TTM Multi-Strategy Income ETF

Investment Opportunity

The Fund is managed using a tactical approach premised on the following principles of the subadviser's investment philosophy: Markets move in recognizable short and intermediate-term trends and countertrends. Over the intermediate term, strong asset classes tend to stay strong, while weak asset classes tend to continue in weakness. Over the shorter term, markets are dominated by media noise, fear and similar short-term disruptions and concerns. The Fund tactically rotates among dividend paying stocks, REITs, Covered call ETFs, MLPs, and fixed income as it seeks to provide market upside with less volatility while limiting downside.

Fund Risks

Exchange Traded Funds: The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track. The costs of owning the ETF may exceed the cost of investing directly in the underlying securities.

Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.

High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid.

Portfolio Turnover: The fund's principal investments strategies will result in a consistently high portfolio turnover rate. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.

No Guarantee: There is no guarantee that the portfolio will meet its objective.

Prospectus: For additional information on risks, please see the fund's prospectus.

Management Team

Matthew Tuttle
Tuttle Tactical Management

Industry start date: 1991

Start date with Fund: 2015

Tuttle Tactical Management

Tuttle Tactical Management is an industry leader in trend aggregation, providing investment advisors, financial planners, insurance agents, and their clients with proven tactical ETFs and managed accounts. The uncertain global economy presents a new paradigm for investing. While growth is important, knowing how to protect the wealth you have accumulated is equally important.

Fund Information

Exchange: NASDAQ
Ticker: TUTI
CUSIP: 26923G608
Inception Date: 6/9/2015

Average Annual Total Returns

Monthly Performance (%) (as of 3/31/2017)
  1 Mo. 3 Mo.   YTD     1YR   3YR 5YR 10YR Since Inception
NAV -0.08 1.83 1.83 3.34 NA NA NA -3.52
MKT Price -0.09 1.89 1.89 3.37 NA NA NA -3.52
Index 0.14 2.48 2.48 1.37 NA NA NA 4.34
Quarterly Performance (%) (as of 3/31/2017)
  1 Mo. 3 Mo. YTD 1YR 3YR 5YR 10YR Since Inception
NAV -0.08 1.83 1.83 3.34 NA NA NA -3.52
MKT Price -0.09 1.89 1.89 3.37 NA NA NA -3.52
Index 0.14 2.48 2.48 1.37 NA NA NA 4.34

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Fees & Expenses

Management Fee: 0.90
Other Expenses: 0.01
Acquired Fund Fees: 0.19
Gross Expense Ratio: 1.10

The management fee is structured as a “unified fee”, out of which the Fund’s sub-adviser pays all routine expenses of the Fund, except for payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing money; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary expenses of the Fund, each of which is paid by the Fund.

Index: Composite: 80% Bloomberg Barclays Global Agg / 20% MSCI High Divd Yld
The composite index consists of 80% Bloomberg Barclays Global Aggregate Bond Index (an index measuring the global investment grade bond market, calculated on a total return basis) and 20% MSCI USA High Dividend Yield Index (an index that measures performance of equities in the large and mid cap segments (excluding REITs) of the U.S. market, that have higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent, calculated on a total return basis with net dividends reinvested). The composite index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

Fund Data & Pricing (as of 4/24/2017)

NAV: $22.72
Change: $0.07
Closing Price: $22.76
Change: $0.06
4PM Bid/Offer Midpoint: $22.74
Premium/Discount: $0.02
Shares Outstanding: 950,004.00
Net Assets: 21,581,384.02
Daily Trade Volume: 382.00
20 Day Average Trading Volume: 6,546.00

Premium / Discount Analysis

  Number of Days Fund Has Traded at a:
  Discount Premium
Period Less than -2% -1.51% to -2.00% -1.01% to -1.50% -0.51% to -1.00% -0.01% to -0.50% 0.00% to 0.50% 0.51% to 1.00% 1.01% to 1.50% 1.51% to 2.00% Greater than 2%
2015-Q2: 6/9/2015 through 6/30/2015 0 0 0 0 3 13 0 0 0 0
2015-Q3: 7/1/2015 through 9/30/2015 0 0 0 0 23 41 0 0 0 0
2015-Q4: 10/1/2015 through 12/31/2015 0 0 0 0 3 61 0 0 0 0
2016-Q1: 1/4/2016 through 3/31/2016 0 0 0 1 34 26 0 0 0 0
2016-Q2: 4/1/2016 through 6/30/2016 0 0 0 0 48 16 0 0 0 0
2016-Q3: 7/1/2016 through 9/30/2016 0 0 0 0 14 50 0 0 0 0
2016-Q4: 10/3/2016 through 12/30/2016 0 0 0 0 43 20 0 0 0 0
2017-Q1: 1/3/2017 through 3/31/2017 0 0 0 0 41 21 0 0 0 0

Top Holdings (% Fund)
(as of 4/25/2017)

Cash/Cash equivalents 67.34

Fund Distributions

Distributions - Last 12 Months
Short Term
Capital Gain
Long Term
Capital Gain
12/20/2016 12/22/2016 12/28/2016 $0.292300 $0.000000 $0.000000 $0.292300

Closing Price: The Closing Price is the price of the last reported trade on the fund's primary exchange. If there has been no reported trade for a particular date, the Closing Price represents the 4PM Bid/Offer Midpoint. 

4PM Bid/Offer Midpoint: The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00pm Eastern Time).

Premium/Discount: The amount the Fund is trading above or below the reported NAV (based on 4PM Bid/Offer Midpoint).

The Fund is an actively managed exchange-traded fund (“ETF”) and does not seek to replicate the performance of a specified index. The Fund may have a higher portfolio turnover than funds that seek to replicate the performance of an index.

The “net asset value” (NAV) of the Fund is determined at the close of each business day, and represents the dollar value of one share of the Fund; it is calculated by taking the total assets of the Fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV of the Fund is not necessarily the same as its intraday trading value. Fund investors should not expect to buy or sell shares at NAV because shares of ETFs such as the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Thus, shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV, and include the reinvestment of all dividends and other distributions (reinvested at the Fund's NAV on distribution ex-date). Market price returns are calculated using the 4:00 pm midpoint between the bid and offer, and include the reinvestment of all dividends and other distributions (reinvested at the 4:00pm bid/offer midpoint on distribution ex-date). Market price returns do not represent the return you would receive if you traded at other times.

SEC Yield is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30 day period by the current NAV at the end of the 30 day period. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the Subsidized Yield and Unsubsidized Yield will be identical.

Distribution Yield is the annual yield that an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the Fund and does not represent total return of the Fund. The distribution yield is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.

Returns for periods of less than one year are cumulative total returns.

Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. Contact us at 888-383-0553 or visit for a copy of the Fund's prospectus. Read the prospectus carefully before you invest or send money.

Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.

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