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DRMP

Tuttle Capital Memory Stack Income Blast ETF
Prospectus
Fact Sheet
Overview
Performance
Distributions
Holdings
Premium/Discount
Documents

Overview

As of:
Jul 24, 2026
MM/DD/YYYY

Investment Objective:

The investment objective of the Tuttle Capital Memory Stack Income Blast ETF (the “Fund”) is to seek current income.

NAV Price
22.24
$XX.XX
Market Price
22.30
$XX.XX
Expense Ratio
0.95
X.XX%
Net Assets
6670796.06
$XXX,XXX,XXX
Distribution Rate
37.44
X.XX%
30 Day SEC Yield
X.XX%
At a Glance
Primary Exchange
Cboe BZX Exchange, Inc.
number of Holdings
43
XX
Shares outstanding
300000
XXX,XXX
premium/discount
0.29
X.XX%
30-day median bid-ask
0.79
X.XX%
ISIN
inception date
Jun 10, 2026
MM/DD/YYYY
Cusip
26923V464

Performance Disclosure

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained above. Returns less than one year are not annualized.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. The Fund does not have a track record of reporting to investors or widely available research coverage which may result in price volatility.
Market performance is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.
Distributions include a return of capital. Approximately XX% of distributions to date have consisted of return of capital, which reduces NAV and does not represent yield or income.

Price Performance

Jul 24, 2026
MM/DD/YYYY
Market Price:
22.30
$XX.XX
(Change:
-8.31
XX.XX%
)
NAV Price:
$XX.XX
(Change:
XX.XX%
)
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Monthly
Quarterly
As of:
MM/DD/YYYY
1 month
3 months
6 months
1 year
YTD
Since Inception
Market Price
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N/A
N/A
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N/A
N/A
NAV
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N/A
N/A
N/A
N/A
N/A
N/A
As of:
MM/DD/YYYY
1 month
3 months
6 months
1 year
YTD
Since Inception
Market Price
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Performance Disclosure

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained above. Returns less than one year are not annualized.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. The Fund does not have a track record of reporting to investors or widely available research coverage which may result in price volatility.
Market performance is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Distributions

As of:
Jul 17, 2026
MM/DD/YYYY
Distribution Rate
37.44
%
XX.XX%
30 Day SEC Yield
%
XX.XX%
Declaration Date
Record Date
Ex-Date
Pay Date
Amount
Supplemental Tax Information
Jul 23, 2026
MM/DD/YYYY
Jul 24, 2026
MM/DD/YYYY
Jul 24, 2026
MM/DD/YYYY
Jul 27, 2026
MM/DD/YYYY
0.16000
$X.XXXXX
19a-1 Notice
Jul 16, 2026
MM/DD/YYYY
Jul 17, 2026
MM/DD/YYYY
Jul 17, 2026
MM/DD/YYYY
Jul 20, 2026
MM/DD/YYYY
0.16000
$X.XXXXX
19a-1 Notice
92
Jul 9, 2026
MM/DD/YYYY
Jul 10, 2026
MM/DD/YYYY
Jul 10, 2026
MM/DD/YYYY
Jul 13, 2026
MM/DD/YYYY
0.20000
$X.XXXXX
19a-1 Notice
93
Jul 1, 2026
MM/DD/YYYY
Jul 2, 2026
MM/DD/YYYY
Jul 2, 2026
MM/DD/YYYY
Jul 6, 2026
MM/DD/YYYY
0.20000
$X.XXXXX
19a-1 Notice
94
Jun 25, 2026
MM/DD/YYYY
Jun 26, 2026
MM/DD/YYYY
Jun 26, 2026
MM/DD/YYYY
Jun 29, 2026
MM/DD/YYYY
0.20000
$X.XXXXX
19a-1 Notice
95
Jun 17, 2026
MM/DD/YYYY
Jun 18, 2026
MM/DD/YYYY
Jun 18, 2026
MM/DD/YYYY
Jun 22, 2026
MM/DD/YYYY
0.20000
$X.XXXXX
19a-1 Notice
93
The Fund currently expects, but does not guarantee, to make distributions on a weekly basis. These distributions may exceed the Fund's income and gains for the Fund's taxable year. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital.

The final tax character of the Funds' distributions will not be determined until the end of the Funds' fiscal year. Accordingly, there is no guarantee regarding the portion of each Fund’s distributions that will be classified as a return of capital or dividend income. The final tax character of distributions paid by the Funds in 2025 will be provided to shareholders on Form 1099-DIV.

Distribution rates caused by unusually favorable market conditions may not be sustainable, such conditions may not continue to exist, and there should be no expectation that this performance may be repeated in the future.
Distributions include a return of capital. Approximately XX% of distributions to date have consisted of return of capital, which reduces NAV and does not represent yield or income.

Holdings

As of:
Jul 24, 2026
MM/DD/YYYY
Last Update:
Jul 25, 2026 12:23 AM
MM/DD/YYYY
Download FULL Holdings CSV
View
Jan 28, 2026
Intraday Options
Ticker
Security Description
CUSIP / ISIN
% of Funds
Shares
Market Value
912797RS8
United States Treasury Bill 09/03/2026
912797RS8
92.99
6745000
6716480
FGXXX
First American Government Obligations Fund 12/01/2031
31846V336
11.19
808319
808319
DRAM 261120C00060000
DRAM US 11/20/26 C60
DRAM 261120C00060000
10.35
597
747444
WDC 261120C00520000
WDC US 11/20/26 C520
WDC 261120C00520000
1.88
9
135585
ONTO 261218C00320000
ONTO US 12/18/26 C320
ONTO 261218C00320000
1.44
18
103950
Cash&Other
Cash & Other
Cash&Other
1.37
98636
98636
LRCX 261120C00370000
LRCX US 11/20/26 C370
LRCX 261120C00370000
1.16
18
83520
AMKR 270115C00065000
AMKR US 01/15/27 C65
AMKR 270115C00065000
1.15
50
82750
AMAT 261120C00620000
AMAT US 11/20/26 C620
AMAT 261120C00620000
1.14
9
82688
SIMO 261218C00270000
SIMO US 12/18/26 C270
SIMO 261218C00270000
1.09
9
78660
PENG 270115C00060000
PENG US 01/15/27 C60
PENG 270115C00060000
0.89
32
64000
FORM 270115C00130000
FORM US 01/15/27 C130
FORM 270115C00130000
0.81
21
58800
DRAM 260731P00047000
DRAM US 07/31/26 P47
DRAM 260731P00047000
0.49
597
35223
RMBS 261120C00150000
RMBS US 11/20/26 C150
RMBS 261120C00150000
0.39
28
28000
ONTO 260821P00230000
ONTO US 08/21/26 P230
ONTO 260821P00230000
0.22
18
16020
SIMO 260821P00230000
SIMO US 08/21/26 P230
SIMO 260821P00230000
0.20
9
14220
LRCX 260807P00260000
LRCX US 08/07/26 P260
LRCX 260807P00260000
0.16
18
11880
PENG 260821P00045000
PENG US 08/21/26 P45
PENG 260821P00045000
0.12
32
8800
FORM 260821P00080000
FORM US 08/21/26 P80
FORM 260821P00080000
0.09
21
6195
AMAT 260807P00445000
AMAT US 08/07/26 P445
AMAT 260807P00445000
0.09
9
6278
RMBS 260821P00070000
RMBS US 08/21/26 P70
RMBS 260821P00070000
0.07
28
5320
WDC 260731P00430000
WDC US 07/31/26 P430
WDC 260731P00430000
0.05
9
3690
AMKR 260821P00040000
AMKR US 08/21/26 P40
AMKR 260821P00040000
0.04
50
3000
WDC 260731P00440000
WDC US 07/31/26 P440
WDC 260731P00440000
-0.06
-9
-4590
AMAT 260807P00455000
AMAT US 08/07/26 P455
AMAT 260807P00455000
-0.10
-9
-6885
RMBS 260821P00080000
RMBS US 08/21/26 P80
RMBS 260821P00080000
-0.15
-28
-10920
AMKR 260821P00050000
AMKR US 08/21/26 P50
AMKR 260821P00050000
-0.15
-50
-10550
FORM 260821P00090000
FORM US 08/21/26 P90
FORM 260821P00090000
-0.17
-21
-12516
LRCX 260807P00270000
LRCX US 08/07/26 P270
LRCX 260807P00270000
-0.22
-18
-15552
SIMO 260821P00240000
SIMO US 08/21/26 P240
SIMO 260821P00240000
-0.24
-9
-17145
PENG 260821P00055000
PENG US 08/21/26 P55
PENG 260821P00055000
-0.28
-32
-20352
ONTO 260821P00240000
ONTO US 08/21/26 P240
ONTO 260821P00240000
-0.32
-18
-22860
SIMO 261218P00270000
SIMO US 12/18/26 P270
SIMO 261218P00270000
-0.82
-9
-58950
PENG 270115P00060000
PENG US 01/15/27 P60
PENG 270115P00060000
-0.87
-32
-62880
AMKR 270115P00065000
AMKR US 01/15/27 P65
AMKR 270115P00065000
-1.07
-50
-77000
WDC 261120P00520000
WDC US 11/20/26 P520
WDC 261120P00520000
-1.25
-9
-90000
FORM 270115P00130000
FORM US 01/15/27 P130
FORM 270115P00130000
-1.25
-21
-90510
DRAM 260731P00052500
DRAM US 07/31/26 P52.5
DRAM 260731P00052500
-1.28
-597
-92535
AMAT 261120P00620000
AMAT US 11/20/26 P620
AMAT 261120P00620000
-1.78
-9
-128363
ONTO 261218P00320000
ONTO US 12/18/26 P320
ONTO 261218P00320000
-2.03
-18
-146700
RMBS 261120P00150000
RMBS US 11/20/26 P150
RMBS 261120P00150000
-2.17
-28
-156660
LRCX 261120P00370000
LRCX US 11/20/26 P370
LRCX 261120P00370000
-2.36
-18
-170100
DRAM 261120P00060000
DRAM US 11/20/26 P60
DRAM 261120P00060000
-10.83
-597
-782070
Fund holdings and allocations are subject to change and should not be considered recommendations to buy or sell any security.

Premium/Discount

As of:
Jul 24, 2026
MM/DD/YYYY
Premium/Discount:
X.XX%
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Number of Days at
Premium
XX
Days
Day
Discount
XX
Days
Day
Both
XX
Days
Day
Both (YTD)
XX
Days
Day
P/D +/- 2%
XX
Days
Day
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The performance data quoted represents past performance. Past performance does not guarantee future results.

Supplemental Discussion: Tuttle Capital Management (“Advisor”) will provide a discussion in the event the ETF’s premium or discount has been greater than 2% for seven consecutive trading days.

Fund Documents

Fact Sheet
Download
Fact Sheet
Prospectus
Download
Prospectus
SAI
Download
SAI
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An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. The Fund is not a complete investment program. In addition, the Fund presents risks not traditionally associated with other mutual funds and ETFs. It is important that investors closely review all of the risks listed below and understand them before making an investment in the Fund.

Equity Securities Risk. Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund.

Investment Risk. As with all investments, an investment in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods of time.

Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire market, market segments, or specific issuers. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

ETF Investing Risk. The Fund may invest in other ETFs and, to the extent that it does, the Fund will be subject to the risks associated with those ETFs and the securities held by those ETFs. These risks include investment risk related to the underlying portfolio holdings, as well as structural risks of ETFs, such as market price fluctuations, trading at prices above or below net asset value, limited secondary market liquidity, and potential trading halts. Investments in ETFs also involve the layering of expenses, as shareholders of the Fund will indirectly bear a portion of the operating expenses of any ETF in which the Fund in addition to the Fund's own expenses. The performance of the Fund may be adversely affected by the performance of the Underlying ETF and its portfolio investments.

Semiconductor and Technology Industry Risk. Memory Stack Companies are generally in the semiconductor and/or technology industries, which are subject to rapid technological change, product obsolescence, short product cycles, pricing pressure, high research and development costs and significant capital expenditures. These companies face intense competition and may be highly dependent on intellectual property, supply chain stability and manufacturing capacity. Semiconductor companies may be particularly sensitive to supply and demand imbalances, inventory corrections, capacity expansions and contractions, and changes in end-market demand. The performance of companies in this industry may be highly volatile.

Memory Semiconductor Risk (DRAM/NAND/HBM). Companies exposed to memory semiconductors, including DRAM, NAND and high-bandwidth memory (“HBM”), are often affected by cyclical pricing, rapid shifts in supply and demand conditions and customer concentration. Periods of oversupply may result in significant pricing declines and margin compression. Growth in HBM and other advanced memory technologies may depend on adoption of specific compute architectures, packaging technologies and the pace of artificial intelligence infrastructure deployment. If demand for AI-driven computing or related technologies slows or fails to meet expectations, companies exposed to HBM and related memory products may be adversely affected.

Advanced Packaging and OSAT Risk. Companies involved in advanced semiconductor packaging, outsourced semiconductor assembly and test (“OSAT”), substrates, interconnect technologies and related equipment may be affected by technological transitions, qualification cycles, customer concentration and capital spending patterns of semiconductor manufacturers and foundries. Demand for advanced packaging solutions may fluctuate based on product cycles and end-market demand, and such companies may face execution risks associated with scaling new packaging technologies.

Concentration Risk. The Fund focuses on a relatively narrow theme within the semiconductor ecosystem. As a result, the Fund may be more volatile than funds with more diversified portfolios and may be adversely affected by developments impacting Memory Stack Companies or the semiconductor industry generally. The Fund’s performance may be closely tied to trends affecting memory semiconductor markets and related technologies.

Derivatives Risk. Derivatives are financial instruments that derive their performance from an underlying reference asset, such as an index, interest rate or inflation rate. Generally, derivatives are sophisticated investments that may pose risks that are different from or greater than those posed by investing directly in the underlying reference asset. For example, the return on a derivative instrument may not correlate with that of its underlying reference asset, and minimal requisite initial investments necessary to purchase derivatives positions may expose the Fund to losses in excess of those amounts. Derivatives also can be volatile and may be less liquid than other investments. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. The Fund expects to use put options to implement its principal investment strategies. Other risks specific to put options, as well as other risks of derivatives, generally, such as counterparty and issuer credit risk, interest rate risk, market risk and issuer-specific risk, are described in greater detail elsewhere in the Fund’s Prospectus.

Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of their underlying securities. Writing call options may reduce the Fund’s ability to profit from increases in the value of the Fund’s portfolio securities. When writing call options on a portfolio security, the Fund receives a premium; however, the premium may not be enough to offset a loss incurred by the Fund if the price of the portfolio security is above the strike price by an amount equal to or greater than the premium. The Fund’s option strategy is designed to provide the Fund with income by taking in options premiums, but it is not designed to mitigate losses to the Fund in the event of a market decline.

  • Put Spread Strategy Risk.  The Fund’s put spread strategy is not covered, and involves substantial risks, including the potential for losses if the underlying security declines below the lower strike price, market volatility impacting option premiums, and the possibility of assignment on the sold puts, which could require the Fund to purchase the underlying securities at unfavorable prices.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (cleared derivatives). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (clearing members) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing members individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing members bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing members customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing members default. This risk is greater for the Fund as it seeks to hold options contracts on a single security, and not a broader range of options contracts, which may limit the number of clearing members that are willing to transact on the Fund’s behalf. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.

Liquidity Risk. The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in illiquid assets involve the risk that the Fund may be unable to sell such assets or sell them at a reasonable price. Derivatives, especially when traded in large amounts, may not always be liquid. In such cases, in volatile markets the Fund may not be able to close out a position without incurring a loss. Daily limits on price fluctuations and speculative position limits on exchanges on which the Fund may conduct its transactions in derivatives may prevent profitable liquidation of positions, subjecting the Fund to potentially greater losses.

Non-U.S. Investments Risk. The Fund may invest in securities of non-U.S. issuers or in derivatives that provide exposure to non-U.S. companies. Investments in non-U.S. securities involve risks that may not be present when investing in U.S. securities, including fluctuations in foreign currency exchange rates; differences in accounting, auditing and financial reporting standards; less publicly available information; more limited liquidity; greater market volatility; and political, economic or regulatory instability. Foreign markets may operate differently from U.S. markets, including with respect to trading hours, settlement practices and regulatory oversight, which may increase operational and liquidity risks. These risks may be heightened in emerging markets.

Emerging Markets Risk. The Underlying ETF’s investments in emerging markets, such as Taiwan and South Korea, may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.

Transaction Cost Risk. The Fund will pay transaction costs, such as commissions or mark-ups in the bid/offer spread on an option position, when it writes options. Because the Fund “turns over” its option positions every week (or more frequently), it will incur high transaction costs. While the turnover of the option positions sold by the Fund is not deemed “portfolio turnover” for accounting purposes, the economic impact to the Fund is similar to what could occur if the Fund experienced high portfolio turnover (e.g., in excess of 100% per year). The Fund’s high levels of turnover may result in higher taxes when Shares are held in a taxable account. These transaction costs, which are not reflected in annual fund operating expenses or in the example thereunder, may negatively affect the Fund’s performance.

Active Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement its investment strategies for the Fund. The success of the Fund’s investment program depends largely on the investment techniques applied by the Adviser. It is possible the investment techniques employed on behalf of the Fund will not produce the desired results.

Cash Redemption Risk. The Fund generally redeems shares for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in kind. As a result, the Fund may pay out higher annual capital gain distributions than if the Fund redeemed shares in kind.

ETF Trading Risk. Shares of the Fund are listed for trading on an exchange and may be bought and sold in the secondary market at market prices. The market price of Shares may be above (premium) or below (discount) the Fund’s net asset value (“NAV”). There can be no guarantee that an active trading market for Shares will develop or be maintained, or that the Shares will trade with any volume, or at all.

Cyber Security Risk. The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through hacking or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information.

ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks:

  • Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
  • Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.
  • Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.
  • Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.
  • Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.

Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund.

Large Capitalization Companies Risk. Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing.  For a prospectus with this and other information about the fund, please call (833) 759-6110.  Please read the prospectus carefully before investing.

Distributor: Foreside Fund Services

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