Tuttle Capital and Strive Asset Management Launch the First US Digital Credit ETF (DCAP)

• Tuttle Capital Management (TCM), together with sub-adviser Strive Asset Management (SAM), today announced the launch of the T-Strive Digital Credit Preferred Income ETF (CBOE BZX: DCAP), an actively managed, structured credit ETF that seeks current income by investing in preferred securities issued by Bitcoin treasury companies.
• The Fund invests in Digital Credit preferred equity instruments issued by companies that hold Bitcoin as a balance sheet asset. The Fund intends to use tactical leverage, total return swaps, and written put options as part of its strategy to strategically leverage the fund when the Digital Credit instruments trade below par.
• The Fund invests principally in two preferred securities: Strategy Inc.'s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and Strive, Inc.'s Variable Rate Series A Perpetual Preferred Stock (SATA), allocated roughly equally between the two.

Riverside, Connecticut--(Newsfile Corp. - September 24, 2026) - Tuttle Capital Management, LLC, a leading issuer of thematic and rules-based ETFs, together with sub-adviser Strive Asset Management, LLC, today announced the launch of the T-Strive Digital Credit Preferred Income ETF (CBOE BZX: DCAP). DCAP is an actively managed ETF that seeks current income by investing in preferred securities issued by Bitcoin treasury companies, which are corporations that hold Bitcoin as a core balance sheet asset. The Fund will not invest directly in Bitcoin.

Income From the Balance Sheet, Not the Coin

A growing number of public companies have adopted Bitcoin treasury strategies, holding Bitcoin on their balance sheets as a long-term asset. Many of those companies have funded that strategy in part by issuing preferred stock directly to investors. DCAP is built to invest in that structured credit tranche by tying the Fund's return to the issuer's ability to pay dividends and honor its obligations, rather than to the day-to-day price of Bitcoin itself.

Tuttle Capital defines a Bitcoin treasury company as one that generally maintains 5% or more of its assets in Bitcoin or Bitcoin-linked financial instruments, or generally derives 5% or more of its income from them. At inception, DCAP expects to concentrate its holdings in two issuers, Strategy Inc. (NASDAQ: MSTR) and Strive, Inc. (NASDAQ: ASST), allocated roughly equally between their respective preferred securities, STRC and SATA. Strive, Inc. is an affiliate of Strive Asset Management, the Fund's sub-adviser.

Tuttle Capital and Strive Asset Management call this category Digital Credit, a fast-growing subset of preferred stock issued by Bitcoin treasury companies that sits between traditional fixed income and common equity.

"Bitcoin treasury companies have built an entirely new preferred stock market to fund their strategies, and most investors don't have an easy way to access it," said Matthew Tuttle, Founder and CEO of Tuttle Capital Management. "DCAP is built to go where that income actually sits — the balance sheet, not the coin."

"Digital Credit is a young and developing market, and we've already seen meaningful periods of price dislocation that we believe reflect market inefficiencies," said Alex Xethalis, Head of Distribution at Strive Asset Management. "In normal markets, we expect DCAP to primarily own Digital Credit without leverage. But if substantial price declines create what we believe are attractive entry points, our institutional financing capabilities give DCAP the flexibility to deploy leverage opportunistically and buy into those dislocations. The goal is to generate excess returns over a simple buy-and-hold strategy by systematically taking advantage of those opportunities if they arise."

How It Works

DCAP is an actively managed ETF that invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in preferred securities issued by Bitcoin treasury companies and in derivatives transactions that provide exposure to those securities. The Digital Credit Preferred Securities in which the Fund invests typically have no specified maturity date and limited voting rights, and the Fund generally intends to buy and hold them for long-term income exposure, while also engaging in tactical trades when the Adviser sees an attractive opportunity.

The Fund is classified as non-diversified and will be concentrated, holding 25% or more of its total assets in investments that provide exposure to Bitcoin treasury companies. The Adviser may use leverage tactically through borrowings, reverse repurchase agreements, and total return swaps, and generally expects to increase leveraged exposure following price declines and reduce it as prices recover; the Fund does not seek a daily-reset leveraged result. The Fund also intends to write put options on Digital Credit Preferred Securities, both to generate income and to acquire those securities at prices the Adviser considers attractive. The Fund's total annual operating expenses are 0.95%, net of a contractual fee waiver that caps the management fee at 0.65% through September 30, 2027; before the waiver, total annual operating expenses are 1.05%.

About Tuttle Capital Management

Tuttle Capital Management is an industry leader in offering thematic ETFs that allow investors to capitalize on shifting market dynamics. The firm is known for its active management approach and its ability to construct portfolios around emerging trends, spanning actively managed thematic equity ETFs, the Income Blast series of weekly-distribution ETFs, and rules-based index ETFs developed in collaboration with third-party index providers. The T-Strive Digital Credit Preferred Income ETF joins that lineup as one of the firm's actively managed thematic funds. For more about Tuttle Capital's full suite of funds, visit www.tuttlecap.com.

About Strive Asset Management

Strive Asset Management, LLC ("SAM") serves as sub-adviser to the Fund. Founded in 2022 and based in Dallas, Texas, SAM is a nearly $3B asset management affiliate of Strive, Inc. (NASDAQ: ASST), the issuer of the SATA preferred stock in which the Fund invests. For more information, visit www.digitalcreditetfs.com or www.strivefunds.com.

Important Disclosures

Investors should carefully consider the investment objectives, risks, charges, and expenses of the T-Strive Digital Credit Preferred Income ETF (DCAP) before investing. For a prospectus with this and other information about the Fund, please visit www.digitalcreditetfs.com or call 1-833-930-2229. Please read the prospectus carefully before investing.

An investment in the Fund involves risk, including possible loss of principal. The Fund is newly organized and has no operating history. The Fund is non-diversified and will concentrate its investments - holding 25% or more of its total assets - in preferred securities issued by, and other instruments that provide exposure to, Bitcoin treasury companies, which means its performance may be more volatile than that of a more broadly diversified fund and more susceptible to developments affecting a small number of issuers.

The Fund is subject to Bitcoin Treasury Companies Risk, Bitcoin Risk, Active Management Risk, Concentration Risk, Non-Diversification Risk, Issuer Credit Risk, Preferred Securities Risk, Derivatives Risk, Leveraging Risk, Written Put Options Risk, Conflicts of Interest Risk, Interest Rate Risk, Credit Risk, Call Risk, Income Risk, New Fund Risk, Cyber Security Risk, and the standard ETF Risks, among others.

Active Management Risk. The Fund is actively managed, and its performance reflects investment decisions the Adviser makes for the Fund, including the use of technology, automated processes, algorithms, or other management systems that may not operate as intended or produce the desired result. If the investments selected and the strategies employed by the Fund fail to produce the intended results, the Fund could underperform as compared to other funds with similar investment objectives and/or strategies, or could have negative returns.

Bitcoin Treasury Companies Risk. Bitcoin treasury companies face unique risks as a result of holding Bitcoin in their treasury, including the possibility that a decline in Bitcoin's price could significantly and rapidly reduce the value of their holdings, affect their ability to meet financial obligations, and lead to accounting, regulatory, or reputational challenges. The value of the Fund's investments in instruments that provide exposure to Bitcoin treasury companies — and therefore the value of an investment in the Fund — could decline significantly and without warning.

Bitcoin Risk. While the Fund will not invest directly in Bitcoin, it will be subject to risks associated with Bitcoin by virtue of its investments in preferred securities issued by Bitcoin treasury companies. Bitcoin is subject to extreme price volatility, regulatory uncertainty, and other risks specific to digital assets that are not typically present in other investments.

Concentration Risk. To the extent the Fund has significant exposure in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund were more broadly diversified.

Issuer Credit Risk. At inception, the Fund expects to have significant exposure to Strategy Inc. (NASDAQ: MSTR) and Strive, Inc. (NASDAQ: ASST). The Digital Credit Preferred Securities in which the Fund invests are unsecured obligations of their issuers and are not collateralized by the issuers' Bitcoin holdings. The Fund's ability to receive dividend payments and recover principal depends entirely on the creditworthiness of these companies; if an issuer is unable or unwilling to make timely dividend payments or otherwise honor its obligations, the value of the Fund's investments could decline significantly, and the Fund could lose some or all of its investment in that issuer's securities.

Conflicts of Interest Risk. Strive, Inc., the issuer of SATA, is an affiliate of Strive Asset Management, the Fund's sub-adviser. To the extent the Fund invests in SATA, the Sub-Adviser and Strive may derive a benefit. The Sub-Adviser's role is limited to providing the Adviser with research relating to potential investments, other than SATA, and the Sub-Adviser has no authority to make investment decisions for the Fund.

Preferred Securities Risk. Preferred securities are subject not only to issuer-specific and market risks generally applicable to equity securities, but also risks associated with fixed-income securities, such as interest rate risk, credit risk and call risk.

Leveraging Risk. Borrowings, including reverse repurchase agreements and borrowings under a credit facility, if available, and certain derivatives transactions, including total return swaps, may create investment leverage. If the Fund engages in transactions that have a leveraging effect on the Fund's investment portfolio, the value of the Fund will be potentially more volatile and all other risks will tend to be compounded.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Engaging in derivatives transactions may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.

Written Put Options Risk. Put options are subject to volatile swings in price influenced by changes in the value of the underlying instrument. Although the Fund collects premiums on the put options it writes, the Fund's risk of loss if the value of the underlying security falls below the strike price and the put options are exercised may outweigh the amount the Fund received as a premium on the written put option.

ETF shares may trade at a premium or discount to NAV. There can be no guarantee that an active trading market for Fund shares will develop or be maintained.

Distributor: PINE Distributors LLC

PINE Distributors LLC is not affiliated with Tuttle Capital or Strive Asset Management. TUTTL-5952513-09/26

Media Contact
Matthew Tuttle
Tuttle Capital Management
[email protected]
(347) 852-0548

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