Liquidation: Jacob Funds Inc.
Form Type: CORRESP
Filing Date: 2025-01-14
Corporate Action: Liquidation
Type: Update
Accession Number: 000113743925000023
Filing Summary: Jacob Funds, Inc. detailed responses to SEC staff comments regarding their annual and semi-annual shareholder reports. Significant discussion involved the company's Unified Fee Arrangement with Jacob Asset Management, under which the Adviser handles operational expenses of the Forward ETF, and the impacts of past-due Adviser Expenses. The Board deliberated on these expenses, leading to a conclusion of the Forward ETF's operational viability. It was determined that the Forward ETF would be liquidated due to performance challenges and inability to achieve scale. The Adviser presented a liquidation plan which was approved by the Board, and the Forward ETF was officially liquidated on December 23, 2024. Further comments addressed the financial implications of the Adviser Expenses and compliance with payment obligations.
Document Link: View Document
Additional details:
Adviser Expenses Status: No amounts past due as of October 17, 2024
Service Provider Agreements: No separate agreements between Forward ETF and service providers regarding Adviser's payment obligations
Board Discussions: The Adviser Expenses were discussed during Board meetings
Forward Etf Liquidation Date: 2024-12-23
Financial Stability: Adviser Expenses did not adversely impact the financial stability of the Adviser
Quarterly Expense Analysis: Administrator conducts quarterly expenses analysis to ensure compliance with U.S. GAAP
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