Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus and Summary Prospectus, which may be obtained by visiting https://cabanaetfs.com/investor-materials. Read the prospectus and Summary Prospectus carefully before investing
Foreside Fund Services, LLC, distributor.
Investing involves risk, including possible loss of principal. There is no guarantee the Funds will meet or maintain their objective. To the extent the Funds investments are concentrated in or have significant exposure to a particular issuer, sector, industry or asset class, the Funds may be more vulnerable to adverse events affecting these groups than if the Funds investments were more broadly diversified.
The Funds rely heavily on CARA, a proprietary model developed by the Sub-Adviser, as well as data and information supplied by third parties. To the extent the model does not perform as intended, the Funds strategy may not be successfully implemented and the Fund may lose value. The Sub-Adviser’s judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In addition, although the Sub-Adviser seeks to manage volatility within the Funds portfolio, there is no guarantee that the Sub-Adviser will be successful.
Commodity-related companies may subject the ETFs to greater volatility than investments in traditional securities. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks.
New funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.
Target drawdown refers to the maximum amount an investment in the fund is expected to fall from peak to trough. Identified target drawdown percentages are targets, not guarantees.
Alpha – the measure of an asset’s performance relative to its benchmark.
Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market returns are based on the official closing price from the Exchange and do not represent the the return you would receive if you traded at other times. NAV (net asset value) is the dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding, which is calculated at the end of each business day.
Investment advisory services are provided by Cabana LLC, an SEC registered investment adviser. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. Additional information regarding Cabana LLC including its fees, can be found in Cabana’s Form ADV, Part 2. A copy of which is available upon request or online at www.adviserinfo.sec.gov. Cabana LLC claims compliance with the Global Investment Performance Standards (GIPS®). To receive the firm’s Independent Verifier’s Report send your request to email@example.com. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.