HFGM

Unlimited HFGM Global Macro ETF

The Power of Alternative ETFs

Fund Overview

The Fund seeks to create an investment portfolio with similar return characteristics to the gross of fees returns of the hedge fund industry’s Global Macro sector (see the section in the Fund’s Prospectus titled “Additional Information about the Funds”), while also targeting a volatility level approximately twice that of the sector. By incorporating higher volatility, the Fund’s sub-adviser, Unlimited Funds, Inc. (“Unlimited” or the “Sub-Adviser”), believes that the Fund’s net of fees returns may outperform those of the hedge fund industry Global Macro sector. Additionally, the Fund may benefit from its comparatively lower operating expenses versus the relatively high fees and expenses charged by hedge funds.

The Sub-Adviser determines the recent daily and monthly gross of fees returns and volatility metrics of the hedge fund industry’s Global Macro sector by reviewing publicly reported returns and fee information for the sector. The Sub-Adviser determines an investment portfolio of long and short positions in Underlying ETFs and futures contracts which best match the Global Macro sector’s most recent gross of fees returns, while approximately doubling its volatility, by using a proprietary algorithm.

The Fund is not a hedge fund, nor will it invest in hedge fund strategies or positions. For the avoidance of doubt:

The Fund will not invest in hedge funds.
The Fund will not seek to replicate the direct underlying holdings of hedge funds.
The Fund will not engage in certain types of investment activities that are permissible for hedge funds. For example, hedge funds may use more leverage than the Fund, and hedge funds may invest a greater percentage of their assets in illiquid investments as compared to the Fund

Fund Documents

Document

Fund Details

Name	Value
Fund Inception	4/14/2025
Ticker	HFGM
Primary Exchange	NYSE
CUSIP	886364363
NAV Symbol	HFGM.NV
Expense Ratio*	1.00%
30 Day SEC Yield** As of 04/30/2025	-

*The Expense Ratio includes management fees and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Expense Ratio would be 0.95%.

**The subsidized SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. This is also referred to as the “standardized yield”, “30-Day Yield” and “Current Yield”.

Fund Data & Pricing

Name	value
Net Assets	$10.42m
NAV	$26.04
Shares Outstanding	400,000
Premium/discount Percentage	0.23%
Closing Price	$26.10
Median 30 Day Spread**	0.34%

Rate Date
05/23/2025

*30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Performance

Inception date: 10/10/2022

Month-End

Quarter-End

Month-End

Name
04/30/2025

Fund Name	Fund Ticker	1YR	3YR	5YR	Since Inception Cumulative	Since Inception Annualized	Date
Unlimited HFGM Global Macro ETF	HFGM MKT	–	–	–	2.16	–	04/30/2025
Unlimited HFGM Global Macro ETF	HFGM NAV	–	–	–	1.98	–	04/30/2025
S&P 500 TR	SPTR2	–	–	–	3.06		04/30/2025

Quarter-End

Name
03/31/2025

Fund Name	Fund Ticker	1MO	3MO	6MO	YTD	1YR	3YR	5YR	Since Inception Cumulative	Since Inception Annualized	Date
HFGM	HFGM NAV	0.00	0.00	0.00	0.00	–	–	–	0.00	–	03/31/2025
HFGM	HFGM MKT	0.00	0.00	0.00	0.00	–	–	–	0.00	–	03/31/2025

The performance data quoted above 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 above. Performance current to the most recent month-end can be obtained by calling (833) 216-0499.

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 historical returns. Returns beyond 1 year are annualized.

A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

Distribution Detail

Ex Date	Record Date	Payable Date	Fund Total
12/24/2024	12/24/2024	12/27/2024	0.80
12/27/2023	12/28/2023	12/29/2023	0.29
12/22/2022	12/23/2022	12/27/2022	0.09

Top 10 Holdings

Name
05/27/2025

Date	Account	StockTicker	Name	CUSIP	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag
05/27/2025	HFGM	ADM5 Curncy	AUDUSD Crncy Fut Jun25	ADM5 CURNCY	6	64.98	389,880.00	3.74	10,415,280	400,000	8
05/27/2025	HFGM	BPM5 Curncy	BP CURRENCY FUT Jun25	BPM5 CURNCY	12	135.33	1,014,975.00	9.75	10,415,280	400,000	8
05/27/2025	HFGM	CDM5 Curncy	C$ CURRENCY FUT Jun25	CDM5 CURNCY	-65	72.96	-4,742,400.00	-45.54	10,415,280	400,000	8
05/27/2025	HFGM	DNM5 Index	BCOM Comdty Ind Jun25	DNM5 INDEX	76	102.70	780,520.00	7.49	10,415,280	400,000	8
05/27/2025	HFGM	DXM5 Curncy	DOLLAR INDEX Jun25	DXM5 CURNCY	5	99.01	495,050.00	4.75	10,415,280	400,000	8
05/27/2025	HFGM	ESM5 Index	S&P500 EMINI FUT Jun25	ESM5 INDEX	4	5,817.00	1,163,400.00	11.17	10,415,280	400,000	8
05/27/2025	HFGM	FGXXX	First American Government Obligations Fund 12/01/2031	31846V336	3,705,933	100.00	3,705,933.35	35.59	10,415,280	400,000	8	Y
05/27/2025	HFGM	FVM5 Comdty	US 5YR NOTE (CBT) Jun25	FVM5 COMDTY	-29	107.69	-3,122,937.50	-29.99	10,415,280	400,000	8
05/27/2025	HFGM	GCM5 Comdty	GOLD 100 OZ FUTR Jun25	GCM5 COMDTY	14	3,365.80	4,712,120.00	45.25	10,415,280	400,000	8
05/27/2025	HFGM	IBYM5 Index	iBoxx iShr Bnd Id Jun25	IBYM5 INDEX	26	168.77	4,388,020.00	42.13	10,415,280	400,000	8
05/27/2025	HFGM	JYM5 Curncy	JPN YEN CURR FUT Jun25	JYM5 CURNCY	5	70.35	439,656.25	4.22	10,415,280	400,000	8
05/27/2025	HFGM	MCHI	iShares MSCI China ETF	46429B671	6,393	54.78	350,208.54	3.36	10,415,280	400,000	8
05/27/2025	HFGM	MESM5 Index	MSCI EmgMkt Jun25	MESM5 INDEX	13	1,170.10	760,565.00	7.30	10,415,280	400,000	8
05/27/2025	HFGM	MFSM5 Index	MSCI EAFE Jun25	MFSM5 INDEX	6	2,585.30	775,590.00	7.45	10,415,280	400,000	8
05/27/2025	HFGM	NXM5 Index	NIKKEI 225 (CME) Jun25	NXM5 INDEX	9	36,890.00	1,660,050.00	15.94	10,415,280	400,000	8
05/27/2025	HFGM	SFM5 Curncy	CHF CURRENCY FUT Jun25	SFM5 CURNCY	-15	122.14	-2,290,125.00	-21.99	10,415,280	400,000	8
05/27/2025	HFGM	TIP	ISHARES BARCLAYS TIPS BOND FUND	464287176	15,752	108.56	1,710,037.12	16.42	10,415,280	400,000	8
05/27/2025	HFGM	USM5 Comdty	US LONG BOND(CBT) Jun25	USM5 COMDTY	19	111.66	2,121,468.75	20.37	10,415,280	400,000	8
05/27/2025	HFGM	VGK	Vanguard FTSE Europe ETF	922042874	2,320	76.15	176,668.00	1.70	10,415,280	400,000	8
05/27/2025	HFGM	VTWO	Vanguard Russell 2000 ETF	92206C664	7,504	81.87	614,352.48	5.90	10,415,280	400,000	8
05/27/2025	HFGM	VWOB	Vanguard Emerging Markets Government Bond ETF	921946885	51,232	63.63	3,259,892.16	31.30	10,415,280	400,000	8
05/27/2025	HFGM	Cash&Other	Cash & Other	Cash&Other	597,184	1.00	597,184.48	5.73	10,415,280	400,000	8	Y

Holdings are subject to change without notice.

Purchase

The Fund (HFGM) is available through various channels including via phone (833) 216-0499, broker-dealers, investment advisers, and other financial services firms, including: