A rules-based exchange-traded fund that invests in the S&P 500 companies led by chief executives born outside the United States.
Before you invest, you may want to review the Fund's full prospectus, which contains more information about the Fund and its risks. The Fund's prospectus and Statement of Additional Information (SAI), both dated November 14, 2024, are incorporated by reference into this summary prospectus.
The New American Leadership ETF (the "Fund" or "BORN") is an exchange-traded fund that seeks to track the investment results of the New American Leadership Index (the "Index"). The Fund invests in the equity securities of U.S. large-cap companies whose current Chief Executive Officer was born outside the United States.
The Fund lists its shares on NYSE Arca under the ticker symbol BORN. Unlike conventional mutual funds, shares of the Fund are not redeemable by the Fund except in large aggregations called "Creation Units."
| Fund at a Glance | |
|---|---|
| Ticker Symbol | BORN |
| CUSIP | 62945D106 |
| Exchange | NYSE Arca |
| Inception Date | November 14, 2024 |
| Net Asset Value | $32.46 (as of Dec 31, 2025) |
| Net Assets | $1.24 billion (as of Dec 31, 2025) |
| Total Expense Ratio (TER) | 0.49% |
| 30-Day SEC Yield | 0.62% |
| Distribution Frequency | Annual |
| Creation Unit Size | 25,000 shares |
| Index Provider | Solactive AG, Frankfurt, Germany |
| Index Bloomberg Ticker | NALI Index |
| Index Inception Date | January 1, 2006 |
The Fund seeks to track the investment results of the New American Leadership Index, which measures the performance of equity securities issued by U.S. large-cap companies whose current Chief Executive Officer was born outside the United States. There is no guarantee the Fund will achieve this investment objective.
The Fund employs a passive investment strategy designed to track the performance of the Index. Under normal circumstances, the Fund will invest at least 80% of its net assets in securities included in the Index. The Fund seeks to replicate the Index through full physical replication, holding each constituent in substantially the same weight as the Index.
The Index draws its universe from the current constituents of the S&P 500 Index, which is maintained by S&P Dow Jones Indices LLC. The S&P 500 represents approximately 500 large-cap U.S. equities and covers approximately 80% of the U.S. equity market by float-adjusted market capitalization.
A constituent of the S&P 500 is eligible for inclusion in the New American Leadership Index if and only if its current Chief Executive Officer (CEO) was born outside the 50 United States and the District of Columbia. For purposes of this screen:
"Chief Executive Officer" means the individual holding the primary executive officer title ("CEO," "President and CEO," or similar) as disclosed in the company's most recent annual proxy statement (Form DEF 14A) filed with the SEC. Interim CEOs are excluded until permanent appointment is confirmed by the company's Board of Directors and publicly announced.
"Born outside the United States" means born in any country, territory, or jurisdiction other than the 50 U.S. states and the District of Columbia. U.S. territories (including Puerto Rico, Guam, and the U.S. Virgin Islands) are treated as outside the United States for this purpose. Citizenship and legal permanent residency status are not determinative — only country of birth applies.
Eligible constituents are initially weighted by float-adjusted market capitalization (FFMC), consistent with the weighting methodology of the S&P 500 Index itself. Float-adjusted market capitalization uses only the shares available for public trading, excluding insider-controlled and restricted shares as defined by S&P Dow Jones Indices' Investable Weight Factor (IWF) methodology.
To maintain the Fund's status as a Regulated Investment Company (RIC) under Internal Revenue Code Section 851, the following concentration caps are applied at each quarterly rebalance:
Single-name cap: No individual constituent may exceed 22.5% of the Index at rebalance.
Aggregate cap: The sum of weights of all constituents individually exceeding 4.5% of the Index may not exceed 45% in aggregate.
Excess weight from capped positions is redistributed pro-rata to non-capped positions. The capping algorithm iterates until both constraints are simultaneously satisfied.
These caps provide a 10% safety buffer below the IRS diversification thresholds (25% single-name; 50% aggregate), designed to absorb ordinary intra-quarter price drift between rebalance dates.
The Index is rebalanced on the third Friday of March, June, September, and December, aligning with the S&P 500's own quarterly rebalance schedule. Rebalancing involves updating constituent weights to reflect current float-adjusted market capitalizations, incorporating any changes to S&P 500 membership, and applying the concentration caps described in Section 3.
CEO eligibility is reviewed monthly by the Index Provider. When a CEO change occurs, the Index Provider assesses the birthplace of the incoming CEO and flags the change for implementation. Changes to the eligible constituent list are implemented at the next scheduled quarterly rebalance, not mid-period, unless the Index Provider determines an extraordinary rebalance is warranted under its published rules.
A company whose CEO transitions from foreign-born to U.S.-born (or vice versa) will be removed from (or added to) the Index at the next quarterly rebalance following confirmation of the CEO change.
When a company is removed from the S&P 500 Index, it is simultaneously removed from the New American Leadership Index effective at the next quarterly rebalance or at the S&P 500 effective change date, whichever is earlier.
CEO birthplace data is sourced from: (1) SEC proxy filings (Form DEF 14A), (2) official company biographies published on company investor relations pages, and (3) verified press materials and biographical sources as maintained by the Index Provider. The Index Provider reviews and updates its CEO database monthly and publishes a full constituent list with certification of CEO birthplace data.
| Index Specification | Detail |
|---|---|
| Index Name | New American Leadership Index |
| Bloomberg Ticker | NALI Index |
| ISIN | US31423X7942 |
| Index Provider | Solactive AG |
| Calculation Agent | Solactive AG |
| Calculation Currency | USD |
| Real-Time Calculation | Every 15 seconds during NYSE trading hours |
| Index Type | Price Return and Total Return versions published |
| Target Constituents | 19–24 (varies with S&P 500 CEO changes) |
| Index Inception Date | January 1, 2006 |
| Live Production Date | November 14, 2024 |
The principal risks of investing in the Fund are described below. As with all investments, there is the risk that you could lose all or part of your investment. The Fund may be affected by the following risks, among others.
Because the Fund was recently launched, performance information is not available for a full calendar year as of the date of this Prospectus. The table below presents the hypothetical index performance of the New American Leadership Index from inception (January 1, 2006) through December 31, 2025.
Important Notice Regarding Backtested Performance. The performance data presented below prior to November 14, 2024 represents hypothetical backtested results that reflect the retroactive application of the Index methodology to historical data. Backtested performance does not represent actual fund or index performance and has inherent limitations. Results may differ materially from actual future performance.
| Period (Annualized) | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|
| New American Leadership Index | +8.83% | +28.92% | +16.98% | +20.45% | +17.20% |
| S&P 500 Index (Total Return) | +12.00% | +21.41% | +13.55% | +13.04% | +10.72% |
| Excess Return | −3.17% | +7.51% | +3.43% | +7.41% | +6.48% |
All performance shown is index-level. Fund returns since inception will differ from index returns due to fund expenses (0.49% annual expense ratio), trading costs, and cash drag. The S&P 500 is an unmanaged index that does not reflect fees, expenses, or transaction costs. It is not possible to invest directly in any index. Past performance is not indicative of future results.
The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund.
| Shareholder Fees | |
|---|---|
| Sales Load (Front-end or Deferred) | None |
| Redemption Fee | None |
| Transaction Fee (on Creation/Redemption) | $400 per transaction |
| Annual Fund Operating Expenses (% of net assets) | |
|---|---|
| Management Fee | 0.45% |
| Distribution (12b-1) Fee | 0.00% |
| Other Expenses | 0.04% |
| Total Annual Fund Operating Expenses | 0.49% |
| Fee Waivers / Expense Reimbursements | 0.00% |
| Total Annual Fund Operating Expenses (Net) | 0.49% |
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes a $10,000 investment, a 5% annual return, and that the Fund's operating expenses remain constant. Your actual costs may be higher or lower.
| 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|
| $50 | $157 | $274 | $616 |
The Fund pays transaction costs when it buys and sells securities. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. Estimated annual portfolio turnover: 8–15%, reflecting quarterly rebalancing and infrequent CEO eligibility changes.
American Leadership Capital (the "Adviser") serves as investment adviser to the Fund pursuant to an advisory agreement with the Trust. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission. The Adviser's principal address is [Address to be determined upon fund launch].
The Index is calculated and maintained by Solactive AG, a German financial data and index provider. Solactive AG is not affiliated with the Fund or the Adviser. The Fund is not sponsored, endorsed, sold, or promoted by Solactive AG, and Solactive AG makes no representations regarding the advisability of investing in the Fund.
The Fund is managed by the Adviser's portfolio management team. As a passive ETF, portfolio management primarily involves trading to maintain alignment with the Index, rebalancing quarterly, and managing cash and corporate actions. The names of the responsible portfolio managers will be disclosed in the Statement of Additional Information.
The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Distributions are generally taxable to shareholders unless they are investing through a tax-advantaged account (such as an IRA or 401(k)).
The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. To qualify, the Fund must, among other requirements, satisfy the diversification requirements of IRC Section 851(b)(3). The concentration capping methodology described in Section 3 (22.5% single-name, 45% aggregate for >4.5% positions) is designed to maintain RIC compliance through ordinary market conditions.
Shares of the Fund are listed on NYSE Arca and may be purchased and sold through a brokerage firm at market prices. Individual investors do not deal directly with the Fund. Ordinary brokerage commissions may apply to purchases and sales.
The Fund issues and redeems shares only in large blocks of shares called "Creation Units" (currently 25,000 shares). Only certain large broker-dealers known as "Authorized Participants" may engage in Creation Unit transactions directly with the Fund. Shares are issued in exchange for a basket of securities approximating the Index composition, plus a cash component.
Individual shares of the Fund are held in book-entry form through DTC (The Depository Trust Company). No physical share certificates are issued.