Carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing.
This and additional information can be found in the Fund's prospectus, which may be obtained by visiting
www.hulltacticalfunds.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Investments in smaller companies typically
exhibit higher volatility. The Fund will invest in (and short) exchange-traded funds (ETFs). The Fund
will be subject to the risks associated with such vehicles. The Fund may also invest in leveraged and
inverse ETFs. Inverse and leveraged ETFs are designed to achieve their objectives for a single day only.
For periods longer than a single day, leveraged or inverse ETFs will lose money when the performance
of the underlying index is flat over time, and it is possible that a leveraged or inverse ETF will lose
money over time even if the level of the underlying index rises or, in the case of an inverse ETF, falls
In addition, shareholders indirectly bear fees and expenses charged by the underlying ETFs, as well as
the Fund’s direct fees and expenses. The Fund may invest in derivatives, including futures contracts,
which are often more volatile than other investments and may magnify the Fund's gains or losses.
The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified
passive index of securities.
The Fund may take short positions. The loss on a short sale is theoretically unlimited. Short sales involve
leverage because the Fund borrows securities and then sells them, effectively leveraging its assets.
The use of leverage may magnify gains or losses for the Fund.
There is no guarantee that any investment strategy will produce positive results. There is no guarantee that
distributions will be made.
The S&P 500 Index (the "S&P 500®”) is a widely recognized benchmark of U.S. stock market performance that is
composed primarily of large-capitalization U.S. issuers.
VIX futures contracts are futures contracts based on the Chicago Board of Options Exchange volatility
Index (the "VIX Index"). The VIX Index seeks to measure the market's current expectation of 30-day volatility
of the S&P 500 Index as reflected by the prices of near-term S&P 500 Index options.
© 2025 Morningstar, Inc. All Rights
Reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this
information. Past performance is no guarantee of future results.
1The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
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Hull Tactical Asset Allocation
