Here's an example of how bottlenecks work.

A theme gets hot. Capital flows in. Then the whole thing runs into a constraint - something that must scale before anything else can.

Whoever scales that constraint can capture more of the value. Processing power was the first bottleneck. It couldn’t scale fast enough. Early positioning paid off.

*Source: NASDAQ/Slickcharts. NVDA returned +239% in 2023 and +171% in 2024, a cumulative gain of approximately +816% over the two-year period.

Now AI is running into the next one.

Models are getting bigger. Workloads are getting heavier. The build out is
running into memory constraints that are structural, not incremental.
Memory could approach 30% of hyperscaler capex this year, up from
roughly 8% in 2023.

That's the pattern. First compute, now memory. As the bottleneck
shifts, capital is moving with it.

HBMX focuses on that bottleneck. Actively managed exposure across
the full memory stack - the manufacturers, the equipment makers, the
packagers, the testers.

Every layer required to keep it scaling.

→ See what HBMX is built on

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

Investing involves risk, including possible loss of principal. There is no guarantee that the Fund will achieve its investment objective. Principal risks include: Market Risk; Semiconductor and Technology Industry Risk; Memory Semiconductor Risk (DRAM/NAND/HBM); Concentration Risk; Active Management Risk; Non-Diversification
Risk — the Fund may invest a higher percentage of its assets in fewer issuers than a
diversified fund; Derivatives Risk; Foreign Securities Risk; Micro-, Small- and
Mid-Capitalization Company Risk; ETF Trading Risk — shares may be bought and sold
at market price, which may be above or below NAV; and New Fund Risk. The Fund has
no operating history.

ETF shares are bought and sold at market price (not NAV) and are not individually
redeemable from the Fund. Market price returns are based upon the midpoint of the
bid/ask spread at 4:00 PM Eastern time.

The Tuttle Capital Concentrated Memory Stack ETF (HBMX) is distributed by Foreside
Fund Services, LLC, which is not affiliated with Tuttle Capital Management, LLC