Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (888) 806-6567 or visit the website at https://skylaretfs.com/investor-materials. Read the prospectus or summary prospectus carefully before investing.

The Fund is distributed by Foreside Fund Services, LLC. Exchange Traded Concepts, LLC serves as the investment advisor of the Fund. Skylar Capital Management, LP serves as sub-advisor of the Fund. Foreside Fund Services, LLC is not affiliated with Exchange Traded Concepts, LLC, Skylar Capital Management, LP, or any of its affiliates.

Risk Disclosures:
Investing involves risk, including possible loss of principal. There is no guarantee the Fund will achieve their stated objectives.

New Fund Risk. The Fund is new and currently has fewer assets than larger funds, and like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Additionally, because the Fund has fewer assets than larger funds over which to spread its fixed costs, its expense levels on a percentage basis will be higher than that of a larger Fund.

Non-Diversification Risk. The Fund is non-diversified under the 1940 Act, meaning that, as compared to a diversified fund, it can invest a greater percentage of its assets in securities issued by or representing a small number of issuers. As a result, the performance of these issuers can have a substantial impact on the Fund’s performance.

Commodities Risk. Commodity prices can have significant volatility, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner.

Commodity Regulatory Risk. The Fund’s use of commodities subject to regulation by the CFTC has caused the Fund to be classified as a “commodity pool” and this designation requires that the Fund comply with CFTC rules, which may impose additional regulatory requirements and compliance obligations.

Futures Investment Risk. The Fund’s rolling strategy involves the replacement of shorter dated futures contracts with longer-dated futures contracts. The net asset value of the Fund may be adversely affected by the cost of rolling positions forward where prices of the futures contracts with later expiration dates are higher than those with earlier expiration dates, which would create a negative “roll yield” known as “contango.”

Derivatives Risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

Electricity Futures Regulatory Risk. The wholesale electricity markets operated by ERCOT, PJM, and other RTOs and ISOs are subject to extensive regulation, and the rules, protocols, and market structures governing these markets may be modified or amended at any time.

Premium/Discount Risk. The market price of the Fund’s shares will generally fluctuate in accordance with changes in the Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment adviser cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset value and the bid/ask spread on the Fund’s shares may widen. Additionally, the Fund’s shares may trade at a significant premium or discount to their net asset value in the event that a lead market maker is unwilling or unable to make a market in the Fund’s shares.

Net Asset Value (NAV). NAV per share for the Fund is computed by dividing the value of the net assets of that Fund (I.e., the value of its total assets less total liabilities) by its total number of shares outstanding. Expenses and fees, including management and distribution fees, if any, are accrued daily and taken into account for purposes of determining NAV. NAV is determined each business day, normally at 4:00 p.m. Eastern Time.

Market Price. The current price at which shares are bought and sold.

The Electric Reliability Council of Texas, Inc. (ERCOT) is a nonprofit organization that ensures reliable electric service for 90 percent of the state of Texas. The grid operator is regulated by the Public Utility Commission of Texas and the Texas Legislature. As of March 2026, ERCOT reported that it offers over 104,000 megawatts of generation capacity and manages the flow of electric power to more than 27 million Texas customers, representing about 90 percent of the state’s electric load.

PJM Interconnection LLC (PJM) is an RTO that coordinates the movement of wholesale electricity in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and the District of Columbia. As of December 31, 2024, PJM reported that it provided electricity to over 67 million people and offers over 182,000 megawatts of generation capacity, generating over $51.7 billion in annual billings.