Brendan Wood TopGun ETF

bwtg

The Brendan Wood TopGun ETF (the “Fund”) seeks to achieve its investment objective by investing, under normal market circumstances, a substantial portion of its assets in publicly listed equity securities included in a Model Portfolio “TopGun Companies” provided by the Fund’s investment sub-adviser.

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Principal Investment Strategy
The Model "TopGun Companies"

What is a TopGun Company?

"Approximately 1400 companies are evaluated based on up to 2000 personal interviews/consultations with investment professionals conducted by Brendan Wood during the calendar year regarding investment quality metrics. Those companies identified with the highest investment quality ratings are selected for inclusion in the Model (collectively "TopGun Companies"). When a TopGun company has dropped out of TopGun status. The company will be removed from the Model." (See Prospectus)

Fund pricing

As of: 04/22/2024

Market Closing Price

$29.9397

Change: $0 | 0.00%
NAV Price

$29.926

Change: $0.00 | 0.00%
Net Assets Expense Ratio Primary Exchange
$5,386,680 0.98% Cboe BZX Exchange, Inc.
Shares Outstanding 30-day Median bid-Ask Fund Inception Date
180000 0.002281% 11-09-2023
Number of Holdings CUSIP Options Available
26 26923N637 0
Premium/Discount ISIN Portfolio Advisor
0.0458% US26923N6379 Tuttle Capital Management

Performance

As of: 04/22/2024

As of:
03/31/2024
Since Inception
(11/09/2023)
1 month3 month6 month1 yearYTD
NAV26.25%1.22%12.01%0%-12.01%
Market Price26.48%1.38%12.22%0%-12.22%

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 Investors 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 at 888-723-2821. 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 bought 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.

Performance Data current to the most recent month end may be obtained by at 888-723-2821.

Holdings

As of: 04/22/2024

TickerSecurity DescriptionCUSIP% of FundSharesMarket Value
AMZNAMAZON.COM INC0231351064.3529%1323.00$234475.29
ASMLASML HOLDING NV-NY REG SHSN070592104.4034%272.00$237197.60
BN USBROOKFIELD CORP11271J1073.7612%5115.00$202605.15
COSTCOSTCO WHOLESALE CORP22160K1054.0643%306.00$218930.76
CPCANADIAN PACIFIC RAILWAY LTD13646K1084.0333%2514.00$217259.88
CRWDCrowdstrike Holdings Inc. Class A22788C1054.348%810.00$234211.50
DHRDANAHER CORP2358511023.7384%853.00$201376.24
GOOGALPHABET INC-CL C02079K1074.1902%1429.00$225710.55
HCAHCA HEALTHCARE INC40412C1013.5313%613.00$190220.03
HDHOME DEPOT INC4370761023.6003%577.00$193935.47
JPMJPMORGAN CHASE & CO46625H1004.093%1164.00$220473.24
MAMASTERCARD INC - A57636Q1043.9937%471.00$215129.25
MMCMARSH & MCLENNAN COS5717481023.9339%1052.00$211904.36
MSFTMICROSOFT CORP5949181043.9674%533.00$213711.68
NOWSERVICENOW INC81762P1023.8867%290.00$209365.50
NVDANVIDIA CORP67066G1046.1115%414.00$329204.52
PGRPROGRESSIVE CORP7433151034.9111%1242.00$264546.00
PLDPROLOGIS INC74340W1032.8944%1498.00$155911.84
RYROYAL BANK OF CANADA7800871023.6556%1985.00$196912.00
SNOWSNOWFLAKE CLASS A8334451092.834%1037.00$152656.77
TDGTRANSDIGM GROUP INC8936411004.4143%198.00$237784.14
TMUST-MOBILE US INC8725901043.7074%1230.00$199702.80
UNHUNITEDHEALTH GROUP INC91324P1023.3651%369.00$181263.87
VVISA INC-CLASS A SHARES92826C8393.8726%766.00$208604.78
WCNWASTE CONNECTIONS INC94106B1014.1362%1340.00$222801.80
CASH AND CASH EQUIVALENTS0.1997%10759.37$10759.37

As a percent of net assets. Portfolio Holdlngs are subject to change and should not be considered Investment advice.

Premium / Discount

As of: 04/22/2024

Historical Data
Number of Days At
Premium61 days
Discount0 days
Both61 days
Premium / DiscountPremium / Discount
Days (Quarterly)
Premium / Discount
Days (Yearly)
+/- 2% Premium /
Discount Days
0.0458%61 days35 days0 days

Frequency Distribution of Premiums & Discounts

Supplemental Discussion

Tuttle Capital Management (”Advisor") will provide a dlscusslon In the event the ETF’s premium or discount has been greater than 2% for seven consecutive trading days.

Disclosures

Principal Investment Risks: As with all funds, a shareholder is subject to the risk that his or her investment could lose money. The principal risks affecting shareholders’ investments in the Fund are set forth below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The principal risks described herein pertain to direct risks of making an investment in the Fund and/or risks of the issuers in which the Fund invests.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings changes in interest rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

Equity Securities Risk: Equity prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of 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.

Active Management Risk: As an actively managed investment portfolio, the Fund is subject to decisions made by the Adviser’s portfolio managers. The Adviser’s investment decisions about individual securities impact the Fund’s ability to achieve its investment objective. The Adviser’s judgments about the attractiveness and potential returns for specific investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s investment strategy will produce the desired results.

Non-Diversification Risk: The Fund is non-diversified, which means that it may invest a greater percentage of its assets in a particular issuer than a diversified fund. Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment or limited number of investments.

Risks of Investment Selection: The Fund’s investment success depends on the skill of the Adviser in evaluating, selecting, and monitoring the portfolio assets. If the Adviser’s conclusions about growth rates or securities values are incorrect, the Fund may not perform as anticipated.

Risk or Large Capitalization Securities Risk: Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. Large cap companies may be less able than mid and small capitalization companies to adapt to changing market conditions.

Growth Stock Investment Risk: Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments. Growth stocks tend to trade at a premium when analyzed using tradition valuation metrics such as price-to-earnings ratio and price-to-book ratio. Due to this premium valuation, growth stocks tend to be more susceptible to big price swings. In bull markets, they tend to rise at a much faster pace than the overall market, and they tend to decline at a more rapid rate in bear markets.

Foreign Securities Risk: Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Some countries and regions have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. issuers, and therefore not all material information will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact the Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. Less developed securities markets are more likely to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories. The less developed a country’s securities market is, the greater the likelihood of custody problems.

Depositary Receipts Risk: The Fund may invest in depositary receipts. Depositary receipts may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Certain countries may limit the ability to convert depositary into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Depositary receipts may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by a depositary and the issuer of the underlying security. A depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Unsponsored receipts may involve higher expenses and may be less liquid. Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities.

Cash and Cash Equivalents Risk: Holding cash or cash equivalents rather than securities or other instruments in which the Fund primarily invests, even strategically, may cause the Fund to risk losing opportunities to participate in market appreciation, and may cause the Fund to experience potentially lower returns than the Fund’s benchmark or other funds that remain fully invested. In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.

ETF Structure Risk: The Fund is structured as an ETF and is therefore subject to special risks. Such risks include:

Trading Issues Risk: Trading in ETF shares on an exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the ETF’s shares inadvisable, such as extraordinary market volatility. There can be no assurance that an ETF’s shares will continue to meet the listing requirements of its exchange or will trade with any volume. There is no guarantee that an active secondary market will develop for shares of an ETF. In stressed market conditions, the liquidity of shares of an ETF may begin to mirror the liquidity of the ETF’s underlying portfolio holdings, which can be significantly less liquid than shares of the ETF. This adverse effect on liquidity for the ETF’s shares in turn could lead to differences between the market price of the ETF’s shares and the underlying value of those shares.

Market Price Variance Risk: The market prices of shares of an ETF will fluctuate in response to changes in the ETF’s NAV, and supply and demand for ETF shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that ETF shares may trade at a discount to NAV. The market price of an ETF’s shares may deviate from the value of the ETF’s underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the shares of the ETF bought or sold.

Authorized Participants (“APs”), Market Makers, and Liquidity Providers Risk: ETFs have a limited number of financial institutions that may act as 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 of an ETF 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.

Costs of Buying or Selling Shares of an ETF: Due to the costs of buying or selling shares of an ETF, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of an ETF may significantly reduce investment results and an investment in shares of an ETF may not be advisable for investors who anticipate regularly making small investments.

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.

New Adviser Risk: The Sub-Adviser is newly-registered and has not previously acted as an investment adviser or sub-adviser to an ETF, but the Sub-Adviser has experience creating an index utilizing the same process as will be used to create the model portfolio that will be provided to the Fund.

The Brendan Wood TopGun ETF is distributed by Foreside Fund Services, LLC, Member FINRA.

Foreside Fund Services, LLC is not affiliated with Brendan Wood TopGun ETF.

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Fund Documents