Fund Description: HCM Defender 500 Index ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Northern Lights Fund Trust III, an open-end investment management company. INVESTMENT OBJECTIVE: The HCM Defender 500 Index ETF seeks to provide investment results that correspond, before fees and expenses, generally to the performance of the HCM Defender 500 Index. INDEX DESCRIPTION: The HCM Defender 500 Index is comprised of securities in the Solactive US Large Cap Index which are common stocks issued by 500 large-capitalization companies traded on American stock exchanges, securities in the Solactive 1-3 month US T-Bill Index which are U.S. dollar denominated T-Bills with a time to maturity of 1 to 3 months, or a combination of both. The Index alternates exposure between a full equity position, a 50/50 equity/1-3-month Treasury instruments (including ETFs, mutual funds or derivatives), or a full 1-3-month Treasury instruments position. The Index uses the HCM BuyLine, its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The BuyLine uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Index reduces exposure to equities, and when the trend is up, the Index increases exposure to equities. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing at least 80% of its net assets, including borrowings for investment purposes but exclusive of collateral held from securities lending, in securities included in the Index. The Fund may gain exposure to securities included in the Index indirectly through investments in derivatives and other investment companies. The Fund uses a representative sampling strategy. The Fund may invest in leveraged exchange-traded funds in seeking to track the Index’s investment exposure to the securities in the Solactive US Large Cap Index. The Fund may also invest up to 20% of its net assets, including borrowings for investment purposes but exclusive of collateral held from securities lending, in index futures, options, options on index futures, swap contracts or other derivatives, cash equivalents, other investment companies, as well as in securities and other instruments not included in the Index. FUND MANAGEMENT: Howard Capital Management, Inc. serves as the Investment Adviser.