At a glance
CLSM charges 0.82% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $94.6M in assets, the 8th largest of that group; it paid 0.76% of its price in distributions over the past 12 months, annual. Over the past year it returned +17.7% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +14.1% a year. At its worst it fell 23.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 43 months after the low.
The short version
Cabana Target Leading Sector Moderate ETF (CLSM) is an actively managed fund of funds. It owns other ETFs and moves money among U.S. market sectors, gold and short-term Treasuries, guided by a proprietary algorithm from sub-adviser Cabana Asset Management. It is concentrated: as of July 31, 2026, four funds made up 99.8% of its assets. It costs 0.82% a year and trades heavily, with 417% portfolio turnover.
Price history
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CLSM +17.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CLSM official prospectus, to Dec 31, 2025 | — | +15.22% | — | — | — | +0.35% |
| CLSM price data to Oct 27, 2026 | +19.2% | +17.7% | +14.1% | +3.1% | — | +3.8% |
- Over the year to Oct 27, 2026, CLSM returned +17.7%, 1st of 8 among similar funds.
- Its 5-year annualized return was +3.1%.
- Its worst full calendar year was 2022 (-23.2%); its best was 2025 (+15.3%).
- The deepest fall in its price history was 27.8% (Dec 27, 2021 to Apr 8, 2025), recovered by Apr 22, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.2% | — |
| 2025 | +15.3% | +15.22% |
| 2024 | +1.9% | +1.92% |
| 2023 | +3.8% | +3.91% |
| 2022 | -23.2% | -23.29% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23% over that stretch · deepest drop along the way 23.1%, back to its old high 43.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2100 | -51.2% |
| 2024 | $0.4300 | -18.9% |
| 2023 | $0.5300 | -17.2% |
| 2022 | $0.6400 |
What's inside
As of Jul 31, 2026, the fund held 4 securities; the ten largest made up 99.81% of assets.
| Fund held | Weight | |
|---|---|---|
| SS TECH SEL SECT | 32.84% | |
| INVES NASDAQ 100 | 30.33% | |
| SS CONSUMER STPL | 28.92% | |
| G/S PHYS GOLD | 7.72% |
By country
United States 99.81%By asset type
Stocks 99.81%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.60%, -0.90%, -4.07%.
How it works
CLSM does not track an index. Its sub-adviser, Cabana Asset Management, uses a proprietary model called the Cyclical Asset Reallocation Algorithm (CARA). CARA tracks the yield curve, which is the gap between short- and long-term interest rates. It also tracks earnings across U.S. companies and stock price trends. From these signals it picks sectors that look attractive at a given point in the business cycle. When it detects a serious market decline, it can shift the fund into more conservative holdings such as short-term Treasuries. The model checks the portfolio daily, and the managers can override it.
The fund mainly buys other ETFs, which makes it a 'fund of funds.' Those ETFs can hold stocks of any size, bonds of any quality (including junk bonds, meaning lower-rated, higher-risk debt), real estate, currencies and commodities, both U.S. and foreign. The 'moderate' label means the managers aim to balance growth with protecting capital. To do that, they may add assets that tend to move differently from stocks, or in the opposite direction. The prospectus sets no fixed weighting formula or rebalancing schedule, and positions change often.
As of July 31, 2026, the fund held four funds: a State Street technology select sector fund (32.8%), an Invesco Nasdaq 100 fund (30.3%), a State Street consumer staples fund (28.9%) and a Goldman Sachs physical gold fund (7.7%). It held no derivatives.
What it really costs
- CLSM charges 0.82% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Of that, 0.8% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.11% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $84 in the first year and $1,133 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CLSM | $84 | $285 | $504 | $1,133 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It makes concentrated, model-driven sector bets, has a beta of 1.06 and lost 23.2% in 2022, so it fits better in a small sleeve than at the center of a portfolio.
CLSM tries to step aside before big declines, but its record shows the limits of that approach. It launched in July 2021, so it has no history in the 2008 or 2020 crashes. In the 2022 bear market it fell 23.1% from January 3 to September 14, 2022. It did not regain that peak until April 22, 2026, about 43 months later. Its deepest drop, 27.8%, ran from December 27, 2021 to April 8, 2025. A retiree who had to sell shares during those years would have locked in losses. The fund pays little income: its yield was 0.76% as of October 27, 2026, paid once a year. Under the SEC's standard example, costs come to $84 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Cabana's in-house CARA algorithm to rotate among sector ETFs and shift toward safer assets, such as short-term Treasuries, when signals weaken.
- Those comfortable with concentration: as of July 31, 2026, a tech sector ETF (32.8%) and a Nasdaq 100 fund (30.3%) led its four holdings.
- Growth-focused investors using IRAs or other tax-advantaged accounts, where the 417% portfolio turnover and annual distribution create fewer tax concerns.
Look elsewhere if
- Cost-conscious investors: the 0.82% expense ratio works out to $84 in year one and $1,133 over 10 years on $10,000, per the SEC example.
- Cautious investors: despite its "Moderate" label, it lost 23.29% in 2022 and returned 0.35% a year from launch through December 31, 2025.
- Those wanting a preset downside cushion may compare options-based buffer ETFs like FT Vest's BUFR; CLSM relies on model signals instead.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CLSM this fund | 0.82% | $94.6M | +17.7% | +14.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is CLSM good for retirement?
CLSM may suit a small part of a retirement portfolio, not the core. Its model aims to limit losses in down markets, but it still lost 23.29% in 2022. It took until April 22, 2026 to regain its 2022 peak. Its yield was 0.76% as of October 27, 2026, paid once a year, so it offers little income. It costs 0.82% a year. Anyone who may need to sell shares in a bad year should weigh how deep and how long those drops were.
What does CLSM hold?
CLSM holds other ETFs, not individual stocks. As of July 31, 2026, it had four positions: a State Street technology select sector fund (32.8%), an Invesco Nasdaq 100 fund (30.3%), a State Street consumer staples fund (28.9%) and a Goldman Sachs physical gold fund (7.7%). Cash made up 0.24%. The mix changes often. Its CARA model shifts among sectors, and toward assets like short-term Treasuries when it signals trouble. Portfolio turnover was 417%.
Does CLSM pay a dividend?
Yes, but only once a year, and the amount is small. Over the 12 months through October 27, 2026, CLSM paid $0.21 per share, a yield of 0.76%. That income comes from the ETFs it owns. Those funds were mostly in technology, Nasdaq-100 and consumer staples stocks, plus gold, which pays no income. Investors who want regular cash from their holdings will get little from this fund. Its stated goal is long-term growth, not income.
How has CLSM performed since it launched?
Results have been mixed. As of December 31, 2025, CLSM returned 15.22% over one year, but only 0.35% a year since its July 2021 launch. By calendar year, it returned -23.29% in 2022, 3.91% in 2023, 1.92% in 2024 and 15.22% in 2025. Based on price data through October 27, 2026, it gained 17.7% over one year and averaged 3.1% a year over five years. Its worst quarter was a 12.23% loss in early 2022.
CLSM vs BUFR: what's the difference?
They follow different strategies, so BUFR is not a direct substitute. FT Vest Laddered Buffer ETF (BUFR) is a buffer, or defined-outcome, fund. Funds like it aim to absorb part of stock market losses over set periods, in exchange for capped gains. CLSM instead rotates among sector ETFs, gold and Treasuries using a model. As of October 27, 2026, CLSM returned 17.7% over one year versus BUFR's 11.6%. Over three years, BUFR led, 16.8% a year to 14.1%. CLSM costs 0.82% a year; BUFR costs 0.95%.