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SMART COLLATERALIZED EQUITY ARBITRAGE

CSH Seeks to Combine Yield Equity Upside Backed by each SPAC’s Cash-Equivalent Collateral

The CSH ETF seeks to deliver a competitive yield and equity upside opportunities while preserving capital. It is meant to provide the safety of the highest quality collateral - such as US t-bills or other cash equivalents - without giving up the ability to earn a return. It does this by investing in and trading only a subset of equity securities that are collateralized on the downside by t-bills, yet have the ability to generate upside via equity options embedded in the securities. This type of security is called a "pre-combination" SPAC. CSH is an active strategy designed around the unique attributes of these securities to first and foremost protect investor capital at all times via the t-bill collateral and only then to opportunistically generate return by trading the underlying collateral and options embedded in the securities.

ETF Details

as of 05/25/2022

AdvisorMorgan Creek Capital Management LLC
Sub-AdvisorExos Asset Management LLC
Sub-Advisor Issue DescriptionMorgan Creek-Exos Active SPAC Arbitrage ETF
CUSIP53656F185
ISINUS53656F1856
Primary ExchangeNYSE
Expense Ratio1.25%
Launch2/1/2022
TickerCSH
AUM$13.08Million
Shares Outstanding525,000
# of Holdings210
6532.408259.344013.106588.871917.888326.495650.337963.712357.955604.576862.126959.738541.954091.863103.466791.075190.195807.282572.435051.097100.688082.049913.919070.136427.172685.697851.431394.733680.768000.176589.161593.592806.604697.442656.578084.447431.691362.794640.956114.441270.353762.631109.625560.414423.375517.418932.751080.28
98.463890.816914.340434.796533.598842.626512.231185.322189.839563.339086.805087.979930.645364.142655.399233.099745.641686.255037.616588.819010.603495.287076.892420.056647.409241.153818.962011.746163.174281.998491.112877.038546.367859.191698.690758.783462.536670.105853.770155.161799.074761.866589.229335.218993.850340.768884.901576.319120.5740
86.805087.979930.645364.142655.399233.099745.641686.255037.616588.819010.603495.287076.892420.056647.409241.153818.962011.746163.174281.998491.112877.038546.367859.191698.690758.783462.536670.105853.770155.161799.074761.866589.229335.218993.850340.768884.901576.319120.574055.161799.074761.866589.229335.218993.850340.768884.901576.319120.5740
5650.337963.712357.955604.576862.126959.738541.954091.863103.466791.075190.195807.282572.435051.097100.688082.049913.919070.136427.172685.697851.431394.733680.768000.176589.161593.592806.604697.442656.578084.447431.691362.794640.956114.441270.353762.631109.625560.414423.375517.418932.751080.285560.414423.375517.418932.751080.28
45.641686.255037.616588.819089.839563.339086.805087.979930.645364.142655.399233.099745.641686.255037.616588.819010.603495.287076.892420.056647.409241.153818.962011.746163.174281.998491.112877.038546.367859.191698.690758.783462.536670.105853.770155.161799.074761.866589.229335.218993.850340.768884.901576.319120.574089.229335.218993.850340.768884.901576.319120.5740
  • First and foremost, help preserve capital via each SPAC's underlying cash-equivalent collateral.

  • Seeks to generate a return above T-bills through an active strategy tailored to these unique securities

  • Seeks to provide liquidity as needed

Drivers of Return

  • 1

    We buy issues at a discount to their collateral value to lock in embedded return.

  • 2

    We harvest return on announced deals that trade above the trust value.

  • 3

    We monetize the value of warrants.

  • 4

    We recycle capital from individual SPAC's trading above collateral value to those trading at or below collateral value.

  • 5

    We algorithmically make markets in our portfolio of SPAC's, seeking to earn a bid/offer spread on small lots as we wait.

Performance

as of 05/25/2022

CSH

Quarter end performance as of 03/31/2022

1 Year3 Year5 YearSince Inception (02/01/2022)
NAV----
Market Price----

NAV and Market Price

As of 05/25/2022

nav
Net Asset Value$24.91
Change ($)$0.01
Market Price
Closing Price$24.88
Change ($)$0.00

The performance data quoted represents past performance and is no 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. For the most recent month-end performance, please call (855) 857-2677 or visit the Fund's website at www.csh-etf.com.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may be only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns.

Portfolio:

Top 10 Holdings

as of 05/25/2022

% of Net AssetsNameTickerIdentifierShares HeldMarket Value
4.00%AUSTERLITZ ACQUISITION CORP II COM CL AASZG0633U10153,500$522,695
2.38%THUNDER BRDG CAP PRTNRS IV INC CLASS A COMTHCP88605L10731,585$310,796
1.98%GORES TECHNOLOGY PARTNERS II CLASS A COMGTPB38287L10726,549$258,852
1.95%CARTESIAN GROWTH CORPGLBLG1927610725,950$254,439
1.89%CHURCHILL CAPITAL CORP VIICVII17144M10225,284$247,277
1.87%REDBALL ACQUISITION CORPRBACG7417R10524,554$244,926
1.79%JAWS MUSTANG ACQUISITION CORP SHS CL AJWSMG5073710823,901$234,588
1.78%CORNER GROWTH ACQUISITN CORP 2 CLASS A ORD SHSTRONG2426E10423,329$232,590
1.74%INDEPENDENCE HOLDINGS CORPACQRG4761A10123,294$227,582
1.74%GORES HOLDINGS VII INCGSEV38286T10123,279$227,203

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

Pricing

as of 05/25/2022

NAVPremium/DiscountMedian Bid/Ask Spread
$24.91-0.12%0.28%

Historical Premium/Discount

Q1 2022Q2 2022Q3 2022Q4 2022
Days at premium227--
Days at NAV210--
Days at discount1921--

Fund Literature

  • Prospectus
  • Summary Prospectus
  • Statement of Additional Information
  • Morgan Creek Exos CSH Deck
  • Fact Sheet
  • Holdings

How to Buy CSH

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

Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus and summary prospectus, which may be obtained visiting the Fund’s website https://www.csh-etf.com or calling (855) 857-2677. Read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Past performance is no guarantee of future results.

FUND RISKS:

The Fund invests in equity securities, warrants and rights of SPACs, which raise funds to seek potential Combination opportunities. Unless and until a Combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. If a Combination that meets the requirements for the SPAC is not completed within a pre-established period of time (e.g., 18-24 months), the invested funds are generally returned to the entity’s shareholders (less any applicable taxes, fees, and administrative expenses); however, in certain cases, the SPAC may extend its period of operations beyond the initial pre-established period of time. If this occurs, a fund investing in the SPAC may have difficulty redeeming its holdings, or may not be able to do so at a desirable time. Because SPACs have no operating history or ongoing business other than seeking Combinations, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable Combination. There is no guarantee that the SPACs in which the Fund invests will complete a Combination or that any Combination that is completed will be profitable.

Borrowing magnifies the potential for gain or loss by the Fund and, therefore, increases the possibility of fluctuation in the Fund’s NAV. This is the speculative factor known as leverage. Because the Fund’s investments will fluctuate in value, while the interest on borrowed amounts may be fixed, the Fund’s NAV may tend to increase more as the value of its investments increases, or to decrease more as the value of its investments decreases, during times of borrowing. Unless profits on investments acquired with borrowed funds exceed the costs of borrowing, the use of borrowing will cause the Fund’s investment performance to decrease.

Post-Combination SPAC Warrants. Although the Fund generally will not hold the common stock of a Post-Combination SPAC, the Fund may hold warrants to buy the stock of companies that are derived from a SPAC. Post-Combination SPACs may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. Post-Combination SPACs are thus often subject to extreme price volatility and speculative trading. The stocks underlying the warrants may have above average price appreciation that may not continue and the performance of these stocks may not replicate the performance exhibited in the past, which could adversely affect the value of the warrants the Fund holds.

Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a small number of issuers could cause the Fund’s overall value to decline to a great degree than if the Fund held a more diversified portfolio. The fund is new and has a limited operating history.

Glossary: “Pre-Combination” SPACs are SPACs that are either seeking a target for Combination or have not yet completed a Combination with an identified target. “Post-Combination” SPACs are operating companies that have completed a Combination with a SPAC within the last three calendar years.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

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