TopGun^® Press

Brendan Wood TopGun ETF (BWTG) Update

June 3rd, 2025 by TopGun Press

This ETF was designed to challenge the world of investment research by constructing a portfolio consisting exclusively of TopGun companies. To accomplish this Brendan Wood partners turned to its global network of professional investors comprised of 2000 consultations who oversee +$60 trillion in equity investments. BWI partners personally engage investment professionals in analytical discussions, which focus on the investment qualities and shareholder demand for the 1400 big cap companies on the Brendan Wood Index. Those +/-2% of companies which attract the highest level of investor demand correlated with the highest levels of salient investment qualities are the primary candidates for inclusion in the Brendan Wood TopGun portfolio, which has usually consisted of about 25 names. The average market cap of these names has been +$150 billion and most have historically issued dividends*.

Brendan Wood International’s primary business is not asset management, the firm is a research provider to asset managers. The BWTG portfolio was created as a showcase to demonstrate the relevance of TopGun methodology to our asset management clients, many of whom now subscribe to this data for their internal research purposes and or use the ETF as a complimentary add-on investment solution.

In its first year, BWTG’s global portfolio returned 42%, November 9th 2023 to November 8th 2024 which was a fair-weather market, nonetheless, BWTG substantially outperformed its benchmark. Late 2024 and early 2025 has challenged, funds across the board with volatility and uncertainty. In this more adverse market, BWTG has outperformed with strong returns. BWTG continues to evaluate its Shareholder Conviction Universe based on multiple attributes, in search of investment quality and highly demanded companies in the TopGun model in pursuit of its goals of seeking capital growth and capital preservation in fair weather and foul. Brendan Wood’s global investor network is growing to meet its target of 3000 select investment professionals.

Click here to view the Fund’s standardized returns

(http://brendanwoodtopgunetf.com/)

The performance data quoted represents past performance. Past performance does not guarantee future results. The Investment return and principal value of an Investment will fluctuate so that an Investors 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. Performance current to the most recent month-end can be obtained at 888-723-2821.The Fund’s Total Expense Ratio is 0.95%. Returns less than one year are not annualized.

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. The Fund does not have a track record of reporting to Investors or widely available research coverage which may result in price volatility.

Market performance is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

*There is no guarantee a company will pay or continually increase its dividend.

Since Inception Rate of Return (Market Price) (Source Bloomberg):

BWTG = +42.29% (As of May 30th) (YTD = 5.18%)

S&P 500 = +35.98% (As of May 30th) (YTD = 0.51%)

DOW Jones = -4.75% (As of May 30th) (YTD = 0.08%)

Source: Bloomberg. The Growth of $10,000 chart shows performance of the BWTG ETF (at market price), the S&P 500 Index and the Dow Jones Index , since the ETF’s inception of 11/9/23 to 05/30/2025. The S&P 500 Index represents the stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. The Dow Jones index represents the daily price movements of 30 large American companies on the Nasdaq and the New York Stock Exchange. Indexes and the category benchmarks are unmanaged and it is not possible to invest in them directly. Past performance is no guarantee of future results. To see full performance data.

TopGun™ 2025 Companies Include:

Danaher Corporation
Welltower Inc.
Progressive Corp
Mastercard Incorporated
Microsoft Corp.
Royal Bank of Canada
Waste Connections
TransDigm Group Incorporated
HCA Healthcare, Inc.
T-Mobile US, Inc.

Click Here to see BWTG ring the closing bell at the CBOE.

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 416-924-8110 or visit our website at www.brendanwoodtopgunetf.com. Read the prospectus or summary prospectus carefully before investing

Brendan Wood TopGun ETF was featured on Bloomberg ETF IQ

Click Here to Watch BWTG on Bloomberg

Principal Investment Strategy

The Model “TopGun Companies”

“Approximately 1400 companies are evaluated based on up to 2000 personal interviews/consultations with investment professionals conducted by Brendan Wood during the calendar year regarding investment quality metrics. Those companies identified with the highest investment quality ratings are selected for inclusion in the Model (collectively “TopGun Companies”). When a TopGun company has dropped out of TopGun status the company will be removed from the Model.” (See Prospectus)

About Brendan Wood International:

Brendan Wood International (BWI), formed in 1970, is a private advisory group which originates performance investigation programs in the capital markets. Relying on its real time intelligence, BWI advises public companies, institutional and activist investors, investment banks and broker dealers on strategy, performance and recruitment of TopGun talent. Big cap companies looking for comprehensive investor confidence data on their organizations are likely to discover that Brendan Wood partners consult with their investors non stop year round. There are 2000+ live consultations with investment professionals overseeing +/- $60 trillion invested in the +/- 1400 big cap companies on the BWI Index. Investors depend on BWI to quantify the demand side of the investment industry, including the name by name research sales and trading professionals who influence investor demand. The firm’s partners have formally presented at 1000+ C level strategy meetings and corporate off-sites in fifty cities. Brendan Wood founded the exclusive TopGun Club, a performance based institution.

About Tuttle Capital:

Long established as an innovative creator of unique ETFs, Tuttle Capital is led by impresario Matt Tuttle. Tuttle Capital is the investment advisor of the Brendan Wood TopGun ETF.

Tuttle Capital

Important Information:

A shareholder is subject to the risk that his or her investment could lose money. The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably.

The Fund does not have a track record of reporting to Investors or widely available research coverage which may result In price volatility.

Non-Diversification Risk: The Fund is non-diversified, which means that it may invest a greater percentage of its assets in a particular issuer than a diversified fund. Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment or limited number of investments.

Risks of Investment Selection: The Fund’s investment success depends on the skill of the Adviser in evaluating, selecting, and monitoring the portfolio assets. If the Adviser’s conclusions about growth rates or securities values are incorrect, the Fund may not perform as anticipated.

Risk or Large Capitalization Securities Risk: Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. Large cap companies may be less able than mid and small capitalization companies to adapt to changing market conditions.

Growth Stock Investment Risk: Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments. Growth stocks tend to trade at a premium when analyzed using tradition valuation metrics such as price-to-earnings ratio and price-to-book ratio. Due to this premium valuation, growth stocks tend to be more susceptible to big price swings. In bull markets, they tend to rise at a much faster pace than the overall market, and they tend to decline at a more rapid rate in bear markets.

Foreign Securities Risk: Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Some countries and regions have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally.

Depositary Receipts Risk: The Fund may invest in depositary receipts. Depositary receipts may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities.

Distributed by Foreside Fund Services, LLC, Member FINRA. Foreside Fund Services, LLC is not affiliated with the fund or any other entities named in this communication.

Disclosure:

All reports, evaluations and assessments contained herein, represent Brendan Wood International’s subjective judgment and opinions, based on our years of experience and on information obtained by us in the course of our research. Much of the factual information contained in the reports has been obtained by us from third parties on whose responses we have relied in good faith, independent verification by Brendan Wood International being, under the circumstances, impossible. While we believe that you will find our reports to be an invaluable tool in formulating your own strategies and judgments, the foregoing should be borne in mind. This report is not meant as investment advice and should not be interpreted as advising on the value of a company’s securities, the advisability of investing in, purchasing or selling any company’s securities or any other conclusion relating to investment/divestiture of a company’s securities. Finally, this report is not intended as an offer or solicitation for the purchase or sale of any company’s securities.