Sequoia ETF

After careful deliberation, we are evolving Sequoia Fund Inc., our registered mutual fund, into an active exchange traded fund (“Sequoia ETF”). This new Sequoia ETF has been established to receive the portfolio assets of Sequoia Fund, Inc., our registered mutual fund.

At a special meeting of stockholders of Sequoia Fund, Inc. (“Sequoia Fund”) held on July 27, 2026, the stockholders approved the reorganization of Sequoia Fund into a newly-established exchange-traded fund, Sequoia ETF (the “ETF”) (Ticker: SEQ), which is a series of the Northern Lights Fund Trust II (the “Reorganization”). The Reorganization is expected to close after the close of trading on or about October 16, 2026 (the “Closing Date”).

In preparation for the Closing Date, the last day to purchase shares of Sequoia Fund will be October 2, 2026. Redemption orders for Sequoia Fund shares must be placed by October 15, 2026, or Sequoia Fund shares will, subject to the exceptions set forth in the Combined Proxy Statement/Prospectus, be converted to ETF shares. Shares of the ETF are expected to begin trading on October 19, 2026 on the NYSE Arca, Inc.

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Sequoia ETF

Press Releases, Filings, and Announcements
Background Information
Fund Documents

Industry ETF Information

External Links
FeatureMutual FundClosed-End Fund (CEF)Exchange-Traded Fund (ETF)
Tax EfficiencyCan be less tax-efficient as capital gains from the fund’s trading activity are passed on to investors.Capital gains and income distributions are subject to income tax.Generally considered more tax-efficient than mutual funds because of their structure.
Trading
Purchased and sold directly from the fund company at the Net Asset Value (NAV) calculated once per day after the market closes.		Shares are traded on a stock exchange throughout the day, just like a stock.Traded on a stock exchange throughout the day, like a stock.
Share Price
The price is the Net Asset Value (NAV) of the fund’s assets at the end of the trading day.		The share price is determined by market supply and demand and can trade at a premium or discount to its NAV. Closed end funds typically trade at a signigicant discount to the NAV, partcicularly in volatile markets. Bill Ackman of Pershing Square just announced their intention to launch a new CEF.The market price fluctuates throughout the day and typically stays very close to the fund’s NAV, as shares are easily hedged by the market makers using the disclosed portfolio holdings that make up the ETF.
Number of Shares
The fund issues new shares to investors and redeems them when investors sell. The number of shares outstanding changes daily.		A fixed number of shares are issued in an Initial Public Offering (IPO).The number of shares can change daily through a creation and redemption process, which helps keep the market price aligned with the NAV.
Management
Can be actively managed, where a fund manager picks investments, or passively managed, tracking an index.		Typically actively managed by a professional management team.Can be actively managed, where a fund manager picks investments, or passively managed, tracking an index.
FeesMay have various fees, including operating expenses, sales loads, and redemption fees.Have expense ratios and may have other fees.Generally have lower expense ratios compared to actively managed mutual funds. Brokerage commissions may apply when buying or selling.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETFs 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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