PUTD

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please visit our website at www.validusetfs.com. Read the prospectus or summary prospectus carefully before investing.

Investment Objective: The Fund seeks to track the performance, before fees and expenses, of the Cboe Validus S&P 500 Dynamic PutWrite Index.

Investing involves risk, including possible loss of principal. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.

Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities that the Fund has exposure to through the S&P 500 Index Puts may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Put Option Risk. Options may be subject to volatile swings in price influenced by changes in the value of the underlying investment (e.g., the S&P 500 Index). Although the Fund collects premiums on the options it writes, the Fund’s risk of loss if its options expire in-the-money (i.e., the Fund, as the seller of the S&P 500 Index Puts, owes the buyer of the S&P 500 Index Puts) may outweigh the gains to the Fund from the receipt of such option premiums. Derivatives Risk. Options are a type of derivative. The use of derivatives could increase or decrease the Fund’s exposure to the risks of the underlying instrument. Using derivatives can have a leveraging effect and increase Fund volatility. A small investment in derivatives could have a potentially large impact on the Fund’s performance. Implied Volatility Risk. When the Fund sells an option, it gains the amount of the premium it receives, but also incurs a liability representing the value of the option it has sold until the option is either exercised and finishes “in the money,” meaning it has value and can be sold, or the option expires worthless, or the expiration of the option is “rolled,” or extended forward. The value of the options in which the Fund invests is based partly on the volatility used by market participants to price such options (i.e., implied volatility). Accordingly, increases in the implied volatility of such options will cause the value of such options to increase (even if the prices of the options’ underlying stocks do not change), which will result in a corresponding increase in the liabilities of the Fund under such options and thus decrease the Fund’s NAV. Large-Capitalization Risk. The Fund’s investments are associated with large-capitalization companies (i.e., the largest 500 U.S.-listed companies by market capitalization). The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government guaranteed securities are neither insured nor guaranteed by the U.S. Government. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Passive Investment Risk. The Fund is passively managed and attempts to mirror the composition and performance of the CBOE Validus S&P 500 Dynamic PutWrite Index. The Fund’s returns may  not match due to expenses incurred by the Fund or lack of precise correlation with the Index. Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in Index Components at all times or may hold securities not included in the Index.

Definitions:

Beta: is the sensitivity of the change in the price of the Fund (or index) versus the S&P500 (example: a beta of 0.8 means for 1% change in the price of S&P500 the Fund (or index) index changes by 0.8%.

Sharpe ratio: a measure that defines to the return minus the risk-free interest rate divided per unit of risk, i.e. standard deviation.

Range bound market: a range bound market is one that does not exhibit a strong upward trend or downward trend (i.e. annual performance) with a  price that varies in a bounded interval of typically less than 10-15%.

Drawdown: refers to how much an investment dropped from the peak before it recovers back to the peak.

Time under water refers to how long it takes for the investment to climb back to its past peak level after it dropped lower from it.

Path dependency: refers to the fact that the payout of an option position depends on its strike, the level of underlying security at the time the position was initiated as well as the level of underlying at the time when the position is closed.

Tidal Financial Group (Tidal) serves as the Investment Adviser for the Fund.

Validus (Validus ETF) serves as the Sub-Adviser to the Fund.

The Fund is distributed by Foreside Fund Services, LLC. Foreside, Tidal, and Validus are not related.