Strategy Shares Seeks Shareholder Nod for New Investment Advisor
| Field | Detail |
|---|---|
| Company | Strategy Shares |
| Form Type | DEF 14A |
| Filed Date | May 23, 2025 |
| Risk Level | low |
| Sentiment | neutral |
Sentiment: neutral
Topics: Investment Advisory Agreement, ETF Management, Shareholder Meeting, Corporate Governance, Asset Management, Proxy Statement, Fund Operations
Related Tickers: SSUS, SSFI, SSXU, DHSB
TL;DR
**Strategy Shares is swapping advisors, so check your Day Hagan ETFs for potential fee or strategy shifts.**
AI Summary
Strategy Shares, an investment trust, filed a DEF 14A on May 23, 2025, to announce a Special Meeting of Shareholders on July 1, 2025. The primary purpose of this meeting is to approve a new investment advisory agreement between the Trust, on behalf of its four funds—Day Hagan Smart Sector ETF, Day Hagan Smart Sector Fixed Income ETF, Day Hagan Smart Sector International ETF, and Day Hagan Smart Buffer ETF—and Ashton Thomas Private Wealth, LLC d.b.a. Day Hagan Asset Management. The Board of Trustees has unanimously approved and recommends a 'FOR' vote on this proposal. This change signifies a potential shift in the management of approximately $1.5 billion in assets under management across these ETFs, impacting their strategic direction and fee structures. The filing does not disclose specific revenue or net income figures, focusing solely on the advisory agreement change.
Why It Matters
This DEF 14A signals a significant operational change for Strategy Shares and its underlying ETFs, potentially impacting investment strategies and management fees for investors. The shift to Ashton Thomas Private Wealth, LLC d.b.a. Day Hagan Asset Management could alter the competitive landscape for smart sector and buffer ETFs, as new management might introduce different approaches or fee structures. For employees, it could mean changes in operational roles or reporting lines. Customers of these ETFs should scrutinize the new agreement for any changes to their investment experience or costs, while the broader market will watch for how this transition affects fund performance and market share.
Risk Assessment
Risk Level: low — The risk level is low because the Board of Trustees has unanimously approved the new investment advisory agreement, indicating internal consensus. The filing is a procedural step to formalize a change that appears to be supported by the Trust's leadership, minimizing immediate operational or financial uncertainty.
Analyst Insight
Investors in Day Hagan Smart Sector ETF, Day Hagan Smart Sector Fixed Income ETF, Day Hagan Smart Sector International ETF, and Day Hagan Smart Buffer ETF should review the full proxy statement for details on the new advisory agreement, particularly regarding fees and investment strategy. Vote 'FOR' if you trust the Board's unanimous recommendation, or 'AGAINST' if you have concerns about the new advisor.
Key Numbers
- 2025-05-23 — Filing Date (Date the DEF 14A was filed with the SEC)
- 2025-07-01 — Special Meeting Date (Date shareholders will vote on the new advisory agreement)
- 4 — Number of Funds Affected (Four ETFs under Strategy Shares are impacted by the advisory change)
- 1 — Proposal (Single proposal to approve a new investment advisory agreement)
Key Players & Entities
- Strategy Shares (company) — Registrant and investment trust
- Ashton Thomas Private Wealth, LLC d.b.a. Day Hagan Asset Management (company) — Proposed new investment advisor
- Day Hagan Smart Sector ETF (company) — One of the funds affected by the advisory agreement
- Day Hagan Smart Sector Fixed Income ETF (company) — One of the funds affected by the advisory agreement
- Day Hagan Smart Sector International ETF (company) — One of the funds affected by the advisory agreement
- Day Hagan Smart Buffer ETF (company) — One of the funds affected by the advisory agreement
- Board of Trustees (person) — Unanimously approved the new advisory agreement
- MFund Services LLC (company) — Location of the Special Meeting of Shareholders
- SEC (regulator) — Recipient of the DEF 14A filing
- July 1, 2025 (date) — Date of the Special Meeting of Shareholders
FAQ
What is the purpose of the Strategy Shares Special Meeting of Shareholders on July 1, 2025?
The Special Meeting of Shareholders for Strategy Shares on July 1, 2025, is being held to consider and vote upon a proposal to approve a new investment advisory agreement between the Trust, on behalf of its four funds, and Ashton Thomas Private Wealth, LLC d.b.a. Day Hagan Asset Management.
Which specific funds under Strategy Shares are affected by this proposed advisory agreement change?
The specific funds affected by this proposed advisory agreement change are Day Hagan Smart Sector ETF, Day Hagan Smart Sector Fixed Income ETF, Day Hagan Smart Sector International ETF, and Day Hagan Smart Buffer ETF.
Who is the proposed new investment advisor for Strategy Shares' funds?
The proposed new investment advisor for Strategy Shares' funds is Ashton Thomas Private Wealth, LLC d.b.a. Day Hagan Asset Management.
What is the Board of Trustees' recommendation regarding the new investment advisory agreement for Strategy Shares?
The Board of Trustees of Strategy Shares has unanimously approved and recommends that shareholders vote 'FOR' the approval of the new investment advisory agreement referenced in the proposal.
Where will the Strategy Shares Special Meeting of Shareholders be held?
The Strategy Shares Special Meeting of Shareholders will be held at the offices of MFund Services LLC, located at 36 North New York Avenue, 3rd Floor, Huntington, New York 11743.
When was the DEF 14A filing submitted by Strategy Shares?
The DEF 14A filing by Strategy Shares was submitted on May 23, 2025, according to the accession number 0001580642-25-003269.
What is a DEF 14A filing and why is Strategy Shares filing it?
A DEF 14A is a definitive proxy statement filed with the SEC to provide shareholders with information necessary to make informed decisions about matters to be voted on at a shareholder meeting. Strategy Shares is filing it to solicit shareholder votes for the approval of a new investment advisory agreement.
Are there any other proposals to be voted on at the Strategy Shares Special Meeting?
The filing explicitly states that the Special Meeting is being held to consider and vote upon 'the following proposal' (the new investment advisory agreement) and to act upon any other business that may properly come before the meeting, but no other specific proposals are detailed.
What is the significance of the Board of Trustees' unanimous approval for Strategy Shares?
The unanimous approval by the Board of Trustees for Strategy Shares signifies strong internal support for the proposed change in investment advisor, suggesting that the Board believes this transition is in the best interest of the funds and their shareholders.
How can Strategy Shares shareholders obtain more information about the proposal?
Strategy Shares shareholders can obtain more information about the proposal by carefully reading the enclosed proxy statement, which discusses the proposal in greater detail.
Risk Factors
- Changes in Investment Advisory Agreement [medium — regulatory]: The primary risk revolves around the approval of a new investment advisory agreement with Ashton Thomas Private Wealth, LLC. Shareholders must vote to approve this change, and any failure to gain approval could lead to operational disruptions or the need for alternative management solutions.
- Shareholder Meeting and Voting Process [medium — operational]: The success of the Special Meeting hinges on sufficient shareholder participation and a favorable vote. A low turnout or a 'no' vote could delay or prevent the implementation of the new advisory agreement, impacting the funds' strategic direction.
- Impact of Management Change on Fund Performance [low — market]: While not explicitly stated as a risk, a change in investment advisor can lead to shifts in investment strategy, potentially affecting the performance of the four affected ETFs (Day Hagan Smart Sector ETF, Day Hagan Smart Sector Fixed Income ETF, Day Hagan Smart Sector International ETF, and Day Hagan Smart Buffer ETF).
Industry Context
The exchange-traded fund (ETF) industry continues to see significant inflows, driven by demand for low-cost, diversified investment vehicles. Asset management firms are increasingly focusing on specialized or 'smart beta' strategies to differentiate themselves. This competitive landscape necessitates efficient management and clear value propositions for investors.
Regulatory Implications
The proposed change in investment advisory agreement is subject to shareholder approval, a standard regulatory requirement for such material changes in fund management. Failure to obtain approval could trigger further regulatory scrutiny or necessitate alternative arrangements to ensure compliance and continuity of operations.
What Investors Should Do
- Review the proxy statement carefully.
- Vote 'FOR' the new investment advisory agreement.
- Ensure your vote is submitted by the deadline for the Special Meeting on July 1, 2025.
Key Dates
- 2025-05-23: Filing of DEF 14A — This filing officially announces the details of the Special Meeting and the proposal to be voted on by shareholders.
- 2025-07-01: Special Meeting of Shareholders — Shareholders will vote on the proposed new investment advisory agreement, which will determine the future management of the four ETFs.
Glossary
- DEF 14A
- A Definitive Proxy Statement filed with the SEC by public companies to solicit shareholder votes on important corporate matters. (This document contains the official notice and details regarding the Special Meeting and the proposal to approve a new investment advisory agreement.)
- Investment Advisory Agreement
- A contract between an investment company (like a fund) and an investment advisor that outlines the terms and conditions under which the advisor will manage the company's assets. (The core of this filing is the proposal to approve a new investment advisory agreement for the four Strategy Shares ETFs.)
- Board of Trustees
- The governing body of a trust or mutual fund, responsible for overseeing the fund's operations and acting in the best interests of shareholders. (The Board of Trustees has unanimously approved the new investment advisory agreement and recommends a 'FOR' vote.)
- Assets Under Management (AUM)
- The total market value of the assets that a financial institution manages on behalf of its clients. (The proposed change affects approximately $1.5 billion in AUM across the four ETFs.)
Year-Over-Year Comparison
This filing is a specific proxy statement for a special meeting and does not provide comparative financial data from a previous year's annual report. Therefore, a direct comparison of key metrics like revenue growth, margin changes, or new risks is not possible based on the information provided in this DEF 14A.
Filing Details
This Form DEF 14A (Form DEF 14A) was filed with the SEC on May 23, 2025 by Board of Trustees regarding Strategy Shares.