The five-star rated ETF surpasses peer funds and seeks to deliver risk management to combat market volatility.

Toews Agility Shares™ Managed Risk ETF (NYSE: MRSK), rated 5 stars by Morningstar out of 90 ETFs in the Options Trading Category* for the three year period ending June 30, 2023, seeks constant US equity exposure employing an options strategy to manage risk. This investment strategy seeks to provide a constant hedge for market downside without limiting market exposure to equity rallies. This strategy has historically been able to navigate the dichotomy of stocks’ upward momentum and the longer term heightened risk of markets, spurred by prolonged inflation and growing global debt.

“MRSK is uniquely poised to seek to deliver investors a risk-managed solution that does not limit their ability to participate in markets’ rallies,” market participation that may address contingencies for downside risk mitigation,” says Phillip Toews, CEO and Co-Portfolio Manager for Toews. “Many hedged products on the market offer buffers that place limits or caps on gains and only account for a specific percentage of market decline. We’ve introduced an alternative strategy that addresses market contingencies to offer a more comprehensive and dynamic investment solution.”

Toews will be celebrating this ETF’s achievement and the three-year anniversary of the Agility Shares ETFs by ringing the closing bell of the New York Stock Exchange on July 14th, 2023.

To learn more about Toews Agility Shares™, please visit www.toewsetfs.com.

The Market Price represents the Fund's closing market price through June 30, 2023.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. Please review the Fund’s prospectus for more detail on the expense waiver. Without these waivers, the Fund’s total annual operating expenses would be 1.81%. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until August 31, 2023, to ensure that the net annual Fund operating expenses will not exceed 0.95%, subject to possible recoupment from the Fund in future years. Results shown reflect the waiver, without which the results could have been lower. A fund’s performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month-end, please call toll-free 877-558-6397.

Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

About Toews Agility Shares™

Toews Agility Shares™ provides risk-managed strategies within actively managed exchange-traded funds for investors. It strives to offer efficiency, tradability and transparency. Toews Agility Shares™ is powered by Toews’ research, innovation and expertise in working with investors since 1994.

For more information, please visit www.toewsetfs.com.

About Toews Asset Management

Toews Asset Management is an SEC-registered investment advisor founded in 1994. Most investors hope to avoid losses and realize growth. Toews builds portfolios that primarily seek to reduce risk of loss in crisis environments, as well as attempt to participate in market gains. Our process is not based on subjective or predictive methodology. It has used a heavily researched and price-reactive algorithm since 1996 that provides a signal for investment exit and re-entry points.

For more information, visit www.toewscorp.com.

5806045_093023 MK ETF

Important Risk Information

The Fund’s use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include leverage risk and correlation or tracking risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. The fund may have options risk. Options are subject to changes in the underlying securities or index of securities on which such instruments are based. The fund may invest in ETF’s. ETFs are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETF’s and may be higher than other mutual funds that invest directly in securities. There is equity risk, as the price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably.

ETF’s involve risk including possible loss of principal. An investor should consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. This and other information about the Fund is contained in the Fund’s prospectus, which can be obtained by calling 877-558-6397 or visiting https://toewscorp.com/mutual-funds/. Please read the prospectus carefully before investing. The Toews Funds are distributed by Northern Lights Distributors LLC, member FINRA/SIPC. Toews Asset Management is not affiliated with Northern Lights Distributors, LLC. 2110-NLD-07132023

The 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. Past performance is no guarantee of future results.

© 2023 Morningstar. 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.

*Options Trading Morningstar Category use a variety of options trades, including put writing, options spreads, options-based hedged equity, and collar strategies, among others. In addition, strategies in this group that engage in option writing may seek to generate a portion of their returns, either indirectly or directly, from the volatility risk premium associated with options trading strategies. Funds in the category will typically have beta values to relevant benchmarks of less than 0.6.

The S&P 500 TR USD Index measures the performance of 500 widely held stocks in the US equity market. Standard and Poor chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization weighted.

The CBOE S&P 500 BuyWrite BXM PR USD Index measures the performance of a portfolio that engages in a buy-write strategy using S&P 500 index call options. It is a passive total return index based on selling the near-term, near-the-money S&P 500 Index (SPX) call option against the S&P 500 stock index portfolio each month. The SPX call that is sold (or written) will have approximately one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The premium collected from the sale of the call is added to the portfolio's total value. The SPX call is held until its expiration, at which time a new one-month, near-the-money call is written. The expired option, if exercised, is settled in cash.

Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole.

Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

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