An investor should consider the fund’s investment objective, risks, charges and expenses carefully before investing. For this and more complete information about the funds, view the prospectus or call 800.925.2870 for a copy. Please read the prospectus carefully before investing.
The prospectus is not an offer to buy or sell the portfolio shares, nor are the funds soliciting an offer to buy its shares in any jurisdiction where the offer or sale is not permitted.
There are risks involved with investing in ETFs, including possible loss of money. ETFs are not actively managed and are subject to risks similar to stocks, including those related to short selling and margin maintenance. Losses from short sales may be unlimited, and losses from purchases on margin may exceed original investment. Ordinary brokerage commissions apply.
TDX Independence ETFs offer no assurance that the investment process will consistently lead to successful investing. Diversification does not eliminate the risk of experiencing investment losses.
AirShares EU Carbon Allowances Fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation there under.
Please see the prospectus for a full description of how AirShares EU Carbon Allowances Fund invests and the structure of the Fund.
Commodities and futures generally are volatile and may not be suitable for all investors. Commodity trading is highly speculative and the underlying instruments determined by the methodology on which the fund’s trading will be based, are likely to be volatile and could suffer from periods of prolonged decline in value.
The AirShares EU Carbon Allowances Fund is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. AirShares EU Carbon Allowances Fund is subject to fees and expenses and will be successful only if significant losses are avoided.
In addition to the normal risks of investing, foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. The trading activities of the AirShares EU Carbon Allowances Fund will subject holders to currency risk. European Climate Exchange CFI Futures Contracts and most of the assets of the AirShares EU Carbon Allowances Fund will be denominated in Euros while the Shares will trade in U.S. dollars. Changes in the value of the Euro relative to the U.S. dollar alone may cause the trading price of the Shares to decline. Funds focusing on a single commodity generally experience greater price volatility than a diversified commodity pool.
If the member states of the European Union fail to adhere to their obligations under the Kyoto Protocol or the EU ETS, the value of the Shares may be adversely affected. Depending upon the performance of the fund, including the interest rate environment, and the amount of interest the fund earns on its fixed income securities, the expenses of the fund alone could result in losses to your investment.
Although the Shares are intended to provide investment results that relate directly to the value of its long positions in futures contracts for EUAs, the value of the Fund’s Shares may diverge from the value of such long positions for various reasons. There is a risk that the calculation of the NAV of AirShares EU Carbon Allowances Fund will not accurately reflect the realizable market value of such futures contracts.
AirShares EU Carbon Allowances Fund has no operating or trading history on which to evaluate an investment in the Shares.
An investor should consider investment objectives, risks, charges and expenses carefully before investing. From this website, download a prospectus which contains this and other information. Read the prospectus carefully before investing or sending money.
Shares of the funds are not FDIC insured, may lose value and have no bank guarantee.
