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   * SLT
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Risk On.
Risk Off.
THE FIRST NEGATIVE
EXPENSE RATIO ETF: LSLT
INTRODUCINGTHE FIRST NEGATIVE
EXPENSE RATIO ETF: LSLT
Diversified equity ETFs with a focus on specific levels of targeted risk
truBeta™ ETFs aim to give investors, advisors, and portfolio managers the
investment tools to help tailor their portfolio objectives to match their risk
appetite.
Risk On.
Risk Off.
Diversified equity ETFs with a focus on specific levels of targeted risk
truBeta™ ETFs aim to give investors, advisors, and portfolio managers the
investment tools to help tailor their portfolio objectives to match their risk
appetite.
The Salt High truBeta™ US Market Fund (Ticker: SLT)SLT
The Salt Low truBeta™ US Market Fund (Ticker: LSLT)LSLT
FUND OVERVIEW PERFORMANCE HOLDINGS DISTRIBUTIONS DOCUMENTS FAQs

Fund Objectives

The Salt High truBeta™ US Market Fund seeks to track the investment results of
The Salt High truBeta™ US Market Index. Learn more about the Index that SLT is
designed to track.



Fund Information

Fund SymbolSLT CUSIP26922A479 Expense Ratio0.29% ExchangeCBOE BZX Exchange, Inc
Inception Date05/15/2018 IndexSalt High truBeta™ US Market Index Index Symbol
(Bloomberg)SFMGXT Lead Market MakerVirtu Americas LLC



Why SLT?

   
 * Gain exposure to higher beta US stocks based on truBeta™ forecasts of market
   sensitivity.
 * Use tactically to increase exposure to high beta stocks.
 * Use strategically for more aggressive equity allocations.

Net Asset Value

(as of 08/05/2019)

Total Assets$12,113,984.83 Shares Outstanding500000 NAV$24.23 Change$-1.01
Change %-3.99%

Price

(as of 08/05/2019)

Price$24.26 Change$-0.98 Change %-3.89% Premium/Discount0.14%

DOWNLOAD MOST RECENT NAV / NAV HISTORY .CSV


Market price is the price at which shares in the ETF can be brought or sold on
the exchanges during trading hours, while the net asset value (NAV) represents
the value of each share's portion of the fund's underlying assets and cash at
the end of the trading day.

The performance data quoted represents past performance. Past performance does
not guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when sold or redeemed,
may be worth more or less than their original cost and current performance may
be lower or higher than the performance quoted. Click here for standardized
performance.

Month End Performance (as of 07/31/2019)

Cumulative (%)

Annualized (%)

SLT1 MO3 MO6 MOYTDSince Inception
(05/15/2018)1 YRSince Inception
(05/15/2018) NAV 2.68 -1.44 8.86 26.77 5.52 5.88 N/A MKT 2.86 -1.32 9.03 27.61
5.68 6.45 N/A

Quarter End Performance (as of 06/30/2019)

Cumulative (%)

Annualized (%)

SLT1 MO3 MO6 MOYTDSince Inception
(05/15/2018)1 YRSince Inception
(05/15/2018) NAV 9.81 1.62 23.45 23.45 2.76 7.40 N/A MKT 9.78 1.59 24.06 24.06
2.75 6.32 N/A

*Fund Inception Date: 05/09/2018

The performance data quoted represents past performance. Past performance does
not guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when sold or redeemed,
may be worth more or less than their original cost and current performance may
be lower or higher than the performance quoted.

Expense ratio: 0.29%

*Performance for periods greater than one year are annualized.

Short term performance in particular, is not a good indication of the fund’s
future performance and an investment should not be made based solely on returns.

The performance data quoted represents past performance. Past performance does
not guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when sold or redeemed,
may be worth more or less than their original cost and current performance may
be lower or higher than the performance quoted.

Market price is the price at which shares in the ETF can be bought or sold on
the exchanges during trading hours, while the net asset value (NAV) represents
the value of each share’s portion of the fund’s underlying assets and cash at
the end of the trading day.

Salt Financial shares are bought and sold at market price (not NAV) and are not
individually redeemed from the Fund. Total Returns are calculated using the
daily 4:00pm net asset value (NAV). Market price returns reflect the midpoint of
the bid/ask spread as of the close of trading on the exchange where Fund shares
are listed. Market price returns do not represent the returns you would receive
if you traded shares at other times.

Fund Top Holdings (as of 08/06/2019)

NameTickerWeightShares Held SALESFORCE COM INC CRM 1.95% 1658.00 WESTERN DIGITAL
CORP WDC 1.50% 3440.00 ALLERGAN PLC AGN 1.41% 1060.00 MICRON TECHNOLOGY INC MU
1.32% 3820.00 ALTERYX INC AYX 1.22% 1180.00 CAESARS ENTMT CORP CZR 1.20%
12580.00 LAM RESEARCH CORP LRCX 1.15% 720.00 TWITTER INC TWTR 1.14% 3420.00
ALPHABET INC GOOGL 1.14% 120.00 QORVO INC QRVO 1.13% 2000.00

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

DOWNLOAD MOST RECENT HOLDINGS .CSV

Distributions

Ex DateRecord DatePayable DateIncomeShort Term Capital GainLong Term Capital
GainReturn of CapitalTotal Distribution 12/18/2018 12/19/2018 12/20/2018
$0.06601 $0.05709 $0.00 $0.00 $0.12310

Document Downloads

Prospectus
Summary Prospectus
SAI
SLT Overview
SLT Fund Fact Sheet
SLT Semi-Annual Report
SLT Annual Report
Premium/Discount Report
Why use SLT?

 * Gain exposure to higher beta US stocks based on truBeta™ forecasts of market
   sensitivity.
 * Use tactically to increase exposure to high beta stocks.
 * Use strategically for more aggressive equity allocations.

What is beta?

Beta describes the sensitivity of an individual stock to movements in the
broader market. The beta coefficient is the slope of the line created by
regressing the returns of the individual stock on the returns of the market.
Alternatively, beta can be calculated as the ratio of how the stock moves with
the market (covariance) to the variance of the market. A stock with an estimated
beta of 1.0 tends to vary in the same direction and magnitude as the market. A
stock with a beta of 1.2 would be expected to vary 20% more than the market
(higher volatility); one with a beta of 0.8 would tend to move 20% less than the
market (lower volatility).
What is truBeta™?

truBeta™ is our beta forecast for the next quarter. It uses this
micro-forecasting in its methodology to gauge sensitivity of a stock to the
market, producing what we believe to be a more accurate estimate than
traditional approaches. It uses a blend of intraday, daily, and monthly
historical return data to estimate beta over the next quarter.
Who manages the fund?

Salt Financial LLC is the fund’s adviser and index provider with Penserra
Capital Management LLC serving as a sub-adviser.
Who administers the index?

The index is administered by Salt Financial LLC with calculation services
provided by Solactive AG.
What is the expense ratio?

The expense ratio for the fund is 0.29% on an annualized basis.
Will the fund pay a dividend?

The fund will pay any dividends declared by the component companies in the fund
on the ex-date accordingly.
How can I track performance of the fund intraday?

The fund is listed on the Cboe BZX Exchange, Inc. under the ticker “SLT” and
generally trades based on market prices for the components in the fund. You can
compare market prices to the an intraday estimate of the fund’s Net Asset Value
(NAV) known as the IOPV or IIV, which has a unique symbol[*].
How can I purchase or sell shares in the fund?

Your broker, advisor or trading desk is responsible for trade execution, either
on an exchange or off-exchange through an Authorized Participant (AP). Salt
Financial does not act as a broker-dealer and therefore cannot accept or control
execution of your ETF trades.
How is a High Exposure ETF different from a leveraged ETF?

Leveraged or “geared” funds use derivatives to magnify the daily return on a
stock index by specific amount (i.e. 2x or 3x). Since they reset their leverage
multiplier each day, returns for leveraged ETFs over periods longer than one day
may be significantly different from the stated daily multiplier. SLT, which
seeks to track the Salt High truBeta™ US Market Index, seeks to magnify exposure
by concentrating the portfolio in stocks with higher sensitivity to market
movements as estimated by Salt’s proprietary truBeta™ forecast. The fund will
fluctuate with the performance of the underlying stocks but does not “reset” its
exposure like a leveraged ETF.
Does the fund target a specific multiple of return vs. SPY?

No. SLT does not provide specific a multiple of daily or any other period return
versus SPY. It simple targets securities more likely to move more than the index
and in the same direction (up or down depending on market movements). The fund
does not have a precise leverage multiplier but avoids the side effects of daily
reset leverage in seeking to target higher exposure to the market for periods
generally longer than one day.
FUND OVERVIEW PERFORMANCE HOLDINGS DISTRIBUTIONS DOCUMENTS FAQs

Fund Objectives

The Salt Low truBeta™ US Market Fund seeks to track the investment results of
The Salt Low truBeta™ US Market Index. Learn more about the Index that LSLT is
designed to track.



Fund Information

Fund SymbolLSLT CUSIP79590A107 Gross Expense Ratio0.29% Net Expense Ratio 0%*
ExchangeCBOE BZX Exchange, Inc Inception Date03/12/2019 IndexSalt Low truBeta™
US Market Index Index Symbol (Bloomberg)SFSTBT Lead Market MakerVirtu Americas
LLC



Why LSLT?

   
 * Target lower volatility US stocks based on truBeta™ forecasts of market risk.
 * Maintain exposure to equities with potentially less risk.
 * Consider LSLT for a core position in a portfolio.

Net Asset Value

(as of 08/05/2019)

Total Assets$5,998,589.51 Shares Outstanding225000 NAV$26.66 Change$-0.54 Change
%-2.00%

Price

(as of 08/05/2019)

Price$26.68 Change$-0.52 Change %-1.93% Premium/Discount0.06%

DOWNLOAD MOST RECENT NAV / NAV HISTORY .CSV


Market price is the price at which shares in the ETF can be brought or sold on
the exchanges during trading hours, while the net asset value (NAV) represents
the value of each share's portion of the fund's underlying assets and cash at
the end of the trading day.

The performance data quoted represents past performance. Past performance does
not guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when sold or redeemed,
may be worth more or less than their original cost and current performance may
be lower or higher than the performance quoted. Click here for standardized
performance.

*The Adviser has contractually agreed to waive the Fund’s full unitary
management fee of 0.29% of the Fund’s average daily net assets on the first $100
million in net assets until at least May 31, 2020 (the “Fee Waiver”) and to
contribute to the Fund’s assets an amount equal to an annual rate of 0.05% of
the Fund’s average daily net assets on the first $100 million in net assets.

Month End Performance (as of 07/31/2019)

Cumulative (%)

Annualized (%)

LSLT1 MO3 MO6 MOYTDSince Inception
(03/12/2019)1 YRSince Inception
(03/12/2019) NAV 1.26 N/A N/A N/A 8.72 N/A N/A MKT 1.41 N/A N/A N/A 8.81 N/A N/A

Quarter End Performance (as of 06/30/2019)

Cumulative (%)

Annualized (%)

LSLT1 MO3 MO6 MOYTDSince Inception
(03/12/2019)1 YRSince Inception
(03/12/2019) NAV N/A N/A N/A N/A N/A N/A N/A MKT N/A N/A N/A N/A N/A N/A N/A

*Fund Inception Date: 05/09/2018

The performance data quoted represents past performance. Past performance does
not guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when sold or redeemed,
may be worth more or less than their original cost and current performance may
be lower or higher than the performance quoted.

Expense ratio: 0.29%

*Performance for periods greater than one year are annualized.

Short term performance in particular, is not a good indication of the fund’s
future performance and an investment should not be made based solely on returns.

The performance data quoted represents past performance. Past performance does
not guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when sold or redeemed,
may be worth more or less than their original cost and current performance may
be lower or higher than the performance quoted.

Market price is the price at which shares in the ETF can be bought or sold on
the exchanges during trading hours, while the net asset value (NAV) represents
the value of each share’s portion of the fund’s underlying assets and cash at
the end of the trading day.

Salt Financial shares are bought and sold at market price (not NAV) and are not
individually redeemed from the Fund. Total Returns are calculated using the
daily 4:00pm net asset value (NAV). Market price returns reflect the midpoint of
the bid/ask spread as of the close of trading on the exchange where Fund shares
are listed. Market price returns do not represent the returns you would receive
if you traded shares at other times.

Fund Top Holdings (as of 08/06/2019)

NameTickerWeightShares Held EDISON INTL EIX 1.22% 1008.00 FISERV INC FISV 1.13%
675.00 UNITED PARCEL SERVICE INC UPS 1.12% 585.00 HERSHEY CO HSY 1.10% 441.00
KELLOGG CO K 1.09% 1062.00 RESMED INC RMD 1.09% 513.00 BROWN & BROWN INC BRO
1.07% 1827.00 WESTERN UN CO WU 1.06% 3015.00 BAXTER INTL INC BAX 1.06% 774.00
MOTOROLA SOLUTIONS INC MSI 1.06% 378.00

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

DOWNLOAD MOST RECENT HOLDINGS .CSV

Distributions

Ex DateRecord DatePayable DateIncomeShort Term Capital GainLong Term Capital
GainReturn of CapitalTotal Distribution N/A N/A N/A N/A N/A N/A N/A N/A

Document Downloads

Prospectus
Summary Prospectus
SAI
LSLT Fund Fact Sheet
Premium/Discount Report
What is truBeta™?

Nearly all forecasting techniques take data from the past and attempt to
extrapolate to the future. In general, a shorter forecast horizon with more data
points will lead to a more accurate forecast. Using today’s temperature to
forecast tomorrow’s weather is more effective than using a seasonal average or
temperature from months ago. Financial markets are no different.

At Salt Financial, we use rich data from the recent past to forecast how a
portfolio is likely to behave in the near future, creating products that
dynamically adapt to deliver consistent exposure to the underlying market for
investors. We call this technique “micro-forecasting” and it lies at the heart
of everything we do.

truBeta™ is our beta forecast for the next quarter. It uses this
micro-forecasting in its methodology to gauge sensitivity of a stock to the
market, producing what we believe to be a more accurate estimate than
traditional approaches. It uses a blend of intraday, daily, and monthly
historical return data to estimate beta over the next quarter.
What is Beta Variability?

We estimate Beta Variability as the absolute difference between the short-term
(intraday over the past two months) and medium-term (daily over the past year)
beta estimates used as inputs to generate the truBeta™ forecast. A lower score
indicates more stability in beta, which we believe produces a more consistent
and accurate beta that best isolates the premium that can be earned from owning
low beta stocks over time.
How should I expect the Salt Low truBeta™ US Market Index to perform?

The Low truBeta™ US Market Index (the “Index”) is designed to be less sensitive
to overall market moves with lower volatility. It aims to capture the potential
premium from holding lower beta versus higher beta stocks over a full market
cycle, using truBeta™ to maintain consistency with its investment objective.
Tell me more about the Index methodology.

Salt’s truBeta™ estimates are the most important component of the Low Volatility
methodology. The high-level description includes the following steps:

1. Start with top 1000 stocks by market capitalization.
2. Filter on 30-day average daily volume to keep the 500 most liquid stocks.
3. Calculate truBeta™ scores for the remaining 500 stocks. Eliminate all stocks
at or above a truBeta™ estimate of 1.0.
4. Calculate a Beta Variability score for each remaining stock. A lower score
indicates more stability in beta over time.
5. Rank the top 100 stocks by Beta Variability, capping sector concentration at
30%.
6. Equal weight the portfolio and rebalance quarterly. Current index components
remain in the index unless their truBeta™ estimate rises to 1.0 or above,
helping reduce turnover.
I am not a day-trader. Why is intraday data used to construct the Index?

The truBeta™ methodology uses intraday returns in its calculation but collects
multiple days of these returns over a few months to help forecast beta over the
next quarter. Research has shown that intraday returns can help forecast a
stock’s sensitivity over periods longer than one day.
Why does the Index cap its sector exposure?

The Index is designed to provide magnified exposure to the broader market by
selecting higher beta stocks. The Index limits exposure to no more than 30 of
the 100 components in a single sector to avoid over concentration. In the
absence of the cap, the portfolio may be too exposed to a narrow segment of the
market. Note: depending on market capitalization, sector weight may be higher
than 30% as the cap only limits the number of components and not the aggregate
size.
The Index compares its sensitivity to the SPDR S&P 500 ETF (SPY). Are the
components limited to members of the S&P 500 index?

No. Although the SPDR S&P 500 ETF (SPY) is used as a tradable proxy for the
market in calculating truBeta™, the Index is not based on S&P 500 constituents.
The Index uses the Solactive US Large and Midcap Index as its initial selection
universe, which consists of the top 1000 US stocks ranked by free-float market
capitalization. It is nearly identical in construction to the Russell 1000 with
a correlation of 99.99% and very similar in exposure to the S&P 500 with a
correlation of 98.87%.

The selection universe begins with the top 1000 stocks by market cap but further
filters the universe to keep only the 500 most liquid. Although there will be
substantial overlap in this universe with the top 500 by market cap, this
additional filter tends to eliminate some of the less liquid large stocks and
replaces them with more liquid stocks that are smaller in size. This process
both optimizes the Index for liquidity and maximizes the opportunity to include
some mid-cap stocks that exhibit performance characteristics that best meet the
investment objective
Does the Index have exposure to all sectors in the broad market?

Not necessarily. Although the Index is designed to provide magnified exposure to
the broad market, not all sectors will be represented at each quarterly
rebalance. The top 5 sectors in the Index have been Finance, Technology, Energy,
Industrials, and Non-Energy Materials. The Index has contained no fewer than 7
and an average of 9.4 sectors represented in each quarterly iteration.
Why is the Index equally weighted?

The objective of the Index is to target lower volatility and beta stability. We
find equal weighting best balances the investment objective with the need to
optimize liquidity by limiting the initial position size to only 1% of the
portfolio.
Why is the Index rebalanced quarterly?

One of the benefits of truBeta™ is what we believe is its high level of
“responsiveness” to changes in stock leadership, sector activity, and market
risk attitudes that fluctuate from quarter to quarter. However, this high
responsiveness is balanced with a “buffer rule” to reduce turnover quarter to
quarter, only removing stocks with truBeta™ scores that have risen to a level of
1.0 or higher, regardless of Beta Variability score.
What is the Index ticker symbol?

The price return version of the Index is SFSTB and the gross total return
version is SFSTBT.
Both indices are available on terminals from Bloomberg and Reuters and other
market data service providers.

Risks: Investments involve risk. Principal loss is possible. To the extent the
Fund invests more heavily in particular sectors of the economy, the Fund's
performance may be more sensitive to developments that significantly affect
those sectors. The Fund is non-diversified and may invest more of its assets in
a single issuer or smaller number of issuers than a diversified fund. The Salt
High truBeta™ US Market Index and the Salt Low truBeta™ US Market Index rely
heavily on proprietary quantitative models as well as information and data
supplied by third parties (Models and Data). When such Models and Data prove to
be incorrect or incomplete, the Index and Fund may not perform as expected. The
securities in the Index universe with the highest truBeta are included and the
Index, and consequently the Fund, can be expected to be more volatile than the
broader U.S. equity market. A security’s truBeta is based on historical
information and may not be indicative of a security’s future profile. As with
all index funds, the performance of the Fund and its Index may differ from each
other for a variety of reasons. For example, the Fund incurs operating expenses
and portfolio transaction costs not incurred by the Index. In addition, the Fund
may not be fully invested in the securities of the Index at all times or may
hold securities not included in the Index. The Fund has the same risks as the
underlying securities traded on the exchange through the day. Redemptions are
limited and often commissions are charged on each trade, and ETFs may trade at a
premium or discount to their net asset value.

An investor should consider the Fund's investment objectives, risks, charges and
expenses carefully before investing. The prospectus or summary prospectus
contain this and other important information about the Fund and are available by
clicking: Here for The Salt High truBeta™ US Market Fund ETF, or, Here for The
Salt Low truBeta™ US Market Fund ETF. A hardcopy can be obtained by calling
646-779-1050. Please read the prospectus or summary prospectus carefully before
Investing.

Shares of the ETF may be sold throughout the day on the exchange through any
brokerage account. However, shares may only be redeemed directly from the Fund
by Authorized Participants, in very large creation/redemption units. There can
be no assurance that an active trading market for shares of an ETF will develop
or be maintained.

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.

The indices may invest in stocks or REITs issued by companies that may use
derivatives, borrowing, or leverage in the course of their operating businesses.

Beta describes the sensitivity of an individual stock to movements in the
broader market. The beta coefficient is the slope of the line created by
regressing the returns of the individual stock on the returns of the market.
Alternatively, beta can be calculated as the ratio of how the stock moves with
the market (covariance) to the variance of the market. A stock with an estimated
beta of 1.0 tends to vary in the same direction and magnitude as the market. A
stock with a beta of 1.2 would be expected to vary 20% more than the market
(higher volatility); one with a beta of 0.8 would tend to move 20% less than the
market (lower volatility).

The Salt High truBeta™ US Market Index measures the performance of an
equal-weighted portfolio of approximately 100 large- and mid-capitalization
U.S.-listed stocks with the highest forecasted systematic risk relative to the
market (known as “beta”). The Salt Low truBeta™ US Market Index measures the
performance of an equal-weighted portfolio of approximately 100 large- and
mid-capitalization U.S.-listed stocks with the stocks with a truBeta score of
less than 1.00.

You cannot directly invest in an index.

The Salt High truBeta™ US Market Fund ETF and the Salt Low truBeta™ US Market
Fund ETF are distributed by Compass Distributors, LLC.

Copyright © 2019 Salt Financial. All rights reserved.
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