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- The De-SPAC ETF
- The Short De-SPAC ETF
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Risk Factors

Investing involves risk. Principal loss is possible. As an ETF, the fund may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The Fund is new with a limited operating history.

The Fund invests in companies that have completed a business combination transaction with a SPAC. SPACs are companies that may be unseasoned and lack a trading or operational history, a track record of reporting to investors, and widely available research coverage. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. In addition, SPAC-derived companies may share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in a SPAC-derived company are typically a small percentage of the market capitalization. The ownership of many SPAC-derived companies often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following a business combination transaction when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.

The De-SPAC ETF attempts to replicate the Index by its net assets substantially in the stocks that make up the De-SPAC Index..The Adviser uses a “passive” or indexing approach to try to achieve investment objectives.

The Short De-SPAC ETF seeks daily inverse investment results in pursuit of its investment goals. This means that the Fund’s return for a period longer than a full trading day may have no resemblance to -100% of the return of the De-SPAC Index and that longer holding periods and higher volatility of the De-SPAC Index may increase the impact of compounding on an investor’s returns.

Investors should carefully consider the investment objectives, risks, charges and expenses of the The De-SPAC ETF and The Short De-SPAC ETF. This and other important information about the Fund is contained in the prospectus, which can be obtained at www.despacetfs.com or by calling 866-904-0406. The prospectus should be read carefully before investing. The De-SPAC ETF and The Short De-SPAC ETF are distributed by Foreside Fund Services, LLC, member FINRA. Tuttle Capital Management is not affiliated with Foreside Fund Services, LLC.

What is a SPAC? Click here to learn more.