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Fund Summary

As of: 08/30/2021
Fund NameFat Tail Risk ETF
TickerFATT
CUSIP19423L 656
ISINUS19423L6561
Primary ExchangeNasdaq Stock Market
NAV$24.91
Market Closing Price$24.94
Fund Inception Date05/25/21
Number of Holdings16
Gross Expense Ratio1.20%
30 Day Median Bid-Ask0.24%
Management StyleActively Managed
Options AvailableNo
Shares Outstanding75,000
Net Assets$1,868,190
Portfolio AdvisorTuttle Capital Management

Fund Documents

Fund Objective

The Fat Tail Risk ETF (FATT) seeks to provide capital appreciation.

Principal Investment Strategy

FATT is actively managed and seeks to achieve its investment objective by investing in cash and U.S. government bonds, exchange-traded funds (“ETFs”), volatility and inverse volatility ETFs and exchange traded notes (“ETNs”), leveraged and inverse ETFs and ETNs, and gold related ETFs.

NAV & Market Price

As of: 08/30/2021

FATT – Fund Holdings

As of: 08/30/2021
 

Performance

As of: 12/31/20211 month3 months6 months1 yearYTDSince Inception
NAV-0.04%0.83%-2.10%XX.XXXX.XX-3.50%
Market Price0.12%0.96%-2.07%XX.XXXX.XX-3.32%

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.

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.

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.

As of: 12/31/20211 month3 months6 months1 yearYTDSince Inception
NAV-0.04%0.83%-2.10%XX.XXXX.XX-3.50%
Market Price0.12%0.96%-2.07%XX.XXXX.XX-3.32%

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.

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.

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.

Premium/Discount

As of: 08/30/2021
Premium/DiscountPremium (# of Days - Quarter)Discount (# of Days - Quarter)Premium/Discount (# of Days - Quarter)Premium/Discount (# of Days - YTD)Number of Days at 2%
0.11%3754268None (0 days in the last year)

Distributions

Ex-dateRecord DatePay DateDividendSt Cap GainLT Cap GainTotal Distribution (per share)
12/27/202112/28/202112/29/2021$0.280514$0.00$0.00$0.280514

Frequency Distribution of Premiums and Discounts

(October 1, 2021 through December 31, 2021)*



Fund Total # of Days Fund Closed at Premium for the Quarter Total # of Days Fund Closed at Discount for the Quarter Total # of Days Fund Closed at Premium / Discount for the Quarter
Fat Tail Risk ETF (FATT) 52 12 64

*Fund Inception Date: 05/25/2021

Frequency Distribution of Premiums and Discounts

(January 1, 2021 through December 31, 2021)*



Fund Total # of Days Fund Closed at Premium for the Year Total # of Days Fund Closed at Discount for the Year Total # of Days Fund Closed at Premium / Discount for the Year
Fat Tail Risk ETF (FATT) 130 24 154

*Fund Inception Date: 05/25/2021

Supplemental Discussion

The Advisor will provide a discussion in the event the ETF’s premium or discount has been greater than 2% for seven consecutive trading days.

Disclosures

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are contained in the prospectus. Please read the prospectus carefully before investing.

The principal risks of investing in FATT include: 

Authorized Participant Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. 

Derivatives Risk: Options are a derivative investment. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. 

ETF Risk: ETFs are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities. ETF shares may trade at a discount to or a premium above net asset value if there is a limited market in such shares. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Index-tracking ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities or index. Each ETF is subject to specific risks, depending on its investments. 

ETN Risk: ETNs are unsecured contractual obligations issue by a bank or broker-dealer. Accordingly, ETNs are subject to the risk that the issuer bank or broker dealer will not fulfill its obligations, potentially resulting in losses to the Fund. 

Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. 

Gold Risk: The price of Gold may be volatile and Gold bullion-related ETFs, ETNs and derivatives may be highly sensitive to the price of Gold. 

Large Capitalization Risk Stock Risk: Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. 

Management Risk: The portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests or sells short may prove to be incorrect and there is no guarantee that the portfolio manager’s judgment will produce the desired results. 

Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. 

Options Risk: The Fund may purchase call and put options on securities in which it invests and on ETFs in which the Fund invests. The Fund may engage in these transactions to hedge against a decline in the value of securities owned or an increase in the price of securities which the Fund plans to purchase. 

Portfolio Turnover Risk: A higher portfolio turnover will result in higher transactional and brokerage costs. 

Small and Medium Capitalization Stock Risk: The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. 

Short Selling Risk: If a security sold short or other instrument increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss.