Reality Shares DIVS ETF (DIVY) Exchange: NYSE ARCA

DELISTED - Overview of Principal Investment Strategies The Fund’s principal investment strategy is designed to provide exposure to the aggregate value of ordinary dividends expected to be paid on a portfolio of large capitalization equity securities listed for trading in the U.S. (“Large Cap Securities”). These are sometimes referred to as the “expected dividend values” of the Large Cap Securities. Reality Shares Advisors, LLC (the “Adviser”), the Fund’s investment adviser, believes expected dividend values generally correspond to the aggregate value of actual dividend payments on the Large Cap Securities. Unlike more traditional products, the Fund does not seek to produce returns based on appreciation in the stock market price of Large Cap Securities. Instead, the Fund seeks to produce more stable investment returns with lower volatility and lower equity and fixed income market correlation based primarily on increases in the expected dividend values of Large Cap Securities. The Fund may use a variety of investment strategies to achieve this objective. Under normal circumstances, the Fund generally invests in a combination of dividend swaps, dividend futures and forwards on indexes of Large Cap Securities (“Large Cap Securities Indexes”). These strategies and instruments are described in more detail below. Description of Principal Investment Strategies and Instruments Dividend Swaps The Fund may enter into index dividend swaps in order to gain exposure to changes in the expected dividend value of the Large Cap Securities. Index dividend swaps are over-the-counter derivative contracts that allow investors to obtain exposure to the actual dividend value that will be paid by the constituents of an index over a period of time. In a typical index dividend swap transaction, the buyer and seller agree at inception to the aggregate value of dividends expected to be paid on the index constituents over the term of the contract — the expected dividend value. At maturity of the contract, the buyer pays to or receives from the seller the net difference between the expected dividend value and the aggregate value of actual dividends paid by the index constituents — the actual dividend value. During the term of the index dividend swap, the contract is valued on the current expected dividend value of the index for the specific contract period. As the contract approaches maturity, the expected dividend value will change primarily based on information about actual dividends until final settlement of the contract where expected dividend value and actual dividend value converge. Dividend Futures Contracts The Fund may buy index dividend futures contracts in order to gain exposure to changes in the expected dividend value of the Large Cap Securities. Index dividend futures contracts allow investors to take a view on the actual dividend value that will be paid by the constituents of an index over a period of time. A dividend futures contract, or “dividend futures,” provides for the future sale by one party and purchase by another party of a specified dividend value of a specific index at a specified future time and at a specified price (with or without delivery required). Dividend futures contracts are standardized contracts traded on a recognized exchange. Forwards A forward contract involves the obligation to purchase or sell either a specified financial asset or the cash equivalent of said asset at a future date at a price set at the time of the contract. The prices of forwards on a Large Cap Securities Index are influenced by the aggregate trading prices of the Large Cap Securities, exposure to interest rate changes, and expected dividend values, among other factors. The Fund may use combinations of forwards to gain exposure to the expected dividend value of Large Cap Securities reflected in those portfolio holdings’ prices. Money Market Instruments The Fund may also invest in money market mutual funds, short term fixed income securities, commercial paper and other money market instruments, including short-term bank obligations and cash sweep programs, to serve as collateral for its derivatives positions. Subject to the provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund may invest up to 80% of its assets in swaps, futures and forwards, and any one type of such portfolio holdings or any combination of such portfolio holdings may represent a substantial portion of the Fund’s portfolio at any time. Before making an investment in the Fund you should know: The Fund generally will have a positive rate of return if the actual future growth in dividends exceeds the expected growth in dividends as reflected in the market prices at which the Fund buys and sells the instruments that are used to implement the Fund’s investment strategy. The Fund generally will have a zero rate of return, excluding fees and transaction costs, if the actual future growth in dividends equals the expected growth in dividends as reflected in the market prices at which the Fund buys and sells the instruments that are used to implement the Fund’s investment strategy, even though actual dividends may have grown during the holding period of this investment. The Fund generally will have a negative rate of return if the actual future growth in dividends is below the expected growth in dividends as reflected in the market prices at which the Fund buys and sells the instruments that are used to implement the Fund’s investment strategy, even though actual dividends may have grown during the holding period of this investment. Unlike more traditional products, the Fund does not seek returns based on appreciation in the stock market price of equity securities. This means that the returns on your Fund investment are not intended to correlate to the returns of the overall stock market (for example, the value of your Fund investment may go down when overall equity markets go up, or vice versa). The Fund does not produce qualified dividend income and is not an appropriate investment if you are seeking dividend income. The investment returns of the Fund are treated for tax purposes as ordinary income or capital gains or losses, as applicable. See the section of this Prospectus entitled “Taxes” for more information. Correlation of Actual and Expected Dividend Values The Adviser’s research indicates there historically has been a high correlation between the value of actual dividend payments and expected dividend values. While actual dividend value and expected dividend value may at times differ significantly, the following diagrams present three scenarios illustrating the potential impact of changes in the value of actual dividend payments on the expected dividend values reflected in the prices of the Fund’s portfolio holdings and how this may change the value of the Fund. The following diagrams do not represent all market scenarios, but are presented to show the potential relationship between actual dividend values and expected dividend values in accordance with the Adviser’s research. The diagrams do not represent the actual performance of the Fund. The Black Dot in each diagram represents the starting (or purchased) expected dividend value reflected in the prices of the Fund’s portfolio holdings. The Gray Dot represents the actual dividend value on the same day. The Square reflects the point in time when the actual dividend value and expected dividend value converge. Scenario 1: Actual dividend value increases and exceeds expected dividend value. In this scenario, actual dividend value grows over time and pulls the expected dividend value reflected in the prices of the Fund’s instruments up from the starting (or purchased) value. It is expected the value of the Fund will increase commensurate to a level where the expected dividend value reflected in the prices of the Fund’s instruments exceed the starting (or purchased) value. Scenario 2: Actual dividend value decreases and expected dividend value also decreases. In this scenario, actual dividend value decreases over time and pulls the expected dividend value reflected in the prices of the Fund’s instruments below the starting (or purchased) value. It is expected the value of the Fund will decrease commensurate to a level where the expected dividend value reflected in the prices of the Fund’s instruments fall from the starting (or purchased) value. Scenario 3: Actual dividend value increases but is below expected dividend value. In this scenario, actual dividend value increases but to a level that is still below the expected dividend value reflected in the prices of the Fund’s instruments. It is expected the value of the Fund will decrease. Market Capitalization and Diversification The Adviser considers U.S. large capitalization companies to be those with market capitalizations within the range of market capitalizations of the companies included in the S&P 500 Index. As of January 31, 2020, the market capitalizations of companies included in the S&P 500 Index ranged from approximately $4.4 billion to $1.35 trillion. The Fund is considered to be “non-diversified” under the Investment Company Act of 1940, as amended, and may invest in fewer instruments or in the securities of fewer issuers than a diversified fund.