0001771146 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:C000260546Member 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member oef:RiskLoseMoneyMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:MarketRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:InabilityOfIheFundToAchieveNoBleedRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:HighlyVolatileMarketsMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:DerivativesRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:DerivativesRiskOptionsContractsMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:DerivativesRiskVIXOptionsAndFuturesRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:PassiveStrategyIndexRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:IndexTrackingRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:LiquidityRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:LeverageRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:OtherInvestmentCompaniesRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:ShortTermTreasuryAndCashHoldingsRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:InterestRateRisk1Member 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:SubsidiaryInvestmentRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:CashRedemptionRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:TaxRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member oef:RiskNondiversifiedStatusMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:ETFStructureRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:ETFStructureRiskTradingIssuesRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:ETFStructureRiskMarketPriceVarianceRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:ETFStructureRiskAuthorizedParticipantsAPsMarketMakersAndLiquidityProvidersRiskMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:ETFStructureRiskCostsOfBuyingOrSellingSharesOfAnETFMember 2026-06-05 2026-06-05 0001771146 ck0001771146:S000092515Member ck0001771146:NewFundRiskMember 2026-06-05 2026-06-05 pure iso4217:USD 485BPOS ETF Opportunities Trust 0001771146 false N-1A 2026-06-08 2026-06-08 Tuttle Capital No Bleed Tail Risk ETF Investment Objective Tuttle Capital No Bleed Tail Risk ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Tuttle Capital No Bleed Tail Risk Index. Fees and Expenses of the Fund <span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0000 0.0000 0.0075 Other Expenses are estimated for the Fund’s initial fiscal year. Example 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 that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 Portfolio Turnover <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available.</span></div> Principal Investment Strategies <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Overview</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to achieve its objective by investing all, or substantially all, of its assets in investments (primarily swaps and derivatives) that track the performance of the Tuttle Capital No Bleed Tail Risk Index (the “Underlying Index”). The Underlying Index is comprised of: (1) at-the-money options on the S&amp;P 500 Index (“SPX”) to implement a</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">strangle strategy for shallow hedges; (2) SPX put options to implement a put ratio strategy for deep equity market drawdowns; </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">and (3) futures on the CBOE Volatility Index (“VIX”) to implement a VIX call relative value strategy through delta replication using futures. Under this approach, the Fund generally will not hold the components of the Underlying Index; rather, it will seek to track the performance through derivative instruments that track the performance of the Underlying Index.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Implementation of the Fund’s Investment Strategy</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in financial instruments that track the performance of the Underlying Index. The Underlying Index’s “No Bleed Tail Risk” strategy is designed to seek to provide positive returns during periods of significant market disruptions, while generating income to seek to minimize the expenses of its portfolio positions during normal market conditions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">“Tail Risk” generally refers to market events that occur rarely but may result in severe negative market performance when they do occur. Although market participants can utilize tools to hedge against Tail Risk events, such tools are often expensive and are rarely held for the long-term. Because such Tail Risk events cannot be predicted or timed, the usefulness of tools to hedge against Tail Risk events is limited as the expenses of such tools over the long term often lead to unsustainable losses before the occurrence of a Tail Risk event needed to produce returns that would offset such expenses and make the position profitable. These expenses are referred to as “bleed”. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Information About the Tuttle Capital No Bleed Tail Risk Index</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Underlying Index does not function in the same manner in which a traditional passively managed index functions as it is reconstituted daily. The Underlying Index uses a systematic, rules-based methodology designed to provide equity market hedging through the use of exchange-traded options and futures. The Underlying Index seeks to mitigate downside risk while maintaining a consistent exposure profile by combining short-dated S&amp;P 500 Index (“SPX”) option structures, longer-dated SPX tail-risk positions, and relative-value volatility exposure (</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, risk position that seeks to profit from differences in the pricing, implied volatility, realized volatility, correlation, skew, or term structure between related instruments, rather than from outright market direction). Across all components, the Underlying Index employs daily, fractional option initiation (</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, establishing an options exposure gradually or in fractions rather than all at once) and disciplined delta management to reduce path dependency and smooth the evolution of risk over time. The Underlying Index is designed to be approximately flat-to-positive in moderate market declines, with the three legs of the Underlying Index netting out. The Underlying Index is created by Cboe Global Indices, who also serves as the calculation agent.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Path dependency </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">refers to the end result of a sequence of steps being less dependent on the order, timing, and magnitude of intermediate steps. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Delta management</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> means actively controlling how sensitive a strategy is to market moves by regularly adjusting positions to keep directional risk where the manager wants it.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">SPX ATM Strangle Strategy for Shallow Hedges</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">For shallow hedging purposes (</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, a hedge that only partially offsets risk exposure), the Underlying Index employs a systematic (rules-based) SPX at-the-money (“ATM”) strangle program. A strangle program generally means the purchase of a put option with a strike price below the current market price of the reference asset and a call option with a strike price above the current market price of the reference asset. The Underlying Index employs a systematic options-based methodology that uses SPX options and simultaneously sells or buys a call option and a put option with strike prices near the current index level (i.e., at-the-money) at the same expiration date. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Exposure is allocated across the two nearest Friday expirations, with the allocation shifting progressively from the nearer expiration to the subsequent expiration as the week advances. This daily, fractional option initiation is intended to reduce path dependency and promote a smoother risk profile over time. All options are held to expiration, and the aggregate option exposure is delta hedged (i.e., gains and losses from changes in the price of the SPX are offset by opposing positions) daily at market close. The methodology exclusively utilizes Friday expirations. At the end of each week, exposure is fully transitioned to the next Friday expiration and the cycle repeats. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">SPX Put Ratio Strategy for Deep Drawdowns</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">To help protect against deep equity market drawdowns (i.e., large stock-market drops), the Underlying Index uses SPX options that are designed to pay off mainly in severe downturns. It does this by implementing a put ratio strategy (i.e., buying fewer options than selling) through selling options that only provide protection in moderate declines and using that income to buy much cheaper options that pay off only in extreme market crashes. The Fund considers a severe market downturn to be a decline in the S&amp;P 500 Index of approximately 15% or more from a recent peak. The goal is to structure these trades so that little or no upfront cost is required.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Because the crash-protection options are much cheaper, the methodology can buy many more of them than the options it sells. As a result, the amount of crash protection is much larger—historically about six times larger—than the amount of risk taken on from the sold options. Any extra exposure created by this imbalance is adjusted each day so that normal market moves do not materially affect the Underlying Index. The options positions are added gradually each day across short-, medium-, and longer-dated options by using put ratio structures across differing time periods. This staged approach is intended to reduce the impact of market timing and make the strategy’s performance more stable over time.</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">VIX Call Relative Value Strategy</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This component of the Underlying Index uses a volatility-focused approach based on the VIX, which is a measure of expected stock market volatility, implemented through using VIX call options. This component seeks to benefit from changes in market volatility while keeping costs and risks controlled.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Underlying Index does this by selling a short-term VIX option that pays off if volatility rises moderately and using part of that income to buy protection that pays off only if volatility rises much more sharply. At the same time, it adds extra exposure to large volatility spikes by effectively buying additional VIX call exposure. The sizes of these positions are set so that the strategy is taking more upside exposure to big volatility increases than downside risk from the options it sells. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Rather than holding VIX call options directly, the methodology recreates their price sensitivity through delta replication (i.e., copying how an option reacts to price changes without holding the option itself) using VIX futures and adjusts those futures positions throughout the day so that the exposure stays aligned. Because the replication relies on VIX futures, there is potential gap risk if volatility increases more quickly than the Underlying Index can rebalance. “Gap risk” refers to the risk that volatility moves suddenly and discontinuously — faster than the methodology can rebalance its VIX futures positions — causing the replicated exposure to materially diverge from the exposure of actual VIX call options. If this occurs, the Underlying Index (and thus the Fund) could lose value. Delta replication is rebalanced at multiple predefined intervals during the trading day, including the market open, midday, and market close. This method is designed to benefit more from actual increases in market volatility rather than changes in option pricing, but it may react more slowly if volatility spikes very quickly.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Portfolio Composition</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Tuttle Capital No Bleed Tail Risk Subsidiary is wholly-owned and controlled by the Fund. The Fund’s investment in the Tuttle Capital No Bleed Tail Risk Subsidiary may not exceed 25% of the Fund’s total assets (the “Subsidiary Limit”). The Fund’s investment in the Tuttle Capital No Bleed Tail Risk Subsidiary is intended to provide the Fund with exposure to VIX returns while enabling the Fund to satisfy source-of-income requirements that apply to regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”). Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the Tuttle Capital No Bleed Tail Risk Subsidiary. The Tuttle Capital No Bleed Tail Risk Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions, except that unlike the Fund, it may invest without limit in investments that provide exposure to the VIX. The Fund will aggregate its investments with the Tuttle Capital No Bleed Tail Risk Subsidiary for purposes of determining compliance with (i) Section 8 of the Investment Company Act of 1940 (the “1940 Act”), which governs fundamental investment limitations (which are described more specifically in the Fund’s </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">statement of additional information); and (ii) Section 18 of the 1940 Act, which governs capital structure and includes limitations associated with the Fund’s ability to leverage its investments. Additionally, the Tuttle Capital No Bleed Tail Risk Subsidiary’s investment advisory contracts will be governed in accordance with Section 15 of the 1940 Act, and the Tuttle Capital No Bleed Tail Risk Subsidiary will adhere to applicable provisions of Section 17 of the 1940 Act governing affiliate transactions. The principal investment strategies and principal risks of the Tuttle Capital No Bleed Tail Risk Subsidiary constitute principal investment strategies and principal risks of the Fund, and the disclosures of those strategies and risks in this prospectus are designed to reflect the aggregate operations of the Fund and the Tuttle Capital No Bleed Tail Risk Subsidiary. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund (and the Tuttle Capital No Bleed Tail Risk Subsidiary, as applicable) expects to invest its remaining assets in any one or more of the following cash investments: U.S. Treasuries, other U.S. government obligations, money market funds, cash and cash-like equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Adviser determines), and treasury inflation-protected securities that provide liquidity, serve as margin or collateralize the Fund’s and/or the Tuttle Capital No Bleed Tail Risk Subsidiary’s investments. The Fund may also invest in other exchange-traded funds for cash management purposes. Such exchange-traded funds may include The Laddered T-Bill ETF, which the Board of Trustees of the Fund has determined to be within the same group of investment companies as the Fund.</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” for purposes of the 1940 Act, which means it generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. The Fund will be concentrated (i.e., hold 25% or more of its assets in the same industry or group of industries) to the same extent the Underlying Index is concentrated. As of the date of this prospectus, the Underlying Index is not concentrated in any industry.</span></div> Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in financial instruments that track the performance of the Underlying Index. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%">Market Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The market price of instruments owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities and other financial instruments may decline in value due to factors affecting markets generally or particular industries represented in the markets. The value of a financial instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%">Inability of the Fund to Achieve No Bleed Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:115%">The Fund is not intended to be profitable during normal market conditions and there is no assurance that a Tail Risk event will occur, or if one does occur, that the Fund will achieve returns during the Tail Risk event that are sufficient to overcome losses incurred during market conditions.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%"> </span>The ability for the Underlying Index to generate enough income during stable market conditions and to generate a large enough profit from a Tail Risk event to negate or minimize the “bleed” depends on a variety of factors. These factors include, but are not limited to, the ability of the Underlying Index to generate sufficient income to offset Tail Risk position expenses during stable market conditions through its various options strategies, the ability of the Underlying Index to position its long volatility and downside exposure properly such that it capitalizes off Tail Risk events in a sufficient manner to offset expenses incurred during stable market conditions, and the actual occurrence of a Tail Risk event. Any of these factors or other factors outside the control of the Fund and Adviser may cause the Fund to lose value. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%">Highly Volatile Markets</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">. The prices of financial instruments in which the Fund may invest can be highly volatile. Specifically, investments linked to equity market volatility, including swaps on the Underlying Index, VIX options and futures contracts, can be highly volatile and may experience sudden, large and unexpected losses. Price movements of the financial instruments in which the Fund is invested are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">and national and international political and economic events and policies. The Fund is subject to the risk of failure of any of the exchanges on which its positions trade or of their clearinghouses.</span></div> <div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%">Derivatives Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in the securities or other ordinary investments that comprise the Underlying Index, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation, and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the underlying instrument and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div style="margin-bottom:8pt;padding-left:35.25pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%;text-decoration:underline">Options Contracts.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts, particularly FLEX Options. The value of the options written and purchased by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund will enter into new options contracts, a practice referred to as rolling.</span></div><div style="padding-left:35.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">When the Fund sells (writes) call options, in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the share price of the underlying security above the exercise prices of such options, but will continue to bear the risk of declines in the value of the underlying asset. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">When the Fund sells a put it collects premiums from the purchaser but the Fund risks loss if the value of the reference asset falls below the strike price and the put is exercised by the purchaser. IN this instance, the Fund’s losses will be equal to the strike price minus any premiums received from the purchaser. The potential return to the Fund is limited to the amount of option premiums it receives; however, the Fund can potentially lose up to the entire strike price of each option it sells.</span></div><div style="padding-left:35.25pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:8pt;padding-left:35.25pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%;text-decoration:underline">VIX Options and Futures Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%"> The Underlying Index’s VIX options and futures contracts components can be highly volatile and the Fund may experience sudden and large losses as a result of its exposure to the Underlying Index, or when using VIX options and futures directly (if at all). Investments linked to equity market volatility, including VIX options and futures contracts, can be highly volatile and may experience sudden, large and unexpected losses. VIX options and futures contracts are unlike traditional options and futures contracts and are not based on a tradable reference asset. An index is not directly investable, and the settlement price of a VIX options or futures contract is based on the calculation that determines the level of the VIX. As a result, the behavior of a VIX options and futures contract may be different from traditional options and futures contract whose settlement price is based on a specific tradable asset and may differ from an investor’s expectations. The market for and price of VIX options and futures contracts may fluctuate widely based on a variety of factors including changes in overall market movements, prevailing market prices and forward volatility levels of the U.S. equity markets, the S&amp;P 500 Index and securities included therein, supply and demand and hedging activities in the listed and over-the-counter derivatives markets, disruption in trading of equities and derivatives, market and exchange closures, political and economic events and policies, wars, acts of terrorism, natural disasters (including disease, epidemics and pandemics), changes in interest rates or inflation rates, and the level of </span></div>contango or backwardation in the VIX futures markets. Low or no volatility may have an adverse impact on the performance of the Fund. <div style="margin-bottom:8pt;padding-left:35.25pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%;text-decoration:underline">Options Contracts.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts, particularly FLEX Options. The value of the options written and purchased by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund will enter into new options contracts, a practice referred to as rolling.</span></div><div style="padding-left:35.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">When the Fund sells (writes) call options, in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the share price of the underlying security above the exercise prices of such options, but will continue to bear the risk of declines in the value of the underlying asset. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">When the Fund sells a put it collects premiums from the purchaser but the Fund risks loss if the value of the reference asset falls below the strike price and the put is exercised by the purchaser. IN this instance, the Fund’s losses will be equal to the strike price minus any premiums received from the purchaser. The potential return to the Fund is limited to the amount of option premiums it receives; however, the Fund can potentially lose up to the entire strike price of each option it sells.</span></div> <div style="margin-bottom:8pt;padding-left:35.25pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%;text-decoration:underline">VIX Options and Futures Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%"> The Underlying Index’s VIX options and futures contracts components can be highly volatile and the Fund may experience sudden and large losses as a result of its exposure to the Underlying Index, or when using VIX options and futures directly (if at all). Investments linked to equity market volatility, including VIX options and futures contracts, can be highly volatile and may experience sudden, large and unexpected losses. VIX options and futures contracts are unlike traditional options and futures contracts and are not based on a tradable reference asset. An index is not directly investable, and the settlement price of a VIX options or futures contract is based on the calculation that determines the level of the VIX. As a result, the behavior of a VIX options and futures contract may be different from traditional options and futures contract whose settlement price is based on a specific tradable asset and may differ from an investor’s expectations. The market for and price of VIX options and futures contracts may fluctuate widely based on a variety of factors including changes in overall market movements, prevailing market prices and forward volatility levels of the U.S. equity markets, the S&amp;P 500 Index and securities included therein, supply and demand and hedging activities in the listed and over-the-counter derivatives markets, disruption in trading of equities and derivatives, market and exchange closures, political and economic events and policies, wars, acts of terrorism, natural disasters (including disease, epidemics and pandemics), changes in interest rates or inflation rates, and the level of </span></div>contango or backwardation in the VIX futures markets. Low or no volatility may have an adverse impact on the performance of the Fund. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Passive Strategy/Index Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed. Rather, the Fund attempts to track the performance of an unmanaged index of securities and derivatives positions. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund will hold financial instruments (primarily swaps) that track the performance of the Underlying Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in financial instruments, securities and derivatives regardless of market conditions or the performance of individual financial instruments, securities, derivatives, or underlying reference assets could cause the Fund's return to be lower than if the Fund employed an active strategy.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Index Tracking Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">While the Fund is intended to track the performance of the Underlying Index as closely as possible (i.e., to achieve a high degree of correlation with the Underlying Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Underlying Index due to expenses and transaction costs incurred in adjusting the Portfolio and obtaining its exposure to the Underlying Index. In addition, it is possible that the Fund may not always fully replicate the performance of the Underlying Index due to the unavailability of certain financial instruments, counterparties to engage in swaps on the Underlying Index, and other expenses, or due to other extraordinary circumstances (e.g., if trading in a financial instrument has been halted)</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in illiquid assets involve the risk that the Fund may be unable to sell such assets or sell them at a reasonable price. Derivatives, especially when traded in large amounts, may not always be liquid. In such cases, in volatile markets the Fund may not be able to close out a position without incurring a loss. Daily limits on price fluctuations and speculative position limits on exchanges on which the Fund may conduct its transactions in derivatives may prevent profitable liquidation of positions, subjecting the Fund to potentially greater losses.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leverage Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund does not seek leveraged returns but as a result of the Fund’s use of certain derivatives it may create investment leverage. This means that the derivative position may provide the Fund with investment exposure greater than the value of the Fund’s investment in the derivative. As a result, these derivatives may magnify losses to the Fund, and even a small market movement may result in significant losses to the Fund.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Other Investment Companies Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:112%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">To the extent that the Fund invests in other ETFs or investment companies, the value of an investment in the Fund is based on the performance of the underlying funds in which the Fund invests and the allocation of its assets among those ETFs or investment companies. The underlying ETFs and investment companies may change their investment goals, policies or practices and there can be no assurance that the underlying ETFs or investment companies will achieve their respective investment goals. Because the Fund invests in ETFs and other investment companies, shareholders indirectly bear a proportionate share of the expenses charged by the underlying funds in which it invests which impacts the Fund’s performance. The principal risks of an investment in the Fund include the principal risks of investing in the underlying ETFs and investment companies.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The Fund is exposed to the risks of the underlying ETFs and investment companies in which it invests in direct proportion to the amount of assets the Fund allocates to each underlying fund. One underlying fund may buy the same security that another underlying fund is selling. You would indirectly bear the costs of both trades. In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from the Fund’s transactions in shares of the underlying funds. The Fund’s ability to achieve its investment goal depends, in part, upon the- Adviser’s skill in selecting an optimal mix of underlying funds.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Short-Term Treasury and Cash Holdings Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:112%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The Fund’s investments in cash and equivalents, including, but not limited to, short-term U.S. Government securities such as U.S. Treasury securities and exchange-traded funds that invest in short-term instruments such as the</span><span style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Laddered T-Bill ETF, are subject to the risk that if the market advances during periods when the Fund is holding a large cash or cash equivalent position, the Fund may not participate in market increases as much as it would have if it had been more fully invested. This could adversely affect the Fund’s performance as compared to other investments.</span></div> <div style="padding-right:-0.7pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. Changes in interest rates can result in losses for fixed-income and other securities. Specifically, for fixed-income securities or fixed-income ETFs, when interest rates rise, the market values of the fixed-income </span></div><div style="padding-right:-0.7pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">instruments normally decrease. Typically, the longer the maturity or duration of a fixed-income security, the greater the security’s sensitivity to changes in interest rates. Changes in monetary policy, government policy, government spending and inflation may affect the level of interest rates.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Investment Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Tuttle Capital No Bleed Tail Risk Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Tuttle Capital No Bleed Tail Risk Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Tuttle Capital No Bleed Tail Risk Subsidiary, will not have all the protections offered to investors in registered investment companies.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span></div> <span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risk.</span> The Fund will qualify as a regulated investment company (a “RIC”) for tax purposes if, among other things, it satisfies a source-of-income test and an asset-diversification test. Investing in the VIX or derivatives based upon the VIX presents a risk for the Fund because income from such investments would not qualify as good income under the source-of-income test. The Fund will gain exposure to the VIX through investments in the Tuttle Capital No Bleed Tail Risk Subsidiary, which is intended to provide the Fund with exposure to the VIX’s returns while enabling the Fund to satisfy source-of-income requirements. There is some uncertainty about how the Tuttle Capital No Bleed Tail Risk Subsidiary will be treated for tax purposes and thus whether the Fund can maintain exposure to the VIX’s returns without risking its status as a RIC for tax purposes. Failing to qualify as a RIC for tax purposes could have adverse consequences for the Fund and its shareholders. These issues are described in more detail in the section entitled “ADDITIONAL INFORMATION ABOUT RISK – Tax Risk” below, as well as in the Fund’s SAI. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risk.</span> The Fund is non-diversified, which means that it may invest a greater percentage of its assets in a particular issuer than a diversified fund. Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment or limited number of investments. <div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%">ETF Structure Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">. The Fund is structured as an ETF and is therefore subject to special risks. Such risks include:</span></div><div style="margin-bottom:8pt;margin-top:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%;text-decoration:underline">Trading Issues Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">. Trading in ETF shares on an exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the ETF’s shares inadvisable, such as extraordinary market volatility. There can be no assurance that an ETF’s shares will continue to meet the listing requirements of its exchange or will trade with any volume. There is no guarantee that an active secondary market will develop for shares of an ETF. In stressed market conditions, the liquidity of shares of an ETF may begin to mirror the liquidity of the ETF’s underlying portfolio holdings, which can be significantly less liquid than shares of the ETF. This adverse effect on liquidity for the ETF’s shares in turn could lead to differences between the market price of the ETF’s shares and the underlying value of those shares.</span></div><div style="margin-bottom:8pt;margin-top:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%;text-decoration:underline">Market Price Variance Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">. The market prices of shares of an ETF will fluctuate in response to changes in the ETF’s NAV, and supply and demand for ETF shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that ETF shares may trade at a discount to NAV. The market price of an ETF’s shares may deviate from the value of the ETF’s underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the shares of the ETF bought or sold.</span></div><div style="margin-bottom:8pt;margin-top:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%;text-decoration:underline">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%">. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">ETFs have a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of an ETF may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to </span></div><div style="margin-bottom:8pt;margin-top:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%;text-decoration:underline">Costs of Buying or Selling Shares of an ETF</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%">. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">Due to the costs of buying or selling shares of an ETF, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of an ETF may significantly reduce investment results and an investment in shares of an ETF may not be advisable for investors who anticipate regularly making small investments.</span></div> <div style="margin-bottom:8pt;margin-top:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%;text-decoration:underline">Trading Issues Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">. Trading in ETF shares on an exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the ETF’s shares inadvisable, such as extraordinary market volatility. There can be no assurance that an ETF’s shares will continue to meet the listing requirements of its exchange or will trade with any volume. There is no guarantee that an active secondary market will develop for shares of an ETF. In stressed market conditions, the liquidity of shares of an ETF may begin to mirror the liquidity of the ETF’s underlying portfolio holdings, which can be significantly less liquid than shares of the ETF. This adverse effect on liquidity for the ETF’s shares in turn could lead to differences between the market price of the ETF’s shares and the underlying value of those shares.</span></div> <div style="margin-bottom:8pt;margin-top:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%;text-decoration:underline">Market Price Variance Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">. The market prices of shares of an ETF will fluctuate in response to changes in the ETF’s NAV, and supply and demand for ETF shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that ETF shares may trade at a discount to NAV. The market price of an ETF’s shares may deviate from the value of the ETF’s underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the shares of the ETF bought or sold.</span></div> <div style="margin-bottom:8pt;margin-top:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%;text-decoration:underline">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%">. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">ETFs have a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of an ETF may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to </span></div><div style="margin-bottom:8pt;margin-top:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></div> <div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%;text-decoration:underline">Costs of Buying or Selling Shares of an ETF</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:124%">. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:124%">Due to the costs of buying or selling shares of an ETF, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of an ETF may significantly reduce investment results and an investment in shares of an ETF may not be advisable for investors who anticipate regularly making small investments.</span></div> <div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:125%">New Fund Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:125%"> </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:125%">The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></div> Performance History <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is new and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Updated performance information for the Fund, including its current NAV per share, is available by calling toll-free (833) 759-6110.</span></div> The Fund is new and does not have a full calendar year of performance history. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 Under the Investment Advisory Agreement, Tuttle Capital Management, LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year.