Lyrical Asset Management LP: Notice of Intent to Close U.S. Value ETF (USVT)
April 18 2024 - 11:04AM
Business Wire
Lyrical Asset Management LP (“LAM”) has filed a supplemental
‘sticker’ today notifying the shareholders and any potential
investors in the U.S. Value ETF (the “Fund”) of LAM’s intent to
close the Fund. A copy of the supplement can be found on the Fund’s
webpage at https://lyricalam.com/funds/usvt/.
The Fund will cease trading on the NYSE Arca Exchange (the
Exchange”) and will be closed to purchase by investors as of the
close of regular trading on the Exchange on May 14, 2024 (the
“Closing Date). The Fund will not accept purchase orders after the
Closing Date.
Shareholders may sell their holdings prior to the Closing Date
and customary brokerage charges may apply to these transactions.
However, from the Closing Date through May 24, 2024 (the
"Liquidation Date") shareholders may only be able to sell their
shares to certain broker-dealers and there is no assurance that
there will be a market for the Fund's shares. Between the Closing
Date and the Liquidation Date, the Fund will be in the process of
shutting down and liquidating its portfolio. This process will
result in the Fund increasing its cash holdings and, thereby,
diverging from its stated investment objective and strategies.
On or about the Liquidation Date, the Fund will liquidate its
assets and distribute cash pro rata to all shareholders who have
not previously redeemed or sold their shares. These distributions
are taxable events. In addition, these payments to shareholders may
include accrued capital gains and net investment income. As
calculated on the Liquidation Date, the Fund's net asset value will
reflect the costs of accrued expenses. Once the distributions have
been completed, the Fund will terminate.
For more information, please call 1-833-Valu-ETF (or
1-833-825-8383).
Investors should carefully consider the investment objective,
risks, charges, and expenses of ETFs. This and other information is
contained in the Fund’s prospectus and should be read carefully
before investing. For a prospectus, please call 1-833-Valu-ETF (or
1-833-825-8383) or visit the Fund’s website at
https://lyricalam.com/funds/usvt/. USVT is distributed by
Northern Lights Distributors, LLC, member FINRA/SIPC. Northern
Lights Distributors, LLC and Lyrical are not affiliated.
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Media Contact: Mike Geller Prosek Partners
mgeller@prosek.com
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