Greenwich, Connecticut--(Newsfile Corp. - April 22, 2025) - The Board of Trustees (the "Board") of the Tuttle Capital Self Defense Index ETF (the "Fund") approved the liquidation and dissolution of the Fund on or about May 30, 2025 (the "Liquidation Date"). Tuttle Capital Management, LLC (the "Adviser") recommended that the Board approve the liquidation due to the Fund's limited prospect for meaningful future asset growth, the ongoing operational costs associated with managing the Fund, and the Adviser's desire to no longer subsidize expenses. According to the fund manager Matthew Tuttle, "As much as I still love the concept of self defense stocks and think they should make up part of an investor's portfolio, I don't see the demand for this product from the marketplace". As a result, the Board of Trustees concluded that liquidating and closing the Fund would be in the best interests of the Fund and its shareholders.
After the close of business on May 27, 2025, the Fund will no longer accept creation orders or redemption orders. This is also expected to be the last day of trading of shares of the Fund on Cboe BZX Exchange, Inc. (the "Exchange"). Shareholders should be aware that as of and after the close of business on May 27, 2025, the Fund will no longer pursue its stated investment objective or engage in any business activities except for the purpose of selling and converting into cash all of the assets of the Fund, paying its liabilities and distributing its remaining proceeds or assets to shareholders (the "Liquidating Distribution"). During the time between market close on May 27, 2025 and the Liquidation Date, shareholders will be unable to dispose of their shares on the Exchange.
On or about the Liquidation Date, the Fund expects to distribute cash in an amount equal to each shareholder's proportionate interest in the net assets of the Fund to all shareholders of record who have not previously redeemed or sold their shares, after the payment of certain Fund liabilities Fund shares may also be distributed in connection with the liquidation in cash equivalents or in-kind. A shareholder's Liquidating Distribution, if applicable, may be an amount that is greater or less than the amount the shareholder might have received upon the sale of their shares through a broker prior to the Liquidation Date. The sale or liquidation of Fund shares will generally be treated as a taxable event giving rise to a capital gain or loss depending on a shareholder's tax basis. Shareholders should contact their tax adviser to discuss the income tax consequences of the sale or liquidation of Fund shares. Once the distributions are complete, the Fund will terminate.
Prior to May 27, 2025 the Fund's Adviser will be in the process of liquidation of the Fund's portfolio, which will result in the Fund increasing its cash holdings and deviating from its investment objective and other investment policies during the period between May 27, 2025 and May 30, 2025 and the Liquidation Date. The liquidation of the Fund's portfolio may result in brokerage and transaction costs, which will be borne by the Fund and its shareholders. In addition, the Fund will bear all other expenses incurred in connection with carrying out the liquidation as these expenses have been deemed extraordinary expense items.
An investor should consider the objectives, risks, charges, and expenses of the Tuttle Capital Self Defense Index ETF ("GUNZ") before investing. The prospectus contains this and other important information about the Fund. Obtain a prospectus at www.gunzetf.com or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing.
The Tuttle Capital Self Defense Index ETF is distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Raleigh, North Carolina 27609. There is no affiliation between Tuttle Capital Management, LLC, including their principals, and Capital Investment Group, Inc. RCGUNZ0425001
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SOURCE: Tuttle Capital Management
