EXCHANGE TRADED CONCEPTS, LLC., ANNOUNCES COMPLETION OF CABANA ASSET MANAGEMENT ("CABANA") REORGANIZATIONS AND CHANGES TO ETFS

OKLAHOMA CITY, Jan. 8, 2024 /PRNewswire/ -- Exchange Traded Concepts, LLC, adviser to the Cabana Target Drawdown Series and the Cabana Target Leading Sector Series ETFs is pleased to announce the completion of the reorganizations (each a "Reorganization" and together the "Reorganizations") of the Cabana Target Drawdown 13 ETF (Nasdaq: TDSD) and the Cabana Target Drawdown 16 ETF (Nasdaq: TDSE) into the Cabana Target Drawdown 10 ETF (Nasdaq: TDSC), as well as the Reorganization of the Cabana Target Leading Sector Conservative ETF (Nasdaq: CLSC) and the Cabana Target Leading Sector Aggressive ETF (Nasdaq: CLSA) into the Cabana Target Leading Sector Moderate ETF (Nasdaq: CLSM).

Effective today, shareholders that were invested in each of TDSD and TDSE as of the market close on Friday, January 5, 2024, are now shareholders of TDSC. Accordingly, shareholders that were invested in each of CLSA and CLSC as of the market close on Friday, January 5, 2024, are now shareholders of CLSM (CLSM, with TDSC, each an "Acquiring ETF", and TDSD, TDSE, CLSA and CLSC each an "Acquired ETF"). In each Reorganization, shareholders of each of TDSD, TDSE, CLSA and CLSC received an amount of their corresponding Acquiring Fund shares equal to the aggregate NAV of their holdings as determined as of the close of business on January 5, 2024.

The exchange ratio determines the number of whole units of the Acquiring ETF existing shareholders will receive for each share they hold of the applicable Acquired ETF. Acquired ETF shareholders will receive cash in lieu of any fractional units. The exchange ratio was calculated based on the respective net asset values of both the Acquired ETFs and Acquiring ETFs as of market close on January 5, 2024.

Unitholders of the Acquired ETFs are not required to take any action in order to become shareholders of the Acquiring ETFs. The Reorganizations will take place on a non-taxable basis for U.S. Federal tax purposes.

In connection with the Reorganizations, an information statement/prospectus was filed with the SEC. All shareholders are advised to read the information statement/prospectus in its entirety because it contains important information regarding the Reorganizations and the Acquiring Funds. Shareholders may obtain a free copy of the information statement/prospectus and other documents filed by the Target and Acquiring ETFs with the SEC, including the ETFs' most recent annual report to shareholders, on the SEC's website at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: [email protected]. Copies of all of these documents may be obtained upon request without charge by visiting the Cabana ETF website at https://www.cabanaetfs.com/ or by calling 1-866-239-9536.

Changes to Cabana Target Drawdown 7 ETF

Exchange Traded Concepts, LLC and Cabana, also announced that effective January 5, 2024, they have implemented changes to the Cabana Target Drawdown 7 ETF (Nasdaq: TDSB). The ETF has been renamed the Cabana Target Beta ETF and follows a new "Target Beta" strategy. The Fund's CUSIP and Ticker symbol are not expected to change. These changes reflect ETC and Cabana's commitment to continually evaluating their product line and providing a better investment experience for their clients. 

"These changes are part of our overall goal to sharpen our investment lineup and enhance our firm's Professional Series of multi-strategy solutions," said Chadd Mason, Chief Executive Officer of Cabana. "Our ETF lineup is the foundation of this series. A leading force in this evolution is the addition of our newest investment strategy, Target Beta. We launched this strategy in separately managed account format in 2023. After these changes take place, Cabana's ETFs will consist of one Target Drawdown ETF, one Target Leading Sector ETF and one Target Beta ETF. All other strategies will continue to be available in SMA format through a variety of partnerships and platforms."

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. NAVs are calculated using prices as of 4:00 PM Eastern Time. Brokerage commissions will reduce returns.
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://www.cabanaetfs.com/ or by calling 1-866-239-9536. Read the prospectus and Summary Prospectus carefully before investing.

Foreside Fund Services, LLC, distributor.

SOURCE Exchange Traded Concepts, LLC

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