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Monetary Matters with Jack Farley: Daily Summaries Delivered
by Jack Farley
Jack Farley interviews the very best financial minds about macro, markets, and monetary matters.
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- Yesterday56 min
Why This Short Seller Doesn’t Want to Short the AI Bubble | Russell Clark
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Russell Clark, founder of Brumby, joins Other People’s Money to unpack the market fallout from the recent US midterm elections. They explore the systemic shift toward pro-labor policies and wage-driven inflation, which Clark believes will persistently drive bond yields into the pain zone. The conversation also tackles the massive AI data center build-out, with Clark breaking down exactly why betting against this exponential trend remains an incredibly dangerous game for short sellers. Finally, they discuss the shrinking pool of global capital, what it means for private equity and US homebuilders, and why he believes Japan is quietly emerging as the most attractive market for investors. Read Russell’s Substack: https://www.russell-clark.com/ Follow Russell on X: https://x.com/rampagingruss Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. Timestamps: 00:00 Intro 01:06 Midterms Blue Wave 03:00 Bond Market Fallout 05:17 Data Center Politics 09:08 AI Short Thesis 13:10 Equity Funding Still Flows 17:17 Sarmaya Partners LENS 18:44 Capital Scarcity Rising Yields 23:19 Short Ideas 26:38 Homebuilders 30:23 Fed Hikes And Sticky Inflation 33:11 Buybacks vs. Capex 42:14 Why Japan Looks Different 47:11 Which Trump Policies Persist 50:00 Iran War Politics and Risks 55:29 Conclusion
- Yesterday1h 3m
Growth Expectations Are Probably Too High | Andy Constan on Post-Midterms Macro View, Bond Supply Issue, and QRA (Quarterly Refunding Announcement)
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ The Democrats decisive victories in this years midterm elections are already rocking markets and will surely have continued ripple effects for stocks, bonds, and macro universe. Andy Constan of Damped Spring Advisors joins Monetary Matters Live to breakdown the early reaction from the market and the biggest macro knock on effects. Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.
- 4 days ago1h 29m
Preparing For 2027 Inflection in Global Liquidity | Michael Howell’s Bull Case For Bonds and Tepid View of Liquidity-Sensitive Assets
20% discount to annual subscription of Michael Howell’s Substack, “Capital Wars”: https://capitalwars.substack.com/MonetaryMatters This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ The AI build-out is draining liquidity. Hyperscalers need close to $1 trillion of debt a year for the next two years, with equity issuance right behind, and roughly 80% of AI funding now comes from markets rather than cash flow. Michael Howell explains why transformative-technology booms usually end in recessions or financial crises, why the global liquidity cycle has already turned, and what that means for stocks, bonds, Bitcoin and gold heading into 2027. Recorded October 29, 2026. Follow Michael Howell on X https://x.com/crossbordercap Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/ Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.
- 5 days ago1h 17m
The Fed Has AI’s Back | Dan Krausz on “Liquidity Trap Door” In AI Infrastructure and Why Policymakers Are Inclined to Support Financial Conditions
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Dan Kraus of Blue Door Asset Management argues that the AI sell-off isn’t about AI fundamentals but about liquidity. As the buildout shifted from hyperscaler cash to market financing, it began competing with Treasuries for capital, so weaker credits like CoreWeave get hit first when liquidity tightens. In his words, “when liquidity weakens, time frames shorten”: concerns that were 18 months out suddenly get priced today. He explains why he expects policymakers to put “trampolines” under the trapdoor. With Bessent calling the AI race crucial and Warsh calling AI disinflationary, hiking rates to kill the buildout would be inconsistent, and some major investors have even floated a “Fannie Mae for AI.” We break down Warsh’s October press conference, why it matters that he didn’t call the economy overheating the way Greenspan did in 1999, and why Dan expects growth and the consumer to slow in 2027. Dan also explains why the rally in AI-disrupted stocks looks like a short squeeze rather than a comeback, why AI may become table stakes rather than a lasting margin boost, and the four warning signs that deficits have turned negative for equities (none are flashing yet). Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/ Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.
- 1 weeks ago1h 3m
Why Compute Prices Are Still Rising | Steve Hou of Silicon Data on GPU Rental Indices, Fed Meeting, and Anthropic S-1 (LIVE)
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Steve Hou of Silicon Data joins Monetary Matters on the day the Fed held rates with two hawkish dissents, Alphabet and Microsoft reported earnings, and two days after Anthropic’s S-1 filing. Silicon Data publishes the GPU rental indices behind CME’s planned compute futures. We discuss why renting an Nvidia H100 costs about 45% more than it did in December, why transaction prices and asking prices have diverged, and whether the forward curve says GPU rents keep rising. We also cover the “crunch spread” between rising GPU costs and falling token prices, what Anthropic’s S-1 reveals about the economics of frontier AI labs, what [Alphabet’s and Microsoft’s capex guidance] means for future compute supply, and how higher interest rates feed into the cost of AI infrastructure. Topics: The 2026 GPU price spike, and why older chips got more expensive Silicon Data vs. Ornn: asking prices vs. transacted prices Compute futures: the CME delay, contango vs. backwardation, and who hedges Token pricing and the crunch spread Anthropic’s S-1: contracted compute vs. spot prices Alphabet and Microsoft capex, and what it means for GPU supply The Fed’s hawkish hold, and rates as a cost of compute Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/ Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.
- 1 weeks ago1h 8m
The Fed Put Is Dead: Why Stagflation & a Bear Market Are Next | Vincent Deluard | StoneX
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Vincent Deluard, Director of Global Macro Strategy at StoneX, breaks down why a broader equity bear market may already be underway beneath surface-level index strength. Deluard unpacks the approaching stagflationary squeeze, driven by persistent wage pressures, slowing fiscal subsidies, and a looming political gridlock that strips away both monetary and fiscal safety nets. He outlines a tactical rotation out of equities and into long-term Treasuries over the next six months, capitalizing on year-end liquidity, pension fund rebalancing, and debt ceiling constraints. Finally, the conversation looks abroad to the escalating fiscal spiral in France and the broader structural crisis facing the Eurozone, mapping out why currency devaluation or fragmentation may be inevitable. Follow Vincent on X: https://x.com/VincentDeluard Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. Timestamps: 00:00 Intro 01:03 Bear Market Call 02:58 Why Treasuries Now 07:12 Secular Inflation View 08:46 AI Bubble and Taxes 11:38 Fiscal Boost to Margins 14:55 Sarmaya LENS ETF 16:22 Fed Stagflation Trap 24:53 Oil Shock Tail Risk 29:24 France Debt Spiral 34:55 Euro Devaluation Fix 40:07 Weak Euro Politics 43:53 Euro Designed for Crisis 48:34 ECB Tightening and Succession 52:33 Brazil Election Shock and Flows 56:12 Brazil Terms of Trade Tailwinds
- 1 weeks ago1h 26m
Citrini: Monkeys Are The Next Bottleneck | Citrini on AI Drug Discovery Experiment & Reflexive Financing Risk to AI Buildout & Hardware Trade
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Citrini teamed up with Anthropic and used Claude to design scorpion antivenom candidates in just 64 hours, and 17 of them bound in the lab. The experiment led him to a striking conclusion: AI is commoditizing drug design, and the real bottleneck is now experiments, and monkeys. We get into what AI can and can’t speed up in drug discovery, why he’s bullish on the companies that run experiments, and why a monkey shortage may be the most important constraint in preclinical testing. Then we turn to AI hardware: Citrini was one of the earliest and loudest bulls on the trade, and today he’s light on it, even short some of it. He explains why he rotated out of semis, what lab revenue needs to look like to justify today’s spending, and what would bring him back. We also cover CoreWeave, DeepSeek’s reported 80% margins, his long-Meta, short-Google trade, the 2028 Global Intelligence Crisis piece, and homebuilders. Recorded evening of October 21, 2026.Follow Citrini on X https://x.com/citrini CItrini Research Substack https://www.citriniresearch.com/ “Citrini Therapeutics: We Wanted to Use Claude to Create a New Drug. Here’s What Happened.”: https://www.citriniresearch.com/p/citrini-therapeutics Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/ Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.
- 2 weeks ago1h 44m
"Coreweave's a Zero" | George Noble on Why He's Short Neoclouds, Why AI is a Shale 2.0 Bubble Headed for Debt/Depreciation Brick Wall, and Why He's "Coming For The Momentum Bros"
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ George Noble, the former Fidelity portfolio manager who ran the Fidelity Overseas Fund and started his career working for Peter Lynch, returns to Monetary Matters to argue that AI is a bubble and the bill is coming due. George explains why he thinks hyperscaler depreciation could exceed $500 billion a year by 2030, enough to wipe out the profits of the companies spending it, and why he calls AI “shale”: a capex arms race that no one can afford to stop. He lays out why he’s short CoreWeave, Tesla, and SpaceX, which he calls a cash-flow-negative AI play with a rocket company attached, and why he believes CoreWeave and many of the neoclouds are zeros short of a bailout. Jack pushes back on Micron’s margins, Elon’s execution, and whether the market has already priced in the risk. George also covers why rising cost of capital is the trigger, why he’s long gold and energy, and why he thinks we’re in “the beginnings of the awakening phase.” It’s a wide-ranging, combative conversation from one of the market’s most vocal AI bears. Recorded October 21, 2026. TO BE CLEAR EXACT QUOTE WAS “SHORT OF A BAILOUT I AM HIGHLY CONFIDENT COREWEAVE IS A ZERO.” Follow George Noble on X https://x.com/gnoble79 Jack Farley on X https://x.com/JackFarley96 George Noble’s Substack, “The Noble Update”: https://substack.com/@georgenoble/posts Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/ Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. Learn More about Sarmaya LENS https://sarmayaetf.com/
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