Tremblant Global ETF

Tremblant Global ETF (TOGA) is an actively managed stock fund from Tremblant Advisors LP. It holds a concentrated portfolio of about 30 companies, many of them consumer and internet businesses such as Reddit, Grab, Affirm and Spotify. Two things set it apart: its concentration, with the top 10 holdings at 45.57% of assets as of June 30, 2026, and its 0.69% expense ratio, above the 0.56% average of similar funds.

• Over the year to Oct 27, 2026, TOGA returned -16.2%, 4th of 7 among similar funds.
• Its worst full calendar year was 2025 (+14.1%); its best was 2025 (+14.1%).
• The deepest fall in its price history was 28.5% (Sep 18, 2025 to Mar 27, 2026), not yet recovered.

As of Jun 30, 2026, the fund held 29 securities; the ten largest made up 45.57% of assets.

• Over the three months to Jun 30, 2026, investors added a net $3.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.44%, +4.34%, +2.32%.

Tremblant Global ETF does not track an index; Tremblant Advisors LP actively picks every holding. It may hold common stocks, American Depositary Receipts (U.S.-traded shares of foreign companies) and real estate investment trusts, mostly of large and mid-sized companies.

Stock picking is bottom-up, company by company: the adviser weighs competition, management, growth prospects and pricing power, then cash flows, return on capital, balance sheet and valuation. It sells when a stock fails those tests or a better idea appears. The prospectus sets out no weighting formula or rebalancing schedule. The adviser aims to hold for years; turnover, the share of the portfolio replaced annually, was 26%, according to the prospectus filed April 30, 2026. The process tends to favor consumer discretionary and communication services stocks.

Normally, at least 40% of assets must be tied to non-U.S. countries (30% in unfavorable markets). A company counts as non-U.S. if at least half its revenue, profits or assets are outside the U.S. If non-U.S. stocks fall below 45% of its benchmark, the MSCI World Index, that floor can drop, staying within 5 percentage points of the index's non-U.S. weight. As of June 30, 2026, it had 29 holdings and no derivatives; the top ten made up 46% of assets, and companies classed as U.S. made up 77%.

• TOGA charges 0.69% a year, versus an average of 0.56% for the similar funds below (6th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).

It is a concentrated, actively picked portfolio of about 30 growth-oriented consumer and internet stocks, with no income and a short, volatile record.

TOGA could serve as a small growth-focused piece alongside broader core funds. Its record is short. It launched on May 3, 2024, so it went through none of the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 14.29%, according to the prospectus. Its deepest drop was 28.5%, from September 18, 2025, to March 27, 2026. It had not regained that peak as of October 27, 2026, and was down 13.04% for 2026 through that date. Someone who has to sell during a slump like this one locks in the loss. The fund recorded no distributions, so any cash taken from it has to come from selling shares. In the SEC's standard example, costs on $10,000 come to $70 in the first year and $859 over 10 years. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).