Author: Sebastian Ochoa

Important Information

The Fund’s Investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information is contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.253.777.8784. Please read the prospectus carefully before Investing.

The Fund is actively managed and is subject to the risk that the strategy may not produce the intended results. The Fund is new and has a limited operating history to evaluate.

There is no assurance that the fund will achieve Its investment objective or will be successful in capturing more upside or providing downside protection. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

Buffer and Cap Risks. There can be no guarantee that the Fund will be successful in its strategy to buffer against the Underlying ETF’s losses. Each investment of the Fund with respect to the Underlying ETF seeks to deliver returns that match those of the Underlying ETF (up to the Cap), while typically limiting downside losses, if the Fund’s investment is held until the applicable options expire. Additionally, because of the Cap, the Fund’s investments may underperform those of funds that do not use a Buffer and Cap structure. Because the amount of the Buffer and the corresponding Cap with respect to the Underlying ETF are determined separately each time the Fund adds exposure to the Underlying ETF and each will vary depending on BufferLABS’ view of market conditions and the cost of the available options contracts, Shares will not reflect a particular fixed overall Buffer or Cap for any particular period, and consequently, investors In the Fund will not receive the protection of any particular fixed Buffer level (or be limited by any particular Cap) regardless of when they purchase or sell Shares. The Fund does not provide principal protection and an Investor may experience significant losses on its Investment, Including loss of Its entire Investment

Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s, BufferLABS’, Arin’s or the portfolio managers’ success or failure to implement investment strategies for the Fund. The success of the Fund’s investment program depends largely on the investment techniques and risk analyses applied by the Adviser, BufferLABS, Arin, and the portfolio managers and the skill of the Adviser, BufferLABS, Arin, and/or portfolio managers in evaluating, selecting, and monitoring the Fund’s assets. The Fund could experience losses (realized and unrealized) if the judgment of the Adviser, BufferLABS, Arin or portfolio managers about markets or sectors or the attractiveness of particular investments made for the Fund’s portfolio prove to be incorrect. It Is possible the Investment techniques and risk analyses employed on behalf of the Fund will not produce the desired results. Absent unusual circumstances (e.g., the Adviser determines a different security has higher liquidity but offers a similar investment profile as a recommended security), the Adviser will generally follow BufferLABS’ investment recommendations to buy, hold, and sell securities and financial instruments.

New Sub-Advisor Risk. BufferLABS has no experience with managing an ETF, which may limit its effectiveness.

Options Risk. Writing option contracts can result in losses that exceed the seller’s initial investment and may lead to additional turnover and higher tax liability. Buying options is a speculative activity and entails greater than ordinary investment risks. Many factors influence the value of an option, including the price of the underlying asset, the exercise price, the time to expiration, the interest rates, and the dividend on the underlying asset, the buyer’s success in implementing an option buying strategy may depend on an ability to predict movements in interest rates. There is no assurance that a liquid market will exist when the buyer seeks to close out any option position. When an option is purchased to hedge against price movements in an underlying asset, the price of the option may move more or less than the price of the underlying asset.

Special Tax Risk. The Fund intends to qualify as a “regulated investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, In any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Active Trading Risk. The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. There can be no assurance that the Fund will grow to or maintain an economically viable size.

Large-Capitalization Companies Risk. Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better – or worse – than the stock market in general. These periods have, In the past, lasted for as long as several years.

Risk of Investing In the U.S. Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.

Non-Diversification Risk. Because the Fund Is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual Issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss.

Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding or exposed to equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

An investment In the Fund Involves risk, Including possible loss of principal. Exchange-traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal Investment risks, please refer to the prospectus.

Shares of the Funds Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

Median 30 Day Spread: is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Basis Points (bps): A unit of measure used in quoting yields, changes in yields or differences between yields. One basis point is equal to 0.01%, or one one-hundredth of a percent of yield and 100 basis points equals 1%.

* Put spread collar is an options strategy that combines elements of a collar and a put spread to manage downside risk while limiting upside potential.

** Delta – is a risk metric that estimates the change in the price. Theta – Is an options risk factor that measures the speed of decline in the value of an option as it approaches its expiration date. Gamma – measures how much an option’s delta shifts when the price of the underlying asset changes by one point.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Ogard Capital Market Research, LLC (“BufferLABS”) and Arin Risk Advisor, LLC (“Arin”) serve as the Sub-advisers to the Fund. PINE Distributors LLC is not affiliated with ETF Architect, Ogard Capital Market Research, LLC, and Arin Risk Advisors, LLC. Learn more about PINE Distributors LLC at FINRA’s Brokercheck.

ETFAC-4844390-09/25