# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-23-001529
**Filing Date:** 2023-3
**Character Count:** 103261
**Document Hash:** 9825abb2b99966fdb63dc4271cb72cbe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001529.hdr.sgml**: 20230314

**ACCESSION NUMBER**: 0001580642-23-001529

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20230314

**DATE AS OF CHANGE**: 20230314

**EFFECTIVENESS DATE**: 20230314

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust IV
- **CENTRAL INDEX KEY:** 0001644419
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0916

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-204808
- **FILM NUMBER:** 23732056

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68154-1150

## Series and Classes Contracts Data

### Inverse Cramer Tracker ETF (Series ID: S000079232)

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| Inverse Cramer Tracker ETF | SJIM          | C000240193 |

---

### Long Cramer Tracker ETF (Series ID: S000079233)

---

|  |  |  |
|:---|:---|:---|
| Class Name              | Ticker Symbol | Class ID   |
| Long Cramer Tracker ETF | LJIM          | C000240194 |

---

## Series and Classes Contracts Data

### Inverse Cramer Tracker ETF (Series ID: S000079232)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000240193 | Inverse Cramer Tracker ETF | SJIM            |

### Long Cramer Tracker ETF (Series ID: S000079233)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000240194 | Long Cramer Tracker ETF | LJIM            |

?xml version="1.0" encoding="utf-8"?

![](ne001_v1.jpg)

**Inverse Cramer Tracker ETF**

&nbsp;&nbsp; SJIM<br>

**Long Cramer Tracker ETF**

&nbsp;&nbsp; LJIM<br>

Each a series of Northern Lights Fund Trust IV

**PROSPECTUS** 

**February 21, 2023**

&nbsp;&nbsp; *Advised by:*<br> **Tuttle Capital Management, LLC**<br> 155 Lockwood Rd.<br> Riverside, CT 06878<br>

<u>www.crameretfs.com</u> 888-723-2821 (TOLL FREE)

This Prospectus provides important information about the Funds that you should know before investing. Please read it carefully and keep it for future reference.

These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (the "Exchange").

**None of the Trust, the Funds, nor the Funds' investment adviser are affiliated with Jim Cramer or any of the media through which his recommendations are communicated. Jim Cramer is not involved in the creation, management or operations of the Funds.**

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| **FUND SUMMARY – INVERSE CRAMER TRACKER ETF** | **1** |
| **FUND SUMMARY – LONG CRAMER TRACKER ETF** | **5** |
| **ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Temporary Defensive Positions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 13 |
| **MANAGEMENT** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers | 14 |
| **HOW SHARES ARE PRICED** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium/Discount Information | 15 |
| **HOW TO BUY AND SELL SHARES** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;Buying and Selling Shares on the Secondary Market | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Creation and Redemption Transactions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium/Discount Information | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book Entry | 15 |
| **FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** | **15** |
| **DISTRIBUTION AND SERVICE PLAN** | **16** |
| **DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes on Distributions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes on Exchange-Listed Share Sales | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes on Purchase and Redemption of Creation Units | 17 |
| **FUND SERVICE PROVIDERS** | **17** |
| **OTHER INFORMATION** | **18** |
| **FINANCIAL HIGHLIGHTS** | **18** |
| ***PRIVACY NOTICE*** | **19** |

---

**FUND SUMMARY – INVERSE CRAMER TRACKER ETF** 

**Investment Objective:** 

The Inverse Cramer Tracker ETF (the "Fund") seeks to provide investments results that are approximately the opposite of, before fees and expenses, the results of the investments recommended by television personality Jim Cramer.

**Fees and Expenses of the Fund:** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below**.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br> (expenses that you pay each year<br> as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(2)</sup> | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement<sup>(3)</sup> | &nbsp;&nbsp;(0.26)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | &nbsp;&nbsp;1.20% |

---

(1) Estimated for the current year.

(2) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment
companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because
the financial statements include only the direct operating expenses incurred by the Fund .

(3) The Fund's adviser has contractually agreed
to reduce its fees and/or absorb expenses of the Fund, until at least June 30, 2024 , to ensure that total annual fund operating expenses
after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions,
borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated
with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses),
or extraordinary expenses such as litigation) will not exceed 0.95% of the Fund's net assets. These fee waivers and expense reimbursements
are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed)
if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This
agreement may be terminated only by the Trust's Board of Trustees only on 60 days' written notice to the Fund's adviser.

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in funds. The Example reflects the fee waiver and expense reimbursements for the duration of the waiver/reimbursement period only.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** |
| &nbsp;&nbsp;$122 | &nbsp;&nbsp;$436 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The Fund has not commenced operations as of the date of this prospectus.

**Principal Investment Strategies:** 

The Fund is an actively managed exchange traded fund that seeks to achieve its investment objective by engaging in transactions designed to perform the opposite of the return of the investments recommended by television personality Jim Cramer ("Cramer"). Under normal circumstances, at least 80% of the Fund's net assets are invested in the inverse of securities mentioned by Cramer based on the market value of the securities at the time of the investment with the remainder of the Fund's holdings in cash or cash equivalents.

The Fund's adviser monitors Cramer's stock selection and overall market recommendations throughout the trading day as publicly announced on Twitter or his television programs broadcast on CNBC and sells Cramer's stock recommendations short. The Fund goes short or long on stocks or ETFs, including Index ETFs and inverse Index ETFs, to take the opposite side of Cramer's announced market or sector view. The Fund's portfolio is comprised generally of 20 to 50 equity securities of any market capitalization of domestic and foreign issuers through American Depositary Receipts, and/or ETFs if Cramer makes market or sector recommendations. Should Cramer recommend buying any of the securities in the Fund's portfolio, the Fund will dispose of those holdings. Should Cramer recommend selling any of the securities in the Fund's portfolio, the Fund will keep those holdings. The adviser may also sell securities that have gone "stale"—*i.e.*, have been held for several weeks with no further commentary by Cramer. If Cramer does not take any view on any of the securities in the Fund's portfolio, including when he is absent from CNBC or Twitter for any reason, the adviser further retains discretion to sell positions if market conditions such as large swings in either direction necessitate a sale because profit or loss targets are met and replace them with securities that represent the opposite side of Cramer's previously announced market or sector view. Under normal circumstances, the Fund will hold positions no longer than a 5-day trading week but could hold a position longer if Cramer continues to have a contrary opinion.

The adviser has discretion to not transact in equity securities mentioned by Cramer or engage in related transactions if such securities or transactions are (i) not well suited for ETFs, (ii) have an excessive level of risk, (ii) illiquid, or (iv) negatively impacting the Fund's ability to meet IRS and Investment Company Act of 1940 diversification requirements. In addition, the adviser has discretion to determine whether Cramer's statements about any given equity security is in fact an investment recommendation and thus ineligible for inclusion in the Fund's portfolio.

Due to the Fund's investment strategy, it is expected that the Fund will have a high turnover rate.

**The Trust, the Fund and the adviser are not affiliated with Cramer or any of the media by which his recommendations are communicated. Cramer is not involved in the creation, management or operations of the Fund.** The adviser does not in all cases perform fundamental investment analysis of securities bought, sold and held by the Fund. The primary factor for transacting in such securities or related securities is the fact that they are mentioned by Cramer.

**Principal Investment Risks:** 

*As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

*Active Management Risk*: The Adviser's judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund's performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.

*ADRs Risk:* ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies.

 

*Authorized Participant Risk:* Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds ("ETFs") that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

*Correlation Risk:* A number of factors may impact the Fund's ability to achieve a high degree of inverse correlation with Cramer's recommendations on Twitter or his television programs on CNBC. There is no guarantee that the Fund will achieve a high degree of inverse correlation with Cramer's recommendations.

*Early Close/Trading Halt Risk:* An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

*Equity Securities Risk:* Fluctuations in the value of equity securities held by the Fund will cause the net asset value ("NAV") of the Fund and the price of its shares ("Shares") to fluctuate. Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

 

*ETF Structure Risk:* The Fund is structured as an ETF and as a result is subject to the special risks, including:

● *Not Individually Redeemable*. Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues*. An active trading market for the Shares may not be developed or maintained. 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.

● *Market Price Variance Risk:* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security.

○ The market price of the Shares may deviate from an ETF's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

*Exchange-Traded Fund Risk:* The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. This may result in a loss. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.

*Foreign Securities Risk:* Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

 

*Investment Style Risk:* There is a possibility that the market segment on which the Fund is primarily invested in, whether growth or value; large or mid-cap companies; could underperform other kinds of investments or market averages that include style-focused investments.

*Inverse Risk:* Inverse positions are designed to profit from a decline in the price of particular securities, investments in securities or indices. The Fund loses value when those securities, investments in securities, or indices increase in value. Inverse positions may be considered aggressive and may result in significant losses. The Fund may experience imperfect negative correlation between its portfolio and the portfolio it is attempting to short.

 

*Issuer Risk:* The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

 

*Large Capitalization Risk:* The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

*Limited History of Operations Risk:* The Fund is a new ETF with a limited history of operations for investors to evaluate.

 

*Management Risk:* There is a risk that an investment technique used by the Fund's portfolio manager to take the opposite view of Cramer's recommendations may fail to produce the intended result or meet the Fund's investment objective, including if Cramer is absent from CNBC or Twitter for a prolonged period of time for any reason, including, without limitation, illness, personal leave, business or reputations disputes, or Cramer is unexpectedly incapacitated. The Fund's shareholders may experience losses as a result.

*Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. financial market. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on the U.S. financial market. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

*Portfolio Turnover Risk:* The Fund often buys and sells investments frequently. Such a strategy often involves higher transaction costs, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

*Small and Medium Capitalization Risk:* The stocks of small and medium capitalization companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group.

**Performance:** 

Because the Fund has only recently commenced investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholder semi-annually. Updated performance information will be available at no cost by visiting www.crameretfs.com or by calling (888) 723-2821 (toll free).

**Investment Adviser:** Tuttle Capital Management, LLC (the "Adviser") is the Fund's investment adviser.

**Portfolio Managers:** Matthew Tuttle, Chief Executive Officer and Portfolio Manager of the Adviser, has served as the portfolio manager of the Fund since its inception in March 2023 and is primarily responsible for the day-to-day management of the Fund's portfolio.

**Purchase and Sale of Fund Shares:** Individual Shares of the Fund may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the second market (the "bid-ask spread"). Because the Fund has only recently commenced investment operations, no information on the Fund's net asset value, market price, premiums and discounts and bid-asks spreads is presented at this time. In the future, this information will be presented in this section of the Prospectus and on the Fund's website at <u>www.tuttlecap.com</u>.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY – LONG CRAMER TRACKER ETF** 

**Investment Objective:** 

The Long Cramer Tracker ETF (the "Fund") seeks to provide investments results that generally track, before fees and expenses, the results of the investments recommended by television personality Jim Cramer.

**Fees and Expenses of the Fund:** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below**.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br> (expenses that you pay each year<br> as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses<sup>(1)</sup> | &nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(2)</sup> | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement<sup>(3)</sup> | &nbsp;&nbsp;(1.18)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | &nbsp;&nbsp;1.20% |

---

(1) Estimated for the current fiscal year .

(2) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment
companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because
the financial statements include only the direct operating expenses incurred by the Fund.

(3) The Fund's adviser has contractually agreed
to reduce its fees and/or absorb expenses of the Fund, until at least June 30, 2024 , to ensure that total annual fund operating expenses
after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions,
borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated
with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses),
or extraordinary expenses such as litigation) will not exceed 0.95% of the Fund's net assets. These fee waivers and expense reimbursements
are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed)
if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This
agreement may be terminated only by the Trust's Board of Trustees only on 60 days' written notice to the Fund's adviser.

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in funds. The Example reflects the fee waiver and expense reimbursements for the duration of the waiver/reimbursement period only.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** |
| &nbsp;&nbsp;$122 | &nbsp;&nbsp;$629 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The Fund has not commenced operations as of the date of this prospectus.

**Principal Investment Strategies:** 

The Fund is an actively managed exchange traded fund seeks to achieve its investment objective by engaging in transactions designed to replicate the investment returns of those investments recommended by television personality Jim Cramer ("Cramer"). The Fund invests at least 80% of its net assets in securities mentioned by Cramer based on the market value of the securities at the time of investment with the remainder of the Fund's holdings in cash or cash equivalents.

The Fund's adviser monitors Cramer's stock selection and market recommendations throughout the trading day as publicly announced on Twitter or his television programs broadcast on CNBC and follows those recommendations to produce a direct correlation to those recommendations. The Fund goes long and short on stocks or ETFs at Cramer's direction. The Fund sells securities when Cramer recommends selling the security or if, at the adviser's discretion if Cramer takes no position on the security for over a week, including if he is absent from CNBC or Twitter for any reason. The Fund's portfolio is comprised generally of 20 to 50 equity securities of any market capitalization of domestic and foreign issuers through American Depositary Receipts, and/or ETFs.

The adviser further has discretion to not transact in equity securities mentioned by Cramer or engage in related transactions if such securities or transactions are (i) not well suited for ETFs, (ii) have an excessive level of risk, (iii) illiquid, or (iv) negatively impacting the Fund's ability to meet IRS and Investment Company Act of 1940 diversification requirements. In addition, the adviser has discretion to determine whether Cramer's statement about a given equity securities is in fact an investment recommendation and thus eligible for inclusion in the Fund's portfolio.

A secondary strategy is an attempt by the Fund to seek positive returns based on the momentum generated in many securities mentioned by Cramer. Cramer's remarks from time to time create volatility in the equity securities he mentions, which may create buying or selling opportunities during the periods of momentum. Under normal circumstances, the secondary strategy is limited to 20% of the Fund's net assets.

Due to the Fund's investment strategy, it is expected that the Fund will have a high turnover rate.

**The Trust, the Fund and the adviser are not affiliated with Cramer or any of the media by which his recommendations are communicated. Cramer is not involved in the creation, management or operations of the Fund.** The adviser will not in all cases perform fundamental investment analysis of securities bought, sold and held by the Fund. The primary factor for transacting in such securities or related securities is the fact that they are mentioned by Cramer.

**Principal Investment Risks:** 

*As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

*Active Management Risk:* The Adviser's judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund's performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.

*ADRs Risk:* ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies.

*Authorized Participant Risk:* Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds ("ETFs") that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

*Correlation Risk:* A number of factors may impact the Fund's ability to achieve a high degree of direct correlation with Cramer's recommendations on Twitter on his television programs on CNBC. There is no guarantee that the Fund will achieve a high degree of direct correlation with Cramer's recommendations.

 

*Early Close/Trading Halt Risk:* An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

*Equity Securities Risk:* Fluctuations in the value of equity securities held by the Fund will cause the net asset value ("NAV") of the Fund and the price of its shares ("Shares") to fluctuate. Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

 

*ETF Structure Risk:* The Fund is structured as an ETF and as a result is subject to the special risks, including:

● *Not Individually Redeemable*. Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues*. An active trading market for the Shares may not be developed or maintained. 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.

● *Market Price Variance Risk:* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security.

○ The market price of the Shares may deviate from an ETF's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

*Exchange-Traded Fund Risk:* The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. This may result in a loss. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.

*Foreign Securities Risk:* Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

 

*Investment Style Risk:* There is a possibility that the market segment on which the Fund is primarily invested in, whether growth or value; large or mid-cap companies; could underperform other kinds of investments or market averages that include style-focused investments.

*Issuer Risk:* The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

*Large Capitalization Risk:* The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

 

*Limited History of Operations Risk:* The Fund is a new ETF with a limited history of operations for investors to evaluate.

 

*Management Risk:* There is a risk that an investment technique used by the Fund's portfolio manager may fail to produce the intended result or meet the Fund's investment objective, including if Cramer is absent from CNBC or Twitter for a prolonged period of time for any reason, including, without limitation, illness, personal leave, business or reputations disputes, or Cramer is unexpectedly incapacitated. The Fund's shareholders may experience losses as a result.

*Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. financial market. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on the U.S. financial market. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

*Portfolio Turnover Risk:* The Fund often buys and sells investments frequently. Such a strategy often involves higher transaction costs, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

*Small and Medium Capitalization Risk:* The stocks of small and medium capitalization companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group.

**Performance:** 

Because the Fund has only recently commenced investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholder semi-annually. Updated performance information will be available at no cost by visiting www.crameretfs.com or by calling (888) 723-2821 (toll-free).

**Investment Adviser:** Tuttle Capital Management, LLC is the Fund's investment adviser.

**Portfolio Managers:** Matthew Tuttle, Chief Executive Officer and Portfolio Manager of the Adviser, has served as the portfolio manager of the Fund since its inception in March 2023 and is primarily responsible for the day-to-day management of the Fund's portfolio.

**Purchase and Sale of Fund Shares:** Individual Shares of the Fund may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the second market (the "bid-ask spread"). Because the Fund has only recently commenced investment operations, no information on the Fund's net asset value, market price, premiums and discounts and bid-asks spreads is presented at this time. In the future, this information will be presented in this section of the Prospectus and on the Fund's website at <u>www.tuttlecap.com</u>.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS** 

**INVESTMENT OBJECTIVES:** The Inverse Cramer Tracker ETF seeks to provide investments results that are approximately the opposite of, before fees and expenses, the results of the investments recommended by television personality Jim Cramer. The Long Cramer Tracker ETF seeks to provide investments results that generally track, before fees and expenses, the results of the investments recommended by television personality Jim Cramer.

As used in this Prospectus, the Inverse Cramer Tracker ETF and the Long Cramer Tracker ETF are both referred to individually as "a Fund" and collectively as "the Funds."

**PRINCIPAL INVESTMENT STRATEGIES:** 

<u>Inverse Cramer Tracker ETF</u>

The Fund is an actively managed exchange traded fund that seeks to achieve its investment objective by engaging in transactions designed to perform the opposite of the return of the investments recommended by television personality Jim Cramer ("Cramer"). Under normal circumstances, at least 80% of the Fund's investments is invested in the inverse of securities mentioned by Cramer based on the market value of the securities at the time of the investment with the remainder of the Fund's holdings in cash or cash equivalents.

The Fund's adviser monitors Cramer's stock selection recommendations throughout the trading day as publicly announced on Twitter or his television programs broadcast on CNBC, and sells Cramer's stock recommendations short. The Fund's portfolio generally is comprised of 20 to 50 equity securities or ETFs not recommended by Cramer. The Fund may invest in securities with any market capitalization and in securities of issuers located in the United States and abroad through American Depositary Receipts. Should Cramer recommend buying any of the securities in the Fund's portfolio, the Fund will dispose of those holdings. Should Cramer recommend selling any of the securities in the Fund's portfolio, the Fund will keep those holdings. The adviser may also sell securities that have gone "stale"—*i.e.*, have been held for several weeks with no further commentary by Cramer. If Cramer does not take any view on any of the securities in the Fund's portfolio, including when he is absent from CNBC or Twitter for any reason, the adviser further retains discretion to sell positions if market conditions such as large swings in either direction necessitate a sale because profit or loss targets are met and replace them with securities that represent the opposite side of Cramer's previously announced market or sector view. Under normal circumstances, the Fund will hold positions no longer than a 5-day trading week but could hold a position longer if Cramer continues to have a contrary opinion.

The adviser further has discretion to not transact in equity securities mentioned by Cramer or engage in related transactions if such securities or transactions are: (i) not well suited for ETFs, (ii) have an excessive level of risk, (iii) illiquid, or (iv) negatively impacting the Fund's ability to meet IRS and Investment Company Act of 1940 diversification requirements, among other reasons. In addition, the adviser has discretion to determine whether Cramer's statement about a given equity securities is in fact an investment recommendation and thus ineligible for inclusion in the Fund's portfolio.

Due to the Fund's investment strategy, it is expected that the Fund will have a high turnover rate. From time to time the Fund may have cash positions.

**The Trust, the Fund and the adviser are not affiliated with Cramer or any of the media by which his recommendations are communicated. Cramer is not involved in the creation, management or operations of the Fund.** The adviser does not in all cases perform fundamental investment analysis of securities bought, sold and held by the Fund as the primary factor for engaging in such transacting in such securities or related securities is the fact that they are mentioned by Cramer.

<u>Long Cramer Tracker ETF</u>

The Fund is an actively managed exchange traded fund seeks to achieve its investment objective by engaging in transactions designed to replicate the investment returns of those investments recommended by Cramer. The Fund invests at least 80% of its assets in securities mentioned by Cramer based on the market value of the securities at the time of the investment with the remainder of the Fund's holdings in cash or cash equivalents.

The Fund's adviser monitors Cramer's stock selection recommendations throughout the trading day as publicly announced on Twitter or his television programs broadcast on CNBC and follows those recommendations to produce a direct correlation to those recommendation. The Fund goes long and short on stocks or ETFs at Cramer's direction. The Fund sells securities when Cramer recommends selling the security or if, at the adviser's discretion if Cramer takes no position on the security for over a week, including if he is absent from CNBC or Twitter for any reason. The adviser further retains discretion to sell positions if market conditions such as large swings in either

direction necessitate a sale because profit or loss targets are met and replace them with securities that produce a direct correlation to Cramer's recommendations. The Fund's portfolio generally is comprised of 20 to 50 equity securities or ETFs. The Fund may invest in securities with any market capitalization and in securities of issuers located in the United States and abroad through American Depositary Receipts.

The adviser further has discretion to not transact in equity securities mentioned by Cramer or engage in related transactions if such securities or transactions are (i) not well suited for ETFs, (ii) have an excessive level of risk, (iii) illiquid, or (iv) negatively impacting the Fund's ability to meet IRS and Investment Company Act of 1940 diversification requirements, among other reasons. In addition, the adviser has discretion to determine whether Cramer's statements about a given equity security is in fact an investment recommendation and thus eligible for inclusion in the Fund's portfolio.

A secondary strategy is an attempt by the Fund to seek positive returns based on the momentum generated in many securities mentioned by Cramer. Cramer's remarks from time to time create volatility in the equity securities he mentions, which may create buying or selling opportunities during the periods of momentum.

Due to the Fund's investment strategy, it is expected that the Fund will have a high turnover rate. From time to time the Fund may have cash positions.

**The Trust, the Fund and the adviser are not affiliated with Cramer or any of the media by which his recommendations are communicated. Cramer is not involved in the creation, management or operations of the Fund.** The adviser will not in all cases perform fundamental investment analysis of securities bought, sold and held by the Fund as the primary factor for engaging in such transacting in such securities or related securities is the fact that they are mentioned by Cramer.

**Temporary Defensive Measures**

From time to time, as part of its investment strategy, each Fund may invest without limit in cash and cash equivalents for temporary defensive purposes in response to adverse market, economic, or political conditions. For this purpose, cash equivalents include: bank notes, bank certificates of deposit, bankers' acceptances, repurchase agreements, commercial paper, and commercial paper master notes, which are floating rate debt instruments without a fixed maturity. In addition, each Fund may purchase U.S. government securities, preferred stocks, and debt securities, whether or not convertible into or carrying rights for common stock. There is no limit on the extent to which A Fund may take temporary defensive measures.

**PRINCIPAL INVESTMENT RISKS:** The following describes the risks each Fund bears (unless otherwise noted) with respect to its investments.

*Active Management Risk:* The Adviser's judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund's performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.

*ADRs Risk:* ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. In addition to the risks of investing in foreign securities discussed below, there is no guarantee that an ADR issuer will continue to offer a particular ADR. As a result, the Fund may have difficulty selling ADRs, or selling them quickly and efficiently at the prices at which they have been valued.

 

*Authorized Participant Risk:* Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

*Correlation Risk:* A number of factors may impact the Fund's ability to achieve a high degree of correlation with Cramer's recommendations on Twitter or his television programs on CNBC. There is no guarantee that the Fund will achieve a high degree of correlation with Jim Cramer's recommendations.

*Early Close/Trading Halt Risk:* An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

 

*Equity Securities Risk:* Fluctuations in the value of equity securities held by the Fund will cause the net asset value ("NAV") of the Fund and the price of its shares ("Shares") to fluctuate. Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

 

*ETF Structure Risk:* The Fund is structured as an ETF and as a result is subject to the special risks, including:

● *Not Individually Redeemable:* The Fund's Shares ("Shares") are not redeemable by retail investors and may be redeemed only by the Authorized Participants ("APs") at net asset value ("NAV") and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.

● *Trading Issues:* 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, which may result in the Fund's shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as APs that can post collateral on an agency basis is limited, which may limit the market for the Shares.

● *Market Price Variance Risk:* Individual Shares of the Fund that are listed for trading on the Exchange can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Fund's investment results are measured based upon the daily NAV of the Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those Authorized Participants creating and redeeming directly with the Fund.

○ In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund's NAV.

○ The market price for the Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.

○ When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Shares and the Fund's NAV.

○ In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund's NAV.

*Exchange-Traded Fund Risk:* The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. This may result in a loss. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the ETFs will be higher than the cost of investing directly in the ETFs underlying investments and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs may also trade at a discount or premium to their net asset value.

*Foreign Securities Risk:* To the extent a Fund invest in foreign securities, the Fund could be subject to greater risks because the Fund's performance may depend on issues other than the performance of a particular company or U.S. market sector. Changes in foreign economies and political climates are more likely to affect a Fund than a mutual fund that invests exclusively in U.S. companies. The value of foreign securities is also affected by the value of the local currency relative to

the U.S. dollar. There may also be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information. The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees and other costs of investing in foreign securities are generally higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations. As a result, the Fund may be exposed to greater risk and will be more dependent on the adviser's ability to assess such risk than if the Fund invested solely in more developed countries.

● *Risk of Investments in China:* The lack of access of the Public Company Accounting Oversight Board (PCAOB) to auditors in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors may be deprived of the benefits of such PCAOB inspections. The inability of PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures as compared to auditors outside of China that are subject to PCAOB inspections. The Holding Foreign Companies Accountable Act requires a foreign company to certify that it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national exchange.

● *Risk of Investments in Russia:* Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine, and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

 

*Investment Style Risk:* There is a possibility that the market segment on which the Fund is primarily invested in, whether growth or value; large or mid-cap companies; could underperform other kinds of investments or market averages that include style-focused investments.

*Inverse Risk (Inverse Cramer Tracker ETF only):* Inverse positions are designed to profit from a decline in the price of particular securities, investments in securities or indices. The Fund loses value when those securities, investments in securities, or indices increase in value. Inverse positions may be considered aggressive and may result in significant losses. The Fund may experience imperfect negative correlation between its portfolio and the portfolio it is attempting to short.

 

*Issuer Risk:* The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

*Large Capitalization Risk:* The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

 

*Management Risk:* There is a risk that an investment technique used by the Fund's portfolio manager may fail to produce the intended result or meet the Fund's investment objective, including if Cramer is absent from CNBC or Twitter for a prolonged period of time for any reason, including, without limitation, illness, personal leave, business or reputations disputes, or Cramer is unexpectedly incapacitated. The Fund's shareholders may experience losses as a result.

*Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. market. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund's portfolio. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruption, you could lose your entire investment.

*Portfolio Turnover Risk:* It is expected that the Fund will buy and sell investments frequently. Such a strategy often involves higher transaction costs, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by a Fund. Shareholders may pay tax on such capital gains. Conversely, there may be times where there is little or no portfolio turnover if Cramer is absent for a prolonged period of time from CNBC or Twitter.

*Small and Medium Capitalization Risk:* The stocks of small and medium capitalization companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group.

 ****

**OTHER RISKS OF INVESTING IN THE FUND:** Each Fund may also be subject to certain other non-principal risks associated with its investments and investment strategies, including:

*Operational and Cybersecurity Risk:* Fund operations, including business, financial, accounting, data processing systems or other operating systems and facilities may be disrupted, disabled or damaged as a result of a number of factors, including events that are wholly or partially beyond our control. For example, there could be electrical or telecommunications outages; degradation or loss of internet or web services; natural disasters, such as earthquakes, tornados and hurricanes; disease pandemics; or events arising from local or larger scale political or social events, as well as terrorist acts.

The Funds are also subject to the risk of potential cyber incidents, which may include, but are not limited to, the harming of or unauthorized access to digital systems (for example, through "hacking" or infection by computer viruses or other malicious software code), denial-of-service attacks on websites, and the inadvertent or intentional release of confidential or proprietary information. Cyber incidents may, among other things, harm Fund operations, result in financial losses to the Funds and their shareholders, cause the release of confidential or highly restricted information, and result in regulatory penalties, reputational damage, and/or increased compliance, reimbursement or other compensation costs. Fund operations that may be disrupted or halted due to a cyber incident include trading, the processing of shareholder transactions, and the calculation of each Fund's net asset value.

Issues affecting operating systems and facilities through cyber incidents, any of the scenarios described above, or other factors, may harm the Funds by affecting the Adviser, or other service providers, or issuers of securities in which the Funds invest. Although the Funds have business continuity plans and other safeguards in place, including what the Funds believe to be robust information security procedures and controls, there is no guarantee that these measures will prevent cyber incidents or prevent or ameliorate the effects of significant and widespread disruption to our physical infrastructure or operating systems. Furthermore, the Funds cannot directly control the security or other measures taken by unaffiliated service providers or the issuers of securities in which the Funds invest. Such risks at issuers of securities in which the Funds invest could result in material adverse consequences for such issuers and may cause the Funds' investment in such securities to lose value.

**TEMPORARY DEFENSIVE POSITIONS:** To respond to adverse market, economic, political or other conditions, a Fund may invest 100% of its total assets, without limitation, in cash, cash equivalent and money market funds. While a Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. Furthermore, to the extent that a Fund invests in money market mutual funds for cash positions, there will be some duplication of expenses because the Fund pays a proportional amount of such money market funds' advisory fees and operational fees.

**PORTFOLIO HOLDINGS DISCLOSURE:** Each Fund's portfolio holdings will be disclosed each day on its website at <u>www.crameretfs.com</u>. A description of the Funds' policies and procedures regarding the release of portfolio holdings information is available in the Funds' Statement of Additional Information ("SAI").

**MANAGEMENT** 

**INVESTMENT ADVISER:** Tuttle Capital Management, LLC, located at 155 Lockwood Rd., Riverside, CT 06878, is the investment adviser for the Funds (the "Adviser"). The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser manages accounts for individuals and institutions as well as the Funds. As of January 12, 2023, it had approximately $330 million in assets under management. The Adviser was formed in 2012.

Subject to the oversight of the Board of Trustees, the Adviser is responsible for managing the Funds' investments, placing trade orders and providing related administrative services and facilities under an advisory agreement between the Funds and the Adviser (the "Investment Advisory Agreement").

The management fee set forth in the Investment Advisory Agreement is 0.95% of Inverse Cramer ETF's average daily net assets and 0.95% of Long Cramer ETF's average daily net assets to be paid on a monthly basis. The Adviser has contractually agreed to reduce its fees and/or absorb expenses of each Fund, until at least June 30, 2024, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short);

(vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.95% of the Inverse Cramer ETF's average daily net assets and 0.95% of the Long Cramer ETF's average daily net assets; subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the expense limitations in place at the time of waiver and the expense limitation in place at the time of recapture. The expense limit arrangement may not be terminated during this time period without prior approval of the Board of Trustees on 60 days' written notice to the Adviser. Fee waiver and reimbursement arrangements can decrease the Fund's expenses and boost its performance.

A discussion regarding the basis for the Board of Trustees' approval of the Investment Advisory Agreement will be available in the Fund's first report to shareholders.

**PORTFOLIO MANAGERS** 

Matthew Tuttle is responsible for the day-to-day management of the Funds. Mr. Tuttle founded the Adviser in September 2012 and serves as the Adviser's chief executive officer and chief investment officer.

The SAI provides additional information about the Portfolio Managers' compensation, other accounts managed and ownership of Fund shares.

**HOW SHARES ARE PRICED** 

Shares of the Funds are bought and sold at a price in two different ways depending upon the type of investor.

All investors including retail investors and authorized participants may buy and sell Shares in secondary market transactions through brokers at market prices and the Shares will trade at market prices.

Only authorized participants may buy and redeem Shares from the Funds directly and those transactions are effected at each Fund's NAV. The NAV of each Fund is determined at close of regular trading (normally 4:00 p.m. Eastern Time) on each day the Exchange is open for business. NAV is computed by determining, the aggregate market value of all assets of the applicable Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The Exchange is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day ("Exchange Close"). The NAV takes into account, the expenses and fees of a Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for a Fund for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the Exchange on that day.

Generally, the Funds' portfolio securities, including securities issued by ETFs, are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded on any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has delegated execution of these procedures to the Adviser. The Adviser may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Each Fund may use independent pricing services to assist in calculating the value of the Fund's portfolio securities.

In addition, market prices for foreign securities are not determined at the same time of day as the NAV for a Fund. Because a Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of some of the Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares.

**Premium/Discount Information** 

Retail investors will buy and sell Shares in secondary market transactions through brokers at market prices and the Shares will trade at market prices. The market price of Shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares.

**HOW TO BUY AND SELL SHARES** 

Shares of a Fund may be acquired or redeemed directly from the Fund only in Creation Units or multiples thereof. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. Once created, shares of a Fund generally trade in the secondary market in amounts less than a Creation Unit. Shares can be bought and sold on the Exchange throughout the trading day like shares of other publicly-traded companies.

**Buying and Selling Shares on the Secondary Market** 

You may buy and sell individual Shares of a Fund only through a broker dealer in secondary market transactions on the Exchange. Shares of the Funds are listed for trading on the Exchange under the symbols SJIM and LJIM. There is no minimum investment required. Shares may only be purchased and sold on the secondary market when the Exchange is open for trading. The Exchange is open for trading Monday through Friday and is closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

**Creation and Redemption Transactions** 

Authorized Participants may acquire Shares directly from a Fund, and Authorized Participants may tender their Shares for redemption directly to the Fund, at NAV per Share only in large blocks, or Creation Units, of 10,000 Shares for each Fund.

Each Fund issues and redeems Shares at NAV only in large blocks of 10,000 Shares (each block of Shares is called a "Creation Unit") to Authorized Participants that have entered into agreements with the Funds' distributor. Creation Units are issued and redeemed for cash and/or in-kind for securities. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Funds.

Purchases and redemptions directly with a Fund must follow the Fund's procedures, which are described in the SAI.

**Premium/Discount Information** 

Investors buy and sell Shares in secondary market transactions through brokers at market prices and the Shares trade at market prices. The market price of Shares may be greater than, equal to, or less than a Fund's NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares.

**Book Entry** 

Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares and is recognized as the owner of all Shares for all purposes.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** 

The Board has not adopted a policy of monitoring for other frequent trading activity because shares of the Funds are listed for trading on a national securities exchange.

**DISTRIBUTION AND SERVICE PLAN** 

The Funds have adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, each Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the1940 Act.

No distribution or service fees are currently paid by the Funds and will not be paid by the Funds unless authorized by the Trust's Board of Trustees. There are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

**DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES** 

Shares are traded throughout the day in the secondary market on a national securities exchange on an intra-day basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. In-kind arrangements are designed to protect ongoing shareholders from the adverse effects on a Fund's portfolio that could arise from frequent cash redemption transactions. In a mutual fund, redemptions can have an adverse tax impact on taxable shareholders if the mutual fund needs to sell portfolio securities to obtain cash to meet net fund redemptions. These sales may generate taxable gains for the ongoing shareholders of the mutual fund, whereas the Shares' in-kind redemption mechanism generally will not lead to a tax event for the Fund or its ongoing shareholders.

Ordinarily, dividends from net investment income, if any, are declared and paid annually by a Fund. Each Fund distributes its net realized capital gains, if any, to shareholders annually. Each Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements.

No dividend reinvestment service is provided by the Funds. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Funds for reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the Funds purchased in the secondary market.

Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available.

**Taxes**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in this Prospectus is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

○ The Funds make distributions,

○ You sell your Shares listed on the Exchange, and

○ You purchase or redeem Creation Units.

**Taxes on Distributions**

Distributions from a Fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that the Fund's dividends attributable to its "qualified dividend income" (*i.e*., dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions), if any, generally are subject to federal income tax for non-corporate shareholders who satisfy those restrictions with respect to their Shares at the rate for net capital gain. A part of a Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations -- the eligible portion may not exceed the aggregate dividends the Fund receives from domestic corporations subject to federal income tax (excluding REITs) and excludes dividends from foreign corporations -- subject to similar restrictions. However, dividends a corporate shareholder deducts pursuant to that deduction are subject indirectly to the federal alternative minimum tax.

In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in a Fund (if that option is available). Distributions reinvested in additional Shares through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional Shares to the same extent as if such distributions had been received in cash. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares.

Distributions in excess of a Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares and as capital gain thereafter. A distribution will reduce a Fund's NAV per Share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

By law, a Fund is required to withhold 28% of your distributions and redemption proceeds if you have not provided the Fund with a correct Social Security number or other taxpayer identification number and in certain other situations.

**Taxes on Exchange-Listed Share Sales** 

Any capital gain or loss realized upon a sale of Shares is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less. The ability to deduct capital losses from sales of Shares may be limited.

**Taxes on Purchase and Redemption of Creation Units** 

An Authorized Participant that exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any Cash Component it pays. An Authorized Participant that exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash equal to the difference between the NAV of the Shares being redeemed and the value of the securities. The Internal Revenue Service ("Service"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax adviser with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less.

If an Authorized Participant purchases or redeems Creation Units, the Authorized Participant will be sent a confirmation statement showing how many Shares the Authorized Participant purchased or sold and at what price. See "Tax Status" in the SAI for a description of the newly effective requirement regarding basis determination methods applicable to Share redemptions and the Funds' obligation to report basis information to the Service.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Funds. It is not a substitute for personal tax advice. Consult your personal tax adviser about the potential tax consequences of an investment in the Shares under all applicable tax laws. See "Tax Status" in the SAI for more information.

**FUND SERVICE PROVIDERS** 

Ultimus Fund Solutions, LLC is the Funds' administrator and fund accountant. It has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, and is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds and exchange-traded funds.

Brown Brothers Harriman & Co., 50 Post Office Square, Boston, MA 02110, is the Funds' transfer agent and custodian.

Northern Lights Distributors, LLC (the "Distributor"), 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022-3474, is the distributor for the shares of the Funds. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Thompson Hine LLP, 41 South High Street, 17th Floor, Columbus, OH 43215, serves as legal counsel to the Trust.

BBD, LLP, 1835 Market Street, 3rd Floor, Philadelphia, PA 19103, serves as the Funds' independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Funds.

**OTHER INFORMATION** 

The method by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares and sells the Shares directly to customers or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the Shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

**Dealers effecting transactions in the Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.**

**FINANCIAL HIGHLIGHTS** 

Because the Funds have only recently commenced investment operations, no financial highlights are available for the Funds at this time. In the future, financial highlights will be presented in this section of the Prospectus.

***PRIVACY NOTICE***

**Northern Lights Fund Trust IV**

**Rev. August 2015**

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| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST IV DO WITH YOUR <br> PERSONAL INFORMATION?** |

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| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| &nbsp;&nbsp;**What?** | &nbsp;&nbsp; The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Security number and wire transfer instructions<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; account transactions and transaction history<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investment experience and purchase history<br> When you are *no longer* our customer, we continue to share your information as described in this notice. |

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| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust IV chooses to share; and whether you can limit this sharing. |

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| &nbsp;&nbsp;**Reasons we can share <br> your personal information:** | &nbsp;&nbsp;**Does Northern Lights <br> Fund Trust IV <br> share information?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you. | &nbsp;&nbsp;**NO** | &nbsp;&nbsp;**We don't share** |
| &nbsp;&nbsp;**For joint marketing with other financial companies.** | &nbsp;&nbsp;**NO** | &nbsp;&nbsp;**We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and records. | &nbsp;&nbsp;**NO** | &nbsp;&nbsp;**We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your credit worthiness. | &nbsp;&nbsp;**NO** | &nbsp;&nbsp;**We don't share** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;**NO** | &nbsp;&nbsp;**We don't share** |

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| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-402-493-4603** |

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***PRIVACY NOTICE***

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**Northern Lights Fund Trust IV**

&nbsp;&nbsp;**Page 2**

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| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp; <br> **How does Northern Lights Fund Trust IV protect my<br> personal information?** | &nbsp;&nbsp; To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp; <br> **How does Northern Lights Fund Trust IV collect my<br> personal information?** | &nbsp;&nbsp; We collect your personal information, for example, when you<br> ● open an account or deposit money<br> ● direct us to buy securities or direct us to sell your securities<br> ● seek advice about your investments<br> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp; <br> **Why can't I limit<br> all sharing?** | &nbsp;&nbsp; Federal law gives you the right to limit only:<br> ● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br> ● affiliates from using your information to market to you.<br> ● sharing for nonaffiliates to market to you. <br> State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> ● *Northern Lights Fund Trust IV has no affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> ● *Northern Lights Fund Trust IV does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> ● *Northern Lights Fund Trust IV does not jointly market*. |

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**Inverse Cramer Tracker ETF**

**Long Cramer Tracker ETF**

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| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp; **Tuttle Capital Management, LLC**<br> 155 Lockwood Road.<br> Riverside, CT 06878 | &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp; <br> **Northern Lights Distributors, LLC**<br> 4221 North 203rd Street, Suite 100 Elkhorn, NE 68022-3474<br>|
| &nbsp;&nbsp;**Custodian &Transfer Agent** | &nbsp;&nbsp; **Brown Brothers Harriman & Co.**<br> 50 Post Office Square<br> Boston, MA 02110 | &nbsp;&nbsp;**Legal<br> Counsel** | &nbsp;&nbsp; **Thompson Hine LLP** <br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp; **Ultimus Fund Solutions, LLC**<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 | &nbsp;&nbsp;**Independent<br> Registered<br> Public<br> Accountant** | &nbsp;&nbsp; **BBD, LLP**<br> 1835 Market Street, 3rd Floor<br> Philadelphia, PA 19103 |

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Additional information about the Funds is included in the Funds' SAI dated February 21, 2023. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Funds' policies and management. Additional information about the Funds' investments will also be available in the Funds' Annual and Semi-Annual Reports to Shareholders. In the Funds' Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year.

To obtain a free copy of the SAI and the Annual and Semi-Annual Reports to Shareholders, or other information about the Funds, or to make shareholder inquiries about the Funds, please call (888) 723-2821 (toll-free). Information relating to the Funds can be found on the website at <u>www.crameretfs.com</u>. You may also write to:

**Inverse Cramer Tracker ETF**

**Long Cramer Tracker ETF**

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at <u>http://www.sec.gov</u>. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: <u>publicinfo@sec.gov</u>, or by writing the Public Reference Section, Securities and Exchange Commission, Washington, D.C. 20549-0102.

Investment Company Act File # 811-23066