Fieldstone Merlin Dynamic Large Cap Growth ETF
Dr. Michael Obuchowski
Founder/Portfolio Manager
Prices as of 9/21/2018
  Current NAV Previous NAV Difference
  29.45 29.57 -0.12
Fund Market Data as of 9/21/2018
Bid/Ask Yesterday's Close Premium/Discount(%) Number of Holdings Shares Outstanding Total Net Assets
29.405 29.57 -0.005778767 25 251,000 7,392,790.04
Click Here for 12 Month Dividend History
Average Annual Total Return as of Quarter Ending 6/30/2018
  One Year Three Year Five Year Inception*
NAV N/A% N/A% N/A% 14.56%
* The Fund inception was 8/18/2017.
Click Here for Most Recent Month End Returns
The performance information quoted above represents past performance, which is not a 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.
Ticker Information
Portfolio ManagerDr. Michael Obuchowski, Chief Investment Officer
Merlin Asset Management 20 Park Plaza, Suite 400 Boston, MA 02116
DistributorCapital Investment Group
100 E Six Forks Rd
Suite 200
Raleigh, NC 27609
Inception DateAugust 18, 2017
Annual Fund Operating Expenses
Net Expense Ratio0.80%
Gross Expense Ratio1.53%
Expense Limitation DisclosureThe Sub-Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, acquired fund fees and expenses, and payments under the Rule 12b-1 distribution plan) to not more than 0.80% of the average daily net assets of the Fund through August 31, 2018. The Expense Limitation Agreement may not be terminated prior to that date. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the Expense Limitation Agreement. However, net annual operating expenses for the Funds may exceed those contemplated by the waiver due to expenses that are not waived under the Expense Limitation Agreement.
Distribution Frequency
Distribution FrequencyMonthly
Principal Risks of Investing in the Fund
An investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. While the shares of the Fund are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risks, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. More information about these risks can be found in the Fund’s prospectus.
An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at the link below or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing.
Download Information
Summary Prospectus
Portfolio Holdings
Portfolio Holdings as of 9/21/2018

Ticker Cusip Description Shares Market Value
AAPL 037833100 APPLE INC 1,340.000 $291,664.40
ADSK 052769106 AUTODESK INC 2,193.000 $334,213.20
ALXN 015351109 ALEXION PHARMACEUTICALS I 2,491.000 $303,877.09
AMAT 038222105 APPLIED MATERIALS INC 6,689.000 $265,085.07
AMTD 87236Y108 TD AMERITRADE HOLDING COR 4,882.000 $270,853.36
AMZN 023135106 AMAZON.COM INC 155.000 $296,826.55
ASML N07059210 ASML HOLDING NV-NY REG SH 1,462.000 $275,484.66
AVGO 11135F101 BROADCOM INC 1,396.000 $346,347.60
BA 097023105 BOEING CO/THE 828.000 $308,206.44
CAT 149123101 CATERPILLAR INC 2,067.000 $323,237.46
CELG 151020104 CELGENE CORP 3,212.000 $281,756.64
CMA 200340107 COMERICA INC 2,932.000 $277,455.16
ETFC 269246401 E*TRADE FINANCIAL CORP 4,754.000 $261,565.08
FB 30303M102 FACEBOOK INC-A 1,688.000 $275,025.84
GOOG 02079K107 ALPHABET INC-CL C 242.000 $282,193.78
HII 446413106 HUNTINGTON INGALLS INDUST 1,171.000 $299,436.41
LAZ G54050102 LAZARD LTD-CL A 5,909.000 $289,186.46
LOW 548661107 LOWES COS INC 2,934.000 $342,808.56
MS 617446448 MORGAN STANLEY 6,009.000 $296,904.69
MU 595112103 MICRON TECHNOLOGY INC 6,160.000 $275,598.40
NCLH G66721104 NORWEGIAN CRUISE LINE HOL 5,496.000 $318,108.48
ON 682189105 ON SEMICONDUCTOR CORP 14,326.000 $274,342.90
SWKS 83088M102 SKYWORKS SOLUTIONS INC 3,187.000 $293,745.79
TCEHY 88032Q109 TENCENT HOLDINGS LTD-UNS 6,506.000 $278,261.62
VRTX 92532F100 VERTEX PHARMACEUTICALS IN 1,659.000 $298,752.72

Totals 89,688.000 $7,360,938.36
Download Information
Semi-Annual Report
Annual Report

Click on any of the above links to view the document. For best results right-click the link and choose "Save as" to save the PDF file to your local disk drive. All documents are in Adobe Acrobat (.pdf) format.

The Fund may not be available for sale in all states. The information presented on this page is not an offer to sell or a solicitation of an offer to purchase the Fund.

Distributor: Capital Investment Group, Inc., Member FINRA/SIPC, 100 E Six Forks Road, Suite 200, Raleigh, NC 27609, (800) 773-3863.There is no affiliation between Merlin Asset Management, including its principals, and Capital Investment Group, Inc.

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