IMPORTANT RISK DISCLOSURE

Investing involves risk. Principal loss is possible. As an ETF, the fund may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The Fund is new with a limited operating history.

Inverse ETFs seek to provide the opposite of the single day performance of the index they track and are subject to substantial volatility.

The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1x) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the Index's performance decreases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

The Fund invests in companies that have completed a business combination transaction with a SPAC. SPACs are companies that may be unseasoned and lack a trading or operational history, a track record of reporting to investors, and widely available research coverage. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. In addition, SPAC-derived companies may share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in a SPAC-derived company are typically a small percentage of the market capitalization. The ownership of many SPAC-derived companies often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following a business combination transaction when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.

The AXS De-SPAC ETF attempts to replicate the Index by its net assets substantially in the stocks that make up the De-SPAC Index. The Adviser uses a “passive” or indexing approach to try to achieve investment objectives. The AXS Short De-SPAC Daily ETF seeks daily inverse investment results in pursuit of its investment goals. This means that the Fund’s return for a period longer than a full trading day may have no resemblance to -100% of the return of the De-SPAC Index and that longer holding periods and higher volatility of the De-SPAC Index may increase the impact of compounding on an investor’s returns.

Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. The Fund expects to use swap agreements, which could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants. The Fund is subject to increased counterparty risk with respect to the amount it expects to receive from counterparties to uncleared swaps.

Because the Fund’s short (inverse) positions are designed to profit from a decline in the price of the Index, the Fund will lose value when the Index’s price rises. Inverse positions may be considered aggressive and may result in significant losses. Certain Fund transactions, such as entering into futures contracts, options and short sales, may give rise to a form of leverage that can magnify the effects of changes in the value of the Fund’s investments and make the Fund more volatile and potentially result in the loss of all assets.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns. NAVs are calculated using prices as of 4:00 PM Eastern Time. The closing price is the midpoint between the bid and ask price as of the close of exchange. Closing price returns do not represent the returns you would receive if you traded shares at other times.