The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 888-411-1948.

Past performance is no guarantee of future results.

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country may be subject to a higher degree of risk.

The Defiance Israel Fixed Income ETF (the “Fund” or the “Israel Fixed Income ETF”) seeks to track the total return performance, before fees and expenses, of the BlueStar® USD Israel Bonds Index (the “Index”). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index. The Index is not affiliated with the Trust, the Fund, the Adviser, the Sub- Adviser, or their respective affiliates and is not involved with this offering.

The BlueStar® USD Israel Bonds Index is predominantly composed of investment grade, U.S. dollar (“USD”)-denominated Israel Bonds. CHAI (the Fund) may also include US treasury securities and USD-denominated Israel Bonds that are rated below investment grade (also known as “junk bonds”) and a limited number of derivatives. Generally, the value of debt securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income (aka debt or bond) securities tends to decrease. The value of the Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors which may be unrelated or disproportionate to the operating performance of companies. See the prospectus for details.

Associated Risks of Israeli Investments: Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities, including, but not limited to, risk of loss due to foreign currency fluctuations or to geopolitical or economic instability. Non-U.S. issuers may be subject to different accounting, auditing, legal and financial reporting requirements. Israel’s economy is dependent upon external trading partners. As a result, economic conditions of Israel may be particularly affected by changes in the credit rating, economy, or political relations between Israel and its key trading partners. These dynamics can adversely affect the cost of borrowing in the international capital markets, the liquidity of and demand for Israel’s debt securities, and the trading price for Israel’s debt securities.

Derivatives Risk: Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives will be limited but may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

New Fund Risk: The Fund is a recently organized management investment company with no operating history on which an investor on which to base their investment decisions or evaluate the management team. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of their investment.

CHAI is distributed by Foreside Fund Services, LLC.

Total return represents changes to the NAV and accounts for distributions from the fund.

Commissions may be charged on trades.