MAGA

Truth Social America First ETF

The Truth Social America First ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the Truth Social America First Index (the “Index”).

Prospectus

As Of

Oct 26, 2026

MM/DD/YYYY

NAV

56.51

XX.XX

(Change:

0.19

X.XX

0.34

X.XX

)

Market Price

56.49

XX.XX

(Change:

0.16

X.XX

0.29

X.XX

)

Net Assets

31078460.37

—

Expense Ratio

0.72

X.XX

Fund Details

Listing Information

Inception Date

Sep 6, 2017

MM/DD/YYYY

Primary Exchange

NYSE Arca

XXXXXXXX

Ticker

MAGA

CUSIP

89844T802

XXXXXXXX

Fund Documents

Prospectus

SAI

Annual Shareholder Report

Quarterly SOI (03/31/26)

Semi-Annual Shareholder Report

Annual Financial Statement and Other Information

Quarterly SOI (09/30/25)

Semi-Annual Financial Statements and Other Information

Proxy Votes

Form N-PX

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Details

As Of

Oct 26, 2026

MM/DD/YYYY

Net Assets

31078460.37

—

Shares Outstanding

550000

XXX,XXX

30 Day Median Bid/Ask Spread

0.13

X.XX

Expense Ratio

0.72

X.XX

Number of Holdings

153

Performance

As of:

Oct 26, 2026

MM/DD/YYYY

As of:

Oct 26, 2026

MM/DD/YYYY

1 day

1 month

3 months

6 months

YTD

1 year

Since Inception

(

Sep 6, 2017

)

NAV

This is some text inside of a div block.

0.34

—

3.70

—

-0.89

—

3.02

—

10.03

—

9.87

—

159.08

—

Market Price

This is some text inside of a div block.

0.29

—

3.65

—

-0.91

—

3.00

—

9.93

—

9.83

—

159.15

—

As of:

Sep 30, 2026

MM/DD/YYYY

1 month

3 months

6 months

YTD

1 year

Since Inception

(

Sep 6, 2017

)

NAV

This is some text inside of a div block.

-6.13

—

-4.38

—

-0.07

—

4.21

—

3.52

—

145.38

—

Market Price

This is some text inside of a div block.

-6.01

—

-4.24

—

0.20

—

4.34

—

3.73

—

145.98

—

As of:

Sep 30, 2026

MM/DD/YYYY

1 month

3 months

6 months

YTD

1 year

Since Inception

(

Sep 6, 2017

)

NAV

-6.13

—

-4.38

—

-0.07

—

4.21

—

3.52

—

145.38

—

Market Price

-6.01

—

-4.24

—

0.20

—

4.34

—

3.73

—

145.98

—

As of:

Sep 30, 2026

MM/DD/YYYY

1 Year

3 Years

5 Years

10 Years

15 Years

Since Inception

(

Sep 6, 2017

)

NAV

This is some text inside of a div block.

3.52

—

13.56

—

9.58

—

10.41

—

Market Price

This is some text inside of a div block.

3.73

—

13.65

—

9.59

—

10.44

—

Performance Disclosure

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 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. Performance current to the most recent month-end can be obtained above. 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 is new and 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 brought 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.

Concurrently with the Fund’s commencement of operations on 09/06/2017, the Fund acquired all of the assets and liabilities of the Point Bridge America First ETF (the “Predecessor Fund”). The Predecessor Fund had an investment objective and investment strategies that were substantially similar as those of the Fund and the Fund has adopted the performance of the Predecessor Fund.

Top 10 Holdings

As of:

Oct 27, 2026

MM/DD/YYYY

Download Holdings CSV

Ticker

Security Description

CUSIP / ISIN

% of Funds

Shares / Contracts

Market Value

MPC

Marathon Petroleum Corp

56585A102

0.99

654

307798.56

VLO

Valero Energy Corp

91913Y100

0.91

662

282515.12

PSX

Phillips 66

718546104

0.91

978

282495.3

SPCX

Space Exploration Technologies Corp

84615Q103

0.90

1911

280725.9

ILMN

Illumina Inc

452327109

0.88

1010

273750.4

TSLA

Tesla Inc

88160R101

0.84

665

260427.3

COP

ConocoPhillips

20825C104

0.84

1719

260205.03

XOM

ExxonMobil Holdings Corp

30233Q108

0.79

1332

245807.28

CVX

Chevron Corp

166764100

0.79

1052

244074.52

AMGN

Amgen Inc

031162100

0.77

537

238766.31

Fund holdings and allocations are subject to change and should not be considered recommendations to buy or sell any security.

Premium/Discount

As of:

Oct 26, 2026

MM/DD/YYYY

The table and line graph above are provided to show the frequency at which the closing price of the Fund was at a premium (above) or discount (below) to the Fund’s daily net asset value (“NAV”). The table and line graph represent past performance and cannot be used to predict future results. Shareholders may pay more than NAV when buying Fund shares and receive less than NAV when those shares are sold because shares are bought and sold at current market price.

Supplemental Discussion

Yorkville America Equities, LLC (“Advisor”) will provide a discussion in the event the ETF’s premium or discount has been greater than 2% for seven consecutive trading days.

Align Your Capital With Your Convictions

We believe too much of the financial world is chasing fads, ESG mandates, and ideological conformity. We’re taking a stand for truth, transparency, and a renewed commitment to American greatness. Our advocacy isn’t just a position, it’s a movement—one where investors, advisors, and institutions can align their portfolios with their principles, not just their potential profits.

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Disclosures

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the Fund. You may obtain a prospectus and, if available, a summary prospectus by downloading the prospectus or calling Yorkville America Equities, LLC at (201) 985-8300. Please read the prospectus or summary prospectus carefully before investing.

Truth Social America First Index. The Index uses an objective, rules-based methodology to track the performance of U.S. companies whose employees and political action committees (“PACs”) are highly supportive of Republican candidates for election to the United States Congress, the Vice Presidency, or the Presidency (“Candidates”) and party-affiliated federal committees or groups that are subject to federal campaign contribution limits (e.g., Republican National Committee, National Republican Senatorial Committee) (“Committees”). Republican Candidates and Republican Committees receiving support from employees and/or PACs of companies in the Index have historically been more supportive of Republican policies than Democratic Candidates and Democratic Committees. The Index is composed of the common stock of public operating companies and real estate investment trusts (“REITs”).

Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly.

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund”.

Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine and recurring conflicts in the Middle East, acts of terrorism, spread of infectious diseases or other public health issues (such as the global pandemic caused by the COVID-19 virus), recessions, rising inflation, trade wars and tariffs, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.
ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
- Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
- Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.
Trading. Although Shares are listed for trading on NYSE Arca (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. There can be no assurance that an active trading market for such Shares will develop or be maintained. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.

Industry Concentration Risk. To the extent the Index concentrates in an industry or group of industries, the Fund will also be concentrated in such industry or group of industries. In this regard, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are focused in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.
Mid-Cap Companies Risk. The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Mid-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.
Models and Data Risk. The composition of the Index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties, such as, for example, opensecrets.org, a U.S. nonprofit organization that tracks and publishes data on campaign finance and lobbying and other financial market data sources (“Models and Data”). In particular, the Index is dependent on the accuracy and completeness of campaign contribution data reported to and by the FEC. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to reflect the errors, too.
Non-Financial Factors Risk. Because the methodology of the Index selects securities of issuers for non-financial reasons, the Fund may underperform the broader equity market or other funds that do not utilize similar criteria when selecting investments.
Passive Investment Risk. The Fund is not actively managed, and its Trading Sub-Adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry, or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution or rebalancing of the Index in accordance with the Index methodology.
REIT Investment Risk. Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. REITs may be affected by changes in the value of their underlying properties or mortgages or by defaults by their borrowers or tenants. Furthermore, these entities depend upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in financing a limited number of projects. In addition, the performance of a U.S. REIT may be affected by changes in the tax laws or by its failure to qualify for tax-free pass-through of income.
Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.
- Energy Sector Risk. The energy sector is comprised of energy, industrial, infrastructure, and logistics companies, and will therefore be susceptible to adverse economic, environmental, business, regulatory, or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. At times, the performance of these investments may lag the performance of other sectors or the market as a whole. Companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas, or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing, or delivering; slowdowns in new construction; extreme weather or other natural disasters; and military conflicts or threats of attack by terrorists on energy assets. Additionally, energy sector companies are subject to substantial government regulation and changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Financials Sector Risk. This sector, which includes banks, insurance companies, and financial service firms, can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Banks, in particular, are subject to volatile interest rates, severe price competition, and extensive government oversight and regulation, which may limit certain economic activities available to banks, impact their fees and overall profitability, and establish capital maintenance requirements. In addition, banks may have concentrated portfolios of loans or investments that make them vulnerable to economic conditions that affect that industry. Insurance companies are subject to similar risks as banks, including adverse economic conditions, changes in interest rates, increased competition and government regulation, but insurance companies are more at risk from changes in tax law, government imposed premium rate caps, and catastrophic events, such as earthquakes, floods, hurricanes and terrorist acts. This sector has experienced significant losses in the recent past, and the impact of higher interest rates, more stringent capital requirements, and of recent or future regulation on any individual financial company, or on the sector as a whole, cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in the financial sector and have caused significant losses.
Industrials Sector Risk. The industrials sector can be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, tariffs and trade barriers, and tax and governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund’s investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.‍
Tracking Error Risk. As with all index funds, the performance of the Fund and the Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.‍
Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation, and central banks’ interest rate decisions, the possibility of a national or global recession, trade tensions and practices, political events, the war between Russia and Ukraine and significant recurring conflicts in the Middle East. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war and recent military conflicts in the Middle East have contributed to recent market volatility and may continue to do so.

An investment in the Fund involves risk, including possible loss of principal. Exchange-traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus.

PINE Distributors LLC is the distributor of the Truth Social America First ETF. Yorkville America Equities, LLC is the investment adviser of the Truth Social America First ETF and Point Bridge Capital, LLC serves as the sub-adviser of the Truth Social America First ETF. PINE Distributors LLC is not affiliated with Yorkville America Equities, LLC and Point Bridge Capital, LLC. Learn more about PINE Distributors LLC at FINRA's BrokerCheck.

YRKVL-5530381-06/26