FOR INSTITUTIONAL USE ONLY
RH Tactical Outlook ETF - Monthly Commentary - July 2023:
During the month of July, RH Tactical Outlook ETF (RHTX) remained tilted towards risk-on, maintaining exposure to its core SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) positions. In addition to its US Large Cap positions, the ETF maintained modest positions in SPDR S&P 400 Mid Cap ETF (SPMD), and SPDR S&P 600 Small Cap ETF (SPSM). The ETF returned 3.52% for the month of July, outperforming the Morningstar Moderate Aggressive benchmark, which returned 3.19%.
The performance information quoted here represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment 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 Fund performance information current to the most recent month-end, please call 1-800-773-3863, or visit www.adaptiveetfs.com
ICADP0823003
Investors should consider the investment objective, management fees, risks, charges and expenses of the Fund carefully before investing or sending money. The Prospectus and Summary Prospectus contains this and other information about the Fund. For a current Prospectus and/ or Summary Prospectus, call 888-721-4588, visit us at www.adaptiveetfs.com or email us at info@adaptiveetfs.com. Please read the Prospectus and/or Summary Prospectus carefully before you invest. Current and future holdings are subject to change and risk.
An investment in the RH Tactical Outlook ETF is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the RH Tactical Outlook ETF will be successful in meeting its investment objectives. Investments in the RH Tactical Outlook ETF is also subject to the following risks: Common Stock Risk: The Fund’s investments in shares of common stock, both directly and indirectly, through the Fund’s investment in shares of other investment companies, may fluctuate in value response to many factors. Such price fluctuations subject the Fund to potential losses. Control of Portfolio Funds Risk: There is no guarantee that the Portfolio Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Portfolio Funds. While the shares of the Fund are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risks, fluctuate in market value, and may trade at prices above or below the ETF’s net asset value. More information about these risks can be found in the Fund’s prospectus.
The Adaptive Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC 27609, (800) 773-3863. There is no affiliation between Adaptive Investments, the Investment Advisor to the Fund, and Capital Investment Group, Inc.