RULE

Adaptive Core ETF

Fund Objective

The Adaptive Core ETF (the “Fund”) seeks current income.

Principal Investment Strategy

The Fund seeks to achieve the Fund’s investment objective by using a tactical go-anywhere approach to invest in a wide variety of asset classes, which the Fund defines based on the market capitalization and/or industry classification. The Fund primarily invests in exchange-traded funds (“ETFs”) that invest equity securities of any market capitalization including convertible equity securities and fixed income ETFs. The Fund may appeal to investors seeking long-term capital appreciation potential and who can tolerate some risk of the potential for pricing volatility.

Fund Pricing and Data

As of: 12/03/2021

Market Price

$24.54

Number of Holdings

18

NAV Price

$24.55

Premium/Discount

-0.02%

Net Assets

$1,227,450

Expense Ratio

0.91%

Shares Outstanding

50,000

30-Day Median Bid-Ask

0.28%

Fund Details

Fund Name
Adaptive Core ETF

Primary Exchange
Cboe

Ticker
RULE

Fund Inception Date
11/03/2021

CUSIP
19423L 581

Options Available
No

ISIN
US19423L5811

Portfolio Advisor
Mohr Capital Management

Fund Performance

As of: 12/03/2021

As of: 11/30/20211 month3 months6 months1 yearYTDSince Inception
NAVXX.XXXX.XXXX.XXXX.XXXX.XX0.21%
Market PriceXX.XXXX.XXXX.XXXX.XXXX.XX0.28%

 

Performance Disclosure

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained above. Returns less than one year are not annualized.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. The Fund does not have a track record of reporting to investors or widely available research coverage which may result in price volatility.

Market performance is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

As of: MM/DD/YYYY1 month3 months6 months1 yearYTDSince Inception
NAVXX.XXXX.XXXX.XXXX.XXXX.XXXX.XX
Market PriceXX.XXXX.XXXX.XXXX.XXXX.XXXX.XX

Performance Disclosure

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained above. Returns less than one year are not annualized.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. The Fund does not have a track record of reporting to investors or widely available research coverage which may result in price volatility.

Market performance is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Fund Holdings

As of: 12/03/2021
TickerSecurity DescriptionCUSIP% of FundSharesMarket Value
ANGLVANECK VECTORS FALLEN ANGEL92189F4376.48%2,454$79,902
FCORFIDELITY CORPORATE BOND ETF3161881016.52%1,446$80,465
JPMJPMORGAN CHASE & CO46625H1003.85%300$47,487
PWB USINVESCO DYNAMIC LARGE CAP46137V7466.78%1,085$83,666
MGCVANGUARD MEGA CAP ETF9219108736.33%486$78,086
ETSYETSY INC29786A1063.41%182$42,102
AAPLAPPLE INC0378331004.15%316$51,141
AGGYWisdomTree Yield Enhanced U.S. Agg Bond Fund97717X5116.54%1,548$80,728
VONGVANGUARD RUSSELL 1000 GROWTH92206C6806.63%1,088$81,818
DHRDANAHER CORP2358511024.16%164$51,322
NVDANVIDIA CORP67066G1044.08%164$50,337
LGLVSPDR SSGA US LARGE CAP LOW V78468R8046.51%564$80,309
FCVTFIRST TRUST SSI STRATEGI ETF33739Q5076.00%1,520$74,039
JNKSPDR BBG BARC HIGH YIELD BND78468R6226.40%736$78,958
MGKVANGUARD MEGA CAP GROWTH ETF9219108166.37%314$78,538
CASH AND CASH EQUIVALENTS6.44%79,403$79,403
CWBSPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF78464A3595.98%904$73,803
TSLATesla Inc.88160R1013.37%41$41,614

Premium / Discount

As of: 12/03/2021
Premium/DiscountPremium Discount Days (Quarterly)Premium Discount Days (Yearly)+2% Premium Discount Days
-0.02%22 days22 daysNone (0 days in the last year)

Frequency Distribution of Premiums and Discounts Chart to be made available after December 31, 2021.

Supplemental Discussion

Mohr Capital Management (“Advisor”) will provide a discussion in the event the ETF’s premium or discount has been greater than 2% for seven consecutive trading days.

Disclosures

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are contained in the prospectus. Please read the prospectus carefully before investing. 

The principal risks of investing in the Adaptive Core ETF include:

  • Cash and Cash Alternatives Risk: At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. 

  • Emerging Markets Risk: Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging market typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility. 

  • ETF Structure Risk: The Fund is structured as an ETF and as a result is subject to the special risks, including: 
    • The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV. 
    • In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV. 
    • In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV. 
  • Exchange Traded Funds Risk: The cost of investing in the Fund will be higher than the cost of investing directly in the ETFs in which it invests and may be higher than other funds that invest directly in stocks and bonds. Each other ETF is subject to specific risks, depending on the nature of the ETF. 

  • Fixed Income Securities Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. 

  • Foreign Securities Risk: Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies. 

  • High Yield Bond Risk: Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.

  • Management Risk: The Sub-Adviser’s assessment of the attractiveness and potential appreciation of particular investments or markets in which the Fund invests may prove to be incorrect and there is no guarantee that the Sub-Adviser’s investment strategy will produce the desired results. 

  • Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. 

  • Portfolio Turnover Risk: A higher portfolio turnover will result in higher transactional and brokerage costs.

  • Small and Medium Capitalization Stock Risk: The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.