RiverNorth Short Prime Unicorn Fund 2028 (UNID)

About the Product

RiverNorth Short Prime Unicorn Fund 2028 is a closed-end investment fund with exposure to the decline in value of leading U.S. technology startups. As part of its IPO, RiverNorth Short Prime Unicorn Fund 2028 plans to list its common shares on the NYSE at $20 per share, under the ticker UNID. Underwriters include Lucid Capital Markets, Brookline Capital Markets, Clear Street, InspereX, Maxim Group, and Webull Financial. One of the available options for investors seeking to benefit from a decline in technology startup valuations is the common shares of RiverNorth Short Prime Unicorn Fund 2028 — a non-diversified closed-end investment fund advised by RiverNorth Capital Management. The fund’s investment objective is to replicate the performance of the Prime Unicorn 30 Index, which includes leading U.S. private companies with valuations exceeding $1 billion (so-called “unicorns”). To achieve its investment objective, the fund intends to utilize one or more swap agreements or other derivatives whose returns are linked to the inverse performance of the Prime Unicorn 30 Index. Such instruments are expected to account for at least 80% of the fund’s assets, with leading financial institutions acting as counterparties. The fund’s strategy also provides for the distribution of investment income to shareholders in the form of monthly dividends. However, the payments and their amounts are not guaranteed. The fund has a defined term of 24 months from the date of the prospectus registration. However, the board of directors retains the right to liquidate the fund at any time prior to this date, depending on prevailing market conditions, without requiring approval from common shareholders.