Fund Overview - TUTT

Investment Objective

The Tuttle Tactical Management (TTM) U.S. Core ETF (the “Fund” - Symbol TUTT) seeks long-term capital appreciation while maintaining a secondary emphasis on capital preservation, primarily through investments in the U.S. equity market.

TUTT is a “fund of funds” that seeks to provide relative returns during market uptrends, and capital preservation and absolute returns during market downtrends. The approach uses a trend aggregation-based, tactically managed strategy for exposure to U.S. equity markets.

Under normal market conditions TUTT will not invest less than 80% of its total assets in shares of exchange-traded funds (ETFs) and other issuers listed on U.S. exchanges.

Philosophy

Tuttle Tactical Management, LLC, the Fund’s investment sub-adviser (the “Sub-Adviser”) manages the Fund’s assets using a tactical approach premised on the following principles of the Sub-Adviser’s investment philosophy:

1. Markets move in recognizable short and intermediate trends and countertrends;

2. Over the intermediate term, strong asset classes tend to stay strong, while weak asset classes tend to continue in weakness;

3. Over the shorter term, markets are dominated by media noise, fear and similar short-term disruptions and concerns.

Highlights

• The Fund combines multiple, uncorrelated tactical methodologies.
• It removes emotional decision making by using a rules-based approach to market exposure.

Defensive Options

Generally, only sectors with positive momentum are chosen for inclusion. If no positive sectors can be identified, or in times of market uncertainty or high risk, assets can be moved to money market and/or bond funds.