September 10, 2001.
Donald Rumsfeld holds a press conference.
He announces the Pentagon cannot account for $2.3 trillion in transactions. The next morning, a plane hits the Pentagon. Specifically, the accounting office investigating the missing money.
The story died the same day it was born.
And the money remains unaccounted for.
I'm not a conspiracy theorist.
I'm a portfolio manager. I run $4 billion across 64 ETFs. What I do — what I have always sought to do — is follow what appear to be financial anomalies.
Because in 45 years of trading, I've learned one thing about anomalies:
They're not accidents. But they can serve as potential signals.
So when I started looking at defense budgets in 2023, I wasn't looking for aliens. I was looking for the same thing I always look for. Line items that don't fit.
What I found:
Black budget allocations seemingly accelerating in sensors, materials, and energy — in programs with no stated purpose.
R&D spend in propulsion and power systems that didn’t appear to connect to any public program.
Contracts awarded to companies whose work doesn’t clearly map to any known procurement cycle.
Is something being built that we're not supposed to know about?
Here's the thought exercise I want you to sit with.
Why did progress on propulsion basically stop after rockets in the 1960s?
Why did energy generation stall with nuclear — in the 1940s?
Why did anti-gravity research — published openly in mainstream scientific journals through the 1950s — go completely dark in 1958 and never resurface?
We went from horses to the moon in 66 years.
Then nothing. For 60 years.
I'm not telling you what to conclude. I'm telling you these questions don’t seem to have an answer. And that's been true for a long time.
On February 19, President Trump ordered the Department of Defense to open the files.
The agencies are reviewing. The clock is running.
And right now, most investors — most professionals — are not paying attention to this at all.
That gap between what may be in those files and what the market is currently pricing?
That's what I want to talk to you about.
On March 19 at 2PM ET, I'm hosting a free live webinar — Disclosure Day.
Not a science discussion. Not a debate about alien life.
This is a capital allocation framework for how portfolios may be impacted if classified technology enters the public economy.
I'll walk you through the thesis, the positioning, and exactly how I'm thinking about the opportunity window we're in right now.
You also get my free briefing the moment you register: Why The UAP Thematic Frontier May Be Closer — And Far Larger — Than You Might Think.
Reserve your spot — it’s free.
See you at 2pm ET.
Matt
Important Risk Information
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Tuttle Capital UFO Disclosure ETF (UFOD) before investing. For a prospectus with this and other information about the fund, please call (347) 852-0548 or visit the Fund’s website. Please read the prospectus carefully before investing.
Distributor: Foreside Fund Services, LLC
Principal Risks
As with all funds, a shareholder is subject to the risk that his or her investment could lose money. The Fund is not a complete investment program and is designed for inclusion in a diversified investment portfolio. The principal risks affecting shareholders’ investments in the Fund are set forth below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The principal risks described herein pertain to direct risks of making an investment in the Fund and/or risks of the issuers in which the Fund invests.
Speculative Nature Risk. Government confirmation or denial of advanced alien technology is uncertain, and rumored breakthroughs might never materialize. This entire theme is highly speculative and subject to rumor cycles.
Equity Securities Risk. Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund.
Other Investment Companies Risk. To the extent that the Fund invests in other ETFs or investment companies, the value of an investment in the Fund is based on the performance of the underlying funds in which the Fund invests and the allocation of its assets among those ETFs or investment companies. The underlying ETFs and investment companies may change their investment goals, policies or practices and there can be no assurance that the underlying ETFs or
investment companies will achieve their respective investment goals. Because the Fund invests in ETFs and other investment companies, shareholders indirectly bear a proportionate share of the expenses charged by the underlying funds in which it invests which impacts the Fund’s performance. The principal risks of an investment in the Fund include the principal risks of investing in the underlying ETFs and investment companies.
The Fund is exposed to the risks of the underlying ETFs and investment companies in which it invests in direct proportion to the amount of assets the Fund allocates to each underlying fund. One underlying fund may buy the same security that
another underlying fund is selling. You would indirectly bear the costs of both trades. In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from the Fund’s transactions in
shares of the underlying funds. The Fund’s ability to achieve its investment goal depends, in part, upon the- Adviser’s skill in selecting an optimal mix of underlying funds.
Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.
Technology Sector Risk. The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense competition, obsolescence of existing technology, general economic conditions and government regulation and may have limited product lines, markets, financial resources or personnel. Technology companies may experience dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely impact a company’s profitability. A small number of companies represent a large portion of the technology industry. In addition, a rising interest rate environment tends to negatively affect technology companies, those technology companies seeking to finance expansion would have increased borrowing costs, which may negatively impact earnings. Technology companies having high market valuations may appear less attractive to investors, which may cause sharp decreases in their market prices.
The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.© 2025 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.