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June 17th, 2024

SMIZ Summary Prospectus

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SMIZ Prospectus

Zacks Investment Management

10 S. Riverside Plaza, Suite 1600, Chicago, IL 60606-3830

Tel. 1 (888) 775-8351
wholesalesupport@zacks.com

¹The Zacks Rank, or the Zacks Performance Rank, is a proprietary stock-ranking model based on earnings estimate revisions research. It is part of the foundation of the investment process at Zacks. EPS ("Earnings-Per-Share") surprise, now widely used throughout the industry, is a tool used by Zacks Investment Management to help predict stock price movements. An EPS surprise occurs when a company's reported earnings are different from what industry analysts have projected.

PSN RANKING: This information is distributed for informational purposes only; to notify readers of a PSN ranking. The results submitted to PSN portray the performance history for a strategy composite gross of fees, and do not include the deduction of investment advisory fees. An investor’s actual return will be reduced by the advisory fees and any other expenses which may be incurred in the management of an investment advisory account. Upon request, Zacks Investment Management will provide gross and net performance information for the Dividend Rank Strategy. The returns are compared to the Russell 1000 Value. The composite may differ significantly from the securities that comprise the Index. Individual results may differ. PSN and Informa Investment Solutions have no affiliation with Zacks, but rather evaluate investment managers’ performance on an objective basis. Criteria: The PSN universes were created using the information collected through the PSN investment manager questionnaire and use only gross of fee returns. Mutual fund and commingled fund products are not included in the universe. PSN Top Guns investment managers must claim that they are GIPS compliant. Products must have an r-squared of 0.80 or greater relative to the style benchmark for the ten-year period ending DECEMBER 31, 2019. Moreover, products must have returns greater than the style benchmark for the ten-year period ending DECEMBER 31, 2019 and also standard deviation less than the style benchmark for the ten-year period ending DECEMBER 31, 2019. At this point, the top ten performers for the latest ten-year period ending DECEMBER 31, 2019 become the PSN Top Guns Manager of the Decade. This rating was awarded by PSN on 3/5/2020 in respect of the period 1/1/2010 to 12/31/2019. We do not compensate PSN to obtain this rating. However, we pay compensation to PSN to use their logo in connection with advertising this rating.

ZECP Fund Specific Risk

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company and can be found at www.zacksetfs.com. Please read carefully before investing. A hard copy of the prospectuses can also be requested by calling 855-813-3507.

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. Transactions in shares of ETFs will result in brokerage commissions, which will reduce returns. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor’s judgments about the attractiveness, value, and stability of particular stocks in which the Fund invests may prove to be incorrect, and there is no guarantee that the Advisor’s judgment will produce the desired results. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments selected using quantitative methods may perform differently from the market as a whole.

Distributor: Northern Lights Distributors, LLC.

The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company and can be found at www.zacksetfs.com. Please read carefully before investing. A hard copy of the prospectuses can also be requested by calling 855-813-3507.

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. Transactions in shares of ETFs will result in brokerage commissions, which will reduce returns. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor's judgments about the attractiveness, value, and stability of particular stocks in which the Fund invests may prove to be incorrect, and there is no guarantee that the Advisor's judgment will produce the desired results. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments selected using quantitative methods may perform differently from the market as a whole.

The fund is new with a limited operating history.

EPS is defined as 12 Month actual Earnings per Share.

Northern Lights Distributors, LLC (the “Distributor”), 4221 North 203rd Street, Elkhorn, NE 68022, is the distributor for the Fund.

18035643-NLD-5/1/2024

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