FUND OBJECTIVE
The Cabana Target Beta ETF (ticker: TDSB) aims to provide investors and advisors with long-term growth by achieving its investment objective with limited volatility and reduced correlation to the overall market. The TDSB ETF aims to target a beta of 0.35% relative to the S&P 500 Equal Weight Index, although the beta exposure is not a fixed amount and will vary based on a proprietary algorithm which looks to respond to market conditions.
Numerically quantify equity exposure.
Allocate assets according to perceived changes in the economic cycle.
Stay invested over the long term.
DATA AS OF 03/28/2025
| Primary Exchange | NASDAQ |
| Ticker | TDSB |
| Cusip | 30151E723 |
| Net Assets | 75,793,781 |
| Shares Outstanding | 3,425,000 |
| Median 30-Day Bid/Ask Spread | 0.09% |
| # of Holdings | 10 |
| Fund Inception Date | 09/16/2020 |
| Management Fee | 0.80% |
| Acquired Fees and Expenses[1] | 0.15% |
| Total Annual Fund Operating Expenses | 0.95% |
| Fee Waiver/Expense Reimbursement[2] | -0.11% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement[3] | 0.84% |
[1]Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Waiver/Reimbursement in this fee table do not correlate to the expense ratios in the Fund’s financial highlights because the financial highlights reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies. [2]Effective January 8, 2024, Exchange Traded Concepts, LLC (the “Adviser”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses of the Fund (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, acquired fund fees and expenses, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.69% of the combined average daily net assets of the Fund and related funds up to and including $750 million, and 0.64% of combined average daily net assets in excess of $750 million. This arrangement is in effect through at least August 31, 2025, unless earlier terminated by Exchange Listed Funds Trust (the “Trust”) for any reason at any time with approval of the Board of Trustees (the “Board”). [3]Reflects current expenses and therefore, does not correlate to the Fund’s financial highlights.
| NAV | 22.13 |
| Daily Change ($) | 0.01 |
| Daily Change (%) | 0.05% |
| Closing Price | 22.1100 |
| Daily Change ($) | 0.0100 |
| Daily Change (%) | 0.05% |
| NAV | 22.13 |
| MARKET PRICE | 22.1100 |
| PREMIUM/DISCOUNT | -0.09% |
PERFORMANCE
| 1 Month | 3 Month | YTD | Since Inception | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|---|
| Fund NAV | 2.78% | -0.27% | 3.97% | -0.03% | 7.59% | 0.28% | TBD |
| Market Price | 2.74% | -0.31% | 3.92% | -0.04% | 7.40% | 0.28% | TBD |
| 1 Month | 3 Month | YTD | Since Inception | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|---|
| Fund NAV | -4.07% | -2.97% | 3.63% | -0.93% | 3.63% | -3.42% | TBD |
| Market Price | -4.07% | -2.98% | 3.59% | -0.94% | 3.59% | -3.38% | TBD |
Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the original cost. Returns for periods of less than one year are not annualized.
DISTRIBUTIONS
| Month | Ex Date | Record Date | Pay Date | Dividend |
|---|---|---|---|---|
| March | 03/26/2025 | 03/27/2025 | 03/27/2025 | 0.1074 |
There is no guarantee that distributions will be made. Must be a registered shareholder of the fund on the record date to receive dividends.
Holdings as of 03/28/2025
| COMPANY NAME | TICKER | FIGI | SHARES | MARKET VALUE | % OF NET ASSET VALUES |
|---|---|---|---|---|---|
| PIMCO COMMODITY ACTIVE STRAT | CMDT | BBG01G446S02 | 433,361 | 11,536,719.86 | 15.22% |
| UTILITIES SELECT SECTOR SPDR | XLU | BBG000BJ7G75 | 144,660 | 11,280,586.80 | 14.88% |
| HEALTH CARE SELECT SECTOR | XLV | BBG000BHVSG6 | 76,180 | 11,009,533.60 | 14.53% |
| GOLDMAN SACHS PHYSICAL GOLD ETF | AAAU | BBG00LPXX872 | 260,960 | 7,944,927.20 | 10.48% |
| JANUS HENDERSON AAA CLO ETF | JAAA | BBG00XX897J8 | 148,590 | 7,524,597.60 | 9.93% |
| ISHARES SELECT DIVIDEND ETF | DVY | BBG000C1L679 | 56,284 | 7,471,138.16 | 9.86% |
| INVESCO DB US DOLLAR INDEX B | UUP | BBG000Q7R318 | 260,868 | 7,437,346.68 | 9.81% |
| VANGUARD SHORT-TERM TIPS | VTIP | BBG003H12X16 | 76,023 | 3,790,506.78 | 5.00% |
| ISHARES SHORT TREASURY BOND | SHV | BBG000QN04L8 | 34,173 | 3,774,407.85 | 4.98% |
| JPMORGAN ULTRA-SHORT INCOME | JPST | BBG00GP26N50 | 74,545 | 3,773,467.90 | 4.98% |
Holdings are subject to change.
PREMIUM DISCOUNT TABLE
| Calendar Year 2024 | |
|---|---|
| Days Traded at Nav | 8 |
| Days Traded at Premium | 46 |
| Days Traded at Discount | 198 |
PREMIUM AND DISCOUNT GRAPH
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.
Beta – Measures the sensitivity of an investment to the movement of its benchmark. A beta higher than 1.0 indicates the investment has been more volatile than the benchmark and a beta of less than 1.0 indicates that the investment has been less volatile than the benchmark.
Correlation – A statistical measure of how two securities move in relation to one another.
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 info@thecabanagroup.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.