• Tuttle Capital Management announces the launch of the Tuttle Capital Concentrated Memory Stack ETF (HBMX), a thematic, actively managed ETF designed to provide focused exposure to companies operating across the memory semiconductor ecosystem — from DRAM, NAND, and high-bandwidth memory (HBM) producers to the advanced packaging, testing, and equipment companies that enable them.

• Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of Memory Stack Companies and in instruments providing economic exposure to such companies.

• The Fund is constructed as a high-conviction, concentrated portfolio of approximately 20 to 35 securities, with no pre-revenue or development-stage holdings.

• HBMX carries a management fee of 0.95% and will be listed on the Cboe. The gross expense ratio is the same as the management fee for HBMX, as all expenses are covered by Tuttle Capital Management.

Riverside, Connecticut--(Newsfile Corp. - June 2, 2026) - Tuttle Capital Management, an industry leader in offering thematic ETFs, today announced the launch of the Tuttle Capital Concentrated Memory Stack ETF (CBOE: HBMX). The Fund seeks long-term capital appreciation by investing in equity securities of companies that the Adviser believes are "pure play" participants in the memory semiconductor ecosystem.

The launch arrives at a moment when memory — not raw compute — has emerged as the principal constraint on artificial intelligence infrastructure. Each successive generation of AI accelerators requires more memory capacity and significantly more memory bandwidth than the last, and hyperscaler capital expenditure has shifted accordingly. HBMX is designed to give investors concentrated exposure to the companies positioned to benefit from this structural reordering of the semiconductor supply chain.

"Compute alone doesn't train a model. Memory does. The AI buildout has run into a wall, and that wall is bandwidth — specifically, how fast data can be moved in and out of the chips doing the work. HBMX is a focused way to own the companies sitting in that bottleneck." — Matthew Tuttle, CEO, Tuttle Capital Management

How It Works

HBMX is an actively managed ETF that does not seek to track any index. The Adviser conducts fundamental and thematic security selection, defining the "memory stack" as the ecosystem of companies involved in the development, manufacture, enablement, packaging, testing, and commercialization of memory semiconductors and related technologies.

Memory technologies covered include dynamic random access memory ("DRAM"), NAND flash memory, high-bandwidth memory ("HBM"), 3D-stacked and chiplet-based memory architectures, and emerging or next-generation memory technologies. A company generally qualifies as a Memory Stack Company if it derives at least 25% of its revenues from memory-related products or services, or if the Adviser determines the company has a substantial strategic focus on memory-related technologies, including material capital investment, product development, or competitive positioning in memory semiconductor markets.

The Fund is classified as non-diversified, may invest in companies of any market capitalization, and may invest in both U.S.-domiciled and non-U.S. developed market companies. The Fund does not intend to invest directly in China A-shares or in securities listed on exchanges in Taiwan or South Korea, and does not anticipate investments in emerging markets exceeding 20% of net assets. The Fund may also obtain exposure through derivatives, including total return swaps, options, and futures, but does not intend to create total notional exposure in excess of 100% of its net assets.

Why HBMX

The ticker HBMX references high-bandwidth memory (HBM), the most strategically important memory technology in the AI era. HBM achieves its performance by physically stacking multiple DRAM dies vertically and connecting them through through-silicon vias (TSVs) — the same architectural concept reflected in the Fund's name. Today, HBM is essential to nearly every leading-edge AI accelerator, and the global supply of HBM is concentrated among a small number of producers, with significant downstream dependencies on advanced packaging, substrates, metrology, and test equipment.

The Fund's mandate is broader than HBM alone. It is constructed to capture the memory semiconductor ecosystem in its entirety — including DRAM and NAND manufacturers; advanced packaging and assembly (2.5D, 3D, TSV, chiplet integration); outsourced semiconductor assembly and test ("OSAT"); substrates, interconnects, and advanced materials; and inspection, metrology, and semiconductor testing equipment with material exposure to memory production. HBM serves as the symbolic and economic center of gravity for that ecosystem, and the ticker reflects it.

"There are thematic ETFs that own a hundred names and call themselves focused. HBMX is built differently. Twenty to thirty-five companies, every one of them with a real economic stake in memory — not a tangential exposure, not a thematic stretch. That's how you actually capture a theme when the supply chain is this concentrated." — Matthew Tuttle, CEO, Tuttle Capital Management

The Memory Stack Ecosystem

The Fund's investable universe spans, but is not limited to, the following categories:

• Memory semiconductor manufacturers: Companies engaged in the design, fabrication, or production of DRAM, NAND flash, and high-bandwidth memory (HBM).

• Advanced packaging and assembly: Companies enabling 2.5D and 3D packaging, through-silicon via (TSV) integration, and chiplet-based architectures that allow memory to be stacked and integrated alongside compute.

• Outsourced semiconductor assembly and test (OSAT): Companies providing back-end packaging, assembly, and test services with material exposure to memory production.

• Substrates, interconnects, and advanced materials: Companies producing the physical substrates and interconnect technologies required to enable advanced memory and packaging architectures.

• Inspection, metrology, and semiconductor testing equipment: Companies producing the capital equipment used to inspect, measure, and test memory wafers and finished devices at scale.

The above categories describe the Fund's investable universe and are illustrative only. They do not represent current or projected holdings of the Fund and do not constitute a recommendation to buy, sell, or hold any security.

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 around emerging trends. The Concentrated Memory Stack ETF joins Tuttle Capital's growing suite of thematic products, including its Income Blast suite of weekly-distribution ETFs that pair concentrated thematic exposure with systematic options-based income strategies.

Important Disclosures

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Tuttle Capital Concentrated Memory Stack ETF (HBMX) before investing. For a prospectus with this and other information about the Fund, please visit hbmxetf.com or call (833) 759-6110. Please read the prospectus carefully before investing.

An investment in the Fund involves risk, including possible loss of principal. The Fund is non-diversified, which means it may invest a relatively high percentage of its assets in a smaller number of issuers than a diversified fund. As a result, the Fund's performance may be more volatile and may be more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund.

The Fund is subject to Semiconductor and Technology Industry Risk, Memory Semiconductor Risk (DRAM/NAND/HBM), Advanced Packaging and OSAT Risk, Concentration Risk, Active Management Risk, Equity Securities Risk, Micro-, Small- and Mid-Capitalization Company Risk, Foreign Securities Risk, Emerging Markets Risk, Derivatives Risk, Swap Agreements Risk, Cash Transaction Risk, ETF Trading Risk, New Fund Risk, and Non-Diversification Risk, among others. Memory Stack Companies are subject to rapid technological change, product obsolescence, short product cycles, pricing pressure, cyclical pricing, supply-demand imbalances, and customer concentration. Growth in HBM and other advanced memory technologies may depend on adoption of specific compute architectures, packaging technologies, and the pace of artificial intelligence infrastructure deployment; if demand for AI-driven computing slows or fails to meet expectations, companies exposed to HBM and related memory products may be adversely affected.

ETF shares may trade at a premium or discount to NAV. There can be no guarantee that an active trading market for Fund shares will develop or be maintained.

Distributor: Foreside Fund Services, LLC

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