Alternative Access Funds, LLC THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES MUST BE CONSIDERED CAREFULLY BEFORE INVESTING. THE PROSPECTUS, AND SUMMARY PROSPECTUS, CONTAINS THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INVESTMENT COMPANY. A PROSPECTUS CAN BE OBTAINED BY CALLING 1-800-617-0004 OR VISITING AAFETFS.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. Investing involves risk. Principal loss is possible. 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 funds. Brokerage commissions will reduce returns. The Fund is also subject to the following risks: Collateralized Loan Obligations (CLOs) are generally backed by a pool of credit-related assets that serve as collateral. Accordingly, CLO securities present risks similar to those of other types of credit investments, including default (credit), interest rate and prepayment risks. In addition, CLOs are often governed by a complex series of legal documents and contracts, which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. The Fund’s income may decline if interest rates fall. First Priority CLO Bond ETF (AAA) is distributed by Quasar Distributors, LLC For additional important information please visit www.aafetfs.com