Sequoia ETF

Required next steps for Sequoia Fund shareholders:

Sequoia Fund is reorganizing into an an exchange-traded fund (ETF). There is one remaining step in order to finalize the conversion of your shares and it depends on how you currently hold your shares.

Brokerage Accounts — All Sequoia Fund shares must be held in an eligible brokerage account prior to the reorganization. Shareholders can transfer the mutual fund to existing brokerage accounts. Information can be found below for those who need to open a new brokerage account.

Brokerage Accounts

Shareholders who already hold Sequoia Fund through a brokerage account (e.g. Schwab, Fidelity, etc.):

  • You are in good shape for the ETF conversion. Your only remaining steps are:
    1. Confirm that the account is eligible to hold ETFs (most brokerage accounts are).
    2. Remember to cast your proxy for the upcoming shareholder vote.

Shareholders who hold Sequoia Fund directly with the fund’s transfer agent (SS&C Technologies, formerly DST Systems) will need to transfer their shares to a brokerage account:

  • If you have an existing brokerage account that you would like to use:
    1. Confirm that the account is eligible to hold ETFs.
    2. Confirm that the account is the same registration as your Sequoia Fund account (e.g. IRA, Individual, Joint, Trust, etc.)
    3. Initiate the transfer with your broker. Most brokerage firms have a simple transfer form that instructs the firm to pull your Sequoia Fund shares into the brokerage account. You will need to provide your Sequoia Fund account number.
    4. You may be asked to obtain a Medallion Signature Guarantee (MSG). Sequoia Fund has waived the MSG requirement for transfers to brokerage accounts in the same name as the existing Sequoia Fund account. However, some brokerage firms may have their own MSG requirements.

  • If you would like to open a new brokerage account, you may do so with your broker of choice. However, we have partnered with several brokers to assist in provisioning accounts to our shareholders under our master relationships with each firm.
    1. Fill out this form. Our team will send you a link to a new account application that can be completed electronically.
    2. You may be asked to obtain a Medallion Signature Guarantee (MSG). Sequoia Fund has waived the MSG requirement for transfers to brokerage accounts in the same name as the existing Sequoia Fund account. However, some brokerage firms may have their own MSG requirements.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risk that the market price of an ETF’s shares may trade at a premium or discount to its net asset value (NAV). Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

Sequoia ETF is distributed by Northern Lights Distributors, LLC.

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