Actively managed ETF seeks to capture price dislocations through high-conviction investments driven by company-specific catalysts.

Emerald Advisers, in partnership with F/m Investments, today announces the launch of the F/m Emerald Special Situations ETF (SPIT), now trading on Nasdaq under the ticker SPIT. The actively managed ETF is designed to provide investors with differentiated exposure to companies experiencing unique, idiosyncratic catalysts that can lead to significant price dislocations and outsized return potential.

“Emerald has spent over 30 years identifying stock-specific catalysts that drive value creation, and this ETF allows us to deliver that expertise in a concentrated, high-conviction strategy,” said David Volpe, CFA, President and Portfolio Manager at Emerald Advisers. “SPIT is designed for investors seeking differentiated opportunities that go beyond crowded strategies and mega-cap concentration.”

SPIT focuses on companies undergoing transformative events, including but not limited to:

• Executive leadership transitions
• Business model transformations
• Mergers and acquisitions
• Regulatory or legislative shifts
• Technological adoption or disruption
• Market expansions

Unlike traditional ETFs constrained by benchmarks, sector exposures, or momentum-driven strategies, SPIT aims to be benchmark-agnostic and sector-agnostic, providing its managers the flexibility to identify high-conviction opportunities wherever they arise.

“This strategy gives us the flexibility to invest across sectors, geographies, and market caps, focusing entirely on where we believe the market is mispricing opportunities,” added Stephen Amsterdam, Portfolio Manager and Senior Research Analyst at Emerald Advisers. “We’re not constrained by benchmarks or tied to the momentum of mega-cap names. SPIT is built to be a satellite holding, a gas pedal within a portfolio, that gives investors true diversification beyond what they already own.”

The ETF strategy leverages Emerald’s proprietary 10-step research process and its team’s deep fundamental expertise, built on more than three decades of identifying under-researched growth opportunities through approximately 2,000 company meetings each year. The Emerald team consists of 15 investment professionals with over two decades average industry experience and 20 years average tenure at Emerald.

“We’re proud to again partner with Emerald for this ETF launch,” shared Alex Morris, CEO of F/m Investments. “SPIT reflects our mission to deliver innovative, research-driven ETF solutions that empower investors to diversify beyond traditional benchmarks. This product is designed to help advisors and investors access strategies that can meaningfully complement existing portfolios.”

SPIT is the second ETF launched in partnership by Emerald Advisers, a top active equity manager with more than 30 years of research-driven investing experience, and F/m Investments, an $18 billion investment firm and an innovative provider of ETFs. The firms introduced their first joint product, the F/m Emerald Life Sciences Innovation ETF (LFSC), in October 2024.

The launch of SPIT comes at a pivotal time for investors seeking alternatives to benchmark-heavy approaches. Market concentration risk continues to grow as passive strategies dominate inflows, leaving many sectors, market caps, and opportunities under-researched.

About Emerald Advisers

Emerald Advisers, LLC is an asset management firm providing research-based portfolio management. Emerald and its subsidiaries provide growth-oriented portfolios for institutions and individuals. Founded in 1991, Emerald provides active U.S. domestic equity portfolio management services to institutional investors and to individual investors via separate account management, a collective investment trust, ETFs and the Emerald Mutual Funds. Managing client funds since 1992, assets managed by these companies totaled approximately $5.1 billion as of September 30, 2025.

About F/m Investments

F/m Investments is a $18 billion investment firm providing diversified investment strategies to advisors and institutional investors across asset classes, markets, and styles. For more information, please visit www.fminvest.com.

Disclosures

Investing involves risk. Principal loss is possible. An investor should consider the objectives, risks and charges and expenses of the fund carefully before investing. A prospectus, which contains this and other information about the fund, may be obtained by calling 1-800-617-0004/visiting www.EmeraldETFs.com. The prospectus should be read carefully before investing.

The fund may invest in companies listed on U.S. and Canadian exchanges that are engaged in the use of, or have exposure to, DLT and blockchain. The mechanics of using DLT, including blockchain, to transact in assets, including securities, is relatively new and untested and there is no assurance that widespread adoption will occur. Cyber security risk is the risk of an unauthorized breach and access to Acquiring Fund assets, Acquiring Fund or customer data (including private shareholder information), or proprietary information. The Acquiring Fund may invest in companies engaged in financial technology-related activities. Companies that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms.

The Acquiring Fund may have exposure to securities in emerging markets. Emerging Markets are defined by the Adviser as countries that are generally considered by major international financial institutions, such as the World Bank, to be less economically mature than developed nations. Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential.

Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Investments in securities of micro and small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. Investments in private placements could decrease the Acquiring Fund's liquidity profile or prevent the Acquiring Fund from disposing of such securities promptly at advantageous prices. Real estate investment trusts ("REITs") may be affected by economic forces and other factors related to the real estate industry. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. The Acquiring Fund may invest in stock, rights, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, "SPACs'). SPACs are often subject to extreme price volatility and speculative trading. The Acquiring Fund will seek to benefit from Special Situations, such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. The Acquiring Fund will seek to benefit from Special Situations, such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the Special Situation might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Acquiring Fund.

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.

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