DUDE | Merlyn AI SectorSurfer Momentum ETF

DUDE ISSUER

The DUDE issuer, which is a fund employing a passive management investment strategy, follows the principles of the Investment Strategy. This approach is designed to track the performance of the Index before fees and expenses, employing different strategies based on market conditions. In anticipation of a bull market, the fund maintains a portfolio reflecting an aggressive stance, with a significant allocation to domestic and international equities. This allocation is realized through investments in six ETFs categorized as either geopolitical or economic sector ETFs. Conversely, in anticipation of a bear market, the fund adopts a more conservative approach, investing in at least four ETFs with a lower risk profile. These may include inflation-protected, treasury, bond, and gold funds, among others. Regardless of market conditions, the fund aims to invest at least 80% of its total assets in the component securities of the Index. Additionally, the fund may hold up to 20% of its assets in cash equivalents or other ETFs not included in the Index, as deemed necessary by the Adviser. This non-diversified approach allows for potentially higher concentration in certain securities or issuers. The Index, which the fund tracks, utilizes a computer algorithm to assess market conditions and determine shifts between bull and bear modes, with a focus on evolving and improving ETF selection over time. As of September 30, 2022, the Index was primarily weighted in long-term treasury ETFs, reflecting a cautious stance on market conditions.

DUDE DIVIDEND

DUDE Dividend, as part of the DUDE issuer, operates within the framework of a passive management investment strategy, aiming to mirror the performance of the Index before fees and expenses. The fund's approach to dividend investing is designed to provide investors with income through dividend distributions. Utilizing a diversified portfolio primarily composed of dividend-paying stocks and related securities, DUDE Dividend seeks to generate a steady stream of income for its shareholders. The fund may adjust its holdings based on market conditions and the dividend landscape, aiming to maximize dividend yield while maintaining a balanced risk profile. Additionally, DUDE Dividend may allocate a portion of its assets to other income-generating instruments, such as dividend-focused ETFs, to enhance overall dividend income. This strategy aligns with the broader goals of the DUDE issuer while offering investors a specific focus on dividends as a source of investment returns.

DUDE TRACKING

DUDE Tracking, operating under the umbrella of the DUDE issuer, employs a passive management investment approach with the goal of closely tracking the performance of the Index before fees and expenses. The fund's strategy revolves around replicating the composition and weightings of the Index's component securities, ensuring that investors can capture the market movements accurately. Through meticulous attention to the Index's methodology and holdings, DUDE Tracking aims to mirror its benchmark's returns with minimal tracking error. The fund may employ both replication and representative sampling strategies based on the discretion of Empowered Funds, LLC, dba EA Advisers, the Adviser, to best achieve its objective. With a focus on precision and efficiency, DUDE Tracking offers investors a straightforward way to gain exposure to the target market's performance while keeping costs low and mitigating tracking discrepancies.

DUDE CORRELATION

DUDE Correlation, operating within the DUDE issuer framework, pursues an investment strategy focused on tracking the correlation patterns within the Index before fees and expenses. By closely monitoring the relationships between various assets represented in the Index, the fund aims to capture the dynamics of correlated movements, whether positive or negative, among its component securities. Through sophisticated analytical techniques and data-driven insights, DUDE Correlation seeks to replicate these correlation patterns within its portfolio composition. This approach allows investors to potentially benefit from diversification effects and risk mitigation strategies inherent in correlated markets. Empowered Funds, LLC, dba EA Advisers, the Adviser, oversees the implementation of this strategy, employing replication or representative sampling methods when deemed appropriate. With a keen emphasis on understanding and harnessing correlation dynamics, DUDE Correlation offers investors an opportunity to navigate market movements more effectively while managing portfolio risk.

DUDE SECTOR

DUDE Sector, operating under the DUDE issuer, follows an investment strategy aimed at tracking the performance of specific economic and geopolitical sectors within the Index before fees and expenses. By focusing on distinct sectors such as healthcare, energy, technology, finance, and various world regions, the fund seeks to provide investors with targeted exposure to sectors expected to outperform in different market conditions. With an emphasis on sector rotation based on market outlooks, DUDE Sector dynamically adjusts its portfolio allocation between economic and geopolitical sector ETFs, optimizing exposure to sectors poised for growth. This strategy, overseen by Empowered Funds, LLC, dba EA Advisers, the Adviser, offers investors the potential to capitalize on sector-specific opportunities while maintaining diversification across various sectors and regions. Whether anticipating a bull or bear market, DUDE Sector aims to deliver returns reflective of the selected sectors' performance within the Index.

DUDE EXPOSURE

DUDE Exposure, operating as part of the DUDE issuer, implements an investment strategy focused on providing investors with targeted exposure to specific asset classes or investment themes within the Index before fees and expenses. The fund aims to capture the performance of these chosen exposures by carefully selecting a mix of securities or instruments that align with the desired investment theme or asset class. With a dynamic approach to asset allocation, DUDE Exposure may adjust its portfolio holdings based on prevailing market conditions and evolving investment trends. Empowered Funds, LLC, dba EA Advisers, the Adviser, oversees the implementation of this strategy, utilizing both replication and representative sampling methods as appropriate to achieve the fund's objectives. By offering investors access to concentrated exposures within the broader market, DUDE Exposure seeks to enhance portfolio diversification and potentially capitalize on specific investment opportunities, all while managing risks effectively.