NIWM [delisted] Unified Series Trust - Nightshares Russell 2000 ETF

Under normal circumstances, the fund invests its net assets (plus borrowings for investment purposes) in exchange-traded funds ("ETFs") that invest in or track the performance of small capU. S. companies, small capU. S. companies, equity swaps, futures contracts, or options on such small capU. S. companies or an index of such small capU. S. companies.

The fund will also purchase United States Treasury securities and maintain collateral during periods when derivatives are utilized to capture the night effect on the small capU. S. companies.