Lyrical International Value Equity ETF

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other important information is contained in the Fund’s summary prospectus and prospectus, which may be obtained above or by calling 1-833-VALUETF. Read carefully before investing.

Important Risk Information

Investing involves risk, including the possible loss of principal. The Fund is non-diversified and concentrates its investments in 25 to 40 securities; it may be more volatile than funds holding a greater number of securities. Value investing involves the risk that the market will not recognize a security’s intrinsic value for a long time, or that a stock judged to be undervalued may actually be appropriately priced.

Investments in foreign securities involve risks that may be different from those of U.S. securities. Foreign securities may not be subject to uniform audit, financial reporting, or disclosure standards, practices, or requirements comparable to those found in the United States.

While the shares of ETFs are tradeable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value. Brokerage commissions and ETF expenses will reduce returns. There is no guarantee that the Fund will achieve its objective.

Definitions

Active Share is the percentage of a portfolio’s holdings, by weight, that differs from its benchmark index.

The 30-day median bid/ask spread is calculated by identifying the national best bid and national best offer for each 10-second interval during each trading day of the last 30 calendar days, dividing the difference by the midpoint, and identifying the median of those values.

The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, excluding the US and Canada. With 923 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI EAFE Value Index captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Indexes are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. Comparisons to indexes have limitations because indexes have volatility and other material characteristics that may differ from those of Lyrical’s strategies.

The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC, which is not affiliated with Lyrical Asset Management LP or its affiliates.