Elementor #12

NDAA

Ned Davis Research 360° Dynamic Allocation ETF

Fund Overview

The Fund is an actively managed exchange-traded fund (“ETF”) that primarily invests in passively managed ETFs (“Underlying ETFs”), including affiliated ETFs that use the Ned Davis Research’s models or indices, that, in turn, principally invest in equity securities, long- and short-term bonds, and commodities.

The Fund’s sub-adviser, Ned Davis Research (“NDR,” or the “Sub-Adviser”), constructs the Fund’s portfolio using its “360° Approach,” which is a comprehensive and multifaceted investment methodology. NDR’s 360° Approach integrates a wide range of data and analytical perspectives to seek to provide a holistic view of the markets (global equity, bond, commodity, and money market).

The Fund’s portfolio will generally hold approximately between 5 and 20 Underlying ETFs. The Fund may also hold cash or cash equivalents. The Sub-Adviser reviews the Fund’s portfolio for potential reallocation on at least a monthly basis.

Fund Documents

Fund Summary

NDR uses its 360° Approach to allocate the Fund’s portfolio across a mix of equity, long- and short-term bonds, and commodity ETFs.

NDR makes investment decisions based on the weight-of-the-evidence from indicators selected by NDR’s research team. NDR’s 360° 
Approach comprises the following four traditional investment pillars: macroeconomic, fundamental, technical, and sentiment.

The Fund’s portfolio managers make allocation decisions between equities and fixed income using its 360° Approach, which considers both macroeconomic and technical pillars. Within each asset class, NDR bases allocations on indicators such as trend-following, rate-of-change, and overbought/oversold conditions. NDR’s model selects investment products with favorable technical readings for implementation. Additionally, the Fund may invest, to a limited extent, in commodity ETFs. NDR evaluates commodity ETFs based on technical, macroeconomic, and sentiment indicators.

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The strategy uses a target allocation of 60% global equities and 40% global bonds. However, NDR’s model may dictate allocations that deviate significantly from the target depending on market conditions. 
It is possible that the Fund may allocate up to 100% of its assets in equities, or 100% in bonds.

Portfolio Managers

Amy Lubas, CFA

Ms. Lubas joined NDR in 2004 and has held several positions, including Sector Analyst and most recently was Director of Wealth Management & Advisory Solutions. Prior to NDR, Ms. Lubas worked in Boston as a Technology Analyst at State Street Research & Management and SG Cowen Securities Corporation, providing research and insights to portfolio managers. She earned her Master in Business Administration in Finance from Vanderbilt University (Owen) and her Bachelor of Science degree in Finance, cum laude, from Boston College.

Lisa Michalski, CFA

Ms. Michalski joined NDR in 2007. Before joining NDR, Ms. Michalski was a Vice President in Credit Risk Technology for Goldman Sachs Group, Inc., where she was responsible for quantitative risk measures of derivative portfolios. Ms. Michalski earned a Master of Science degree in Computational Finance from the Tepper School of Business, Carnegie Mellon University. She received her Bachelor of Science degree in Computer Science from the University of Michigan.

Brian Sanborn, CFA

Mr. Sanborn joined NDR in 2004. He chairs NDR’s Index Committee, which reviews and approves NDR’s new investment models as well as enhancements to existing models. Mr. Sanborn developed NDR’s Stock Selection Service. He received a Master’s degree in Statistics from Columbia University and a Bachelor of Science degree in Mathematics and Economics from Davidson College.

Fund Details

*The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended xx/xx/xxxx, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

**The Net Expense Ratio includes management fees and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 0.80%. The Fund’s investment adviser has contractually agreed to waive 15 basis points (0.15%) of its management fees for the Fund until at least January 31, 2026.

Fund Data & Pricing

**Median 30-Day 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.

Fund Performance

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. 

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

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Fund Holdings

Holdings are subject to change without notice.

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Purchase Information

The Market Navigation ETF (GMMA) is available through various channels including via phone (844) 954-4499, broker-dealers, investment advisers, and other financial services firms, including:

This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (844) 954-5050 or visit our website at www.ndrfunds.com. Read the prospectus or summary prospectus carefully before investing.

Investing involves risk including possible loss of principal.

Underlying ETFs Risks. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying ETFs. The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, Underlying ETFs are subject to the “ETF Risks” described below.

Affiliated ETF Risks. NDR may receive model fees or index fees from the ETFs (“Affiliated ETFs”) in which the Fund may invest, as well as sub-advisory fees from the Fund and profits generated by the Fund. It is possible that a conflict of interest among the Fund and the Affiliated ETFs could affect how NDR fulfills its fiduciary duties to the Fund and the Affiliated ETFs. NDR may have a conflict of interest in allocating Fund assets among Affiliated ETFs and unaffiliated ETFs. In addition, NDR may have an incentive to consider the effect on an Affiliated ETF in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Affiliated ETF. Although NDR takes steps to address the conflicts of interest, it is possible that the conflicts could impact the Fund.

Growth Stocks: Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth potential. Growth stocks therefore may be particularly sensitive to market conditions.

Value Style: Value investing involves the risk that an investment made in undervalued securities may not appreciate as anticipated or remain undervalued for long periods of time.

Foreign: Investments in foreign securities may involve risks such as exchange-rate fluctuations and different regulatory and taxation schemes.

Fixed Income Securities Risk. The Underlying ETFs may invest in various fixed income securities. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer.

Cash and Cash Equivalents Risk. The Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

New Fund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions.

Distributed by Foreside Fund Services, LLC.
Launch and Structure Partner: Tidal Financial Group