FCUS

Pinnacle Focused Opportunities ETF

Why Invest in FCUS

The Pinnacle Focused Opportunities ETF was developed to provide a solution for investors to navigate various market conditions using a systematic, rules-based process for both investment selection and risk mitigation.

Fund Details

As of 11/19/2024

Ticker	FCUS
CUSIP	88634T 519
Inception	12/29/2022
Exchange	NYSE
Gross Expense Ratio	0.81%
Portfolio Manager	Paul Carroll
Investment Subadvisor	Pinnacle Family Advisors

Fund Documents

Fact Sheet
Prospectus
Summary Prospectus
SAI
Annual Report
Semi-Annual Report
Semi-Annual TSR
Fiscal Q1/Q3 Holdings

Fund Description and Objective

The Pinnacle Focused Opportunities ETF is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective primarily by investing in a focused portfolio of U.S. equity securities. The Fund’s investment sub-adviser, Pinnacle Family Advisors, LLC (“Pinnacle” or the “Sub-Adviser”), will typically seek full equity exposure during periods of market strength and will seek to identify periods of market stress and to mitigate risk during these periods by increasing the portfolio’s exposure to U.S. Treasury securities, cash, cash equivalents, or bond index ETFs.

The initial universe of stocks is comprised of the largest 1,000 U.S. equity securities listed on major U.S. stock exchanges. As of the date of this prospectus, the market capitalization range for the initial universe of securities is between approximately $4.1B and $2.1T. To be eligible for inclusion, stocks must also have a closing price of at least $1, with a free-float (shares publicly available for purchase on the stock market) of at least five percent of the shares outstanding. The ETF excludes certain equity securities, such as limited partnerships, closed-end investment companies, and warrants. The complete list of excluded security types is set forth below.

The ETF uses Pinnacle’s monthly stock selection model to identify 30 stocks to include in the model (as described below). In addition, Pinnacle uses two separate Pinnacle Market Risk Algorithms to identify whether there are positive or negative market signals which may impact the composition of the ETF. On the first trading day of each month (or more frequently intra-month if a market signal changes), the ETF will be reconstituted based on whether the Algorithms both show market signals as positive, one as positive and one as negative, or both as negative.

ETF Positioning

If both market signals are positive, the ETF will be comprised of the top 30 stocks (selected as described below).
If one market signal is positive (and the other is negative), the ETF will be comprised of 25% U.S. Treasury securities, cash, cash equivalents, or bond index ETFs. The remaining 75% will be comprised of the top 30 stocks (selected as described below); or
If both market signals are negative, the ETF will be comprised of 50% U.S. Treasury securities, cash, cash equivalents, or bond index ETFs. The remaining 50% will be comprised of the top 30 stocks (selected as described below).

Top 30 Stock Selection Model

The ETF uses Pinnacle’s monthly stock selection model to identify the stocks that the model scores highest based on the following factors:

Momentum – The model measures the stock’s current price compared to its previous price over a specific period.
Relative Strength – The model measures the stock’s rate of change (velocity) and the magnitude of the stock’s recent price changes compared to its peers in the initial universe over the last 200-day period.
Earnings Revisions – The model considers whether stock analysts have recently revised their estimates of a company’s earnings.

Each stock in the initial universe is scored based on the foregoing factors. That is, the ETF employs the Pinnacle monthly stock selection model to assign each stock with a score for each of Momentum, Relative Strength, and Earnings Revisions. Each score is weighted equally (i.e., a one-third weighting), and then combined into a single aggregate score for each company. The 30 companies with the highest aggregate scores are then included in the ETF.

The allocation weighting among the 30 selected stocks differs depending on each stock’s overall model score. Each of the top 10 stock selections by model score receive a 4.25% weight in the portfolio, each of the next 10 stock selections by model score receive a 3.25% weight in the portfolio, and each of the final 10 stock selections receive a weight of 2.5% in the portfolio

Daily NAV and Market Price

As of 11/18/2024

Ticker FCUS	Exchange NYSE	NAV² $33.09	Market Price³ $33.09

. Shares Outstanding	1300000.000	. Total Net Assets	43014549.12
.Median Bid/Ask Spread (30 Day)¹	0.26	.Premium Discount (%)	0.01%

¹30-Day Median Bid/Ask Percentage Spread Calculation: Based on Rule 6c-11(c)(1)(v), to calculate the median bid-ask spread the fund, (i) identifies the ETF’s NBBO as of the end of each 10-second interval during each trading day of the last 30 calendar days; (ii) divides the difference between each such bid and offer by the midpoint of the NBBO; and (iii) identify the median of those values.

²Net asset value” or “NAV” is determined by adding up the value of all the assets in the fund, including assets and cash, subtracting any liabilities, and then dividing that value by the number of outstanding shares in the ETF.

³Market Price is defined as the official closing price of the ETF share.

FCUS Performance

. Cumulative (%) as of 10/31/2024 (1 YR or Less).

FCUS	YTD	1M	3M	6M	1 Yr	3 Yrs	5 Yrs	Since Inception – Cumulative
NAV	23.13	2.27	10.29	13.82	48.91	48.91	-	49.59
Market Price	23.30	2.38	10.44	13.88	49.08	49.08	-	49.81

The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Investment return and value of the ETF shares will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. Performance data current to the most recent month end may be obtained by callying 855-HSS-ETFS. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Total Returns are calculated using the daily 4:00pm net asset value (NAV). Market returns are based on the composite closing price and do not represent the returns you would receive if you traded the shares at other times. The first trading date is typically several days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the first trade date.

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.

Top 10 Holdings

Holdings as of 11/20/2024

Download All Holdings

CUSIP	SecurityName	Shares	Price	MarketValue
02043Q107	Alnylam Pharmaceuticals Inc	5993.000000	234.270000	1403980.11
01973R101	Allison Transmission Holdings Inc	11694.000000	115.980000	1356270.12
03831W108	AppLovin Corp	10039.000000	321.190000	3224426.41
148929102	Cava Group Inc	12511.000000	141.250000	1767178.75
12504L109	CBRE Group Inc	7419.000000	132.160000	980495.04
143658300	Carnival Corp	43993.000000	25.130000	1105544.09
144285103	Carpenter Technology Corp	8075.000000	184.500000	1489837.50
146869102	Carvana Co	7166.000000	249.430000	1787415.38
29364G103	Entergy Corp	8691.000000	149.890000	1302693.99
31846V336	First American Government Obligations Fund 12/01/2031	27038.950000	100.000000	27038.95
303250104	Fair Isaac Corp	633.000000	2284.430000	1446044.19
G3730V105	FTAI Aviation Ltd	11551.000000	171.020000	1975452.02
H2906T109	Garmin Ltd	4884.000000	207.370000	1012795.08
40171V100	Guidewire Software Inc	8861.000000	196.370000	1740034.57
770700102	Robinhood Markets Inc	40383.000000	35.240000	1423096.92
443201108	Howmet Aerospace Inc	9677.000000	116.000000	1122532.00
457669307	Insmed Inc	24086.000000	73.720000	1775619.92
46284V101	Iron Mountain Inc	10386.000000	116.510000	1210072.86
47233W109	Jefferies Financial Group Inc	15072.000000	74.620000	1124672.64
525327102	Leidos Holdings Inc	5290.000000	158.290000	837354.10
624756102	Mueller Industries Inc	11883.000000	90.680000	1077550.44
576323109	MasTec Inc	9680.000000	142.400000	1378432.00
G66721104	Norwegian Cruise Line Holdings Ltd	50578.000000	26.340000	1332224.52
92243G108	Vaxcyte Inc	9022.000000	87.080000	785635.76
69608A108	Palantir Technologies Inc	39255.000000	62.980000	2472279.90
70202L102	Parsons Corp	11557.000000	94.420000	1091211.94
85208M102	Sprouts Farmers Market Inc	12638.000000	143.440000	1812794.72
88262P102	Texas Pacific Land Corp	1402.000000	1420.130000	1991022.26
87612G101	Targa Resources Corp	7614.000000	203.570000	1549981.98
910047109	United Airlines Holdings Inc	15635.000000	94.260000	1473755.10
91307C102	United Therapeutics Corp	2588.000000	360.710000	933517.48
Cash&Other	Cash & Other	6872.590000	1.000000	6872.59

Fund holdings are subject to change and are not a recommendation to buy or sell any security.

Quarterly Premium/Discount Data

As of 11/19/2024

Greatest Premium
Greatest Discount
Days at Premium
Days at NAV
Days at Discount
Percent of Days ± 0.5% of NAV:
Number of Days ± 0.5% of NAV:

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.

Data presented represents past performance and cannot be used to predict future results.

Disclosures

Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.

Shares of this ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

For more complete information on Pinnacle Dynamic ETFs, download and view a prospectus or summary prospectus now or call 844-466-6723 for a free prospectus or summary prospectus. You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund’s prospectus or summary prospectus, which you should read carefully before investing. Investing involves risk, including loss of principal. There is no guarantee that this, or any investment strategy, will succeed. Shares of these ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

Investment in a fund of funds is subject to the risks and expenses of the underlying funds. Diversification and asset allocation may not protect against market risk or loss of principal. The Fund’s exposure to equity ETFs subjects it to market risk. Investments in bonds are subject to credit risk, call risk and interest rate risk so that as interest rates rise the value of bond prices will decline. Credit risk refers to the possibility that the issuer of the bond will not be able to repay the principal and make interest payments.

The Pinnacle Dynamic ETFs are distributed by Foreside Fund Services, LLC, which is not affiliated with Pinnacle Family Advisors, or any of its affiliates.