*MEDX since inception returns are as of September 30, 1999. Returns greater than one year are annualized. Effective January 27, 2023, the Medical Fund (“Predecessor Fund”) was reorganized into the Horizon Kinetics Medical ETF and first listed on the exchange on January 27, 2023. 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 thereafter are based on the closing price on the listed exchange at 4:00 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 Fund’s at 4:00 p.m. ET NAV.

The performance 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 and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end for MEDX can be obtained by calling (800) 617-0004 and for IBB by visiting https://www.ishares.com/us/products/239699/ishares-biotechnology-etf.

The iShares Biotechnology ETF (Ticker: IBB) is a passively managed exchange-traded fund that seeks to provide investors with exposure to the biotechnology sector by tracking the investment results of the NYSE Biotechnology Index, which measures the performance of U.S.-listed equities in the biotechnology sector. The fund offers a way to express a focused view on companies engaged in the research and development of therapeutic treatments. Fund Risks: Investing involves risk, including the possible loss of principal. Investment in the Fund is subject to certain risks that may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return, and ability to meet its investment objective. These risks include biotechnology industry risk (including intense competition and potential product obsolescence); equity securities risk; market risk; index-related risk; asset class risk; authorized participant concentration risk; concentration risk; healthcare companies risk; issuer risk; large- and mid-capitalization companies risk; management risk; market trading risk; non-diversification risk; operational and technology risk; reliance on trading partners risk; risks of investing in China and the U.S.; securities lending risk; and tracking error risk. ETF distributions may have tax consequences, and investors should consult their tax advisor regarding their individual tax situation. Please read the Funds’ prospectus for specific details regarding the Fund’s risk profile. IBB inception date is February 5, 2001 and the expense ratio is 0.44%.

Horizon Kinetics Medical ETF (Ticker: MEDX) is an actively managed exchange-traded fund that will invest primarily in patented first line pharmaceuticals and biologics as these products tend to have high profit margins and significant barriers to entry. The Fund employs a long-term perspective seeking to capture returns of both intrinsic valuation realization and scientific discovery. Fund Risks: Investing involves risk, including the possible loss of principal. ETF shares are bought and sold at market price (not NAV), may trade at a premium or discount 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 financial, operating, and competitive risks and may be adversely affected by macroeconomic conditions such as rising interest rates or economic downturns. Additional risks include medical industry risk (medical and pharmaceutical companies are subject to rapid technological change); below investment grade bond risk; concentration risk (the Fund expects to invest more than 25% of its net assets in a limited number of issuers); derivatives risk; liquidity risk; options risk; emerging markets risk; and new fund risk. ETF distributions may have tax consequences, and investors should consult their tax advisor regarding their individual tax situation. Please read the Fund’s prospectus for additional details regarding the Fund’s risk profile. MEDX’s inception date is September 30, 1999. The fund converted to an ETF on January 27, 2023. The expense ratio is 0.85%.

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.

Past performance is not a guarantee of future returns and you may lose money. Opinions and estimates offered constitute our judgment as of the date made and are subject to change without notice. This information should not be used as a general guide to investing or as a source of any specific investment recommendations.

The Horizon Kinetics Medical ETF (Symbol: MEDX) is an exchange traded fund managed by Horizon Kinetics Asset Management LLC (“HKAM”). HKAM is an investment adviser registered with the U.S. Securities and Exchange Commission. You may obtain additional information about HKAM at our website at www.horizonkinetics.com.

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.

The Fund is non‐diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The S&P 500 Index is a broad based index intended to show the performance of the 500 largest companies listed on stock exchanges in the United States.

The Fund may invest in the securities of smaller and mid‐capitalization companies, which may be more volatile than funds that invest in larger, more established companies. The Fund is actively managed and may be affected by the investment adviser’s security selections. Diversification does not assure a profit or protect against a loss in a declining market.

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. 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 (Symbol: MEDX) is distributed by Foreside Fund Services, LLC (“Foreside”). Foreside is not affiliated with Horizon Kinetics LLC, HKAM, or their affiliates or subsidiaries.