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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_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zUBwE0Va5he6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zlOSslN0WfI1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="border-top: Black 1pt solid; padding: 0pt 5pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 70%; border-bottom: Black 1pt solid; text-indent: 0pt"><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_49F_20260819__20260819__dei--LegalEntityAxis__custom--S000107734Member__oef--ClassAxis__custom--C000278691Member_z4ZMMlM6QPK2" style="border-top: Black 1pt solid; padding: 0pt 5pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zZGdyV0GTs86" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; text-align: center; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.65%</span></td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zgqEZsFvPa4i" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses<sup id="xdx_F44_z43O4s2dPkId">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.66%</span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_za9juaD4N3nk" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4A_zkqkmEMIuGcb">(1) (2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding: 0pt 5pt; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.55%</span></td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zMljrAi9wch8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.86%</span></td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zTcTEKEbmjA6" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fee Waiver and Expense Reimbursements<sup id="xdx_F43_zu3e2KMNtHYh">(3)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 5pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.31%)</span></td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zAfK0GmBiwa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; padding: 0pt 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt"><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; padding: 0pt 5pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55%</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: 0pt auto; width: 80%"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F04_zqPx9mH8c3C4" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1B_zhpSUdxAj0Me" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260819__20260819__dei--LegalEntityAxis__custom--S000107734Member_zReYQ0ERhok4"><span id="xdx_908_eoef--AcquiredFundFeesAndExpensesBasedOnEstimates_c20260819__20260819__dei--LegalEntityAxis__custom--S000107734Member_zrneSWrh5qgf">Estimated for the current fiscal year.</span></span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; 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; margin: 0pt auto; width: 80%"><tr style="vertical-align: top"> <td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span id="xdx_F0A_zUHVX72qkmeg" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F18_zhkI4e9EPxKf" 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 Alternatives Risk Fund and is not a direct expense incurred by the Tactical Alternatives Risk Fund or deducted from the Tactical Alternatives Risk Fund assets.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; 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; margin: 0pt auto; width: 80%"><tr style="vertical-align: top"> <td style="text-align: justify; width: 0pt"></td><td style="width: 0.25in; text-align: justify"><span id="xdx_F07_z3S5mJoVeeZ6" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F12_z6vA97YpEPX4" 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 Tactical Alternatives Risk Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Tactical Alternatives Risk Fund to ensure that Total Annual Fund Operating Expenses for the Tactical Alternatives 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 Alternatives Risk Fund’s average net assets through <span id="xdx_90B_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260819__20260819__dei--LegalEntityAxis__custom--S000107734Member_z3d8yNKQ1HM5">September 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 Alternatives 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 0.0066 0.0055 0.0186 -0.0031 0.0155 Estimated for the current fiscal year. Estimated for the current fiscal year. September 30, 2027 Example. <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zsySaQAQXkX1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Tactical Alternatives Risk Fund with the cost of investing in other mutual funds.</span></p> The Example assumes that you invest $10,000 in the Tactical Alternatives 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 Alternatives Risk Fund’s operating expenses remain the same. The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through September 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_zI8oRuBFnPPc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zG16xqbqruma" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 30%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #D0CECE"> <td style="display: none; width: 0%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zeWmtVGt6eTa" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; border-bottom: Black 1pt solid; 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_48A_eoef--ExpenseExampleYear03_z4uSrrj8ucH1" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; border-bottom: Black 1pt solid; 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></tr> <tr id="xdx_417_20260819__20260819__dei--LegalEntityAxis__custom--S000107734Member__oef--ClassAxis__custom--C000278691Member_zkSlVHcFRqF2" 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">$158</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">$555</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> 158 555 Portfolio Turnover. <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zVxyxiFq5T9g" 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 Alternatives 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 Tactical Alternatives Risk 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 Alternatives Risk Fund’s performance. No portfolio turnover rate is provided for the Fund, because the Fund had not commenced operations prior to the date of this Prospectus.</span></p> Principal Investment Strategies. <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zKbbJJFc1Ppf" 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 Alternatives Risk Fund is an actively managed exchange-traded fund (“ETF”) that may engage in active trading. The Tactical Alternatives Risk Fund will use a “fund of funds” approach, and seeks to achieve its investment objective by investing in the shares of other U.S. listed 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">Under normal market conditions, the Tactical Alternatives Risk Fund will invest its assets in Underlying ETFs across different alternative (or non-traditional) asset classes (“Underlying Alternative Asset ETFs”) as described 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> <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: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">●</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>Currencies: </b>Investments in the appreciation of the U.S. dollar against a basket of foreign currencies. Foreign currencies include the G10 currencies, which are ten of the most heavily traded and liquid currencies in the world and consist of the Euro, Pound Sterling, Australian Dollar, New Zealand Dollar, US Dollar, Canadian Dollar, Swiss Franc, Norwegian Krone, Swedish Krona and Yen.</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: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">●</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>Commodities: </b>Tangible properties, such as oil, metal or agricultural products. Commodities Futures and Commodity-Linked Instruments are used to provide exposure to these physical commodities markets without requiring a direct investment into such commodities.</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: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">●</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>Gold and precious metals: </b>gold bullion and precious metals, such as silver or platinum.</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: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">●</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>Futures Instruments: </b>Exchange-traded contracts that call for the future delivery of an asset by one party to another at a certain price and date, or cash settlement of the terms of the contract. Such assets include commodities and securities.</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: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">●</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>Digital currency: </b>Forms of money or money-like assets that are primarily managed, stored, or exchanged through digital systems, such as Bitcoin and Ethereum. </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="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">●</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Carbon credits: </b>Emission allowances or carbon credits (a unit of emissions (typically one ton of CO2)) that the owner of the allowance or credit is permitted to emit.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><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 Alternatives Risk Fund intends to invest in at least one Underlying Alternative Asset ETF for each of these alternative asset classes. The Underlying Alternative Asset ETFs are weighted using a risk parity framework so that risker assets carry a lower weight in comparison to lower volatility assets. The Fund may also invest from time to time in real estate investment trusts (“REITs”) to provide exposure to real estate. It is possible that the Fund’s allocations may be focused in particular industries, asset classes, or sectors of the economy. The Fund’s allocations among investment strategies and Underlying Alternative Asset Class ETFs will change over time and there should be no expectation that current or past positions will be maintained in the future.</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 Alternative Asset ETFs, the Adviser searches for alternative asset class ETFs that have low expenses, minimal tracking error to the underlying indexes, and sufficient liquidity. The Underlying Asset Class ETFs are unaffiliated with the Adviser. Each Underlying Alternative Asset 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 Tactical Alternatives Risk Fund also employs a proprietary targeted loss reduction strategy at the asset class level. Each of the alternative asset classes move and are monitored independently with each alternative asset class tracked by its own internally designed benchmark (each an “Alternative Asset Benchmark” and collectively, the “Alternative Asset Benchmarks”). Each Alternative Asset Benchmark is created by blending five proprietary moving averages that are designed to analyze each holding by evaluating its performance over the past 200 days through five different lenses; simple, time, exponential, volume, and volatility/adjustable. The simple moving average gives each day equal weighting. The time weighted moving average gives different weightings based on time, so that the most recent pricing gets greater weight. The exponential weighted average reviews a 200 day window, but in between the starting and ending points, the weighting for an individual’s day’s pricing increases exponentially. The volume weighted average looks at trading volume for each day, giving low weight to prices for days with low trading volume, and high weight for prices with high trading volume. The final moving average is based on volatility, using the standard deviation for the prior 200 days and the standard deviation for the past 30 days and comparing the two.</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 blend of the five moving averages is used to determine the normal trading range for any given holding and provides the Adviser with each alternative asset’s “bull” and “bear” trend lines in addition to its unique modified asset price. When an alternative asset’s modified asset price crosses its “bear” trend line, the alternative asset class is deemed to be showing weakness and the position is subsequently sold. The sell proceeds are then invested in 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”). . Conversely, when an already sold alternative asset position has its modified asset price cross its “bull” trend line, the alternative asset is deemed to be showing strength. As a result, the Underlying Fixed Income ETFs are liquidated and the Underlying Alternative Asset ETF position representing that particular alternative asset class is subsequently repurchased.</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, 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 Treasuries, Treasury Inflation-Protected Securities (TIPS), floating rate investment-grade corporate bonds, and short-term investment-grade corporate bond 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 the 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"><span style="text-decoration: underline">Wholly-Owned Subsidiary</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">Certain investments of the Fund, specifically, any Underlying Alternative Asset ETFs that generate “non-qualifying income” for purposes of qualifying as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), may be held through a wholly owned and controlled foreign subsidiary of the Fund (the “Subsidiary”) organized under the laws of the Cayman Islands.</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 Fund may invest up to 25% of its total assets (measured at the time of investment) in the Subsidiary, consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary will be advised by the Adviser. Unlike the Fund, the Subsidiary may directly invest without limitation in Underlying Alternative Asset ETFs that generate “non-qualifying income;” however, the Fund complies with the provisions of the Investment Company Act of 1940, as amended (“1940 Act”), governing investment policies, capital structure, and leverage on an aggregate basis with the Subsidiary. In addition, the Subsidiary will comply with the provision of the 1940 Act relating to investment advisory contracts, affiliated transactions, and custody, and will have the same custodian as the Fund. The Fund does not intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets, except for the entity that is wholly-owned by the Fund.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_gRBRTB-RNV_zTXeCfUYrLZ3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Tactical Alternatives 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zN4ysIhbmD57"> <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 Alternatives 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeAndSpecialtyAssetsRiskMember_zHRYO6vJpMEc"> <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>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.</span></td></tr></table></div><p id="xdx_A9C_zuOhfwd5MqVg" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CarbonCapRiskMember_zwkjxTJh1E2i"> <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>Carbon Cap Risk.</b> The government regulatory system known as “carbon cap and trade” is designed to reduce pollution by capping the total amount of pollutants or greenhouse gases emissions and allowing companies to trade emissions credits. There is no assurance that such carbon cap and trade regimes will continue to exist. Carbon caps were designed to put a cap on pollution by putting a price on carbon emissions, but the approach may not prove to be an effective method of reduction in emissions and/or in achieving climate change objectives. As a result or due to other factors, carbon caps may be terminated or may not be renewed upon their expiration. New technologies may arise that may diminish or eliminate the need for carbon caps markets. Ultimately, the cost of emissions credits is determined by the cost of actually reducing emissions levels. If the price of carbon caps credits becomes too high, it will be more economical for companies to develop or invest in green technologies, thereby suppressing the demand for credits and adversely affect the Fund. Regulatory risk related to changes in regulation and enforcement of carbon caps regimes could adversely affect market behavior. In addition, as and carbon credit markets develop, new regulation with respect to these markets may arise, which could have a negative effect on the value and liquidity of the cap and trade markets and the Fund.</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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zmyB1vRxZYD9"> <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>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="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--CreditRiskMember_znPSZT0PZ6O8"> <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 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CryptocurrencyRiskMember_zhqIS4C6SJYg"> <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>Cryptocurrency Risk.</b> Cryptocurrencies operate without central authority or banks and are not backed by any government. They are often referred to as “virtual currency” or “digital currency,” and function as decentralized, peer-to-peer financial exchanges and value storage that are used like money. Cryptocurrencies are not legal tender. Federal, state, or foreign governments may restrict the use and exchange of cryptocurrencies, and regulation in the U.S. is still developing. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware. Investment vehicles with exposure to cryptocurrencies such as bitcoin may be affected by the high volatility associated with such cryptocurrency exposure. Holdings in investment vehicles that hold cryptocurrency assets are subject to applicable limitations of regulatory regimes, which are subject to change. The investment vehicles through which exposure to cryptocurrencies is obtained may not be registered investment companies, and therefore, investors may not, as shareholders of such investment vehicles, receive the protections afforded to shareholders of an investment company under the 1940 Act in connection with their investment in such investment vehicles.</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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskDomesticAndForeignMember_zO2KmvmnB3Xj"> <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>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_A9B_zSfOagSoZYJ5" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zclFeZHeVjMc"> <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>Derivatives Risk. </b>Derivatives include instruments and contracts that are based on, and valued in relation to, one or more asset class, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include futures, options, swaps and forward contracts. Depending on how an Underlying Alternative Asset ETF uses derivatives and the relationship between the market value of the derivative and the underlying instrument, the use of derivatives could increase or decrease the Fund’s exposure to the risks of the underlying instrument. Using derivatives exposes the Fund to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, and credit risk. A small investment in derivatives could have a potentially large impact on the Fund’s performance. Derivatives transactions can be highly illiquid and difficult to unwind or value, they can increase Fund volatility, and changes in the value of a derivative held by an Underlying Alternative Asset ETF may not correlate with the value of the underlying instrument or the Fund’s other investments. Many of the risks applicable to trading the instruments underlying derivatives are also applicable to derivatives trading. However, derivatives are subject to additional risks such as operational risk (such as documentation issues and settlement issues) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract). For derivatives that are required to be cleared by a regulated clearinghouse, other risks may arise from the Fund’s relationship with a brokerage firm through which it submits derivatives trades for clearing, including in some cases from other clearing customers of the brokerage firm. An Underlying Alternative Asset ETF would also be exposed to counterparty risk with respect to the clearinghouse. Financial reform laws have changed many aspects of financial regulation applicable to derivatives. Once implemented, new regulations, including margin, clearing, and trade execution requirements, may make investment in derivatives more costly, may limit their availability, may present different risks or may otherwise adversely affect the value or performance of these instruments. The extent and impact of these regulations are not yet fully known and may not be known for some time.</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--EarlyCloseTradingHaltRiskMember_zuPGpfYIHcH9"> <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 Alternatives Risk Fund from buying or selling certain securities or financial instruments. In these circumstances, the Tactical Alternatives 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRiskMember_gRBRTB-GXWCW_zqLcZ62YZv1l"> <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 Alternatives 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zHF3tvKufx8c"> <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 Alternatives Risk Fund. The Tactical Alternatives 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 Alternatives 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zkPFQsh4AaU7"> <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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zNqdxOliBTj6"> <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 id="xdx_A91_z24FpCr1o9rf" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zr6Wk82766o9"> <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 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: 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><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: 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><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: 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><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: 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><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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zbF9H547PW4l"> <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 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 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 Tactical Alternatives Risk 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="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--ForeignInvestmentRiskMember_zBmBxioKsLKa"> <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>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="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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_zfp2bumeNyL8"> <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 Alternatives Risk 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="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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zyVbKNTMTNej"> <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>Futures Risk. </b>The Underlying Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Underlying Funds. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.</span></td></tr></table></div><p id="xdx_A93_z99crzlQgdA2" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldAndPreciousMetalsRiskMember_zCQHo9Y8Gwhi"> <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>Gold and Precious Metals Risk.</b>: The price of gold and other precious metals (collectively “Precious Metals”) may be volatile, and Precious Metal-related Exchange Traded Products (“ETPs”), including related Precious Metal-exchange traded funds, and derivatives may be highly sensitive to the price of Precious Metals. The price of Precious Metals can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Physical Precious Metal has sales commission, storage, insurance and auditing expenses.</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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldOrJunkBondRiskMember_zHpnQ6mQRkS9"> <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>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="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--IncomeRiskMember_zMki2JNpqzI2"> <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 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="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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zq3s9sjDlqkf"> <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 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="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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUnderlyingETFsRiskMember_zNUSuX0Tk7jh"> <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 Alternatives Risk Fund. As a result, the cost of investing in the Tactical Alternatives 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 Alternatives 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zl63d1IWUdlc"> <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>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="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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zESfGEHnTMc1"> <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 Alternatives 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zhFTXCdG5jt7"> <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 Alternatives 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, 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><p id="xdx_A9C_zdWgXN2zEe09" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zLZUMwctqD9c"> <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>Portfolio Turnover Risk:</b> A higher portfolio turnover may result in higher transactional and brokerage costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may affect the taxes you pay as the Fund shareholder. The Fund’s portfolio turnover rate is expected to be above 100% annually.</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--TaxRiskMember_zDvZyLQjQWc2"> <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>Tax Risk.</b> To qualify as a regulated investment company (“RIC”), the Fund must meet certain requirements concerning the source of its income. The Fund’s investment in the Subsidiary is intended to provide exposure to certain Underlying Alternative Asset ETFs that generate “non-qualifying” income in a manner that is consistent with the “qualifying income” requirement applicable to RICs. The Internal Revenue Service (“IRS”) has ceased issuing private letter rulings regarding whether the use of subsidiaries by investment companies to invest in certain instruments constitutes qualifying income. If the IRS determines that this source of income is not “qualifying income,” the Fund may cease to qualify as a RIC because the Fund has not received a private letter ruling and is not able to rely on private letter rulings issued to other taxpayers. Failure to qualify as a RIC could subject the Fund to adverse tax consequences, including a federal income tax on its net income at regular corporate rates, as well as a tax to shareholders on such income when distributed as an ordinary dividend.</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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyOwnedSubsidiaryRiskMember_zin5UQ5ggvFd"> <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>Wholly-Owned Subsidiary Risk. </b>The Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Fund and its shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment returns. By investing in certain Underlying Alternative Asset ETFs indirectly through the Subsidiary, the Fund will obtain exposure to certain alternative assets within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</span></td></tr></table></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zN4ysIhbmD57"> <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 Alternatives 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_C03_gRBRTB-RNV_zbfbpoICgUh9"><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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeAndSpecialtyAssetsRiskMember_zHRYO6vJpMEc"> <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>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.</span></td></tr></table></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CarbonCapRiskMember_zwkjxTJh1E2i"> <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>Carbon Cap Risk.</b> The government regulatory system known as “carbon cap and trade” is designed to reduce pollution by capping the total amount of pollutants or greenhouse gases emissions and allowing companies to trade emissions credits. There is no assurance that such carbon cap and trade regimes will continue to exist. Carbon caps were designed to put a cap on pollution by putting a price on carbon emissions, but the approach may not prove to be an effective method of reduction in emissions and/or in achieving climate change objectives. As a result or due to other factors, carbon caps may be terminated or may not be renewed upon their expiration. New technologies may arise that may diminish or eliminate the need for carbon caps markets. Ultimately, the cost of emissions credits is determined by the cost of actually reducing emissions levels. If the price of carbon caps credits becomes too high, it will be more economical for companies to develop or invest in green technologies, thereby suppressing the demand for credits and adversely affect the Fund. Regulatory risk related to changes in regulation and enforcement of carbon caps regimes could adversely affect market behavior. In addition, as and carbon credit markets develop, new regulation with respect to these markets may arise, which could have a negative effect on the value and liquidity of the cap and trade markets and the Fund.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-RNV_zBNkW3KYD6f5"><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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zmyB1vRxZYD9"> <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>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-RNV_zs19rdldaZDk"><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--CreditRiskMember_znPSZT0PZ6O8"> <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 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_C0E_gRBRTB-RNV_zq47GKFxtSec"><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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CryptocurrencyRiskMember_zhqIS4C6SJYg"> <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>Cryptocurrency Risk.</b> Cryptocurrencies operate without central authority or banks and are not backed by any government. They are often referred to as “virtual currency” or “digital currency,” and function as decentralized, peer-to-peer financial exchanges and value storage that are used like money. Cryptocurrencies are not legal tender. Federal, state, or foreign governments may restrict the use and exchange of cryptocurrencies, and regulation in the U.S. is still developing. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware. Investment vehicles with exposure to cryptocurrencies such as bitcoin may be affected by the high volatility associated with such cryptocurrency exposure. Holdings in investment vehicles that hold cryptocurrency assets are subject to applicable limitations of regulatory regimes, which are subject to change. The investment vehicles through which exposure to cryptocurrencies is obtained may not be registered investment companies, and therefore, investors may not, as shareholders of such investment vehicles, receive the protections afforded to shareholders of an investment company under the 1940 Act in connection with their investment in such investment vehicles.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-RNV_z5FUW72S4qEc"><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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskDomesticAndForeignMember_zO2KmvmnB3Xj"> <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>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--DerivativesRiskMember_zclFeZHeVjMc"> <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>Derivatives Risk. </b>Derivatives include instruments and contracts that are based on, and valued in relation to, one or more asset class, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include futures, options, swaps and forward contracts. Depending on how an Underlying Alternative Asset ETF uses derivatives and the relationship between the market value of the derivative and the underlying instrument, the use of derivatives could increase or decrease the Fund’s exposure to the risks of the underlying instrument. Using derivatives exposes the Fund to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, and credit risk. A small investment in derivatives could have a potentially large impact on the Fund’s performance. Derivatives transactions can be highly illiquid and difficult to unwind or value, they can increase Fund volatility, and changes in the value of a derivative held by an Underlying Alternative Asset ETF may not correlate with the value of the underlying instrument or the Fund’s other investments. Many of the risks applicable to trading the instruments underlying derivatives are also applicable to derivatives trading. However, derivatives are subject to additional risks such as operational risk (such as documentation issues and settlement issues) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract). For derivatives that are required to be cleared by a regulated clearinghouse, other risks may arise from the Fund’s relationship with a brokerage firm through which it submits derivatives trades for clearing, including in some cases from other clearing customers of the brokerage firm. An Underlying Alternative Asset ETF would also be exposed to counterparty risk with respect to the clearinghouse. Financial reform laws have changed many aspects of financial regulation applicable to derivatives. Once implemented, new regulations, including margin, clearing, and trade execution requirements, may make investment in derivatives more costly, may limit their availability, may present different risks or may otherwise adversely affect the value or performance of these instruments. The extent and impact of these regulations are not yet fully known and may not be known for some time.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-RNV_z6lSEzrTmzo1"><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--EarlyCloseTradingHaltRiskMember_zuPGpfYIHcH9"> <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 Alternatives Risk Fund from buying or selling certain securities or financial instruments. In these circumstances, the Tactical Alternatives 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_C09_gRBRTB-RNV_z4xrw4WB4V0g"><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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRiskMember_gRBRTB-GXWCW_zqLcZ62YZv1l"> <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 Alternatives 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_C0F_gRBRTB-RNV_z6EIC0y14Hae"><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-RNV_z7z2DPxRFgMl"><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zHF3tvKufx8c"> <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 Alternatives Risk Fund. The Tactical Alternatives 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 Alternatives 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_C05_gRBRTB-RNV_zedA7iBnoOnj"><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-RNV_zHVKeHp1WXib"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zkPFQsh4AaU7"> <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_C02_gRBRTB-RNV_z2EOmnizr9K5"><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_C0F_gRBRTB-RNV_zn0E1HKbhtA9"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zNqdxOliBTj6"> <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_C04_gRBRTB-RNV_zamqCBQEYIoh"><p id="xdx_A91_z24FpCr1o9rf" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C07_gRBRTB-RNV_zRmdCM5NIXyb"><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zr6Wk82766o9"> <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_C01_gRBRTB-RNV_zMhO8VV0ZfQ"><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-RNV_zsk1cbe7ZkCj"><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 id="xdx_C0D_gRBRTB-RNV_z7WSfnm4ogBl"><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_C04_gRBRTB-RNV_z56SYRGQzaUf"><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 id="xdx_C04_gRBRTB-RNV_zVGh384gyPyh"><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-RNV_zkcbRP19JBj7"><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 id="xdx_C07_gRBRTB-RNV_z4hfctl20mM7"><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_C08_gRBRTB-RNV_zk3khbFWN4i8"><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 id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zHF3tvKufx8c"> <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 Alternatives Risk Fund. The Tactical Alternatives 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 Alternatives 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-GXWCW_zYd7d67cZkL4"><div id="xdx_C05_gRBRTB-RNV_zedA7iBnoOnj"><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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zkPFQsh4AaU7"> <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_C09_gRBRTB-GXWCW_z59aGlANyg0e"><div id="xdx_C02_gRBRTB-RNV_z2EOmnizr9K5"><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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zNqdxOliBTj6"> <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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zr6Wk82766o9"> <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_C01_gRBRTB-GXWCW_zCYqqvd1hUl1"><div id="xdx_C01_gRBRTB-RNV_zMhO8VV0ZfQ"><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_C0F_gRBRTB-GXWCW_z4RQuis3hecl"><div id="xdx_C02_gRBRTB-RNV_zsk1cbe7ZkCj"><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_C03_gRBRTB-GXWCW_zmPfzWG7Ov4"><div id="xdx_C0D_gRBRTB-RNV_z7WSfnm4ogBl"><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_C0D_gRBRTB-GXWCW_zrHhK9bxOOb9"><div id="xdx_C04_gRBRTB-RNV_z56SYRGQzaUf"><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_C0B_gRBRTB-GXWCW_zLcEraoHvwi8"><div id="xdx_C04_gRBRTB-RNV_zVGh384gyPyh"><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_C07_gRBRTB-GXWCW_zVTPTbeGdY4e"><div id="xdx_C05_gRBRTB-RNV_zkcbRP19JBj7"><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_C0E_gRBRTB-GXWCW_zg5FDRWd86Si"><div id="xdx_C07_gRBRTB-RNV_z4hfctl20mM7"><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_C02_gRBRTB-GXWCW_zK1zSUJ3n3nc"><div id="xdx_C08_gRBRTB-RNV_zk3khbFWN4i8"><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_C0B_gRBRTB-RNV_zPJaVgpJZGq2"><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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zbF9H547PW4l"> <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 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 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 Tactical Alternatives Risk 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_C0C_gRBRTB-RNV_zZg8TrabVbeg"><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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zBmBxioKsLKa"> <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>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_C0B_gRBRTB-RNV_zxbxotWOdBVi"><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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_zfp2bumeNyL8"> <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 Alternatives Risk 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_C0D_gRBRTB-RNV_ziRFy7UoWzUl"><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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zyVbKNTMTNej"> <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>Futures Risk. </b>The Underlying Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Underlying Funds. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.</span></td></tr></table></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldAndPreciousMetalsRiskMember_zCQHo9Y8Gwhi"> <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>Gold and Precious Metals Risk.</b>: The price of gold and other precious metals (collectively “Precious Metals”) may be volatile, and Precious Metal-related Exchange Traded Products (“ETPs”), including related Precious Metal-exchange traded funds, and derivatives may be highly sensitive to the price of Precious Metals. The price of Precious Metals can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Physical Precious Metal has sales commission, storage, insurance and auditing expenses.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-RNV_z4hAvpAnUg7e"><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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldOrJunkBondRiskMember_zHpnQ6mQRkS9"> <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>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_C04_gRBRTB-RNV_zlxg5L1sKpqb"><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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zMki2JNpqzI2"> <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 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_C0E_gRBRTB-RNV_zh2FDVkJ5im5"><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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zq3s9sjDlqkf"> <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 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_C0E_gRBRTB-RNV_zNdQSB1El1Hk"><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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUnderlyingETFsRiskMember_zNUSuX0Tk7jh"> <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 Alternatives Risk Fund. As a result, the cost of investing in the Tactical Alternatives 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 Alternatives Risk Fund may also be subject to certain other risks specific to each Underlying ETF.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-RNV_zsCcXMuGtnvd"><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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zl63d1IWUdlc"> <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>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_C00_gRBRTB-RNV_zYexd8EZAYW9"><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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zESfGEHnTMc1"> <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 Alternatives Risk Fund is a new ETF with a limited history of operations for investors to evaluate.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-RNV_zwxz8oqsx2Cb"><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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zhFTXCdG5jt7"> <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 Alternatives 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, 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zLZUMwctqD9c"> <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>Portfolio Turnover Risk:</b> A higher portfolio turnover may result in higher transactional and brokerage costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may affect the taxes you pay as the Fund shareholder. The Fund’s portfolio turnover rate is expected to be above 100% annually.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-RNV_zSGn9mgaejka"><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--TaxRiskMember_zDvZyLQjQWc2"> <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>Tax Risk.</b> To qualify as a regulated investment company (“RIC”), the Fund must meet certain requirements concerning the source of its income. The Fund’s investment in the Subsidiary is intended to provide exposure to certain Underlying Alternative Asset ETFs that generate “non-qualifying” income in a manner that is consistent with the “qualifying income” requirement applicable to RICs. The Internal Revenue Service (“IRS”) has ceased issuing private letter rulings regarding whether the use of subsidiaries by investment companies to invest in certain instruments constitutes qualifying income. If the IRS determines that this source of income is not “qualifying income,” the Fund may cease to qualify as a RIC because the Fund has not received a private letter ruling and is not able to rely on private letter rulings issued to other taxpayers. Failure to qualify as a RIC could subject the Fund to adverse tax consequences, including a federal income tax on its net income at regular corporate rates, as well as a tax to shareholders on such income when distributed as an ordinary dividend.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-RNV_zuB1kgI5wqz3"><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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyOwnedSubsidiaryRiskMember_zin5UQ5ggvFd"> <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>Wholly-Owned Subsidiary Risk. </b>The Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and could negatively affect the Fund and its shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment returns. By investing in certain Underlying Alternative Asset ETFs indirectly through the Subsidiary, the Fund will obtain exposure to certain alternative assets within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</span></td></tr></table></div> Performance. <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_z0GEdpYMmPe4" 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_906_eoef--PerformanceOneYearOrLess_c20260819__20260819__dei--LegalEntityAxis__custom--S000107734Member_zgYeKtun6ZS9">Since the Fund had not commenced operations prior to the date of this Prospectus, no calendar year performance information is available.</span> In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholder semi-annually. Updated performance information will be available at no cost at <span style="text-decoration: underline"><span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260819__20260819__dei--LegalEntityAxis__custom--S000107734Member_zsqBc1ITVly7">www.beaconinvestingfunds.com</span></span> or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260819__20260819__dei--LegalEntityAxis__custom--S000107734Member_zpzt7Jg4cRC4">1-866-439-9093</span><b>. </b>In the future, performance information will be presented in this section of the Prospectus.</span></p> Since the Fund had not commenced operations prior to the date of this Prospectus, no calendar year performance information is available. www.beaconinvestingfunds.com 1-866-439-9093 Estimated for the current fiscal year. This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Tactical Alternatives Risk Fund and is not a direct expense incurred by the Tactical Alternatives Risk Fund or deducted from the Tactical Alternatives Risk Fund assets. Pursuant to an operating expense limitation agreement between the Adviser and the Trust, on behalf of the Tactical Alternatives Risk Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Tactical Alternatives Risk Fund to ensure that Total Annual Fund Operating Expenses for the Tactical Alternatives 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 Alternatives Risk Fund’s average net assets through September 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 Alternatives 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.