AXS Thomson Reuters Private Equity Return Tracker Fund

Class I: LDPIX     Class A: LDPAX     Class C: LDPCX

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The AXS Thomson Reuters Private Equity Return Tracker Fund seeks to provide investment results that correspond generally to the price performance of the Thomson Reuters Private Equity Buyout Index, which is designed to track the aggregate performance of U.S. private equity-backed companies.

INVESTOR BENEFITS

Daily Liquidity
Mutual fund offering daily liquidity with no lock-up period typically required by traditional private equity funds

Low Investment Minimums
Only $5,000 for Class I shares and $2,500 for Class A and C shares

Low Fees
No performance fees typically associated with traditional private equity investments

FUND DETAILS

Fund Details

Ticker: LDPIX
CUSIP: 66538G494
Inception Date: 9/18/2015
Distribution Frequency: Annual
Management Fees: 1.25%
Total Operating Expense: 1.78%
Net Expense*: 1.51%

 

 

Fund Details

Ticker: LDPAX
CUSIP: 66538G528
Inception Date: 9/18/2015
Distribution Frequency: Annual
Management Fees: 1.25%
Total Operating Expense: 2.03%
Net Expense*: 1.76%

 

 

Fund Details

Ticker: LDPCX
CUSIP: 66538G379
Inception Date: 9/18/2015
Distribution Frequency: Annual
Management Fees: 1.25%
Total Operating Expense: 2.78%
Net Expense*: 2.51%

 

 

*The Fund’s investment advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, to ensure that the Fund’s total annual operating expenses do not exceed on an annual basis: 1.50% Class I, 1.75% Class A, and 2.50% Class C of the Fund’s average daily net assets, effective until November 20, 2022.

REQUEST RED HERRING PROSPECTUS

There is no assurance that the Fund will achieve its investment objective.

The Thomson Reuters Private Equity Buyout Research Index is an uninvestable index constructed from observed valuations of private equity-funded companies through a comprehensive aggregation of private company values. The index is market cap weighted and published quarterly. The Thomson Reuters Private Equity Buyout Index (TRPEI) replicates the performance of the Thomson Reuters Private Equity Buyout Research Index through a combination of liquid, publicly listed assets.

The Fund may invest in ETFs, ETNs and mutual funds, which are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. ETFs, ETNs and mutual funds are subject to issuer, fixed income and risks specific to the Fund.

Private equity investments involve a greater degree of risk; as a result, the Fund’s returns may experience greater volatility than the overall market. The Fund does not invest in private equity funds nor does it invest directly in the company funded by private equity funds. The Fund seeks to generate returns that mimic the aggregate returns of U.S. private equity-backed companies as measured by the Thomson Reuters Private Equity Buyout Index (TRPEI). There is a risk that the Fund's return may not match or achieve a higher degree of correlation with the return of the TRPEI. Additionally, the TRPEI’s return may not match or achieve a high degree of correlation with the return of the U.S. private equity-based companies.

Investments in equity securities are subject to overall market risks. To the extent that the Fund’s investments are concentrated in or significantly exposed to a particular sector, the Fund will be susceptible to loss due to adverse occurrences affecting that sector. Loss may result from the Fund’s investments in derivatives. These instruments may be illiquid, difficult to value and leveraged so that small changes may produce disproportionate losses to the Fund. Over-the-counter derivatives, such as swaps, are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. In certain circumstances, it may be difficult for the Fund to purchase and sell particular derivative investments within a reasonable time at a fair price.

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