INVESTMENT OBJECTIVE TTM U.S. CORE ETF DETAILS HIGHLIGHTS

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1 Our uncertain global economy presents a new paradigm for investing. Protecting the wealth you have accumulated is as important as growth. 1/31/2015 Markets move in recognizable trends and countertrends. We gauge a number of different factors in order to be positioned in stocks during market rallies and move to defensive positions during times of market weakness. There are no fixed allocations to stocks, bonds or cash. March 31, 2016 INVESTMENT OBJECTIVE The Tuttle Tactical Management (TTM) U.S. Core ETF (the Fund ) seeks long-term capital appreciation while maintaining a secondary emphasis on capital preservation, primarily through investments in the U.S. equity market. TTM U.S. CORE ETF DETAILS Inception Date: 2/24/2015 Ticker Symbol: TUTT CUSIP: Listing Exchange: NASDAQ HIGHLIGHTS Combines multiple, uncorrelated tactical methodologies. Portfolio Manager: Matthew Tuttle Management Fee: 0.90% Acquired Fund Fees and Expenses 1 : 0.44% Removes emotional decision making by using a rules-based approach to market exposure. Total Annual Fund Operating Expenses 2 : 1.34% Number of Holdings: 1-10 (1) Expenses are based on estimated amounts for the current fiscal year (2) The Fund bears other expenses that are not covered under the management fee, including taxes and governmental fees, brokerage fees, commissions, and other transaction expenses. Please consult the prospectus for more information. 1

2 MANAGEMENT STYLE: Conservative Aggressive FOUNDATION Tuttle Tactical Management, LLC., the Fund s investment sub-advisor, manages the Fund s assets using a tactical approach premised on the following principles of the sub-advisor s investment philosophy: 1. Markets move in recognizable short and intermediate-term trends and countertrends. 2. Over the intermediate term, strong asset classes tend to stay strong, while weak asset classes tend to continue in weakness. 3. Over the shorter term, markets are dominated by media noise, fear, and similar short-term disruptions and concerns. Trend Aggregation identifies the current market phase and positions portfolios appropriately. STRATEGY Trend Aggregation involves using multiple, uncorrelated methodologies to determine which phase markets are in: S&P 500 Absolute Momentum Model Relative Strength Equity Model Beta Opportunities Model Short-Term S&P 500 Countertrend Model (Please see page 4 of the prospectus for details.) Within strategy parameters, the results of these types of indicators determine whether portfolios should have zero market exposure, be partially or fully invested, or use leverage to achieve greater market exposure. DEFENSIVE OPTIONS Generally, only sectors with positive momentum are chosen for inclusion. If no positive sectors can be identified, or in times of market uncertainty or high risk, assets can be moved to money market and/or bond funds. 2

3 PERFORMANCE DATA Since Inception 1 Month 3 Month YTD 1 Year 3 Years Quarter End Trend Aggregation identifies the current market phase and positions ( ) portfolios appropriately. NAV 1.13% -3.92% -3.92% % NA % 3/31/2016 Market Price 1.17% -3.94% -3.94% % NA % 3/31/2016 Index 6.78% 1.35% 1.35% 1.78% NA -0.28% 3/31/2106 Annual Fund Operating Expenses: 1.34% Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment returns and principal value will fluctuate so that an investor s shares, when redeemed, may be worth more or less than original cost. You can obtain performance information which is current to the most recent month-end by visiting Index: S&P 500 Index The S&P 500 Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. Returns for periods of less than one year are cumulative total returns. NAV returns are calculated using the Fund s daily 4:00 p.m. NAV, and include the reinvestment of all dividends and other distributions (reinvested at the Fund's NAV on distribution ex-date). Market price returns are calculated using the 4:00PM midpoint between the bid and offer, and include the reinvestment of all dividends and other distributions (reinvested at the 4:00PM bid/offer midpoint on distribution ex-date). Market price returns do not represent the return you would receive if you traded at other times. Please consider the Fund s objectives, risks, charges, and expenses before investing. Contact Virtus ETF Solutions at or visit for a prospectus, which contains this and other information about the Fund. The prospectus should be read carefully before investing. 3

4 FUND RISKS Exchange Traded Funds: The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track. The costs of owning the ETF may exceed the cost of investing directly in the underlying securities. Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk. Market Price/NAV: At the time of purchase and/or sale, an investor's shares may have a market price that is above or below the fund's NAV, which may increase the investor's risk of loss. Portfolio Turnover: The fund's principal investments strategies will result in a consistently high portfolio turnover rate. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. Allocation: The fund's exposure to different asset classes may not be optimal for market conditions at a given time. Asset allocation does not guarantee a profit or protect against a loss in declining markets. No Guarantee: There is no guarantee that the portfolio will meet its objective. Prospectus: For additional information on risks, please see the fund's prospectus. 4

5 DISCLOSURE Carefully consider the Fund's investment objective, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund's prospectus. Read the prospectus carefully before investing. An investment in the Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Narrowly focused investments typically exhibit higher volatility. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00PM Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times. The Fund is subject to management risk because it is an actively managed portfolio. The net asset value ( NAV ) of the Fund s Shares changes daily based on the performance of the securities in which it invests. Different types of securities tend to shift into and out of favor with stock market investors depending on market and economic conditions. There is no guarantee that the sub-adviser s judgments about the attractiveness or value of, or potential income from, particular investments will be correct or produce the desired results. If the subadviser fails to accurately judge potential investments, the Fund s share price may be adversely affected. As a result of its trading strategy, the Fund may sell portfolio securities without regard to the length of time they have been held and will likely have a higher portfolio turnover rate than other registered investment companies. Since portfolio turnover may involve paying brokerage commissions and other transaction costs, higher turnover generally results in additional Fund expenses. High rates of portfolio turnover may lower the performance of the Fund due to these increased costs and may also result in the realization of short-term capital gains. If the Fund realizes capital gains when portfolio investments are sold, the Fund must generally distribute those gains to shareholders, increasing the Fund s taxable distributions. High rates of portfolio turnover in a given year would likely result in short-term capital gains that are taxed to shareholders at ordinary income tax rates. The Fund may invest in ETFs or other investment companies. Through its positions in ETFs and other investment companies, the Fund will be subject to the risks associated with such vehicles investments, including the possibility that the value of the securities or instruments held by an ETF or other investment company could decrease (or increase). Investments in ETFs and other investment companies are also subject to additional risks detailed in the Fund s prospectus, including: market value risk, tracking risk, tracking risk, investment limitation risk, expenses, sampling risk, non-market weight index-based ETF risk, and leveraged ETF risk. The Fund may not be suitable for all investors. See prospectus for details regarding risk. Virtus ETF Advisers, LLC serves as the investment adviser and Tuttle Tactical Management, LLC serves as the sub-adviser to the Fund. The Fund is distributed by ETF Distributors LLC, an affiliate of Virtus ETF Advisers, LLC. NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE 5