AXS Astoria Inflation Sensitive ETF (PPI) Exchange: NYSE ARCA

The Fund is an actively managed exchange-traded fund(“ETF”) that seeks to achieve its investment objective by investing principally in securities across multiple asset classeswhich have the potential to benefit, either directly or indirectly, from increases in the rate of rising costs of goods and services (i.e.,inflation). These investments are expected to include, but are not limited to, equity securities of companies engaged in the energy, financials,industrial, and materials sectors, as well as investments in other ETFs (“Underlying ETFs”) that directly or indirectly investin commodities or fixed income securities. The Fund’s investments in equity interests are generally expected to include common stock,general and limited partnership interests of publicly traded master limited partnerships (“MLPs”) and units of royalty trusts.The Fund may invest in non-U.S. securities, including depositary receipts. AXS Investments LLC serves as the Fund’s investment adviser(the “Adviser” or “AXS”) and Astoria Portfolio Advisors LLC serves as the investment sub-adviser to the Fund (the“Sub-Adviser or “Astoria”). Astoria manages the investment strategy and portfolio selection for the Fund. In pursuing its investment strategy, the Sub-Adviserseeks to identify investments that it believes are positioned to benefit from a sustained inflationary environment, such as companiesthe overall profits of which are expected to increase with rising consumer, producer, and raw material prices. Examples of companies thatthe Sub-Adviser believes may benefit from a rising interest rate environment include, but are not limited to, financial services companies,consumer discretionary companies, such as homebuilders and household durables, companies producing industrial machinery, metals and steel,and companies engaged in the exploration, production, transportation and mining of commodity assets, such as oil, gas, coal, agriculture,minerals and other real assets, including the passive ownership of royalties or production streams of such assets. The Sub-Adviser expectsthat the Fund’s portfolio generally will include the equity securities of approximately 50-60 issuers that may range from mid- tolarge capitalization companies. Although the majority of the Fund’s portfoliosecurities are expected to be of issuers that are either domiciled in or earn a majority of their revenues from activities within theUnited States, the Fund also may have significant exposure to issuers that are either domiciled in or earn a majority of their revenuesfrom activities within Asia, Canada, or Europe. The Fund may also invest in Underlying ETFs withexposure to commodities that have an opportunity to benefit from higher demand, elevated global growth, or a shortage of supply, including,but not limited to, crude oil, copper, natural gas, gold, silver, platinum, palladium, soybean, live cattle, coffee, and corn. The UnderlyingETFs typically gain exposure to these commodities through the use of commodity-linked derivatives, including futures contracts. The Fundmay also invest in Underlying ETFs that invest in investment grade fixed income securities of any maturity including inflation-protectedpublic obligations of the U.S. Treasury, commonly known as “TIPS.” In selecting investments for the Fund’s portfolio,the Sub-Adviser employs a top-down quantitative approach selecting the companies which pass various fundamental screens, such as valuations,growth prospects, and quality measures. The Sub-Adviser’s research and analysis seeks to leverage data from a variety of externalsources as well as internal research in order to identify and capitalize on trends that have implications for individual companies, sectorsor commodities exposures. The Sub-Adviser expects to sell portfolio holdings when it determines they no longer fit the Fund’s investmentstrategy or are no longer attractively valued on a fundamental basis. The Fund is classified as “non-diversified”under the Investment Company Act of 1940 (the “1940 Act”).