The Spaceship Universe Portfolio and Spaceship Origin Portfolio was impacted by a unit pricing issue between May 2018 and January 2020.
The issue was a result of how Spaceship Capital handled uncleared direct debit requests. We intended to facilitate a faster and better user experience, but unfortunately, this process didn't take into account instances where some customers' money ultimately wasn't received. This caused the fund to be incorrectly exposed to market movements and impacted the unit price applied to investments (applications) and withdrawals (redemptions).
Spaceship Capital has undertaken a remediation program to return negatively impacted members to the financial position that would have existed if the unit pricing issue had not occurred. We have compensated existing members that were negatively impacted by the issue with additional units. We have compensated former members negatively impacted by the error by $10 or more by reimbursing the difference between the withdrawal amount they received and they should have received (plus interest). All compensation has been directly funded by Spaceship.