Investment Objective
NITE seeks long-term capital appreciation with the goal of outperforming the S&P 500 Total Return Index over a rolling 5-year period.
Investment Strategy
NITE is a long-only, growth-oriented “best ideas” equity exchange-traded fund. The actively managed portfolio will typically hold 15-25 securities that trade on U.S. exchanges.
Nightview Capital seeks to invest in companies that we believe are trading at a material discount to our estimate of fair value, with catalysts for a narrowing of that discount over the course of several years.
Our investment decisions are based upon deep, forward-looking fundamental analysis of individual securities. We generally seek to invest in quality businesses benefiting from secular tailwinds that we believe can compound growth for many years to come.
For more information about Nightview Capital’s composite strategy and related performance, visit our firm website.
Reasons to Invest
01
Seeks Long-term Outperformance vs S&P 500 TR Index
02
3 to 5 Year Investment Horizon
03
Structured and Managed for Maximum Tax Efficiency
The in-kind creation and redemption process, potentially lower capital gains distributions, tax efficiency in portfolio management, and option to defer capital gains taxes all contribute to the potential tax-friendly nature of ETFs.
Fund Information
| Fund Name | The Nightview Fund |
| Inception | June 21, 2024 |
| Ticker | NITE |
| Primary Exchange | NYSE Arca |
| CUSIP | 14064D485 |
| Expense Ratio ⓘ
Expense Ratio
Reflects the annual cost of investing in the ETF, and currently includes only the management fee. You may pay additional fees, such as brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities.
| 1.25% |
| Benchmark ⓘ
S&P 500 TR Index
S&P 500 TR Index The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The total return calculation is a price-plus-gross cash dividend return.
The benchmark shown is provided for illustrative purposes only, is unmanaged, reflects reinvestment of income and dividends, and does not include the impact of advisory fees. Investors cannot invest directly in an index. Comparison to the index has limitations because an index has volatility and other material characteristics that may differ from the fund. | S&P 500 TR Index |
Fund Data and Pricing
Month-End, Quarter-End and Calendar Year Performance
The 03/01/2018 to 06/21/2024 performance shown is for the private fund managed by Nightview Capital and only shows month end valuations for reporting purposes. All performance and history of the private fund converted to NITE and is now attributable to NITE moving forward. The market price performance started on 6/21/24.
Performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free (866) 666-7156.
Fund NAV represents the closing price of underlying securities. Market Price is calculated using the price which investors buy and sell ETF shares in the market. The market returns in the table were calculated using the closing price and account for distribution from the funds.
Historical Price vs. NAV
Variance Disclosure
None at this time.
Days at Premium and Days at Discount, by Quarter
Top 10 Holdings
| Company Name | Sector | % of Net Assets | |
|---|---|---|---|
| 1 | TESLA INC | Automotive | 19.1% |
| 2 | AMAZON.COM INC | E-commerce Discretionary | 11.9% |
| 3 | MORGAN STANLEY | Institutional Financial Services | 5.1% |
| 4 | SCHWAB (CHARLES) | Asset Management | 4.9% |
| 5 | GOLDMAN SACHS GP | Institutional Financial Services | 4.9% |
| 6 | QUALCOMM INC | Semiconductors | 4.8% |
| 7 | WYNN RESORTS LTD | Leisure Facilities & Services | 4.7% |
| 8 | DRAFTKINGS INC | Leisure Facilities & Services | 4.7% |
| 9 | BLACKROCK INC | Asset Management | 4.6% |
| 10 | TAIWAN SEMIC-ADR | Semiconductors | 4.6% |
| Total Top 10 Holdings | 69.4% |
Cash & Equivalents
| Cash & Equivalents | 0.5% of Net Assets |
Holdings by Sector
Investors should consider the investment objectives, risks, and charges and expenses of the Fund(s) before investing. The prospectus contains this and other information about the Fund and should be read carefully before investing. The prospectus may be obtained at (866) 666-7156.
The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC.
Investing involves risk, including loss of principal. There is no guarantee the fund will achieve its investment objective. As an actively-managed ETF, the fund is subject to Management Risk, Equity Securities Risk, Market Risk, Mid-Cap Company Risk, New Fund Risk, Operational Risk, Sector Risk, Small-Cap Company Risk, Smaller Fund Risk, Trading Risk, Value Investing Risk.
In addition, the fund has:
Non-Diversification Risk. Investment in the securities of a limited number of issuers or sectors exposes the Fund to greater market risk and potentially greater market losses than if its investments were diversified in securities and sectors.
Issuer-Specific Risk. Changes in the financial condition or market perception of an issuer may have a negative impact on the value of the Fund, and this risk may be exacerbated by the relatively small number of positions that the Fund holds.
Secondary Market Liquidity Risk. Shares of the Fund may trade at prices other than NAV. As with all exchange traded funds (“ETFs”), Fund shares may be bought and sold in the secondary market at market prices. The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and there may be times when the market price of the shares is more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep market declines. Additionally, in stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. When an ETF is first launched, it is unlikely to have immediate secondary market liquidity. There is likely to be a lead market maker making markets of significant size, but it is unlikely there will be many market participants on day one of trading. This lack of secondary market liquidity may make it difficult for investors to transact in Fund shares in the market, and the market price consequently may deviate from the Fund’s NAV. As the Fund begins to trade and as client interest increases, more and more market participants buy or sell shares of the Fund and secondary market liquidity will grow. While all ETFs can be held for prolonged periods or intraday, some ETFs experience more secondary market trading than others.
Growth Investing Risk. To the extent that the Fund invests in growth-oriented securities, the Adviser’s perception of the underlying companies’ growth potentials may be wrong, or the securities purchased may not perform as expected.
Large or Mega-Cap Company Risk. The Fund will invest a relatively large percentage of its assets in the securities of large-capitalization and/or mega-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large capitalization companies and/or mega-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.
Limited Authorized Participants, Market Makers and Liquidity Providers Risk. Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occurs, the risk of which is higher during periods of market stress, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.