Red Gate Advisers Announces Liquidation of Two Exchange Traded Funds

CHADDS FORD, Penn., Aug. 16, 2022 /PRNewswire/ -- Red Gate Advisers LLC, today, announced the liquidation and termination of two exchange-traded funds: the DriveWealth Power Saver ETF (Ticker: EERN) and the DriveWealth Steady Saver ETF (Ticker:  STBL), (each a "Fund" and collectively the "Funds"). It is expected that the Funds will be liquidated on or about August 31, 2022 (the "Liquidation Date").

The Funds are anticipated to be invested almost exclusively in cash and other liquid assets by August 23, 2022.  The Funds will no longer accept orders for new creation units after the close of business on August 29, 2022, and trading in shares of the Fund will be halted on the Exchange prior to market open on August 30, 2022. Until market close on August 29, 2022, shareholders may sell their shares of the Funds on the Exchange and may incur the usual and customary brokerage commissions associated with the sale of Fund shares. During the time between market close on August 29, 2022 and the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund's shares during that time period. Customary brokerage charges may apply to such transactions.

On or about the Liquidation Date, each Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, each Fund's net asset value will reflect the costs of closing the Fund, if any. Once the distributions are complete, each Fund will terminate. Proceeds of the liquidation will be sent to shareholders promptly after the Liquidation Date.

If Fund shareholders sell their shares or receive a liquidating distribution, it is generally considered a taxable event and they should consult their tax advisor about the potential tax consequences.

Media Inquiries:
Liam Clarke, CPA, MA
Red Gate Advisers
(484) 840-3713
Liam@RedGateAdvisers.com

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SOURCE Red Gate Advisers LLC