• Tuttle Capital Management (TCM) today announced the launch of the Tuttle Capital AI Bottleneck ETF (CBOE: DLAY), an actively managed ETF with rules-based portfolio weightings that invests across nine sleeves of AI Bottleneck Companies — what the Adviser believes are the industrial chokepoints behind the AI buildout, including advanced chip packaging, memory, power and grid equipment, and nuclear fuel.

• DLAY excludes issuers whose principal business is designing or fabricating GPUs or AI accelerator chips for sale to third parties, operating large-scale cloud infrastructure, or developing large language models or generative AI applications. It also excludes issuers subject to U.S. Office of Foreign Assets Control (OFAC) sanctions or included on the U.S. Department of Commerce Entity List.

• Holdings are weighted using a proprietary AI Bottleneck Score based on supply concentration, order backlogs, and demand inelasticity, with the Fund rebalanced quarterly.

• The Fund's total annual operating expense ratio is 0.75% and lists on Cboe BZX under the ticker DLAY.

Riverside, Connecticut--(Newsfile Corp. - November 5, 2026) - Tuttle Capital Management, LLC, a leading issuer of thematic and rules-based ETFs, today announced the launch of the Tuttle Capital AI Bottleneck ETF (CBOE: DLAY). DLAY is an actively managed ETF that invests in companies the Adviser believes supply potential physical chokepoints of the AI buildout — the packaging capacity, memory, power equipment, nuclear fuel, industrial materials, and data center infrastructure that, in our view, the industry relies on to scale. The Fund excludes issuers whose principal business is AI chip design, cloud infrastructure, or AI model development — areas that are a focus of many AI-themed funds.

A Different Angle on AI

Some AI-themed ETFs today are built around the first-order AI trade — the chipmakers, cloud platforms, and software companies tied directly to the boom. DLAY seeks to focus on the second- and third-order effects: what those companies need in order to keep scaling, and what has to get mined, built, or generated to supply that need.

Tuttle Capital Management defines a bottleneck by a three-part test: is supply concentrated among a limited number of producers, are lead times or order backlogs extended, and is demand for the product structurally inelastic — meaning a downstream AI project may be delayed, but the input cannot readily be substituted. A company must meet at least two of those three conditions to be eligible for the Fund.

"Many investors are focused on the same handful of AI stocks," said Matthew Tuttle, Founder and CEO of Tuttle Capital Management. "We built DLAY to go after the parts of the AI buildout we believe are getting less attention — the packaging capacity, the transformers, the cooling systems, the fuel. We believe the industry needs those inputs regardless of which chatbot or which chip wins."

Nine Places We Believe the AI Buildout Could Get Stuck

Every DLAY holding falls into one of the nine sleeves below. The Adviser believes these areas may represent constraints on AI-related infrastructure expansion. Such constraints can change as capacity is added, technologies evolve, demand shifts, or market and policy conditions change.

• Advanced Packaging, Foundry & Substrates: The manufacturing steps that stack and connect AI chips together — capacity is concentrated among a small number of producers, mostly in Taiwan, and demand has outpaced supply.

• Memory: High-bandwidth memory and dynamic random-access memory (DRAM) that feed data to AI chips; a historically cyclical, supply-constrained market.

• Photonics & Optical/Electrical Interconnect: The optical transceivers and interconnects that move data between AI chips and servers at the speeds AI workloads require.

• Power Generation & Grid Equipment: The turbines, transformers, and switchgear utilities need to power AI data centers — equipment that can face long lead times and order backlogs.

• Nuclear Fuel Cycle: Uranium mining, conversion, and enrichment, increasingly tied to the next generation of reactors proposed to power AI infrastructure.

• Semiconductor Capital Equipment & Lithography: The machines that make the chips themselves; a limited number of suppliers serve the leading edge.

• Industrial Materials: Copper, rare earth elements, and other inputs that chipmaking and data center buildout rely on.

• Cooling & Facility Infrastructure: The liquid cooling and thermal management systems that AI-density data centers require.

• Data Center Siting & Interconnection: The land, power access, and grid interconnection queues standing between a data center on paper and one that's actually running.

How It Works

DLAY is an actively managed ETF that invests at least 80% of its net assets in companies scored on the Adviser's proprietary AI Bottleneck Score, a measure of supply concentration, backlog or lead time, and demand inelasticity. The Adviser reviews the nine sleeves on an ongoing basis and may add or remove sleeves at its discretion, consistent with the Fund's investment objective and 80% policy.

The Fund allocates through a tiered purity framework: roughly 60% of assets go to companies where bottleneck activity accounts for 60% or more of revenue, about 30% to companies where it is a smaller but primary growth driver, and the remainder to companies with an otherwise irreplaceable position in a bottleneck category. Holdings are weighted by modified free-float market capitalization, tilted by AI Bottleneck Score and purity tier, and are subject to a 4% single-name cap and an 18% sleeve cap.

The Fund rebalances quarterly. DLAY may invest in non-U.S. and emerging-market companies — including issuers in Taiwan, Korea, Japan, and China — subject to a 35% non-U.S. cap and a 25% combined emerging-markets cap.

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 Tuttle Capital AI Bottleneck 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.

Important Disclosures

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Tuttle Capital AI Bottleneck ETF (DLAY) before investing. For a prospectus with this and other information about the Fund, please visit www.tuttlecap.com or call 1-800-773-3863. Please read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal. The Fund's strategy reflects the Adviser's investment judgment regarding potential constraints in the AI supply chain; those constraints may resolve or change, and the Fund may underperform broader markets or other AI-related investments. The Fund is newly organized and has no operating history. The Fund is non-diversified and will concentrate its investments in industries and groups of industries related to AI Bottleneck Companies, which means its performance may be more volatile than that of a more broadly diversified fund and more susceptible to developments affecting a single industry or a small number of issuers.

The Fund is subject to AI Bottleneck Companies Risk, Artificial Intelligence Risk, Foreign Securities Risk, Emerging Markets Risk, Geopolitical Risk (including heightened exposure to Taiwan and China), Non-Diversification Risk, Concentration Risk, Currency Risk, New Fund Risk, Management Risk, and the standard ETF Risks, among others.

AI Bottleneck Companies Risk. The Fund's investment thesis depends on the identification and persistence of industrial bottlenecks in the AI value chain. If those bottlenecks are resolved through capacity expansion, technological substitution, demand decline, or changes in industrial policy, the companies held by the Fund may underperform broader equity markets. The Adviser's identification of a particular activity as a bottleneck is a matter of investment judgment and may prove incorrect.

Geopolitical Risk — Taiwan and China. A meaningful portion of the Fund's portfolio may consist of issuers located in or with significant operations in Taiwan and China, particularly in advanced semiconductor packaging and capital equipment. Heightened tensions between Taiwan, China, and the United States — including military escalation, trade restrictions, export controls, or sanctions — could materially impair the value of the Fund's investments.

Foreign Securities and Emerging Markets Risk. The Fund may invest a material portion of its assets in non-U.S. and emerging-market companies, which involves risks not typically associated with U.S. investments, including currency fluctuation, less stringent regulatory and accounting standards, political and economic instability, and limited liquidity.

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: Paralel Distributors LLC. Paralel Distributors LLC is not affiliated with Tuttle Capital Management.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322691

Source: Tuttle Capital Management