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SPDF

The Defender Risk Adaptive 500 ETF

Capture the upside. Manage the downside. Systematic risk management that keeps you in the game.

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At Tamarisk, we believe investors can stay in the market and manage downturns with one ETF. Previously, this kind of systematic risk management was available only to institutional investors* using hedging strategies and alternatives.

The Defender Risk Adaptive 500 ETF changes all of that. Our rules-based structure is a repeatable way to respond to changing market regimes without reliance on discretionary market timing or emotional decision-making.

Professional risk management should not be reserved for the few. This is especially true as uncertainty weighs on the market, prompting investors to think more about how they handle risk. In this setting, investors need an investment strategy that puts structure over fear. Our disciplined approach puts rules over prediction for a long-term strategy that is transparent, accessible, liquid, and inexpensive.

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Fund Documents

Fund Information

Inception Date 4/14/2026
Primary Exchange CBOE
Ticker SPDF
CUSIP 00777X421
Expense Ratio 0.69%
30 Day SEC Yield* -

* As of xx/xx/xxxx

SEC 30-day yield reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses.

Fund Data & Pricing

Net Assets as of xx/xx/xx $770,938.70
NAV $25.70
Shares Outstanding 30,000
Premium/discount Percentage 0.32%
Closing Price $25.78
Median 30 Day Spread 0.12%

Data as of 04/16/2026

Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: Identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Performance

Quarter end returns as of 03/31/2026
Cumulative Avg. Annualized
  Quarter Since Inception 1 Year 3 Year 5 Year Since Inception
Fund NAV - - - - - -
Market Price - - - - - -
S&P 5001 - - - - - -

Expense ratio: 0.69%

Index returns reflect no deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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. Performance current to the most recent month-end can be obtained by calling 616.758.8451. 

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.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

1 The Standard and Poor's 500, or simply the S&P 500®, is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices.

Distribution Detail

Ex-Date Record Date Payable Date Amount
- - - -
Download Premium Discount Information

There is no guarantee the fund will pay distributions in the future and distributions, if any, may be less than the current distribution.

Top 10 Holdings

% Of Net Assets Name Ticker CUSIP Shares Held Market Value
99.70% State Street SPDR Portfolio S&P 500 ETF SPYM 78464A854 18,615 1,537,226.70
0.30% Cash & Other Cash&Other Cash&Other 4,594 4,593.53
Data as of 04/17/2026. Holdings are subject to change.
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Copyright © 2026 Tamarisk Capital Management.
All Rights Reserved

An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. A prospectus and summary prospectus which contain this and other information about the fund may be obtained by visiting tamariskcapital.com/SPDF/prospectus. The prospectus and summary prospectus should be read carefully before investing.

Investing involves risk. Principal loss is possible. New Fund Risk: The Fund is recently organized with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. Model and Data Risk: The Sub-Advisors rely on a proprietary model in making investment decisions for the Fund. When the model and/or the data the model relies upon prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential loss. Leveraged ETF Risk: The Fund may gain exposure to derivatives indirectly through its investment in ETFs that invest in derivatives. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Fixed Income Risk: The Fund’s investments in high quality short term fixed income securities is subject to the risks associated with fixed income investments. Fixed income securities prices overall will decline because of rising interest rates.

ETFs are subject to additional risks that do not apply to conventional mutual 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.

Tamarisk ETFs are distributed by Quasar Distributors, LLC.

* Institutional style reflects the sophisticated risk management practices of large institutions and hedge funds, which utilize systematic, rules-based processes to dynamically allocate risk between equities and defensive assets like cash or Treasuries, aiming to navigate changing market conditions while emphasizing capital preservation and risk-adjusted outcomes.