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 8/30/2024

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 08/29/2024

Ticker FCUS	Exchange NYSE	NAV² $28.39	Market Price³ $28.39

. Shares Outstanding	1300000.000	. Total Net Assets	36906090.51
.Median Bid/Ask Spread (30 Day)¹	0.27	.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 07/31/2024 (1 YR or Less).

FCUS	YTD	1M	3M	6M	1 Yr	3 Yrs	5 Yrs	Since Inception – Cumulative
NAV	11.65	-1.89	3.20	10.71	19.42	19.42	-	35.64
Market Price	11.65	-1.87	3.12	10.63	19.31	19.31	-	35.65

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 09/03/2024

Download All Holdings

CUSIP	SecurityName	Shares	Price	MarketValue
01973R101	Allison Transmission Holdings Inc	9948.000000	92.750000	922677.00
002896207	Abercrombie & Fitch Co	6064.000000	147.570000	894864.48
03831W108	AppLovin Corp	14768.000000	92.870000	1371504.16
01741R102	ATI Inc	13036.000000	63.880000	832739.68
148929102	Cava Group Inc	13312.000000	114.040000	1518100.48
144285103	Carpenter Technology Corp	10247.000000	144.770000	1483458.19
172755100	Cirrus Logic Inc	9260.000000	145.690000	1349089.40
146869102	Carvana Co	9885.000000	150.620000	1488878.70
29084Q100	EMCOR Group Inc	3056.000000	393.060000	1201191.36
31846V336	First American Government Obligations Fund 12/01/2031	114021.050000	100.000000	114021.05
358039105	Freshpet Inc	7016.000000	136.000000	954176.00
G3730V105	FTAI Aviation Ltd	13537.000000	127.810000	1730163.97
369604301	General Electric Co	5088.000000	174.620000	888466.56
770700102	Robinhood Markets Inc	56064.000000	20.120000	1128007.68
443201108	Howmet Aerospace Inc	15417.000000	96.660000	1490207.22
457669307	Insmed Inc	19567.000000	76.470000	1496288.49
46284V101	Iron Mountain Inc	7895.000000	113.260000	894187.70
46817M107	Jackson Financial Inc	13246.000000	89.970000	1191742.62
497266106	Kirby Corp	7540.000000	119.920000	904196.80
516544103	Lantheus Holdings Inc	11169.000000	106.470000	1189163.43
624756102	Mueller Industries Inc	12657.000000	72.710000	920290.47
88579Y101	3M Co	6836.000000	134.690000	920740.84
594972408	MicroStrategy Inc	9720.000000	132.420000	1287122.40
67066G104	NVIDIA Corp	10339.000000	119.370000	1234166.43
85208M102	Sprouts Farmers Market Inc	14426.000000	104.050000	1501025.30
G8068L108	SharkNinja Inc	11175.000000	95.820000	1070788.50
88033G407	Tenet Healthcare Corp	9892.000000	165.840000	1640489.28
88262P102	Texas Pacific Land Corp	1379.000000	867.720000	1196585.88
87612G101	Targa Resources Corp	8281.000000	146.900000	1216478.90
92686J106	Viking Therapeutics Inc	26636.000000	64.120000	1707900.32
92840M102	Vistra Corp	19293.000000	85.430000	1648200.99
Cash&Other	Cash & Other	-16885.510000	1.000000	-16885.51

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

Quarterly Premium/Discount Data

As of 8/30/2024

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.