Horizon Kinetics Medical ETF

IMPORTANT RISK DISCLOSURES

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory prospectus and summary prospectus by contacting 646-495-7333. Read it carefully before investing.

The Horizon Kinetics Medical ETF (Symbol: MEDX) is an exchange traded fund managed by Horizon Kinetics Asset Management LLC (“HKAM”).

Please visit horizonkineticsetf.com/medx to access the Funds’ standardized performance and expense ratio. The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to most recent month end please call 646-495-7333.

Since Inception returns are as of September 30, 1999. Effective January 27, 2023, the Medical Fund Fund (“Predecessor Fund”) was reorganized into the Horizon Kinetics Medical ETF and first listed on the exchange on [exchange listing date for the ETF], The returns shown for periods ending on or prior to January 27, 2023 are those of the predecessor fund, a 1940 Act mutual fund. Returns of the ETF will be different from the returns of the predecessor fund as they have different expenses. Market returns as of January 27, 2023 and going forward are based on the closing price on the listed exchange at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Prior to this date, all returns are based on the Predecessor’s fund 4:00 PM ET NAV.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Fund to potentially adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located.

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long
periods of decline in value.

Emerging Markets Risk. The Fund may invest in companies organized in emerging market nations. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency fluctuations or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets.

Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision.

Associated Risks of Investing in the Medical Industry. Medical and pharmaceutical related companies in general are subject to the rate of change in technology, which is generally higher than that of other industries.

Below Investment Grade Bonds Risk. The Fund’s investments in below investment grade bonds are subject to a greater risk of loss of income and principal than higher grade debt securities.

Concentration Risk. The Fund expects to concentrate (i.e., invest more than 25% of its net assets) its investments in a limited number of issuers

Derivatives Risk. Put and call options are referred to as “derivative” instruments since their values are based on, or derived from, an underlying reference asset, such as an index.

Liquidity Risk. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the Options Risk. The prices of options may change rapidly over time and do not necessarily move in tandem with the price of the underlying securities.

HKAM does not provide tax or legal advice, all investors are encouraged to consult their tax and legal advisors regarding an investment in the Fund. You may obtain additional information about HKAM at our website at www.horizonkinetics.com.

No part of this material may be copied, photocopied, or duplicated in any form, by any means, or redistributed without the express written consent of HKAM.

The Horizon Kinetics Medical ETF (MEDX) is distributed by Foreside Fund Services, LLC (“Foreside”). Foreside is not affiliated with MEDX or Horizon Kinetics LLC or its subsidiaries.