Short Term Bond ETF – PT Asset Management, LLC

Total Returns as of	1-Month	3-Month	Since Inception	Inception Date
Class I	-	-	-	1/1/2021

Total Returns as of	1-Month	3-Month	Since Inception	Inception Date
Performance Trust Short Term Bond ETF (NAV)	-	-	-	1/1/2021
Performance Trust Short Term Bond ETF (Price)	-	-	-	1/1/2021
Bloomberg U.S. Aggregrate 1-3 Year Index (USD)	-	-	-

The Bloomberg US Aggregate 1-3 Year Index is a subset of the Bloomberg US Aggregate Index, and tracks investment grade, fixed-rate bonds, including treasuries, government-related, corporate and securitized issues. It only includes securities with a maturity between one and up to, but not including three years.

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization.

Effective Duration: A measure of a portfolios price sensitivity to interest rate changes, including expected changes in cash flows caused by embedded options. Duration is expressed as a number of years.

Yield to Maturity: The total rate of return earned when a bond makes all interest payments and repays the original principal.

Average Coupon: The average rate of the coupons of the bonds in a fund, weighted based on each bond holding’s size relative to the portfolio. Indicates whether a fund is carrying a greater amount of high or low coupon bonds.

Average Price: Indicates whether a fund favors investing in bonds below or above face value. A higher value (above 100) would suggest the latter. It is calculated by weighting the price of each bond by its relative size to the portfolio. The metric is expressed as a percentage of par (face) value.

Investment Considerations:

Fund investing involves risk. Principal loss is possible.

ETFs are subject to additional risks that do not apply to conventional funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. Derivatives involve investment exposure that may exceed the original cost and a small investment in derivatives could have a large potential impact on the performance of the Fund. Options and Swap positions held in the Fund may be illiquid and the Fund manager may have difficulty closing out a position. Diversification does not assure a profit or protect against a loss in a declining market. Income from tax-exempt bonds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions.

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other important information about the investment company, and may be obtained by clicking here. Read carefully before investing.

PTAM is the advisor to the Performance Trust Funds, which are distributed by Foreside Fund Services, LLC. ¹Bloomberg Aggregate Bond Index: An unmanaged index that measures the performance of the investment-grade universe of bonds issued in the United States. The index includes institutionally traded U.S. Treasury, government sponsored, mortgage and corporate securities. Please note that an investor cannot invest directly in the index; therefore its performance does not reflect a reduction for fees or expenses incurred in managing a portfolio. ²30-Day SEC Yield: The 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. The Subsidized yield, which includes contractual expense reimbursements, would be lower without those reimbursements. The Unsubsidized yield excludes contractual expense reimbursements, resulting in a lower yield. ³Coupon: The fixed percentage paid out on a fixed-income security on an annual basis. ⁴Correlation: A statistical measure of how two securities move in relation to each other. Perfect positive correlation (a correlation co-efficient of +1) implies that as one security moves the other security will move in lockstep, in the same direction. Alternatively, perfect negative correlation (a correlation co-efficient of -1) means that securities will move by an equal amount in the opposite direction. If the correlation is 0, the movements of the securities are said to have no correlation; their movements in relation to one another are completely random. ⁵Standard Deviation: A statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility. The standard deviation has been calculated since inception. ⁶Sharpe Ratio: A statistical measure that uses standard deviation and excess return to determine reward per unit of risk. A higher Sharpe ratio implies a better historical risk-adjusted performance. The Sharpe ratio has been calculated since inception using the 3-month LIBOR for the risk-free rate of return. ⁷Sortino Ratio: A statistical measure similar to Sharpe Ratio except it uses downside risk (downside deviation) in the denominator. Since upside variability is not necessarily a bad thing, the Sortino ratio is sometimes more preferable than the Sharpe ratio. ⁸Effective Duration: A measure of a portfolios price sensitivity to interest rate changes, including expected changes in cash flows caused by embedded options. Duration is expressed as a number of years. ⁹Bloomberg U.S. 1-3 Year Government/Credit Bond: A component of the U.S. Government/Credit Bond Index, which includes Treasury and agency securities (U.S. Government Bond Index) and publicly issued U.S. corporate and foreign debentures and secured notes (U.S. Credit Bond Index). The bonds in the index are investment-grade with a maturity between one and three years.

Past performance is not a guarantee of future results.

Short-Term Bond ETF

NAV

As of 12/11/2024

$25.38

1 Day NAV Change

-0.06%

Closing Market Price

$25.40

1 Day Market Price Change

0.00%

30 DAY SEC YIELD

As of 12/11/2024

Subsidized

8.25%

Unsubsidized

8.25%

6-Month Total Return (at NAV)

As of 11/30/2024

EXPENSE RATIO

Overview

Performance Trust Short Term Bond ETF seeks total return from income and preservation of principal by investing in a diversified portfolio of fixed-income securities. The Fund primarily invests in investment-grade quality securities and targets an average portfolio duration of 4 years or less.

Performance

Premium / Discount

Number of Days At:

2024 Cumulative YTD

Q2-24

Q3-24

Q4-24

Premium

98

35

34

-

Discount

32

9

10

-

Price

Closing Market Price

25.40

30-Day Median Bid/Ask Spread

0.08

Daily Volume

597

Shares Outstanding

540,000

Premium Discount

0.08

Portfolio

Holdings

As of 12/12/2024

Number of Holdings

Top 10 Holdings

United States Treasury Bill 03/20/2025

2.52%

BANK5 2024-5YR9 6.1822% 08/15/2057

2.26%

Myers Park CLO Ltd 6.479% 10/20/2030

2.26%

Freddie Mac Multifamily Structured Pass Through Certificates 0.599% 09/25/2034

2.19%

Benchmark 2021-B28 Mortgage Trust 1.3752% 08/15/2054

2.13%

BANK5 Trust 2024-5YR6 0.9752% 05/15/2057

2.10%

Morgan Stanley Capital I Trust 2017-H1 4.075% 06/15/2050

2.06%

Freddie Mac Multifamily Structured Pass Through Certificates 1.7064% 01/25/2030

2.05%

Fund Facts

Fund Inception

4/9/2024

Ticker

STBF

CUSIP

89834G570

Morningstar Category

U.S. Short-Term Bond

Exchange