Tactical Income ETF

Fund Objective

The Fund seeks to provide total return.

Principal Investment Strategy

In pursuing the Fund’s investment objective, the Fund will invest in exchange-traded funds (“ETFs”) that primarily invest in fixed income securities, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), dividend paying equity stocks including utility stocks, and exchange-traded notes (“ETNs”). Fixed Income ETFs will include those that invest in domestic and foreign fixed income securities of any credit rating maturity and duration. Such fixed income securities will include high yield bonds (commonly known as “junk bonds”). The Fund considers high yield bonds to be those that are rated lower than Baa3 by Moody’s Investors Service or lower than BBB- by Standard & Poor’s rating group. High yield bonds have a higher expected rate of default than investment grade bonds.

Fund Management

Investment Advisor:  Belpointe Asset Management, LLC
Sub Advisor: Tuttle Tactical Management, LLC

Shareholder Fees

Maximum Sales Charge (Load) Imposed on Purchases None
Maximum Deferred Sales Charge (Load) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None
Redemption Fee None


Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Management Fee .84%
Distribution and/or Service (12b-1) Fees 0.00%
Other Expenses .57%
Acquired Fund Fees and Expenses .30%
Total Annual Fund Operating Expenses 1.71%
Fee Waiver and/or Expense Reimbursement .12%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.59%

The fund advisor has contractually ageed to reduce its fees and/or absorb expenses of the fund, through at least June 30, 2020, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement will not exceed 1.59%.

Tactical Income ETF - Holdings

EffectiveDateFundCusipEntityNameHoldingNameTickerMarketValue%MarketValueSharesQuantitySecurityIDSecuritySedolSecurityISINAssetGroupCouponRateMaturityDatePrincipal
09/19/201919423L854TACTICAL INCOME ETFCASH AND CASH EQUIVALENTS9.551636%6017798.036017798.03
09/19/201919423L854TACTICAL INCOME ETFINVESCO ULTRA SHORT DURATGSY US0.008008%5045.00100.000046090A887BZ03T06US46090A8870Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFINVESCO EMERGING MARKETSPCY4.970106%3131306.03106907.000046138E784BZ03348US46138E7849Mutual Fund0.000000000106907.0000
09/19/201919423L854TACTICAL INCOME ETFISHARES 20+ YEAR TREASURYTLT46.933507%29569421.70211785.00004642874322971546US4642874329Mutual Fund0.000000000211785.0000
09/19/201919423L854TACTICAL INCOME ETFISHARES U.S. REAL ESTATEIYR13.542941%8532431.2491589.00004642877392605652US4642877397Mutual Fund0.00000000091589.0000
09/19/201919423L854TACTICAL INCOME ETFISHARES IBOXX HIGH YIELDHYG5.092888%3208662.0136683.0000464288513B1VZ486US4642885135Mutual Fund0.00000000036683.0000
09/19/201919423L854TACTICAL INCOME ETFISHARES SHORT-TERM CORPORIGSB US0.008485%5346.00100.0000464288646B1MYR50US4642886463Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFISHARES SHORT TSRY BONDSHV0.017544%11053.00100.0000464288679US4642886794Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFISHARES FLOATING RATE ETFFLOT0.008082%5092.00100.000046429B655B3SRYM3US46429B6552Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFISHARES SHORT MATURITYNEAR0.007982%5029.00100.000046431W507BF2H6S3US46431W5076Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFPIMCO ENHANCED SHRT MATURMINT0.016136%10166.00100.000072201R833B3Q9777US72201R8337Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFSPDR BLOOMBERG BARCLAYS CCWB2.502279%1576505.8829628.000078464A359B3Z44V6US78464A3591Mutual Fund0.00000000029628.0000
09/19/201919423L854TACTICAL INCOME ETFSPDR BLOOMBERG BARCLAYS 1BIL0.014528%9153.00100.000078468R663BDFDQP1US78468R6633Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFSCHWAB SHORT-TERM U.S ETFSCHO0.008009%5046.00100.0000808524862B53Y8C1US8085248628Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFUTILITIES SELECT ETFXLU5.154505%3247482.3350893.000081369Y8862371812US81369Y8865Mutual Fund0.00000000050893.0000
09/19/201919423L854TACTICAL INCOME ETFVANGUARD DIVID ETFVIG12.137762%7647129.6063488.0000921908844B13V1N6US9219088443Mutual Fund0.00000000063488.0000
09/19/201919423L854TACTICAL INCOME ETFVANGUARD SHORT TERM BONDBSV0.012788%8057.00100.0000921937827B1VBX0US9129378273Mutual Fund0.000000000100.0000
09/19/201919423L854TACTICAL INCOME ETFVANGUARD SHORT-TERM CORPVCSH0.012812%8072.00100.000092206C409B4N0G06US92206C4096Mutual Fund0.000000000100.0000

Tactical Income ETF - NAV

GroupFundBasisClassClass NameFund NameTA #Net AssetsNet SharesCurrent NAVPrior NAVNAV ChangeNAV Change %CUSIP
Belpointe2200N/A01N/ABelpointe Tactical Income ETF2200062,857,317.1402,625,000.0023.945623.90340.04220.18%19423L854

Tactical Income ETF

TickerFund NameRateDateNAVClose PriceMean PricePremium Discount %Volume
TBNDBelpointe Tactical Income ETF9/18/201923.945623.933823.9350-0.0493300