• Tuttle Capital Management announces the launch of the Tuttle Capital Heavy Asset Low Obsolescence ETF (HALX), a passively managed ETF that seeks to provide investment results, before fees and expenses, that correspond generally to the total return performance of the Tuttle Capital Heavy Asset Low Obsolescence Index (the "Index").
• The Index, maintained and calculated by VettaFi LLC, is designed to measure the performance of U.S.-listed companies that score highly under a rules-based multi-factor framework — the "HALO Score" — that evaluates tangible asset intensity, durable asset-backed cash flow characteristics, and reliance on asset-light or primarily digital business models.
• The Index does not attempt to forecast technological developments or guarantee reduced exposure to artificial intelligence ("AI") or other innovations. Rather, it seeks to emphasize companies whose earnings and competitive positioning are supported by tangible, long-lived physical assets and capital-intensive operations.
• The Index includes approximately 30-50 constituents drawn from U.S.-listed common stocks meeting minimum liquidity requirements, using an equal-weight or modified equal-weight methodology with issuer-level position limits and sector-level caps, and will be reviewed and rebalanced on a quarterly basis.
• HALX carries a management fee of 0.75% and is now trading on the CBOE under the ticker symbol HALX.

Riverside, Connecticut--(Newsfile Corp. - May 19, 2026) - Tuttle Capital Management, a pioneer in thematic exchange-traded funds (ETFs), is excited to announce today's launch of the Tuttle Capital Heavy Asset Low Obsolescence ETF (CBOE: HALX). By tracking the index, the fund seeks to provide investors with targeted, rules-based exposure to U.S.-listed equities of companies that demonstrate significant tangible asset intensity and business characteristics associated with durable, asset-backed cash flows. These are companies whose competitive positioning is rooted in physical infrastructure—such as freight rail networks, regulated utilities, copper mines, pipelines, and refineries—rather than asset-light digital business models.

HALX launches at a pivotal moment for capital-intensive sectors of the U.S. equity market. Roughly 31% of U.S. transmission and 46% of distribution infrastructure are at or past their intended lifespan (Bank of America Institute, 2024) — just as AI data centers drive the largest sustained increase in U.S. electricity demand in two decades. Hyperscaler capital expenditures on data centers, power generation, grid infrastructure, cooling, and other physical inputs have accelerated dramatically in recent years, placing heightened demand on the utilities, energy, industrials, and materials companies that supply and operate that physical backbone. HALX is designed to give investors a disciplined, index-tracking vehicle for participating in those capital-intensive segments of the U.S. equity market.

Matthew Tuttle, CEO and Chief Investment Officer of Tuttle Capital Management, commented:

"For three decades, the investing playbook has rewarded asset-light, capital-light business models and treated physical infrastructure as a commoditized input. That playbook is being rewritten in real time. The companies building, powering, and supplying the physical backbone of the modern economy — utilities, energy producers, freight and logistics networks, industrials, and materials companies — are seeing a level of demand for what they do that I believe is very different from the last cycle. HALX is built to give investors a disciplined, rules-based way to own that universe in a single ETF wrapper."

- Matthew Tuttle, CEO & CIO, Tuttle Capital Management

About the Tuttle Capital Heavy Asset Low Obsolescence Index

The Tuttle Capital Heavy Asset Low Obsolescence Index (the "Index") is a rules-based index designed to measure the performance of U.S.-listed common stocks of companies that score highly under a multi-factor framework — the "HALO Score" — designed to identify companies exhibiting the following characteristics:

• Heavy Assets (Tangible Intensity). Companies with substantial investment in property, plant, and equipment relative to total assets and enterprise value; multi-year capital expenditures relative to depreciation; regulated asset base exposure; and other indicators of high replacement-cost characteristics.
• Low Obsolescence Characteristics (Durable Cash Flow Profile). Companies with revenue stability and earnings persistence, gross margin stability or evidence of pricing power, long asset lives, and industry classifications associated with essential goods, infrastructure, utilities, energy systems, transportation networks, food production or distribution, waste management, or other physical-world services.
• Lower Exposure to Asset-Light or Primarily Digital Business Models. Companies with lower intangible asset intensity relative to total assets and evaluating reliance on digitizable workflows, as determined by the Index Provider.

The Index includes approximately 30-50 constituents, selected from U.S.-listed common stocks meeting minimum liquidity requirements. The Index uses an equal-weight or modified equal-weight methodology, with issuer-level position limits and sector-level caps designed to limit excessive concentration. The Index will be reviewed and rebalanced on a quarterly basis.

"The HALO Score doesn't ask whether a stock is cheap. It asks whether a business is physically durable — whether what it owns and operates is the kind of thing that can be replicated with software, or the kind of thing that can't. A freight rail network, a regulated utility, a copper mine, a pipeline, a refinery — these are not commodities you can rewrite in code. HALX is designed to concentrate investor exposure in that universe, inside a disciplined, rules-based index wrapper."

- Matthew Tuttle, CEO & CIO, Tuttle Capital Management

About Tuttle Capital Management

Tuttle Capital Management is an industry leader in offering thematic ETFs that allow investors to capitalize on shifting market dynamics. The firm is known for its active management approach and its ability to construct portfolios and indexes around emerging trends. HALX joins Tuttle Capital's growing suite of thematic products designed to give investors access to high-conviction themes through disciplined, rules-based structures.

IMPORTANT DISCLOSURES

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Tuttle Capital Heavy Asset Low Obsolescence ETF (HALX) before investing. For a prospectus with this and other information about the Fund, please visit halxetf.com or call (347) 852-0548. Please read the prospectus carefully before investing.

Investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is also subject to the following risks:

Limited History of Operations Risk: As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

Index Tracking Risk. Returns may not match its reference Index due to costs, timing differences, or operational constraints. The Fund will hold reference index securities regardless of outlook, which may lead to underperformance versus active strategies.

Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.

There is no guarantee that the Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment. The Fund's focus on companies with tangible asset intensity and characteristics associated with durable, asset-backed cash flows does not constitute a forecast of technological developments or a guarantee of reduced exposure to artificial intelligence or other innovations. The theme underlying the Fund may fall out of favor, underperform broader equity markets, or experience periods of significant volatility. Companies with high fixed costs and significant capital expenditure requirements may experience amplified earnings volatility during periods of reduced demand.

The Fund is non-diversified and may invest a greater percentage of its assets in a smaller number of issuers than a diversified fund, which may increase the volatility of the Fund's returns. ETF shares may trade at a premium or discount to NAV. References to specific companies and sectors in this press release are for illustrative purposes only, reflect the Index universe as of a recent reconstitution, and are subject to change at each quarterly reconstitution. Such references do not constitute a recommendation to buy, sell, or hold any security. Any reference to a third party, including VettaFi LLC, does not imply endorsement of the Fund.

Distributor: Foreside Fund Services, LLC

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297672