• HBMX has added exposure to ChangXin Memory Technologies (CXMT) (Shanghai: 688825), one of the fastest-growing producers in the memory-semiconductor complex at the center of the AI buildout.

• CXMT lists only in Shanghai and has no U.S.-listed ADR. As a China A-share, it is effectively out of reach for most U.S. investors - and many U.S. funds. HBMX obtains its economic exposure to the company through a total return swap.

• CXMT's July 2026 market debut valued the company at roughly $488 billion after a 466% first-day gain, and its $8.6 billion raise was the largest mainland-China semiconductor deal on record.

• HBMX is an actively managed, high-conviction portfolio of roughly 20 to 35 memory-ecosystem companies, carries a 0.95% management fee, and lists on Cboe.

Greenwich, Connecticut--(Newsfile Corp. - August 7, 2026) - Tuttle Capital Management ("TCM") today announced that the Tuttle Capital Concentrated Memory Stack ETF (CBOE: HBMX) has added exposure to ChangXin Memory Technologies ("CXMT") (Shanghai: 688825), a fast-growing Chinese producer of memory chips at the center of the AI memory bottleneck. Because CXMT trades only on the Shanghai exchange and has no U.S.-listed ADR, it is effectively inaccessible to many U.S. investors. HBMX obtains its economic exposure to the company through a total return swap.

In late July 2026, CXMT became the most valuable company listed on mainland China. Its shares priced at 8.66 yuan and closed their first day of trading near 49 yuan - a 466% gain that valued the decade-old company at approximately $488 billion. The $8.6 billion it raised was the largest mainland-China semiconductor offering on record. With only about 6.73% of its shares available to trade, a small float amplified the move.

Memory has become one of the the principal constraint on AI infrastructure. Each new generation of AI accelerators demands more memory capacity and far more bandwidth than the last, and the market is increasingly repricing memory from a commodity component into strategic infrastructure. CXMT's debut showed how much that shift is now worth, with investors valuing a single memory company at roughly half a trillion dollars.

CXMT is now the world's fourth-largest producer of DRAM - the working-memory chips inside phones, computers, and AI servers - with roughly 7.67% of the global market. It still trails the established leaders, Samsung, SK Hynix, and Micron, particularly in high-bandwidth memory (HBM), the premium stacked memory that feeds AI accelerators, and its current investment is weighted toward conventional DRAM capacity rather than HBM. But with state backing, a large domestic market, and $8.6 billion of fresh capital to close the gap, CXMT is a potential long-term disruptor of an industry long dominated by a handful of players.

For U.S. investors, the opportunity has been largely theoretical. CXMT is a China A-share with no ADR, a class of securities most U.S. investors - and many U.S. funds - cannot readily buy. HBMX is designed to reach exactly these corners of the memory supply chain. The Fund obtains its CXMT exposure through a total return swap, consistent with its strategy of gaining economic exposure to memory-stack companies through derivatives rather than by purchasing China A-shares directly.

HBMX launched in June 2026 as an actively managed, concentrated ETF built around the memory-semiconductor ecosystem - DRAM, NAND, and HBM producers, along with the advanced packaging, substrates, testing, and equipment companies that enable them. Under normal market conditions, the Fund invests at least 80% of its net assets in memory-stack companies and in instruments providing economic exposure to them, holding a high-conviction portfolio of roughly 20 to 35 names with no pre-revenue or development-stage holdings. It carries a 0.95% management fee and lists on Cboe.

"The market just put a $488 billion price tag on the exact thing HBMX is built to seek exposure to," said Matthew Tuttle, Chief Executive Officer of Tuttle Capital Management. "CXMT is one of the fastest-growing names in memory, and almost no U.S. investor can touch it. It trades in Shanghai, there's no ADR, and most funds do not invest directly in China A-share. We built HBMX to own the whole memory bottleneck, and that includes the places other people can't reach. CXMT is speculative and it's early. That's exactly why you want it inside a diversified memory portfolio instead of chasing it on your own."

About Tuttle Capital Management

Tuttle Capital Management is an industry leader in thematic ETFs that allow investors to capitalize on shifting market dynamics, known for its active management approach and its ability to construct portfolios around emerging trends.

Important Disclosures
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Tuttle Capital Concentrated Memory Stack ETF (HBMX) before investing. For a prospectus with this and other information about the Fund, please visit hbmxetf.com or call (833) 759-6110. Please read the prospectus carefully before investing. An investment in the Fund involves risk, including possible loss of principal.

Fund holdings and exposures are subject to change at any time and should not be considered a recommendation to buy, sell, or hold any security. References to CXMT describe a single position within the Fund, are current only as of the date of this release, and are not indicative of the Fund's overall portfolio or future holdings.

The Fund is non-diversified, which means it may invest a relatively high percentage of its assets in a smaller number of issuers than a diversified fund, and its performance may be more volatile as a result. The Fund is subject to

Semiconductor and Technology Industry Risk, Memory Semiconductor Risk (DRAM/NAND/HBM), Advanced

Packaging and OSAT Risk, Concentration Risk, Active Management Risk, Equity Securities Risk, Foreign Securities Risk, Emerging Markets Risk, Derivatives Risk, Swap Agreements Risk, Cash Transaction Risk, ETF Trading Risk, New Fund Risk, and Non-Diversification Risk, among others described in the prospectus.

Exposure to a single foreign company such as CXMT - particularly a recently listed company with a limited public float and a short trading history - may be highly volatile and speculative, and recently listed shares can experience dramatic price swings unrelated to underlying fundamentals. The Fund does not invest directly in China A-shares; to the extent it obtains exposure to such securities, it does so synthetically through derivatives, which subjects the Fund to counterparty risk and to the risk that the derivative does not perfectly track the referenced security.

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: Foreside Fund Services, LLC.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308651

Source: Tuttle Capital Management