KNGS might help.

The S&P 500 prioritizes size.
The Compound Kings ETF prioritizes risk and reward.

How we might help

Our strategy differs from the S&P in 3 big ways

Analytics3

Avoid Cyclical Industries

We seek to exclude industries with intense and erratic cashflow cycles.

Access Growth Stocks

We include breakthrough business models that are not yet widely followed.

Sales4
Business4

Risk-Reward Positioning

We weight stocks on their potential to outperform on a risk-adjusted basis.

How we manage risk

A quantitative process built on fundamentals.

Independent Research

We interview experts and integrate 3rd party data to validate public findings.

Big Data Modeling

We stress test valuation metrics against major market indices.

Buy Low, Sell High

We adjust the portfolio when price movements alter the risk-reward of a stock.

Our team

KNGS by Upholdings

With 20+ years of investment experience, the Upholdings team is one of the first to bring high quality security selection and active portfolio management inside an ETF.

Robert leads the team, having previously supported leading growth companies as an investor at Elevation Partners, and as an operator at Everlane.

Upholdings research has been featured on Bloomberg, Fox Business, and the team also shares its work on Twitter @UPHOLDINGS.

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Robert Cantwell

Portfolio Manager

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Lars Cianciolo

Investment Analyst

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Joe Kowaleski

Investment Analyst

Investment Results Since March 2019

KNGS Cumulative Results Based on NAV; through 5/31/22

Investment Results Since March 2019

KNGS Cumulative Results Based on NAV; through 5/31/22

56.80%

S&P 500

57.54%

KNGS ETF

-50% 0% 50% 100% 150%

Average Annual Returns

As of 3/31/22

KNGS Market Price (%) KNGS NAV Return (%) S&P 500 Total Return (%)
-17.55%

Trailing 1-yr return

-17.69%

Trailing 1-yr return

15.63%

Trailing 1-yr return

-7.23%

Since 12/30/20

24.28%

Since inception

19.10%

Since inception

Net expense ratio for the fund is 0.60%. This data represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance through the most recent month, email invest@upholdings.com or call 650-669-9595.

Prior to the commencement of the Fund’s operations on 12/30/20, the Fund operated as the Predecessor Fund, a private fund with the same fee schedule with an inception date of 3/1/19. The Fund’s objectives, policies, guidelines, and restrictions are, in all material respects, equivalent to those of the Predecessor Fund, which was created for reasons unrelated to the establishment of a performance record. As part of the Predecessor Fund’s reorganization into the Fund, the Fund assumed the NAV and performance history of the Predecessor Fund. The Predecessor Fund was not registered under the Investment Company Act of 1940 (the “1940 Act”), and did not have a Market Price.

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. Market Price returns began on 12/30/20, the first day the Fund had a Market Price. The Predecessor Fund was the sole account managed by Upholdings prior to the reorg. The S&P 500 Index is an unmanaged index of 500 stocks, representative of the U.S. stock market. It is not possible to invest directly in an index.

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About Upholdings

The research team behind the Compound Kings investment strategy.

*Tax Treatment. The Fund and the Shares have been designed to be tax-efficient. Specifically, their in-kind creation and redemption feature has been designed to protect Fund shareholders from adverse tax consequences applicable to registered investment companies as a result of cash transactions in the registered investment company's shares, including cash redemptions. Nevertheless, to the extent redemptions from the Fund are paid in cash, the Fund may realize capital gains or losses, including in some cases short-term capital gains, upon the sale of portfolio securities to generate the cash to satisfy the redemption.

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of its representatives may give legal or tax advice.

IMPORTANT RISKS: There is no assurance that the Fund will achieve its investment objective. An investment in the Fund involves risk, including those described here. Non-Diversification Risk. Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund. Management Risk. The Fund is actively-managed and may not meet its investment objectives based on the Adviser’s or Upholding’s success or failure in implementing the Fund’s investment strategy. Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. Foreign Investment Risk: The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets.

Cash and Cash Equivalents Risk. Holding cash or cash equivalents rather than securities or other instruments in which the Fund primarily invests may cause the Fund to experience potentially lower returns than the Fund’s benchmark or other funds that remain fully invested. Illiquid Securities Risk. The portfolio managers may not be able to sell illiquid securities at the price it would like or may have to sell them at a loss. Securities of non-U.S. issuers in particular, are subject to greater liquidity risk. ETF Risk. Shares of any ETF are bought and sold at market price and may trade at a discount or premium to NAV. Shares are not individually redeemed from the Fund, and brokerage commissions will reduce returns.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price. NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day. BPS represents basis points, so 60 BPS is equivalent to 0.60% of assets under management as a fee. *As used in the article by Bloomberg, the 'NASDAQ 100' is a stock market index that includes 100 of the largest, most actively traded, non-financial companies that are listed on the Nasdaq Stock Market. Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice. KNGS is distributed by Quasar Distributors, LLC.

Fee disclosures: Acquired Fund Fees and Expenses (AFFE) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. The Fund's investment adviser has contractually agreed to waive receipt of its management fees and/or assume expenses of the Fund to the extent necessary to offset AFFE so that the total annual operating expenses of the Fund (excluding payments under the Fund’s Rule 12b-1 distribution and service plan (if any), brokerage expenses, taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses) do not exceed 0.60% of the Fund’s average daily net assets. This agreement is in effect until January 31, 2024, and it may be terminated before that date only by a majority vote of the “non-interested” trustees.