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 1.47%. 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.

The statistics presented are defined as follows. Net asset value (NAV) is the value of an entity’s assets minus the value of its liabilities, often in relation to open-end or mutual funds, since shares of such funds registered with the U.S. Securities and Exchange Commission are redeemed at their net asset value. The expense ratio (ER) measures how much of a fund’s assets are used for administrative and other operating expenses. An expense ratio is determined by dividing a fund’s operating expenses by the average dollar value of its assets under management (AUM). Operating expenses reduce the fund’s assets, thereby reducing the return to investors.

The S&P 500 Index is a stock market index that tracks the stocks of 500 large-cap U.S. companies. It represents the stock market’s performance by reporting the risks and returns of the biggest companies. Investors use it as the benchmark of the overall market, to which all other investments are compared.

The Fund is a new ETF with no history of operations for investors to evaluate. Many factors affect the Fund’s net asset value and performance. The Fund will have ETF Risk. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities. The Fund will have ETF Structure Risk and as a result is subject to risks including the risk that shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Trading in Shares on 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. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.

The net asset value (“NAV”) of the Fund’s shares will generally fluctuate with changes in the market value of the Fund’s holdings. Because the Fund’s investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. 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. The fund may also have options risk. Options are subject to changes in the underlying securities or index of securities on which such instruments are based.

¹Ordinarily, dividends from net investment income, if any, are declared and paid monthly by the Fund. The Fund distributes its net realized capital gains, if any, to shareholders annually.

ETFs involve risk including possible loss of principal. An investor should consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. This and other information about the Fund is contained in the Fund’s prospectus, which can be obtained by calling 877-558-6397. Please read the prospectus carefully before investing. Dynamic Tactical Income 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.