TDSA — Cabana Target Drawdown 5 ETF
Data updated: 2023-12-20
TDSA — Cabana Target Drawdown 5 ETF. Capital Appreciation / Growth Allocation · $6.13M AUM · 0.83% expense ratio. Holdings, fees, performance and SEC filings.
TDSA Fund Overview
TDSA — Cabana Target Drawdown 5 ETF is a US ETF managed by Exchange Listed Funds Trust, categorised as Capital Appreciation / Growth Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Exchange Listed Funds Trust
- Category: Capital Appreciation / Growth Allocation
- Assets under management: $6.13M
- 1-year return: -2.5%
- Ticker: TDSA
- SEC CIK: 0001547950
- SEC series ID: S000068386
- Share class ID: C000218790
TDSA Investment Objective and Strategy
Cabana Target Drawdown 5 ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Exchange Listed Funds Trust.
Investment objective
The Cabana Target Drawdown 5 ETF (the Fund) seeks to provide long-term growth within a targeted risk parameter.
Principal investment strategy
The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective with limited volatility and reduced correlation to the overall performance of the equity markets by allocating its assets among the following five major asset classes equities, fixed income securities, real estate, currencies, and commodities. The Fund operates in a manner that is commonly referred to as a fund of funds, meaning that it obtains investment exposure to an asset class primarily by investing in one or more ETFs designed to track the performance of the asset class. The ETFs in which the Fund invests may invest in a broad range of securities, including equity securities of any market capitalization of US and foreign (including emerging markets) issuers and fixed income securities of any duration, maturity, and quality (including high yield or non-investment grade securities, commonly referred to as junk bonds).
In addition, the Fund may invest directly in securities and other instruments that provide the desired exposure to the asset class. Cabana Asset Management (the Sub-Adviser) selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (CARA), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle. CARA incorporates various fundamental economic and technical price data, including public information concerning the yield curve ( i.e. , the spread between short- and long-term interest rates), earnings of a broad spectrum of U.S.
companies, and equity price trends. CARA also uses this information to identify significant market deteriorations and provide corresponding signals, when appropriate, to move to a more conservative allocation (e.g., short term treasuries). The Sub-Adviser, through CARA, monitors the Funds investments daily and allocates or reallocates assets among less correlated and inversely-correlated asset classes in an effort to reduce exposure to potential market declines. The Sub-Adviser expects the Funds asset allocation to focus on income-generating securities, including fixed income instruments and dividend-paying equities; however, this may change from time to time as the Fund seeks to achieve its investment objective. In selecting investments for the Fund, the Sub-Adviser seeks to maintain a target drawdown, which refers to the maximum amount that the Sub-Adviser expects an investment in the Fund to fall from peak to trough during adverse market conditions.
The extent of the Funds drawdown during any given month is calculated as of month end and measured against the highest value the Fund most recently attained ( i.e. , its most recent peak). The Sub-Advisers target drawdown for the Fund is 5%; however, there can be no assurance, and the Fund, the Adviser, and the Sub-Adviser do not represent or guarantee, that this target will be maintained. Although the Sub-Adviser anticipates that it will purchase or sell securities based on the signals provided by CARA, the Sub-Adviser maintains full decision-making power and may override CARA if it determines that a breakdown or systemic change has occurred in the methods for which capital is deployed within the worldwide economic system or if it believes that CARA does not signal appropriate changes to risk assets as the economic cycle evolves, thus resulting in a portfolio that is inconsistent with the Funds target drawdown.
The Sub-Adviser expects the Fund, during normal market conditions, to be fully invested at all times.
TDSA Performance
Total returns for TDSA (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -2.5% |
| 3 years (annualised) | -3.5% |
TDSA Risk Information
Risk metrics for TDSA, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.9%
TDSA Costs and Fees
TDSA costs about $83 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.83%
- Gross expense ratio: 0.94%
- Portfolio turnover: 1061%
- Brokerage commissions: 1.29 bps of average net assets (SEC N-CEN)
TDSA Cashflows
Over the 12 months to 2023-10, Cabana Target Drawdown 5 ETF had net inflows of $43.91M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-10 | $6.17M |
| 2023-09 | $0 |
| 2023-08 | $2.56M |
| 2023-07 | $1.58M |
| 2023-06 | $3.65M |
| 2023-05 | $2.09M |
TDSA Debt Constituents
No individual debt constituents are reported in Cabana Target Drawdown 5 ETF's latest SEC N-PORT filing.
TDSA Prospectus and SEC Filings
Official Cabana Target Drawdown 5 ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-08-29
- Prospectus (485BPOS) — filed 2021-09-01
- Prospectus supplement (497) — filed 2022-09-08
- Portfolio holdings (N-PORT) — filed 2023-12-20
- Portfolio holdings (N-PORT) — filed 2023-09-25
- Portfolio holdings (N-PORT) — filed 2023-06-22
- Annual census (N-CEN) — filed 2023-07-11
- Annual census (N-CEN) — filed 2022-07-05
Related Funds
Other Capital Appreciation / Growth Allocation funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.