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nlft:DowJonesModeratelyAggressivePortfolioIndexMember 2023-04-17 2025-12-31 iso4217:USD pure false 485BPOS 2026-02-28 0001518042 2026-06-29 N-1A Northern Lights Fund Trust II 2026-06-30 2026-06-29 Summary Section – Beacon Tactical Risk ETF Investment Objective. <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zpZA6uZSSp49" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The primary investment objective of the Beacon Tactical Risk ETF (the “Tactical Risk Fund”) is to seek to provide long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund. <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zkcLkxQAP2m1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Tactical Risk Fund. 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></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zGy55VS4M5T9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zCEqY3TCp6P1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 85%; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></span></td> <td id="xdx_49A_20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member__oef--ClassAxis__custom--C000241789Member_z1WeRjC5ZPT3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zvT5N1TBu4Qh" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.65%</span></td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zLFvL2eOhnO8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.88%</span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_ztGkJucPfvR" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F49_zTCRF2fTrNN4">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.08%</span></td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zEw7v23kqbnd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.61%</span></td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zJxe4CvD3iEg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee Waiver and Expense Reimbursements<sup id="xdx_F43_zH4jbsGixsE2">(2)</sup></span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.53%)</span></td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zWC4QJi2QMce" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursements</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.08%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span id="xdx_F0C_zhHgmy7gUll4" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F1D_ze9OqjnYiFwj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Tactical Risk Fund and is not a direct expense incurred by the Tactical Risk Fund or deducted from the Tactical Risk Fund assets.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span id="xdx_F0B_z1pRcC5iq1sb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F18_zAPnUaO4ddte" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pursuant to an operating expense limitation agreement between Beacon Capital Management, Inc. (the “Adviser”) and the Trust, on behalf of the Tactical Risk Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Tactical Risk Fund to ensure that Total Annual Fund Operating Expenses for the Tactical Risk Fund (excluding any brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short) and extraordinary expenses do not exceed 1.00% of the Tactical Risk Fund’s average net assets through <span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zNjYvpqL7idl">June 30, 2027</span>. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees of the Trust. The Adviser is permitted to receive reimbursement from the Tactical Risk Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0065 0.0088 0.0008 0.0161 -0.0053 0.0108 June 30, 2027 Example. <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zzZvIC9QkIN3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Tactical Risk Fund with the cost of investing in other mutual funds.</span></p> The Example assumes that you invest $10,000 in the Tactical Risk Fund for the time periods indicated and then sell 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 Tactical Risk Fund’s operating expenses remain the same. The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through June 30, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcpUKXUtydNl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zMm7XkYoPim1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9"> <td style="display: none; width: 0%"> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_z4bTJJa5ERFj" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zFBcdvUHysH4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Three Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z2oINxHru1Jc" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zQ5Ur8cbkZL7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten Years</b></span></td></tr> <tr id="xdx_419_20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member__oef--ClassAxis__custom--C000241789Member_zPHiWfkHrFp7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$110</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$456</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$826</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,866</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 110 456 826 1866 Portfolio Turnover. <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zIyE1hmiuZPb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Tactical Risk 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 Total Annual Fund Operating Expenses or in the Example, affect the Tactical Risk Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zrVLGIZHjWdd">172%</span> of the average value of the portfolio.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 1.72 Principal Investment Strategies. <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zHpVuXvIpru7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Tactical Risk Fund is an actively managed exchange-traded fund (“ETF”) that may engage in active trading. The Tactical Risk Fund will use a “fund of funds” approach, and seeks to achieve its investment objective by investing in the shares of market sector exchange-traded funds (each an “Underlying Sector ETF” and, collectively, the “Underlying Sector ETFs”). Each Underlying Sector ETF is an “index fund” that invests in the equity securities of companies in a particular U.S market sector or group of industries. The objective of each Underlying Sector ETF is to track its respective underlying sector index by replicating the securities in the underlying sector index.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under normal market conditions, the Tactical Risk Fund will invest substantially all of its assets in Underlying Sector ETFs with an equal weighting across 11 different U.S. market sectors – Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate and Utilities. The Tactical Risk Fund intends to invest in one ETF for each market sector. The 11 sector ETFs are equally weighted as the first line of defense to maximize diversification so that no single sector can swing performance dramatically in one direction or the other.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When selecting Underlying Sector ETFs, the Adviser searches for sector ETFs that have low expenses, minimal tracking error to the underlying indexes, and sufficient liquidity. The Underlying Sector ETFs are unaffiliated with the Adviser, and invest solely in U.S.-based issuers. The market capitalization of the underlying portfolio securities of the Underlying Sector ETFs vary and have no limit. Each Underlying Sector ETF varies in composition and may either be diversified or non-diversified. The number of portfolio companies in each of the Underlying Sector ETFs generally ranges from a lower-end of approximately 100 portfolio companies to a higher-end of approximately 400 portfolio companies.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Tactical Risk Fund also employs a strategy that attempts to minimize losses in volatile markets by monitoring the Underlying Sector ETFs as a group using the Adviser’s internal equally weighted benchmark portfolio of the Underlying Sector ETFs (the “Benchmark Portfolio”). When performance of that group falls by approximately 10% from its high-water mark, or highest valuation, as measured using the Benchmark Portfolio since investing in the Underlying Sector ETFs, a stop loss is triggered, and all of the Underlying Sector ETFs are sold and the proceeds invested in fixed income ETFs – either equally across a short-term bond ETF, an intermediate-term bond ETF and a long-term bond ETF, or in a single ultra short-term bond ETF (each an “Underlying Fixed Income ETF” and, collectively, the “Underlying Fixed Income ETFs”) as discussed in more detail below. When performance of the Benchmark Portfolio rises within a range of approximately 15% to 25% from its low watermark, or lowest valuation, since investing in the Underlying Fixed Income ETFs, the Tactical Risk Fund will liquidate all of the Underlying Fixed Income ETFs and re-invest in the Underlying Sector ETFs with an equal weighting across the 11 market sectors. The Benchmark Portfolio and the Tactical Risk Fund’s portfolio are substantially similar but differ in that (i) the Fund’s portfolio holds cash for both fees and dividends paid, while the Benchmark portfolio only holds cash for dividends paid; and (ii) the Fund’s Portfolio and Benchmark Portfolio are both rebalanced when they are materially out of alignment with the target allocation, but the Benchmark Portfolio is also rebalanced semi-annually.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When selecting Underlying Fixed Income ETFs, the Adviser searches for fixed income ETFs that have low expenses, minimal tracking error to the underlying indexes, and sufficient liquidity. The Underlying Fixed Income ETFs are unaffiliated with the Adviser, and invest in medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds. The Underlying Fixed Income ETFs generally seek to maintain a dollar-weighted average maturity and average duration consistent with the respective ultra short-term bond, short-term bond, intermediate-term bond and long-term bond indices they track. Average maturities of bonds held by the Underlying Fixed Income ETFs range from approximately 1 month on the low-end to 23 years on the higher end.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When the Tactical Risk Fund is invested in Underlying Fixed Income ETFs, the Adviser monitors daily a benchmark index that represents short-term bonds (the “2.0 Fixed Income Benchmark Portfolio”) to determine whether to be invested equally across three Underlying Fixed Income ETFs representing short-term bonds, intermediate-term bonds and long-term bonds, respectively, or to be invested in a single ETF representing ultra short-term bonds. When the Tactical Risk Fund initially sells out of the Underlying Sector ETFs, it will invest equally across a short-term bond ETF, an intermediate-term bond ETF and a long-term bond ETF. However, when the 2.0 Fixed Income Benchmark Portfolio reaches its highest value since investing in the Underlying Fixed Income ETFs and then drops 4% from that high watermark, the Adviser will sell out of the short-term bond ETF, intermediate-term bond ETF and long-term bond ETF. The proceeds from the liquidation will then be invested in an ultra short-term bond ETF. This 100% ultra short-term fixed income allocation is maintained until a buy trigger is initiated to move back to an equal weighting across a short-term bond ETF, an intermediate-term bond ETF and a long-term bond ETF. This buy trigger is based on the performance of the 2.0 Fixed Income Benchmark Portfolio, however, unlike the sell trigger, the buy trigger has a range of initiation. The buy trigger can range from a gain of 6% to 16% from the 2.0 Fixed Income Benchmark Portfolio’s low-water mark (or lowest valuation) since investing in the ultra short-term bond ETF only. Once a buy trigger is initiated, the Underlying Fixed Income ETFs will be re-allocated in the short-term bond ETF, an intermediate-term bond ETF and a long-term bond ETF with equal weighting.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Trading Sub-Adviser is responsible for executing portfolio transactions and implementing the Adviser’s decisions for the Fund.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_gRBRTB-TRHQRP_zDmbr8XGRFk1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Tactical Risk Fund. The following summarizes the principal risks of investing in the Fund. These risks affect the Fund directly as well as through the Underlying ETFs in which it invests.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zy4MwnMNs4Sf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Active Management Risk. </b>The Adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Tactical Risk Fund’s performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zI7ADKhNuYXb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit Risk. </b>Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of an Underlying Fixed Income ETF’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zoPrE0LGigvk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Tactical Risk Fund from buying or selling certain securities or financial instruments. In these circumstances, the Tactical Risk Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRiskMember_gRBRTB-QJXJ_z4bIyd7UzLFa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risk. </b>The Tactical Risk Fund is structured as an ETF and as a result is subject to the special risks, including:</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zR3BAh1qIqya"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Tactical Risk Fund. The Tactical Risk Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Tactical Risk Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zokVCxZsVFPi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zaIeeWorASfl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NYSE Arca (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-C_zEAvN90edTHb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div><p id="xdx_A96_zBv2TNb8Jiae" style="margin-top: 0; margin-bottom: 0"> </p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price of the Shares may deviate from an ETF’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF’s domestic trading day, which could lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zLP1AJtvRTC8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk. </b>Fluctuations in the value of equity securities held by an Underlying Sector ETF will cause the net asset value (“NAV”) of the Underlying Sector ETF and the price of its shares (“Shares”) to fluctuate. Common stock of an issuer in the Underlying Sector ETF’s portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zioASmZ9i7d5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fixed-Income Risk. </b>The value of Underlying Fixed Income ETFs will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Underlying Fixed Income ETF. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Underlying Fixed Income ETF later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Underlying Fixed Income ETF (and the value of the Tactical Risk Fund’s investment in Underlying Fixed Income ETF, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Recently, interest rates have been to rise from historically low levels. A continuing rise in interest rates could result in a decline in the value of the bond investments held by an Underlying Fixed Income ETF. As a result, for the present, interest rate risk may be heightened.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_z24PggCDofL3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Tactical Risk Fund pursues its investment objective by investing its assets in the Underlying Sector ETFs rather than investing directly in stocks, bonds, cash or other investments. The Fund’s investment performance depends on the investment performance of the Underlying Sector ETFs in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Sector ETFs that comprise the Underlying Index.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zdcYwkkCZYZd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Income Risk. </b>An Underlying Fixed Income ETF’s income may decline if interest rates fall. This decline in income can occur because the Underlying Fixed Income ETF may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in an index are substituted, or the Underlying Fixed Income ETF otherwise needs to purchase additional bonds.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zxRQXdEt7LAg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest Rate Risk. </b>An increase in interest rates may cause a fall in the value of the fixed income securities in which an Underlying Fixed Income ETF may invest. Declines in value are greater for fixed income securities, as well as funds, with longer maturities or durations. Duration measures the sensitivity of a security’s price to changes in interest rates. This measure incorporates a security’s coupon, maturity, and call features, among other factors.</span></td></tr></table></div><p id="xdx_A91_z06JmdpvFIG7" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUnderlyingEtfsRiskMember_zdH7QEk3be2h"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investing in Underlying ETFs Risk. </b><span style="font-weight: normal">Underlying </span>ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. Underlying ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark. Underlying ETFs are also subject to investment advisory and other expenses, which will be indirectly paid by the Tactical Risk Fund. As a result, the cost of investing in the Tactical Risk Fund will be higher than the cost of investing directly in the Underlying ETFs and may be higher than other funds that invest directly in stocks and bonds. The Tactical Risk Fund may also be subject to certain other risks specific to each Underlying ETF.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zntt11eGWN08"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk. </b>The Tactical Risk Fund is a new ETF with a limited history of operations for investors to evaluate.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znQPfMErsd6k"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk. </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different region or financial market. Securities in the Tactical Risk Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, wars, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market.</span></td></tr></table></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zy4MwnMNs4Sf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Active Management Risk. </b>The Adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Tactical Risk Fund’s performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-TRHQRP_zoELA2dZCApb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zI7ADKhNuYXb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit Risk. </b>Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of an Underlying Fixed Income ETF’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-TRHQRP_zEmiZR0WGrRa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zoPrE0LGigvk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Tactical Risk Fund from buying or selling certain securities or financial instruments. In these circumstances, the Tactical Risk Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-TRHQRP_zZifQj2M5khe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRiskMember_gRBRTB-QJXJ_z4bIyd7UzLFa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risk. </b>The Tactical Risk Fund is structured as an ETF and as a result is subject to the special risks, including:</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-TRHQRP_zwCjRkZ7iwj1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C02_gRBRTB-TRHQRP_zj100oD21lX"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zR3BAh1qIqya"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Tactical Risk Fund. The Tactical Risk Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Tactical Risk Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></td></tr></table></div></div><div id="xdx_C0D_gRBRTB-TRHQRP_z2mBUYrpRCL4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-TRHQRP_zxcxTC1dz8o7"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zokVCxZsVFPi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div></div><div id="xdx_C0C_gRBRTB-TRHQRP_zXf1LdwJUgzh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0E_gRBRTB-TRHQRP_zpNvJidlkNpf"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zaIeeWorASfl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NYSE Arca (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div></div><div id="xdx_C03_gRBRTB-TRHQRP_zGRGw3MouqP6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0B_gRBRTB-TRHQRP_zPjTu7nXuhG9"><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-C_zEAvN90edTHb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div></div><div id="xdx_C0D_gRBRTB-TRHQRP_zzsNfzb2hCc3"><p id="xdx_A96_zBv2TNb8Jiae" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0E_gRBRTB-TRHQRP_zFnUsFFElg4l"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table></div></div><div id="xdx_C09_gRBRTB-TRHQRP_zMtg6TDwvEK5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0C_gRBRTB-TRHQRP_zXd2PyrJxQNe"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price of the Shares may deviate from an ETF’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-TRHQRP_zSjvUPETfIIg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-TRHQRP_z4Ubj77PLeLb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF’s domestic trading day, which could lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-TRHQRP_zM0ZQRgzsxmc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C00_gRBRTB-TRHQRP_zZw7AojQqKH8"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zR3BAh1qIqya"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Tactical Risk Fund. The Tactical Risk Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Tactical Risk Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-QJXJ_zE5SiG8F4q65"><div id="xdx_C0D_gRBRTB-TRHQRP_z2mBUYrpRCL4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zokVCxZsVFPi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-QJXJ_z4baDlxdCLY"><div id="xdx_C0C_gRBRTB-TRHQRP_zXf1LdwJUgzh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zaIeeWorASfl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NYSE Arca (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-QJXJ_z1vJK0dNdoof"><div id="xdx_C03_gRBRTB-TRHQRP_zGRGw3MouqP6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-C_zEAvN90edTHb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div><div id="xdx_C03_gRBRTB-QJXJ_zVdoHLQrYtO1"><div id="xdx_C0D_gRBRTB-TRHQRP_zzsNfzb2hCc3"><p id="xdx_A96_zBv2TNb8Jiae" style="margin-top: 0; margin-bottom: 0"> </p></div></div><div id="xdx_C02_gRBRTB-QJXJ_zN99oxjNbRHb"><div id="xdx_C0E_gRBRTB-TRHQRP_zFnUsFFElg4l"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table></div></div></div><div id="xdx_C00_gRBRTB-QJXJ_z4OS5sSBQyFe"><div id="xdx_C09_gRBRTB-TRHQRP_zMtg6TDwvEK5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C0C_gRBRTB-QJXJ_zz90tFGuXyW1"><div id="xdx_C0C_gRBRTB-TRHQRP_zXd2PyrJxQNe"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price of the Shares may deviate from an ETF’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div></div></div><div id="xdx_C0C_gRBRTB-QJXJ_z8HlroAoQj18"><div id="xdx_C0F_gRBRTB-TRHQRP_zSjvUPETfIIg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C0C_gRBRTB-QJXJ_zJ20C7w0rbmh"><div id="xdx_C07_gRBRTB-TRHQRP_z4Ubj77PLeLb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF’s domestic trading day, which could lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div></div></div><div id="xdx_C0C_gRBRTB-QJXJ_zN5Qr5MPti6i"><div id="xdx_C06_gRBRTB-TRHQRP_zM0ZQRgzsxmc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C05_gRBRTB-QJXJ_z3NnyBEX4V7e"><div id="xdx_C00_gRBRTB-TRHQRP_zZw7AojQqKH8"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zLP1AJtvRTC8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk. </b>Fluctuations in the value of equity securities held by an Underlying Sector ETF will cause the net asset value (“NAV”) of the Underlying Sector ETF and the price of its shares (“Shares”) to fluctuate. Common stock of an issuer in the Underlying Sector ETF’s portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-TRHQRP_z8E4doE9pmwc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zioASmZ9i7d5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fixed-Income Risk. </b>The value of Underlying Fixed Income ETFs will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Underlying Fixed Income ETF. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Underlying Fixed Income ETF later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Underlying Fixed Income ETF (and the value of the Tactical Risk Fund’s investment in Underlying Fixed Income ETF, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Recently, interest rates have been to rise from historically low levels. A continuing rise in interest rates could result in a decline in the value of the bond investments held by an Underlying Fixed Income ETF. As a result, for the present, interest rate risk may be heightened.</span></td></tr></table></div><div id="xdx_C0E_gRBRTB-TRHQRP_zO3I0KBr3Odg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_z24PggCDofL3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Tactical Risk Fund pursues its investment objective by investing its assets in the Underlying Sector ETFs rather than investing directly in stocks, bonds, cash or other investments. The Fund’s investment performance depends on the investment performance of the Underlying Sector ETFs in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Sector ETFs that comprise the Underlying Index.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-TRHQRP_zM6P0aUHvScg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zdcYwkkCZYZd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Income Risk. </b>An Underlying Fixed Income ETF’s income may decline if interest rates fall. This decline in income can occur because the Underlying Fixed Income ETF may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in an index are substituted, or the Underlying Fixed Income ETF otherwise needs to purchase additional bonds.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-TRHQRP_zk87Wg4OrgQj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zxRQXdEt7LAg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest Rate Risk. </b>An increase in interest rates may cause a fall in the value of the fixed income securities in which an Underlying Fixed Income ETF may invest. Declines in value are greater for fixed income securities, as well as funds, with longer maturities or durations. Duration measures the sensitivity of a security’s price to changes in interest rates. This measure incorporates a security’s coupon, maturity, and call features, among other factors.</span></td></tr></table></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUnderlyingEtfsRiskMember_zdH7QEk3be2h"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investing in Underlying ETFs Risk. </b><span style="font-weight: normal">Underlying </span>ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. Underlying ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark. Underlying ETFs are also subject to investment advisory and other expenses, which will be indirectly paid by the Tactical Risk Fund. As a result, the cost of investing in the Tactical Risk Fund will be higher than the cost of investing directly in the Underlying ETFs and may be higher than other funds that invest directly in stocks and bonds. The Tactical Risk Fund may also be subject to certain other risks specific to each Underlying ETF.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-TRHQRP_zCVPQiwZhUka"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zntt11eGWN08"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk. </b>The Tactical Risk Fund is a new ETF with a limited history of operations for investors to evaluate.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-TRHQRP_zGVvyAV3LgZ4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znQPfMErsd6k"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk. </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different region or financial market. Securities in the Tactical Risk Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, wars, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Performance. <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zRFX0T17O5eg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_za2nUqFQzMTh">The bar chart and Average Annual Total Returns table gives some indication of the risks of investing in the Tactical Risk Fund. The bar chart shows the performance of the Fund for each calendar year since the Fund’s inception.</span> The Average Annual Total Returns table shows how the Fund’s average annual returns compare with those of a broad measure of market performance. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zrWeLykimPJ7">Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zi3O9FzgDz54">www.beaconinvestingfunds.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zdhByTv1nG9">1-866-439-9093</span><b>. </b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The bar chart and Average Annual Total Returns table gives some indication of the risks of investing in the Tactical Risk Fund. The bar chart shows the performance of the Fund for each calendar year since the Fund’s inception. Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.beaconinvestingfunds.com 1-866-439-9093 Annual Total Return for Calendar Years Ended December 31, <div id="xdx_A83_eoef--BarChartTableTextBlock_zew19oiZI8Xf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zUszj0xJeUW3" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 34%"> </td> <td id="xdx_494_20240101__20241231_zom0wgVa4c15" style="text-align: center; width: 33%">2024</td> <td id="xdx_49C_20250101__20251231_zj4ocgH4MwT8" style="text-align: center; width: 33%">2025</td></tr> <tr id="xdx_406_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080117Member__oef--ClassAxis__custom--C000241789Member_zwJBGSyMhaC" style="vertical-align: top; text-align: center"> <td> </td> <td>14.58%</td> <td>-2.32%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="nl002_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1458 -0.0232 <p id="xdx_A85_eoef--BarChartClosingTextBlock_zL3E7LGudxj3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--YearToDateReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zP11zuioZUV8">The year to date performance of the Tactical Risk Fund</span> through the most recent quarter ended <span id="xdx_908_eoef--BarChartYearToDateReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_z4FmXcMDdj">March 31, 2026</span> is <span id="xdx_900_eoef--BarChartYearToDateReturn_dp_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zYzZzHnGKDpl">2.21%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_ztuRU7HWhyi3">the best performance for a quarter</span> was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_dp_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_znw6Coq9bcb4">8.28%</span> (for the quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zhStWxo5g4P5">September 30, 2024</span>). <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zopUZhBphpWb">The worst performance</span> was <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_dp_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_z9uODLb8QXZd">(8.02)%</span> (for the quarter ended <span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zV1H311kcqli">June 30, 2025</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The year to date performance of the Tactical Risk Fund 2026-03-31 0.0221 the best performance for a quarter 0.0828 2024-09-30 The worst performance -0.0802 2025-06-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zYCT18EyMtrb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zjeSXyexWqn3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49C_20250101__20251231_zaE8kmkHhSZi" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 17%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_49B_20230417__20251231_zWV9SD2JzADb" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 17%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Since Inception<span id="xdx_F5C_zbyfR0jvwPnj">*</span></b></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080117Member__oef--ClassAxis__custom--C000241789Member_zudY3sXDievf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000080117Member__oef--ClassAxis__custom--C000241789Member_zNdo9QD3iIVh">Return Before Taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.32)%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.65%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080117Member__oef--ClassAxis__custom--C000241789Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zCx16nZY2Ex3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.82)%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.27%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080117Member__oef--ClassAxis__custom--C000241789Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHarA2BMBOkg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.37)%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.15%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080117Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zyMttiSLnrYb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.99%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080117Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratelyAggressivePortfolioIndexMember_zmng5QzQ3ej3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dow Jones Moderately Aggressive Portfolio Index</b></span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.73%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.81%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span id="xdx_F06_zQv8pDwiMv5k" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F12_zrvfO8xRs09g" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Tactical Risk Fund commenced operations on <span id="xdx_900_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000080117Member__oef--ClassAxis__custom--C000241789Member_zRpgi1lxt785">April 17, 2023</span>.</span></td></tr></table> Return Before Taxes -0.0232 0.0165 -0.0282 0.0127 -0.0137 0.0115 0.1788 0.2199 0.1673 0.1381 2023-04-17 <p id="xdx_A8D_eoef--PerformanceTableClosingTextBlock_zKx1WZNXOC3f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90D_eoef--PerformanceTableUsesHighestFederalRate_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_z0SvhYSuhjbe">After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zMvscN9qXmo">actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment.</span> <span id="xdx_906_eoef--PerformanceTableExplanationAfterTaxHigher_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zhiHBpOMHfd7">A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The S&amp;P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance, is the Fund’s regulatory index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. <span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_ziIxzHb6dYIf">The index does not take into account charges, fees and other expenses.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">The </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="background-color: white">Dow Jones Moderately Aggressive U.S. Portfolio Index</span><span style="background-color: white"> is a benchmark index that represents a portfolio allocation designed for investors with a moderate risk tolerance. It aims to measure a total portfolio of U.S. stocks, bonds, and cash, with allocations intended to represent an investor’s desired risk profile and is</span> a supplemental index of the Tactical Risk Fund that the Adviser believes is more representative of the Fund’s investment universe. <span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260629__20260629__dei--LegalEntityAxis__custom--S000080117Member_zzatP0Uuhosj">The index does not take into account charges, fees and other expenses.</span></span></p> After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. The index does not take into account charges, fees and other expenses. The index does not take into account charges, fees and other expenses. Summary Section – Beacon Unified Catalyst ETF Investment Objective. <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zB0VNwFud4vi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The primary investment objective of the Beacon Unified Catalyst ETF (the “Unified Catalyst Fund”) is to seek to provide long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zqBcCLhtZRF6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fees and Expenses of the Fund. </b>This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Unified Catalyst Fund. 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, when buying or selling shares of the Unified Catalyst Fund. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zckgo1kKQ79g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zRgDkAtHRWy5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 85%; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></span></td> <td id="xdx_493_20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member__oef--ClassAxis__custom--C000241788Member_zNVBXONlzje4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zd4yVNSMunxf" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.65%</span></td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zIMkCAYavAb8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.76%</span></td></tr> <tr id="xdx_405_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zQLyGGJCFDue" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F40_zrsVZ6l4pXvb">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.07%</span></td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zkggGTCrNqcj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.48%</span></td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zRbXnAHG7cid" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 0.2in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee Waiver and Expense Reimbursements<sup id="xdx_F40_zC9rAcfQXHbe">(2)</sup></span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.41%)</span></td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zbrX8Ymqpx67" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursements</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.07%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span id="xdx_F07_zdZzhFPrttid" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F1E_zRLkky1ktbx8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Unified Catalyst Fund and is not a direct expense incurred by the Unified Catalyst Fund or deducted from the Unified Catalyst Fund assets.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span id="xdx_F05_zLcazOwmzDZd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F17_zIXr2mJRbS2l" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pursuant to an operating expense limitation agreement between the Adviser and the Trust, on behalf of the Unified Catalyst Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Unified Catalyst Fund to ensure that Total Annual Fund Operating Expenses for the Unified Catalyst Fund (excluding any brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short) and extraordinary expenses do not exceed 1.00% of the Unified Catalyst Fund’s average net assets through <span id="xdx_901_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zPPwpzoOgIRh">June 30, 2027</span>. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees of the Trust. The Adviser is permitted to receive reimbursement from the Unified Catalyst Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0065 0.0076 0.0007 0.0148 -0.0041 0.0107 June 30, 2027 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zuMhPiaRfnm1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Unified Catalyst Fund with the cost of investing in other mutual funds.</span></p> The Example assumes that you invest $10,000 in the Unified Catalyst Fund for the time periods indicated and then sell 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 Unified Catalyst Fund’s operating expenses remain the same. The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through June 30, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgZRxlNAKL9i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zxaq08tlbQdd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9"> <td style="display: none; width: 0%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zjNpOsTPLSkl" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zpp0bUzFALJg" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Three Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zJlYFZUeM8l6" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five Years</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_zPXMyzliGmyk" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten Years</b></span></td></tr> <tr id="xdx_416_20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zPVf2XgXewn" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$109</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$428</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$769</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,733</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 109 428 769 1733 Portfolio Turnover. <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zhOcdHXE3LZ2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Unified Catalyst 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 Unified Catalyst Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Unified Catalyst Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_dp_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zILkNgBcVfDi">126%</span> of the average value of the portfolio.</span></p> 1.26 Principal Investment Strategies. <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zbSMkywa7P5b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Unified Catalyst Fund is an actively managed exchange-traded fund (“ETF”) that may engage in active trading. The Unified Catalyst Fund will use a “fund of funds” approach, and seeks to achieve its investment objective by investing in other exchange-traded funds (each, an “Underlying ETF” and collectively, the “Underlying ETFs”).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Beacon Unified Catalyst Fund seeks to achieve its investment objective through allocations to four Beacon-managed strategies: Signal Threshold, Precision Sector, Precision Market, and Outlook Dynamic Allocation (each as defined below). Each strategy is a sleeve of the Fund that maintains its own distinct approach to equity market participation and risk management, responding to different quantitative, technical, and macroeconomic signals and market conditions (a “risk response”) to determine the underlying ETFs for each respective strategy. Because these risk responses operate independently, the strategies are unlikely to move defensively in unison during normal periods of market volatility, which the Adviser believes reduces the risk of concentrated drawdown while maintaining broad equity market participation across a range of market environments. During periods of severe and broad market deterioration, however, it is possible that multiple strategies may move toward defensive positioning simultaneously. Similarly, it is possible that the Fund may not allocate to a certain strategy or strategies at all times.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The diversification benefit of Beacon Unified Catalyst Fund extends beyond risk response mechanisms to the holdings within each strategy. Each Beacon-managed strategy maintains a distinct equity portfolio when invested, ranging from equal-weight sector exposure to concentrated broad market index positions to an unconstrained multi-asset approach. The Underlying ETFs may invest in U.S. securities and foreign securities, including those in emerging markets. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. This variation in underlying holdings means that Beacon Unified Catalyst Fund’s equity exposure is diversified not only in how it responds to market conditions, but in what it owns at any given time. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Strategy Allocation</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Beacon Unified Catalyst Fund’s assets are allocated across the four underlying strategies at the discretion of the Adviser. Allocations are reviewed periodically and may be adjusted in response to market conditions, strategy performance, or changes in the Adviser’s assessment of the risk and return characteristics of each underlying strategy. There is no guarantee that any particular allocation will be maintained at any given time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When selecting Underlying ETFs, the Adviser searches for ETFs that have low expenses, minimal tracking error to the underlying indexes, and sufficient liquidity. The Underlying ETFs are unaffiliated with the Adviser, and, depending upon the strategy, invest in U.S.- and foreign-based issuers. The market capitalization of the underlying portfolio securities of the Underlying ETFs vary and have no limit, subject to the investment universe related to each strategy. Each Underlying ETF varies in composition and may either be diversified or non-diversified.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Underlying Fixed Income ETFs generally invest in medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds, U.S. Treasury securities, including inflation-protected public obligations issued by the U.S. Treasury. The Underlying Fixed Income ETFs generally seek to maintain a dollar-weighted average maturity and average duration consistent with the respective short-term bond, inflation protected securities, intermediate-term bond and extended duration treasury indices they track.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Trading Sub-Adviser is responsible for executing portfolio transactions and implementing the Adviser’s decisions for Beacon Unified Catalyst Fund.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Underlying Strategy Descriptions</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following descriptions outline the investment approach, equity holdings, and risk management mechanism for each of the four underlying strategies.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Signal Threshold</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Signal Threshold strategy maintains equal-weight exposure across all eleven S&amp;P 500 market sectors by investing in Underlying ETFs that track an underlying sector index by replicating the securities in that index (“Underlying Sector ETFs”). Those market sectors are Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate and Utilities. The strategy employs a systematic exit rule triggered when the portfolio declines a defined threshold of 10% from its most recent high-water mark. Upon triggering, the strategy moves to a defensive basket of short-duration fixed income ETFs providing exposure to short-term Treasuries, Treasury Inflation-Protected Securities (TIPS), floating rate investment-grade corporate bonds, and short-term investment-grade corporate bonds (“Underlying Fixed Income ETFs”). Re-entry into equities is determined by a rules-based framework incorporating both the passage of time and evidence of market recovery. No discretionary judgment is applied to either the exit or re-entry decision.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Precision Sector</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Precision Sector strategy maintains equal-weight exposure across all eleven S&amp;P 500 market sectors when fully invested in equities by investing in Underlying Sector ETFs. The strategy applies the Beacon Trading Gauge independently to each sector position, generating individual entry and exit signals for each sector rather than treating the portfolio as a single allocation. The Beacon Trading Gauge is Beacon’s proprietary loss reduction framework that is used to create a normalized trading range for a holding. When the Beacon Trading Gauge signals an exit for a given sector, that sector’s allocation is moved to a defensive basket of Underlying Fixed Income ETFs. This structure allows the portfolio to be partially invested in equities and partially defensive simultaneously, with the degree of defensive positioning determined by the number of sectors for which an exit signal has been triggered.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Precision Market</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Precision Market strategy seeks broad U.S. equity market participation by investing in equity index ETFs providing broad exposure to the S&amp;P 500, as well as in equity ETFs providing exposure to companies in the Nasdaq-100. The strategy seeks to provide exposure to both large-capitalization domestic equities and growth-oriented technology and innovation sectors. The strategy applies the Beacon Trading Gauge to each position independently, generating separate entry and exit signals for each index. When the Beacon Trading Gauge signals an exit for either position, that position is moved to a defensive basket of Underlying Fixed Income ETFs, while the remaining position continues to hold its equity exposure. By concentrating in two broad market indices rather than distributing exposure across sectors, the Precision Market strategy is designed to more fully participate in broad equity market returns relative to the other strategies within Beacon Unified Catalyst Fund.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Outlook Dynamic Allocation</i></b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Outlook Dynamic Allocation strategy takes a macroeconomic approach, using the Adviser’s proprietary Beacon Economic Index (BEI) as its primary signal to increase or decrease the strategy’s overall allocation to Underlying ETFs that invest primarily in domestic or foreign (1) equity securities, (2) fixed-income securities, (3) alternative/specialty securities (such as commodities, foreign currencies and real estate investment trusts (“REITs”), as well as inverse ETFs which are ETFs designed to produce returns that are opposite to those of the index to which they are linked), or (4) cash equivalents. The Outlook Dynamic Allocation strategy is the only strategy that provides exposure to issuers of any capitalization. The Outlook Dynamic Allocation strategy is the only strategy that provides exposure to issuers of any capitalization.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The BEI is a systematic, rules-based index that aggregates equally-weighted employment and output indicators into a single continuous reading of U.S. economic health, calculated on a monthly basis. Rather than forecasting future economic conditions, the BEI functions as a nowcasting tool, assessing current economic conditions in real time using labor market data and broad measures of economic output. The equal-weight methodology is intended to prevent any single indicator from disproportionately influencing the index reading, and the monthly calculation cycle ensures that portfolio decisions reflect the most current available economic data.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser uses the BEI Index to select assets that it believes have the potential to generate the most appropriate risk-adjusted returns in the given economic environment with the goal of achieving positive returns throughout economic cycles. The precise expression of allocation shifts, including Underlying ETF selection and the degree of repositioning, is determined at the discretion of the Adviser, which evaluates BEI readings alongside broader macroeconomic conditions. While the percentage invested in each asset class will change over time, the strategy allocates primarily to Underlying ETFs investing in equity securities and fixed income securities. Within the equity allocation, the strategy seeks diversification of holdings and is not constrained by capitalization or style. With respect to the fixed income allocation, the strategy may allocate to Underlying ETFs that invest in fixed income securities of any credit quality (including high yield or “junk” bonds) and any maturity. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By using economic cycle-driven rebalancing, the strategy seeks to provide positive returns during economic expansions by increasing the allocation to long equity ETFs linked to broad market indices, such as the S&amp;P 500 Index. During economic contractions, the Adviser will utilize defensive positioning, by increasing allocations to cash, fixed-income ETFs and alternative/specialty ETFs including those providing inverse market exposure. Inverse ETFs are designed to hedge portfolio investments by producing results opposite to market trends. Inverse ETFs seek daily investment results, before fees and expenses, which correspond to the inverse (opposite) of the daily performance of a specific benchmark, such as the S&amp;P 500 Index. Alternative or specialty ETFs are selected to provide positive returns and diversification. These may include ETFs linked to commodities, such as oil or gold, as well as ETFs focused on specific industries such as real estate or focused on economic segments such as foreign currencies.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_gRBRTB-GWYBSN_zbL3sAnPbGqf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Unified Catalyst Fund. The following summarizes the principal risks of investing in the Fund. These risks affect the Fund directly as well as through the Underlying ETFs in which it invests. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_za77zRfOpAad"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Active Management Risk. </b>The Adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Unified Catalyst Fund’s performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeAndSpecialtyAssetsRiskMember_zrAuw7mj3OUl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Alternative and Specialty Assets Risk</b><i>: </i>The Fund may purchase ETFs that invest in “alternative asset” or “specialty” market segments. The risks and volatility of these investments are linked to narrow segments of the economy such as commodities, real estate, or currencies. Inverse ETFs limit the Fund’s participation in certain market gains.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zvtjF76kXb68"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commodity Risk</b><i>: </i>Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zUm5ts0isgV4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit Risk. </b>Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of an Underlying ETF’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskDomesticAndForeignMember_zexDtdLqNe0e"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency Risk (Domestic and Foreign): </b>The risk that material changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign and domestic currencies. Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade issuer may default. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table></div><p id="xdx_A9E_zwnH2sSlW5b7" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zyrEtVDVdg9c"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Unified Catalyst Fund from buying or selling certain securities or financial instruments. In these circumstances, the Unified Catalyst Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRiskMember_gRBRTB-EABS_z2CMkB2q5uC1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risk. </b>The Unified Catalyst Fund is structured as an ETF and as a result is subject to the special risks, including:</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zByvrfu3h645" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Unified Catalyst Fund. The Unified Catalyst Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Unified Catalyst Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z4XNfZSZajrc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z7INPf2N9EWl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NYSE Arca (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zMolRApbXyY2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price of the Shares may deviate from an ETF’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF’s domestic trading day, which could lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div><p id="xdx_A9C_zeKHBOWG3Jjc" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zk9pWihWfayl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Emerging Markets Risk. </b>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z7rnZa4R6vge"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk. </b>Fluctuations in the value of equity securities held by an Underlying ETF will cause the net asset value (“NAV”) of the Underlying ETF and the price of its shares (“Shares”) to fluctuate. Common stock of an issuer in the Underlying ETF’s portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zno0s5EldNI5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fixed-Income Risk. </b>The value of Underlying ETFs will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Underlying ETF. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     fixed rate obligation held by the Underlying ETF later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Underlying ETF (and the value of the Unified Catalyst Fund’s investment in Underlying ETF, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Recently, interest rates have been to rise from historically low levels. A continuing rise in interest rates could result in a decline in the value of the bond investments held by an Underlying ETF. As a result, for the present, interest rate risk may be heightened.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zFcBs3250DE4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk</b>: Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_zfvCSGnPMcMj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Unified Catalyst Fund pursues its investment objective by investing its assets in the Underlying ETFs rather than investing directly in stocks, bonds, cash or other investments. The Fund’s investment performance depends on the investment performance of the Underlying ETFs in which it invests. An investment in the Fund is subject to the risks associated with the Underlying ETFs that comprise the Underlying Index.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldOrJunkBondRiskMember_zzxXCPi92kUa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>High Yield or Junk Bond Risk: </b>Lower-quality bonds and other debt securities, known as “high yield” or “junk” bonds, are considered speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zm1Pyi27Yqz4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Income Risk. </b>An Underlying ETF’s income may decline if interest rates fall. This decline in income can occur because the Underlying ETF may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in an index are substituted, or the Underlying ETF otherwise needs to purchase additional bonds.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zO8d9AbgjK9e"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest Rate Risk. </b>An increase in interest rates may cause a fall in the value of the fixed income securities in which an Underlying ETF may invest. Declines in value are greater for fixed income securities, as well as funds, with longer maturities or durations. Duration measures the sensitivity of a security’s price to changes in interest rates. This measure incorporates a security’s coupon, maturity, and call features, among other factors.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InverseETFRiskMember_zCG4wTUHJKel"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inverse ETF Risk: </b>Inverse ETFs are designed to rise in price when stock prices are falling. Inverse ETFs may employ leverage, which magnifies tend to limit the changes in the Fund’s participation in overall market-wide gains. Accordingly, their performance over longer terms can perform very differently than underlying stock index upon which they are based assets and benchmarks, and volatile markets can amplify this effect. Any strategy that includes inverse securities could cause the Fund to suffer significant losses.</span></td></tr></table></div><p id="xdx_A91_zpN77L2nYd5j" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUnderlyingEtfsRiskMember_zC0H0iiaNVn5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investing in Underlying ETFs Risk. </b>Underlying ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. Underlying ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark. Underlying ETFs are also subject to investment advisory and other expenses, which will be indirectly paid by the Unified Catalyst Fund. As a result, the cost of investing in the Unified Catalyst Fund will be higher than the cost of investing directly in the Underlying ETFs and may be higher than other funds that invest directly in stocks and bonds. The Unified Catalyst Fund may also be subject to certain other risks specific to each Underlying ETF.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zdlMwjMutce8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Investment Trust (REIT) Risk. </b>Investing in REITs, involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z7MjLTYGAHBb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk. </b>The Unified Catalyst Fund is a new ETF with a limited history of operations for investors to evaluate.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zPRjLneYLDN5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk. </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different region or financial market. Securities in the Unified Catalyst Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, war, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on the U.S. financial market. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</span></td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_za77zRfOpAad"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Active Management Risk. </b>The Adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Unified Catalyst Fund’s performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-GWYBSN_zLFecI2WIrCb"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeAndSpecialtyAssetsRiskMember_zrAuw7mj3OUl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Alternative and Specialty Assets Risk</b><i>: </i>The Fund may purchase ETFs that invest in “alternative asset” or “specialty” market segments. The risks and volatility of these investments are linked to narrow segments of the economy such as commodities, real estate, or currencies. Inverse ETFs limit the Fund’s participation in certain market gains.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-GWYBSN_zIKfqszglvhe"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zvtjF76kXb68"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commodity Risk</b><i>: </i>Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-GWYBSN_zfTaFpcdTpqj"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zUm5ts0isgV4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit Risk. </b>Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of an Underlying ETF’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-GWYBSN_zn64t5sNWCVd"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskDomesticAndForeignMember_zexDtdLqNe0e"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency Risk (Domestic and Foreign): </b>The risk that material changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign and domestic currencies. Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade issuer may default. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zyrEtVDVdg9c"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Unified Catalyst Fund from buying or selling certain securities or financial instruments. In these circumstances, the Unified Catalyst Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-GWYBSN_zipPSTcAdMj7"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRiskMember_gRBRTB-EABS_z2CMkB2q5uC1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risk. </b>The Unified Catalyst Fund is structured as an ETF and as a result is subject to the special risks, including:</span></td></tr></table></div><div id="xdx_C03_gRBRTB-GWYBSN_zafo5Av9HdJ5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p></div> <div id="xdx_C09_gRBRTB-GWYBSN_zci9zXbggvVl"><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zByvrfu3h645" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Unified Catalyst Fund. The Unified Catalyst Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Unified Catalyst Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></p></div><div id="xdx_C09_gRBRTB-GWYBSN_zJtixqa1vTch"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-GWYBSN_zLtSMxkxm3k"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z4XNfZSZajrc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div></div><div id="xdx_C03_gRBRTB-GWYBSN_zkmdxGmfw1F1"><p style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0C_gRBRTB-GWYBSN_zBBwetV0wYK5"><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z7INPf2N9EWl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NYSE Arca (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-GWYBSN_zrSdhi2L5pyl"><p style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0C_gRBRTB-GWYBSN_zwVwss8dwOhh"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zMolRApbXyY2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-GWYBSN_zfPnsL9Xq8dc"><p style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C07_gRBRTB-GWYBSN_zhoGpXQlCIib"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-GWYBSN_z2WExCb4JzQa"><p style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0C_gRBRTB-GWYBSN_zSiYTwE9EZj4"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price of the Shares may deviate from an ETF’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C08_gRBRTB-GWYBSN_zdDM8MmosCkl"><p style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0F_gRBRTB-GWYBSN_zWLhp3QaysT7"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF’s domestic trading day, which could lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div></div><div id="xdx_C03_gRBRTB-GWYBSN_zDer7AhLqv9d"><p style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C01_gRBRTB-GWYBSN_zKJVo2uEeShg"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zByvrfu3h645" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Unified Catalyst Fund. The Unified Catalyst Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Unified Catalyst Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></p><div id="xdx_C07_gRBRTB-EABS_zS9ZHI7tnsX2"><div id="xdx_C09_gRBRTB-GWYBSN_zJtixqa1vTch"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z4XNfZSZajrc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-EABS_ziaBnGH4R0u9"><div id="xdx_C03_gRBRTB-GWYBSN_zkmdxGmfw1F1"><p style="margin-top: 0; margin-bottom: 0"> </p></div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z7INPf2N9EWl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NYSE Arca (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-EABS_zTU0txYdg9K9"><div id="xdx_C0F_gRBRTB-GWYBSN_zrSdhi2L5pyl"><p style="margin-top: 0; margin-bottom: 0"> </p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zMolRApbXyY2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-EABS_zJpx0dh5Sjbh"><div id="xdx_C0B_gRBRTB-GWYBSN_zfPnsL9Xq8dc"><p style="margin-top: 0; margin-bottom: 0"> </p></div></div> <div id="xdx_C02_gRBRTB-EABS_zq8blrweyOQ3"><div id="xdx_C07_gRBRTB-GWYBSN_zhoGpXQlCIib"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table></div></div></div> <div id="xdx_C0C_gRBRTB-EABS_zOnREVZGjdXc"><div id="xdx_C05_gRBRTB-GWYBSN_z2WExCb4JzQa"><p style="margin-top: 0; margin-bottom: 0"> </p></div></div> <div id="xdx_C08_gRBRTB-EABS_z02jXipCLumj"><div id="xdx_C0C_gRBRTB-GWYBSN_zSiYTwE9EZj4"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price of the Shares may deviate from an ETF’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C0D_gRBRTB-EABS_zuelO2b49j72"><div id="xdx_C08_gRBRTB-GWYBSN_zdDM8MmosCkl"><p style="margin-top: 0; margin-bottom: 0"> </p></div></div> <div id="xdx_C0A_gRBRTB-EABS_zfsHFN1bWuji"><div id="xdx_C0F_gRBRTB-GWYBSN_zWLhp3QaysT7"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF’s domestic trading day, which could lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div></div></div> <div id="xdx_C0B_gRBRTB-EABS_zQaTa8bVgiY3"><div id="xdx_C03_gRBRTB-GWYBSN_zDer7AhLqv9d"><p style="margin-top: 0; margin-bottom: 0"> </p></div></div> <div id="xdx_C0A_gRBRTB-EABS_zeQXiVaXFqf"><div id="xdx_C01_gRBRTB-GWYBSN_zKJVo2uEeShg"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zk9pWihWfayl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Emerging Markets Risk. </b>Investments in emerging markets are generally more volatile than investments in developed foreign markets.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-GWYBSN_zwdx9dFIrYrf"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z7rnZa4R6vge"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk. </b>Fluctuations in the value of equity securities held by an Underlying ETF will cause the net asset value (“NAV”) of the Underlying ETF and the price of its shares (“Shares”) to fluctuate. Common stock of an issuer in the Underlying ETF’s portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-GWYBSN_zGFP1mFZdQSi"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zno0s5EldNI5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fixed-Income Risk. </b>The value of Underlying ETFs will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Underlying ETF. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     fixed rate obligation held by the Underlying ETF later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Underlying ETF (and the value of the Unified Catalyst Fund’s investment in Underlying ETF, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Recently, interest rates have been to rise from historically low levels. A continuing rise in interest rates could result in a decline in the value of the bond investments held by an Underlying ETF. As a result, for the present, interest rate risk may be heightened.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-GWYBSN_zBMj255bRVwh"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zFcBs3250DE4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk</b>: Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-GWYBSN_zduIU7SVTz13"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_zfvCSGnPMcMj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Unified Catalyst Fund pursues its investment objective by investing its assets in the Underlying ETFs rather than investing directly in stocks, bonds, cash or other investments. The Fund’s investment performance depends on the investment performance of the Underlying ETFs in which it invests. An investment in the Fund is subject to the risks associated with the Underlying ETFs that comprise the Underlying Index.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-GWYBSN_zTIoYndIxbE9"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldOrJunkBondRiskMember_zzxXCPi92kUa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>High Yield or Junk Bond Risk: </b>Lower-quality bonds and other debt securities, known as “high yield” or “junk” bonds, are considered speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-GWYBSN_zjtC8ienBvo9"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zm1Pyi27Yqz4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Income Risk. </b>An Underlying ETF’s income may decline if interest rates fall. This decline in income can occur because the Underlying ETF may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in an index are substituted, or the Underlying ETF otherwise needs to purchase additional bonds.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-GWYBSN_zjeEeWiYdGj"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zO8d9AbgjK9e"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest Rate Risk. </b>An increase in interest rates may cause a fall in the value of the fixed income securities in which an Underlying ETF may invest. Declines in value are greater for fixed income securities, as well as funds, with longer maturities or durations. Duration measures the sensitivity of a security’s price to changes in interest rates. This measure incorporates a security’s coupon, maturity, and call features, among other factors.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-GWYBSN_z4IJRteBjOAe"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InverseETFRiskMember_zCG4wTUHJKel"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inverse ETF Risk: </b>Inverse ETFs are designed to rise in price when stock prices are falling. Inverse ETFs may employ leverage, which magnifies tend to limit the changes in the Fund’s participation in overall market-wide gains. Accordingly, their performance over longer terms can perform very differently than underlying stock index upon which they are based assets and benchmarks, and volatile markets can amplify this effect. Any strategy that includes inverse securities could cause the Fund to suffer significant losses.</span></td></tr></table></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUnderlyingEtfsRiskMember_zC0H0iiaNVn5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investing in Underlying ETFs Risk. </b>Underlying ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. Underlying ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark. Underlying ETFs are also subject to investment advisory and other expenses, which will be indirectly paid by the Unified Catalyst Fund. As a result, the cost of investing in the Unified Catalyst Fund will be higher than the cost of investing directly in the Underlying ETFs and may be higher than other funds that invest directly in stocks and bonds. The Unified Catalyst Fund may also be subject to certain other risks specific to each Underlying ETF.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-GWYBSN_zP5hJwpiTbWf"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zdlMwjMutce8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Investment Trust (REIT) Risk. </b>Investing in REITs, involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-GWYBSN_zPI7W3xuZkvl"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z7MjLTYGAHBb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk. </b>The Unified Catalyst Fund is a new ETF with a limited history of operations for investors to evaluate.</span></td></tr></table></div><div id="xdx_C03_gRBRTB-GWYBSN_z9XqssRIUix"><p style="margin-top: 0; margin-bottom: 0"> </p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zPRjLneYLDN5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk. </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different region or financial market. Securities in the Unified Catalyst Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, war, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on the U.S. financial market. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</span></td></tr></table></div> Performance. <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zflrMZloU02l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zcxS8Z0GIWn8">The bar chart and Average Annual Total Returns table gives some indication of the risks of investing in the Unified Catalyst Fund. The bar chart shows the performance of the Fund for each calendar year since the Fund’s inception.</span> The Average Annual Total Returns table shows how the Fund’s average annual returns compare with those of a broad measure of market performance. <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zYSZ0MxmbRW">Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zNMpnUpDIgi">www.beaconinvestingfunds.com</span> or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zOYCq9ciABbe">1-866-439-9093</span><b>. </b>In the future, performance information will be presented in this section of the Prospectus.</span></p> The bar chart and Average Annual Total Returns table gives some indication of the risks of investing in the Unified Catalyst Fund. The bar chart shows the performance of the Fund for each calendar year since the Fund’s inception. Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.beaconinvestingfunds.com 1-866-439-9093 <div id="xdx_A81_eoef--BarChartTableTextBlock_zDlvtTExi1sc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zVEDxoNvoyIf" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 34%"> </td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 33%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 33%">2025</td></tr> <tr id="xdx_40A_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080116Member__oef--ClassAxis__custom--C000241788Member_ziRzWfybM1Zi" style="vertical-align: top; text-align: center"> <td> </td> <td>12.64%</td> <td>3.97%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="(BAR GRAPH)" src="nl003_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1264 0.0397 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zNjAAL6NYr54" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_900_eoef--YearToDateReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_z4sBrI2ff8ug">The year to date performance of the Unified Catalyst Fund</span> through the most recent quarter ended <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zrbnbNVUSnvg">March 31, 2026</span> is <span id="xdx_90C_eoef--BarChartYearToDateReturn_dp_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zjioZ2X0qL81">1.06%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zkwYFu7yOgaj">the best performance for a quarter</span> was <span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_dp_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zk2sJ7WP8fA5">7.39%</span> (for the quarter ended <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zLCyyiIezy84">September 30, 2024</span>). <span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zg3NcW7D9COi">The worst performance</span> was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_dp_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zuNsz0AP2rdk">(1.50)%</span> (for the quarter ended <span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zqXnma8rHhS1">December 31, 2024</span>).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The year to date performance of the Unified Catalyst Fund 2026-03-31 0.0106 the best performance for a quarter 0.0739 2024-09-30 The worst performance -0.0150 2024-12-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_z6i2itw1xjs4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zERxuOxaXEKi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; width: 66%; padding-top: 1pt; padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20250101__20251231_zVwIvslftjIi" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; width: 17%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One Year</b></span></td> <td id="xdx_494_20230417__20251231_zbvlgY0FbbR1" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; width: 17%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Since Inception<span id="xdx_F5C_zjg5r3AfO9Sh">*</span></b></span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080116Member__oef--ClassAxis__custom--C000241788Member_z9kd0Q4u1TP3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-top: 1pt; padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000080116Member__oef--ClassAxis__custom--C000241788Member_zJ7f0k7GgLI1">Return Before Taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.97%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.86%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080116Member__oef--ClassAxis__custom--C000241788Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSqFJOgEJyT7" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-top: 1pt; padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.09%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.31%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080116Member__oef--ClassAxis__custom--C000241788Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zr4UsEJE5dJ9" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-top: 1pt; padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.67%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.96%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080116Member__oef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zk7Ba9uvuaxh" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-top: 1pt; padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index</b></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.88%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.99%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000080116Member__oef--PerformanceMeasureAxis__custom--DowJonesModeratelyAggressivePortfolioIndexMember_z0cUmeSpFid7" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-top: 1pt; padding-bottom: 1pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dow Jones Moderately Aggressive Portfolio Index</b></span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.73%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.81%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0F_zdx9VX8XP3M" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F14_zLeb6zPZelr4" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Unified Catalyst Fund commenced operations on <span id="xdx_90D_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000080116Member__oef--ClassAxis__custom--C000241788Member_z1N1Rg5szG3k">April 17, 2023</span>.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Return Before Taxes 0.0397 0.0786 0.0309 0.0731 0.0267 0.0596 0.1788 0.2199 0.1673 0.1381 2023-04-17 <p id="xdx_A8A_eoef--PerformanceTableClosingTextBlock_zCTMgy2YBLw4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_ze20GMveZDc7">After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zO1NctukbeLg">actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment.</span> <span id="xdx_907_eoef--PerformanceTableExplanationAfterTaxHigher_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zgcVurG4m9X2">A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The S&amp;P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance, is the Fund’s regulatory index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. <span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zulXuKRdGsD3">The index does not take into account charges, fees and other expenses.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">The Dow Jones Moderately Aggressive U.S. Portfolio Index is an index that represents a portfolio allocation designed for investors with a moderate risk tolerance. It aims to measure a total portfolio of U.S. stocks, bonds, and cash, with allocations intended to represent an investor’s desired risk profile and is</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a supplemental index of the Unified Catalyst Fund that the Adviser believes is more representative of the Fund’s investment universe. <span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260629__20260629__dei--LegalEntityAxis__custom--S000080116Member_zRvbuqACw2L3">The index does not take into account charges, fees and other expenses.</span></span></p> After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. The index does not take into account charges, fees and other expenses. The index does not take into account charges, fees and other expenses. This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Tactical Risk Fund and is not a direct expense incurred by the Tactical Risk Fund or deducted from the Tactical Risk Fund assets. Pursuant to an operating expense limitation agreement between Beacon Capital Management, Inc. (the “Adviser”) and the Trust, on behalf of the Tactical Risk Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Tactical Risk Fund to ensure that Total Annual Fund Operating Expenses for the Tactical Risk Fund (excluding any brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short) and extraordinary expenses do not exceed 1.00% of the Tactical Risk Fund’s average net assets through June 30, 2027. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees of the Trust. The Adviser is permitted to receive reimbursement from the Tactical Risk Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. The Tactical Risk Fund commenced operations on April 17, 2023. This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Unified Catalyst Fund and is not a direct expense incurred by the Unified Catalyst Fund or deducted from the Unified Catalyst Fund assets. Pursuant to an operating expense limitation agreement between the Adviser and the Trust, on behalf of the Unified Catalyst Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Unified Catalyst Fund to ensure that Total Annual Fund Operating Expenses for the Unified Catalyst Fund (excluding any brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short) and extraordinary expenses do not exceed 1.00% of the Unified Catalyst Fund’s average net assets through June 30, 2027. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees of the Trust. The Adviser is permitted to receive reimbursement from the Unified Catalyst Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. The Unified Catalyst Fund commenced operations on April 17, 2023.