Institutional Class Prospectus Potomac Managed Volatility Fund Institutional Class Shares Risks of Exchange Traded Funds Portfolio Turnover Risk Leveraged ETF Risks Inverse ETF Risks Sector Risk Management Risks Quantitative/Trend Model Risk Securities Lending Risk Risks in General Risks of Fixed Income Securities High-Yield Securities (“Junk Bond”) Risk Foreign Risk Emerging Markets Risk Risks of Equity Securities Risks of Derivatives Real Estate Investment Trusts Commodity Risk Cryptocurrency Risk Bitcoin-Related Investment Risk Futures Contract Risk Leveraging Risk Morningstar Global Core Bond GR USD (does not reflect deductions for fees, expenses or taxes) Morningstar Conservative Target Risk Index (does not reflect deductions for fees, expenses or taxes) Bloomberg Global-Aggregate Total Return Index (does not reflect deductions for fees, expenses or taxes) S&P Target Risk Conservative Index (does not reflect deductions for fees, expenses or taxes) Potomac Tactical Rotation Fund Institutional Class Shares Risks of Small and Medium Capitalization Companies Short Exposure Risk S&P 500® Index (does not reflect deductions for fees, expenses or taxes) Morningstar Moderately Conservative Target Risk Index (does not reflect deductions for fees, expenses or taxes) S&P Target Risk Moderate Index (does not reflect deductions for fees, expenses or taxes) Potomac Tactical Opportunities Fund Institutional Class Shares S&P 500® Index (does not reflect deductions for fees, expenses or taxes) Morningstar Moderate Target Risk Index (does not reflect deductions for fees, expenses or taxes) S&P Target Risk Growth Index (does not reflect deductions for fees, expenses or taxes) Potomac Defensive Bull Fund Institutional Class Shares S&P 500® Index (does not reflect deductions for fees, expenses or taxes) Morningstar Moderately Aggressive Target Risk Index (does not reflect deductions for fees, expenses or taxes) S&P Target Risk Aggressive Index (does not reflect deductions for fees, expenses or taxes) Potomac Tactically Passive Fund Institutional Class Shares Class R Prospectus Class R Shares Class R Shares Class R Shares Class R Shares Class R Shares C000219680Member C000219679Member Index8Member C000219677Member Index11Member C000271447Member C000275770Member C000275769Member C000275767Member C000275771Member