Here's a pattern I've watched play out twice in the last five years.

Each phase of the AI build has had a bottleneck. And each time, I later realized the market was looking in the wrong place.

These examples are for illustrative purposes only, and past performance is not indicative of future results. Identifying such shifts is uncertain and may involve significant risk and volatility.

Both times, capital piled into the headline. Both times, the real move was in whatever the headline couldn't function without.

It's 2026. One of the biggest infrastructure buildouts in history is adding compute at a pace nobody predicted two years ago. Consensus is still watching the GPUs.

I think the market is making the same mistake again.

The bottleneck has moved. And most people haven't noticed yet.

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- Matt

This commentary is for informational purposes only and should not be considered investment advice or a recommendation.

References to specific companies above are based on those companies’ publicly disclosed statements and are included for industry context only. They are not current or projected holdings of the Fund and do not constitute a recommendation to buy, sell, or hold any security.

About Tuttle Capital Management

Tuttle Capital Management is an industry leader in thematic ETFs, allowing investors to capitalize on shifting market dynamics. Known for its active management approach, the firm constructs portfolios around emerging, high-conviction trends. FOTO joins Tuttle Capital’s growing suite of thematic products. For more information and to view the prospectus, please visit www.fotoetf.com.

IMPORTANT DISCLOSURES

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Tuttle Capital Pure Play Photonics ETF (FOTO) before investing. For a prospectus with this and other information about the Fund, please visit www.fotoetf.com or call (833) 759-6110. Please read the prospectus carefully before investing.

Principal Risks include: Photonics Industry Risk, Technology Sector Risk, Semiconductor and Capital Equipment Risk, Small- and Mid-Capitalization Company Risk, Early-Stage and Pre-Revenue Company Risk, Non-U.S. and Emerging Markets Risk, Concentration Risk, Active Management Risk, Equity Securities Risk, Market Risk, Cyber Security Risk, Inflation Risk, ETF Risks (including Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk; Cash Redemption Risk; Costs of Buying or Selling Shares; Shares May Trade at Prices Other Than NAV; and Trading Risk), Non-Diversification Risk, and New Fund Risk

Companies in the photonics industry are subject to rapid technological change, evolving
standards, and intense competition. Demand may fluctuate based on capital spending cycles, telecommunications infrastructure deployment, semiconductor fabrication capacity, defense and aerospace procurement, and broader macroeconomic conditions. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement its investment strategy. The Fund is non-diversified and may experience greater price volatility than a diversified fund. The Fund may invest significantly in small- and mid-cap and early-stage companies, which may experience greater price volatility and reduced liquidity than larger, more established issuers. ETF shares may trade at a premium or discount to NAV.

This email contains forward-looking statements regarding market conditions, technology trends, and industry developments. Such statements are subject to significant uncertainties and actual events or outcomes may differ materially. Supplier lead-time figures referenced herein are based on publicly available industry reporting and are subject to change. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of their investment. Investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective.

Investment in the Fund is also subject to the following risks:

Limited History of Operations 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.

Index Tracking Risk: Returns may not match its reference Index due to costs, timing differences, or operational constraints. The Fund will hold reference index securities regardless of outlook, which may lead to underperformance versus active strategies.

Non-Diversification Risk: The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.

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