Elkhorn Investments ETF Performance

Designed with Purpose. Research Driven ETF Solutions.

As of 12/30/2016

U.S. EQUITY: STRATEGY & FACTOR BASED 1 MO 3 MO 6 MO YTD 1 YR Inception Exp Ratio Inception Date

LVHB Elkhorn Lunt Low Vol/High Beta Tactical ETF

NAV 0.85% 12.13% 0.49% 10/20/2016

Share Price 0.73% 12.16%

Lunt Capital US Large Cap Equity Rotation Index 0.89% 12.26%

S&P 500 Index 1.98% 4.88%

COMMODITY/ALTERNATIVE

DWAC Elkhorn Commodity Rotation Strategy ETF

NAV 0.07% -0.69% -1.43% 0.99% 9/21/2016

Share Price -0.34% 0.45% -1.66%

S&P GSCI Index 4.72% 5.76% 10.08%

RCOM Elkhorn Fundamental Commodity Strategy ETF

NAV -0.67% 0.51% 1.10% 0.75% 9/21/2016

Share Price -0.71% 0.58% 1.00%

Bloomberg Commodity Index 1.80% 2.66% 3.95%

INCOME

EPRF Elkhorn S&P High Quality Preferred ETF

NAV -0.51% -6.16% -6.53% -4.86% 0.47% 5/24/2016

Share Price -0.46% -6.43% -6.75% -4.80%

S&P U.S. High Quality Preferred Index -0.48% -5.93% -6.17% -4.44%

S&P U.S. Preferred Stock Index 0.37% -3.72% -3.01% -1.26%

MIDCAP SECTORS

XD Elkhorn S&P MidCap Consumer Discretionary Portfolio

NAV -0.83% 0.29% 12/30/2016

Share Price -0.80%

S&P MidCap 400 Capped Consumer Discretionary Index -0.83%

S&P MidCap 400 Index

-0.40%

XE Elkhorn S&P MidCap Energy Portfolio

NAV -0.87% 0.29% 12/30/2016

Share Price -0.87%

S&P MidCap 400 Capped Energy Index -0.87%

S&P MidCap 400 Index -0.40%

XF Elkhorn S&P MidCap Financials Portfolio

NAV 0.06% 0.29% 12/30/2016

Share Price 0.07%

S&P MidCap 400 Capped Financials Index

0.06%

S&P MidCap 400 Index -0.40%

XH Elkhorn S&P MidCap Health Care Portfolio

NAV -0.38% 0.29% 12/30/2016

Share Price -0.39%

S&P MidCap 400 Capped Health Care Index -0.38%

S&P MidCap 400 Index

-0.40%

Continued on back
As of 12/30/2016

MIDCAP SECTORS (cont) 1 MO 3 MO 6 MO YTD 1 YR Inception Exp Ratio Inception Date

XI Elkhorn S&P MidCap Industrials Portfolio

NAV -0.50% 0.29% 12/30/2016

Share Price -0.49%

S&P MidCap 400 Capped Industrials Index -0.50%

S&P MidCap 400 Index -0.40%

XK Elkhorn S&P MidCap Information Technology Portfolio

NAV -0.78% 0.29% 12/30/2016

Share Price -0.79%

S&P MidCap 400 Capped Information Technology Index

-0.78%

S&P MidCap 400 Index -0.40%

XS Elkhorn S&P MidCap Consumer Staples Portfolio

NAV -0.45% 0.29% 12/30/2016

Share Price -0.43%

S&P MidCap 400 Capped Consumer Staples Index -0.44%

S&P MidCap 400 Index

-0.40%

XM Elkhorn S&P MidCap Materials Portfolio

NAV -1.24% 0.29% 12/30/2016

Share Price -1.24%

S&P MidCap 400 Capped Materials Index -1.24%

S&P MidCap 400 Index

-0.40%

XU Elkhorn S&P MidCap Utilities Portfolio

NAV -0.60% 0.29% 12/30/2016

Share Price -0.61%

S&P MidCap 400 Capped Utilities & Telecom Index

-0.60%

S&P MidCap 400 Index -0.40%

Share price returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.
Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be
worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. Returns less than one year are cumulative. Call 630.384.8700 for
current month-end performance.

The Lunt Capital US Large Cap Equity Rotation Index is designed to tactically rotate between low-volatility and high-beta stocks in the S&P 500. The S&P 500 Index is an
unmanaged index considered representative of the U.S. stock market. The S&P 500 Capex Efficiency Index is designed to provide exposure to constituents of the S&P 500 that
have exhibited strong capital discipline in the form of efficient capital expenditures. The S&P GSCI Index comprises the principal physical commodities of active, liquid futures
markets and is recognized as a leading measure of general price movements and inflation in the world economy. The Bloomberg Commodity Index is a broadly diversified
index that allows investors to track commodity futures through a single, simple measure. The FTSE RAFI U.S. Equity Income Index is designed to measure the performance of
high yield stocks in the US which have been screened to target sustainable income. The FTSE USA All Cap Index is a market-capitalization weighted index representing the
performance of U.S. large, mid and small cap stocks. The S&P U.S. High Quality Preferred Stock Index selects fixed-rate investment grade preferred issues (BBB- or higher) from
U.S. listed preferred stocks. S&P U.S. Preferred Stock Index represents the US preferred stock market. The S&P MidCap 400 Capped Consumer Discretionary Index comprises
those companies included in the S&P MidCap 400 that are classified as members of the GICS consumer discretionary sector. The S&P MidCap 400 provides investors with a
benchmark for mid-sized companies. The S&P MidCap 400 Capped Energy Index comprises those companies included in the S&P MidCap 400 that are classified as members of
the GICS energy sector. The S&P MidCap 400 Capped Financials Index comprises those companies included in the S&P MidCap 400 that are classified as members of the GICS
financials sector. The S&P MidCap 400 Capped Health Care Index comprises those companies included in the S&P MidCap 400 that are classified as members of the GICS health
care sector. The S&P MidCap 400 Capped Industrials Index comprises those companies included in the S&P MidCap 400 that are classified as members of the GICS industrials
sector.The S&P MidCap 400 Capped Information Technology Index comprises those companies included in the S&P MidCap 400 that are classified as members of the GICS
information technology sector. The S&P MidCap 400 Capped Materials Index comprises those companies included in the S&P MidCap 400 that are classified as members of the
GICS materials sector.The S&P MidCap 400 Capped Consumer Staples Index comprises those companies included in the S&P MidCap 400 that are classified as members of
the GICS consumer staples sector. The S&P MidCap 400 Capped Utilities & Telecom Index comprises those companies included in the S&P MidCap 400 that are classified as
members of the GICS utilities sector.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus
containing this and other information, please call 630.384.8700. Read the prospectus carefully before you invest.

ALPS Distributors, Inc. is the distributor of Elkhorn exchange-traded funds.

ELK000354 4/30/2017

www.elkhorn.com NOT FDIC INSURED / NOT BANK GUARANTEED / MAY LOSE VALUE