DriveAdvisory Announces Scheduled Liquidation of Exchange Traded Fund
July 05 2024 - 5:00PM
Business Wire
DriveAdvisory, LLC, a subsidiary of DriveWealth, LLC, announced
the scheduled liquidation of the exchange traded fund DriveWealth
NYSE 100 Index ETF (Ticker: CETF) (the “Fund”). This decision
follows a routine, ongoing review process of DriveWealth and its
subsidiaries to ensure the organization’s efforts meet the evolving
needs of its global partners and their clients.
As part of this decision, the Fund will stop accepting new
orders on Monday, July 22, 2024. The Fund will cease trading at the
end of the trading day on Monday, July 22, 2024. The Fund is
expected to liquidate on or around Monday, July 29, 2024 (the
“Liquidation Date”). Stakeholders may sell their shares on or
before the end of the trading day on Monday, July 22, 2024, and may
incur customary brokerage charges associated with these
transactions.
On or around the Liquidation Date, shareholders will receive
cash equal to the net asset value of their share of the Fund with
reflected trading costs associated with the sale of portfolio
securities.
Before investing, carefully consider the Fund’s investment
objective, risks, charges, and expenses. This information is
contained in the prospectus or summary prospectus available at
www.DriveWealth.com/Advisory/DWI-US100. Read carefully
before investing.
About DriveWealth
DriveWealth is a global B2B financial technology platform. Our
core business is providing Brokerage-as-a-Service, powering the
investing and trading experiences for digital wallets, broker
dealers, asset managers, and consumer brands. DriveWealth’s APIs
provide our partners with a modern, extensible and flexible toolkit
to develop everything from traditional investment workflows to more
innovative techniques like rounding up purchases into fractional
share ownership. For more information, visit
www.drivewealth.com.
Important Risks
Investing involves risks including possible loss of principal.
There is no guarantee the fund will achieve its investment
objective. The Fund will primarily invest in other ETFs and will be
subject to the underlying risks of those respective funds. Equity
securities are subject to changes in value, and their values may be
more volatile than those of other asset classes. To the extent the
Fund does not fully replicate the Index, it is subject to the risk
that the investment strategy of the Fund’s investment adviser may
not produce the intended results.
There is no guarantee the Fund’s investment strategy will be
successful. In managing the Fund’s portfolio, the investment
adviser engages one or more sub-advisers to make investment
decisions for a portion of or the entire portfolio. There is a risk
that the investment adviser may be unable to identify and retain
sub-advisers that achieve superior investment returns relative to
other similar sub-advisers.
It is not possible to directly invest in an index.
Diversification does not eliminate the risk of loss.
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OR ANY SUCH AFFILIATES AS TO THE ATTRACTIVENESS OF INVESTMENT IN
ANY SECURITIES, INVESTMENTS, OTHER FINANCIAL PRODUCTS,
ENTERTAINMENT, MEDIA, ARTISTIC WORKS, ACADEMIC WORKS, EDUCATIONAL
WORKS OR ANY OTHER PRODUCTS (COLLECTIVELY, “PRODUCTS”); AS TO THE
POSSIBLE BENEFITS FROM ANY PRODUCTS; OR SPONSORSHIP, APPROVAL OR
ENDORSEMENT OF IDI BY NYSE GROUP, INC. OR ANY OF IDI'S PRODUCTS (AS
APPLICABLE). NYSE GROUP, INC. IS NOT THE ISSUER OF ANY SUCH
PRODUCTS AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT
THERETO OR REFLECTED THEREIN, NOR AS TO RESULTS TO BE OBTAINED BY
ANY PERSON OR ANY ENTITY.
Distributor: Foreside Fund Services, LLC.
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Media Contact: Caliber
Corporate Advisers drivewealth@calibercorporate.com