UNIFIED SERIES TRUST
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
January 17, 2020
Securities & Exchange Commission
Division of Investment Management
100 F Street NE
Washington, DC 20549
Attention: Ms. Kate Whiting
Re: | Absolute Core Strategy ETF |
Unified Series Trust (“Registrant”) (SEC File Nos. 811-21237 and 333-100654)
Dear Ms. Whiting:
Below please find a supplemental response to your comment number 7 with respect to the Securities and Exchange Commission staff’s review of the Registrant’s Post-Effective Amendment on Form N-1A filed September 6, 2019 for the purpose of forming a new series, the Absolute Core Strategy ETF (the “Fund”).
(7) | Comment: Annualized performance is not allowed for prior performance of less than one year. Please revise the performance chart and send a completed chart with the response letter. |
Response: The completed charts are as follows:
AVERAGE ANNUAL TOTAL RETURNS
(for periods ended December 31, 2019)
1 Year | 5 Year(1) | 10 Year(1) | 20 Year(1) | Since Inception (June 1, 1999) | |
Accounts (Net) | 18.2% | 6.5% | 7.5% | 7.6% | 8.8% |
S&P 500 Net Total Return Index(2) | 30.7% | 11.0% | 12.9% | 5.4% | 5.9% |
ANNUAL RETURNS
(December 31, 2019)
Accounts (Net) | S&P 500 Net Total Return Index(2) | |
1999 | 30.89% | 13.43% |
2000 | 7.59% | -9.42% |
2001 | 0.23% | -12.23% |
2002 | -0.13% | -22.48% |
2003 | 23.84% | 27.99% |
2004 | 19.43% | 10.21% |
2005 | 8.91% | 4.33% |
2006 | 8.84% | 15.14% |
2007 | 7.25% | 4.90% |
2008 | -12.07% | -37.45% |
2009 | 18.37% | 25.55% |
2010 | 8.20% | 14.37% |
2011 | 6.36% | 1.47% |
2012 | 3.30% | 15.22% |
2013 | 15.74% | 31.55% |
2014 | 9.75% | 12.99% |
2015 | -1.87% | 0.74% |
2016 | 10.61% | 11.23% |
2017 | 12.40% | 21.09% |
2018 | -5.06% | -4.95% |
2019 | 18.21% | 30.70% |
Past performance is not indicative of future results.
(1) | Annualized. |
(2) | The S&P 500 Index is an unmanaged index generally representing the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. |
If you have any additional questions, or need additional information, please contact me at 513-346-3324.
Sincerely,
/s/ Elisabeth Dahl
Elisabeth Dahl
Secretary, Unified Series Trust
Copy to: | Mr. David R. Carson, President, Unified Series Trust |
Ms. Cassandra W. Esq., Thompson Hine LLP