HCM Defender 500 Index ETF (LGH) Exchange: NYSE ARCA

The Fund seeks to achieve its investment objective by investing at least 80% of its net assets, including borrowings for investment purposes but exclusive of collateral held from securities lending, in securities included in the HCM 500 Index. The HCM 500 Index seeks to outperform the S&P 500® Index using a proprietary methodology. The S&P 500® Index is comprised of common stocks issued by 500 large-capitalization companies traded on American stock exchanges. The HCM 500 Index alternates exposure between a full equity position, a 50/50 equity/3-month Treasury instruments (including ETFs, mutual funds or derivatives), or a full 3-month Treasury instruments position. The Fund may gain exposure to securities included in the HCM 500 Index indirectly through investments in derivatives and other investment companies. The HCM 500 Index is an index sponsored, created, compiled, and maintained by the adviser and uses a representative sampling strategy.   The HCM 500 Index uses the HCM BuyLine® (“BuyLine”), its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The BuyLine uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the HCM 500 Index reduces exposure to equities, and when the trend is up, the HCM 500 Index increases exposure to equities. When the S&P 500 Index’s closing price drops to 3.5% below the BuyLine, the HCM 500 Index will assume a 50/50 position in equities and 3-month Treasury bills. If the S&P 500 Index drops to 6.5% below the BuyLine, the HCM 500 Index will be 100% in 3-month Treasury bills. Once the S&P 500 Index closes above the BuyLine for five consecutive trading days after having dropped below one or both of the previous two levels, the HCM 500 Index will be reinvested in equities. If the S&P 500 Index closes above the BuyLine without having previously closed below the 3.5% or 6.5% levels for at least five consecutive trading days, the HCM 500 Index will add or maintain exposure equal to approximately 120% of the S&P 500 Index. The Fund may invest in leveraged exchange-traded funds (“ETFs”) in seeking to track the HCM 500 Index’s greater than 100% investment exposure to the securities in the S&P 500 Index.   The Fund may also invest up to 20% of its net assets, including borrowings for investment purposes but exclusive of collateral held from securities lending, in index futures, options, options on index futures, swap contracts or other derivatives, cash equivalents, other investment companies, as well as in securities and other instruments not included in the HCM 500 Index but which the Adviser believes will help the Fund track the HCM 500 Index.