At the Hard Assets, Low Obsolescence webinar I talked about one question most value screens still can't answer.

Here's the question - and why it matters.

Take a financial data platform trading at 15x earnings, and a Class I railroad trading at 15x earnings. Same multiple. Same screen. Completely different investment.

The railroad owns thousands of miles of right-of-way that took decades to build and can never be replicated. AI makes it run better. But you can’t transport physical goods over AI.

The financial data platform sells analysis, aggregation, research tools – the kind of cognitive work AI is now doing at near-zero cost. That low earnings multiple may not be a bargain. It could be the market pricing in a structural threat.

And it's not just data platforms. Look what's happened in the last 24 months:

_{*Share price data sourced from Bloomberg and public market data, 2024–2026. Single-session moves reflect intraday or closing price changes on the dates noted. Past market events are not indicative of future results.} 

Close to $2 trillion in software equity value wiped out — driven by intelligence becoming dramatically cheaper.

A stock can look cheap because the market missed something. Or it can look cheap because the market already figured out that AI could hollow it out.

Your standard value screen — price-to-earnings, price-to-book, dividend yield — can't tell the difference.

That's exactly what HALX is built to filter for.

— See how HALX Filters for it —

- Matt

IMPORTANT DISCLOSURES

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus with this and other information about the fund, please call (833) 759-6110. Please read the prospectus carefully before investing.

Distributor: Foreside Fund Services

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.