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March 16, 2020

Since its 2/10/20 inception date, the Armor US Equity Index ETF (ARMR) outperformed the S&P 500 by 2.19% on a price basis.*

Source: Yahoo Finance. Past performance does not guarantee future results. The referenced index is discussed for informational purposes only and is not meant to represent the Fund. Investors cannot directly invest in an index. Performance to the most recent month-end can be found by clicking here.

Sector Positioning During February
During the month of February in which the fund was active, ARMR had a roughly equal weighting in nine of the 11 S&P 500 sectors. The fund did not have any exposure to the Energy or Materials sectors.

Positive Contributors to Performance
Energy was the worst performing sector of the S&P 500 during February while Materials was in the bottom half of performers.[1] Not having exposure to these two sectors helped performance. Additionally, the fund’s exposure to defensive sectors, such as Communication Services and Real Estate, also helped performance.

Negative Contributors to Performance
Technology and healthcare were among the better performing sectors during the month. While ARMR had exposure to these sectors during the month, it was underweighted relative to the S&P 500, which acted as a drag on performance.

Shift to Technology During March Rebalance Has Helped Performance
The index which underlies the fund shifted to a 100% weighting in technology when it rebalanced on 3/3/20. Thus, the fund has had a 100% weighting in technology for the month of March.

Since 3/3/20, technology stocks, as measured by the S&P 500 Information Technology Index, have outperformed the overall S&P 500 by 1.47%.

The fund’s overweight in technology has also been a positive contributor to performance so far in March.

What ARMR Is Built For
Certainly, we are in a unique market environment. The calm that was so indicative of the equity market through much of last year was wiped out by concerns about the coronavirus and the swift market correction. However, that is one of the environments for which ARMR was created. The index behind ARMR was designed with the goal of providing investors with downside protection during turbulent markets.

We believe that ARMR may be appropriate for investors seeking downside protection in a turbulent equity market.

[i] S&P Dow Jones Indices, Index Dashboard, February 2020

Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus and Summary Prospectus, which may be obtained by visiting https://armoretfs.com/documents. Read the prospectus and Summary Prospectus carefully before investing.

Foreside Fund Services, LLC, distributor.

Investing involves risk, including possible loss of principal. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.

A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.

Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00pm Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times.