Important Risk Information:

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. Please review the Fund’s prospectus for more detail on the expense waiver. Without these waivers, the Fund’s total annual operating expenses would be 1.34%. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until August 31, 2024, to ensure that the net annual Fund operating expenses will not exceed 0.95%, subject to possible recoupment from the Fund in future years. Results shown reflect the waiver, without which the results could have been lower. A fund’s performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month-end, please call toll-free 877-558-6397.

Market price returns are calculated using the closing price and account for distributions from the funds.

The Fund’s use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include leverage risk and correlation or tracking risk. Because futures require only a small investment in the form of a deposit or margin, they involve a high degree of leverage. The fund may have options risk. Options are subject to changes in the underlying other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETF’s and may be higher than other mutual funds that invest directly in securities. There is equity risk as the price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably.

ETFs involve risk including possible loss of principal. An investor should consider the ETFs investment objectives, risks, charges, and expenses carefully before investing. This and other information about the ETF is contained in the prospectus, which can be obtained by calling 877-558-6397. Please read the prospectus carefully before investing. The Toews Funds Agility Shares Managed Risk ETF is distributed by Northern Lights Distributors LLC, member FINRA/SIPC. Toews Corporation is not affiliated with Northern Lights, LLC.

(*) The median bid-ask spread is calculated by identifying the national best bid and national best offer (“NBBO”) for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.