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Investors purchasing or selling Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. These costs are not included in the expense example below.</div> <table cellpadding="0" id="z2daea5da8f204287856607b123cc0d5b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td colspan="2" style="background-color: #000000; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 100%; color: #FFFFFF;"> <div style="text-align: justify; margin-left: 3.6pt; line-height: 11.4pt; font-weight: bold;">Annual Fund Operating Expenses</div> <div style="text-align: justify; margin-left: 3.6pt; line-height: 11.4pt; margin-bottom: 3pt; font-style: italic;">(ongoing expenses that you pay each year as a percentage of the value of your investment)</div> <div style="line-height: 0pt;"><span style="line-height: 0pt;"> </span></div> </td> </tr> <tr> <td style="width: 76.56%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"> <div style="margin-left: 3.6pt; line-height: 11.4pt;">Management Fees</div> </td> <td style="width: 23.44%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"> <div style="text-align: center; line-height: 11.4pt;">0.05%</div> </td> </tr> <tr> <td style="width: 76.56%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"> <div style="margin-left: 3.6pt; line-height: 11.4pt;">Other Expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div> </td> <td style="width: 23.44%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"> <div style="text-align: center; line-height: 11.4pt;">0.45%</div> </td> </tr> <tr> <td style="width: 76.56%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"> <div style="margin-left: 3.6pt; line-height: 11.4pt; font-weight: bold;">Total Annual Fund Operating Expenses</div> </td> <td style="width: 23.44%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"> <div style="text-align: center; line-height: 11.4pt;">0.50%</div> </td> </tr> </table> <div style="text-align: justify; line-height: 10.25pt; font-style: italic;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1.</sup> Estimated for the current fiscal year.</div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) 0.0005 0.0045 0.005 Estimated for the current fiscal year. <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in another Fund. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold) all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> Example. <table cellpadding="0" id="z5d6bb120832949c6980eb92c2c9ebedf" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="background-color: #000000; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 52.66%; color: #FFFFFF;"> <div style="text-align: center; line-height: 10.25pt; font-weight: bold;">1 Year</div> </td> <td style="background-color: #000000; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: top; width: 47.34%; color: #FFFFFF;"> <div style="text-align: center; line-height: 10.25pt; font-weight: bold;">3 Years</div> </td> </tr> <tr> <td style="width: 52.66%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"> <div style="text-align: center; line-height: 10.25pt;">$51</div> </td> <td style="width: 47.34%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;"> <div style="text-align: center; line-height: 10.25pt;">$161</div> </td> </tr> </table> 51 161 <div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt;">  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.</div> Portfolio Turnover. Principal Investment Strategies <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Fund invests at least 80% of its total assets in the component securities of the Index. The Fund uses a “passive” or indexing approach to try to achieve its investment objective. Unlike many investment companies, the Fund does not try to “beat” the Index and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund will also invest, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in exchange listed common stock, swap agreements, and/or American Depository Receipts (“ADRs”) of companies based (headquartered) in Europe who derive at least 50% of their revenue from the manufacture, service, supply and distribution of aeronautical equipment, components, hardware, software or electronic systems; and equipment, systems, components, infrastructure support services, and hardware, software and electronics that directly support civil and military defense efforts.  This is also the definition of the aerospace and defenses sector used by the Index.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Fund uses a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Index in approximately the same proportions as in the Index. However, the Fund may utilize a representative sampling strategy with respect to the Index when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow the Index, in instances in which a security in the Index becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Index.  Representative sampling is an indexing strategy that involves investing in a representative sample of securities that, in the aggregate, have investment characteristics resembling the Index in terms of key risk factors, performance attributes and other characteristics. The Fund’s investments in swaps will be for this purpose and will be selected based on cost and availability.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-style: italic; font-weight: bold;">STOXX® Europe Total Market Aerospace &amp; Defense Index</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Index is a proprietary index of STOXX, Ltd. designed to track the performance of a portfolio of the common stock of companies based in Europe whose primary business is the manufacture, service, supply and distribution of civil and military aerospace equipment, systems and technology, and civil and military defense and protective services equipment, technology, systems and services.  As of July 31, 2024 the Index was comprised of 25 companies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Index covers the Aerospace &amp; Defense sector as defined by Industry Classification Benchmark (“ICB”), a sector subset of the STOXX® Europe Total Market Index (the “Europe TMI”).  ICB companies are categorized according to their primary sources of revenue. The Europe TMI represents at least 95% of the free float market capitalization across 17 European countries: Austria, Belgium, Poland, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom including primarily large and mid capitalization companies. The Europe TMI is made up of the components of its country-specific indices for the countries listed above. The country to which a company is assigned is generally based on the country of incorporation and/or the primary listing location of its securities. For each country-specific index, the universe starts with companies whose common stocks are listed on a regulated exchange. The securities of those companies are then ranked by free float market capitalization. The largest companies by free float market capitalization are added to the country-specific index until the index represents at least 95% of the free float market capitalization of the respective country. Free float market capitalization is a method of calculating the market capitalization of an index’s underlying companies where market capitalization is calculated by taking the equity's price and multiplying it by the number of shares readily available in the market.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Index is comprised of a sector specific subset of 25 companies from the Europe TMI whose revenues are derived primarily from aerospace and civil and military defense equipment, systems, technology and services.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Index is developed by STOXX Ltd. and sub-licensed to the Fund by a third-party. The Index is calculated, maintained, and distributed by an independent, third-party index calculation agent that is not affiliated with the Fund or the Advisor.</div><div style="line-height: 0pt;"><span style="line-height: 0pt; display: block;"><br/></span> </div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The Fund will concentrate its investments (i.e., hold more than 25% of its net assets) in a particular industry or group of related industries to approximately the same extent that the Index is concentrated. The Fund may also be focused on certain sectors from time to time to the same extent as the Index is focused; the Fund expects to be focused on the aerospace and defense technologies sectors. The Fund is non-diversified.</div> The loss of your money is a principal risk of investing in the Fund. <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Equity Securities Risk</span>. Investments in equity securities may fluctuate in value response to many factors, including general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of equity securities will decline, which could also result in losses for the Fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Market Risk</span>.  Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.  Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.  The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.  The Fund’s performance per share will change daily in response to such factors.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Sampling Risk.  </span>The Fund's use of a representative sampling approach, if used, could result in it holding a smaller number of securities than are in the Index.  As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. </div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Non-Diversification Risk. </span>The Fund is non-diversified. This means that it may invest a larger portion of its assets in a limited number of companies than a diversified fund. Because a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors, the Fund’s portfolio may be more susceptible to any single economic, technological, or regulatory occurrence than the portfolio of a diversified fund.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Valuation Risk. </span>The sales price that the Fund could receive for a security may differ from the Fund's valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology.  The value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Concentration Risk</span>.  Because the Fund may concentrate its investments in a particular industry or group of industries, to the extent the Index does, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that industry. As a result, the Fund's share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of industries.  Some industries could be subject to greater government regulation than other industries. Therefore, changes in regulatory policies for those industries may have a material effect on the value of securities issued by companies in those industries. The industries in which the Fund may invest, directly or indirectly, will vary based on the investments of the Index.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Sector Risk. </span>Sector risk is the possibility that securities within the same sector will decline in price due to sector-specific market or economic developments. Because the Fund invests more heavily in certain sectors, which are also closely related sectors affected by many of the same external factors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of sectors.  Some sectors could be subject to greater government regulation and changes in government spending and budget policies than other sectors. Therefore, changes in regulatory and government political and economic policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.</div> <div> <table cellpadding="0" class="DSPFListTable" id="za6dc6c5c938144c492107d29fca74160" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 27.35pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 9.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Aerospace and Defense</span>. The aerospace and defense sectors can be significantly affected by government regulation and spending policies because companies involved in these sectors rely, to a significant extent, on government demand for their products and services. The financial condition of these companies is heavily influenced by government defense spending, which may be reduced in efforts to control government budgets. The aerospace sector in particular has recently been affected by adverse economic conditions and consolidation within the sector.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" class="DSPFListTable" id="zfae496b6ce84441e9b9c1923ed8817d7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 27.35pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 9.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Industrials.</span><span style="font-weight: bold;">  </span>The industrials sector is subject to the adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; decline in demand for products due to rapid technological developments and frequent new product introduction; adverse effects on securities prices and profitability from government regulation, world events and economic conditions; and risks for environmental damage and product liability claims.</div> </td> </tr> </table> </div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Large Capitalization Risk</span>. The Fund has exposure to large-capitalization companies. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Mid-Cap Securities Risk.</span>  The Fund may invest in securities of mid-cap companies, which involve greater volatility than investing in larger and more established companies. Mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.  Securities of these types of companies have limited market liquidity, and their prices may be more volatile.  You should expect that the value of the Fund’s shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Foreign Securities Risk.</span> The Fund could be subject to greater risks because the Fund’s performance may depend on issues other than the performance of a particular company or U.S. market sector.  Changes in foreign economies and political climates are more likely to affect the Fund than a fund that invests exclusively in U.S. companies.  The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.  There may also be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information.  The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations.  In addition, foreign brokerage commissions, custody fees and other costs of investing in foreign securities are generally higher than in the United States.  Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.</div> <div> <table cellpadding="0" class="DSPFListTable" id="z7a53effeb5314b0fbadc49f56577130e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 36pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 18pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-style: italic;">ADRs Risk</span>. ADRs may be subject to some of the same risks as those described above for investments in foreign securities.  In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees.  Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders.  Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through.</div> </td> </tr> </table> </div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Counterparty Risk.  </span><span style="color: #000000;">The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty.</span></div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Derivatives Risk</span><span style="font-weight: bold;">.</span> The derivative instruments in which the Fund may invest, including swaps, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate, or index, and the Fund could lose more than the principal amount invested. </div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; color: #000000;"><span style="font-style: italic;"><span style="font-weight: bold;">Swap Risk</span>: </span>Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund is also subject to credit risk on the amount the Fund expects to receive from swap agreement counterparties. If a swap counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Currency Risk.</span> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of foreign currency.  Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions between U.S. dollars and foreign currencies.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">ETF Structure Risks.</span><span style="font-style: italic;"> </span> The Fund is structured as an ETF and as a result is subject to the special risks, including:</div> <table cellpadding="0" class="DSPFListTable" id="z869eeb9494374bdb84fc5b399a98f6cf" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; border-spacing: 0px;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 9pt; vertical-align: top;">o</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="text-decoration:underline">Not Individually Redeemable.</span>  Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units” which are only available to authorized participants (“Authorized Participants” or “APs”). Retail investors may only purchase or sell shares on the Exchange.  APs may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</div> </td> </tr> </table> <table cellpadding="0" class="DSPFListTable" id="za3739c0bf12f4d94846acfe855ffa725" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; border-spacing: 0px;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 9.35pt; vertical-align: top;">o</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="text-decoration:underline">Trading Issues.</span>  An active trading market for the Fund's shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.  There can be no assurance that Shares will continue to meet the listing requirements of the Exchange.  If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares.</div> </td> </tr> </table> <div> <table cellpadding="0" class="DSPFListTable" id="zd8ca92b16b7843d885703ca3296cd920" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 27pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 18pt; line-height: 11.4pt; margin-bottom: 6pt;">o</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="text-decoration:underline">Cash purchases</span>. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the Fund’s NAV if not fully offset by transaction fees paid by the APs.</div> </td> </tr> </table> </div> <table cellpadding="0" class="DSPFListTable" id="z96f1b70cf83742ddae7a11794163224d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; border-spacing: 0px;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 9pt; vertical-align: top;">o</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="text-decoration:underline">Market Price Variance Risk.</span>  The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.  There may be times when the market price and the NAV vary significantly.  This means that Shares may trade at a discount to NAV.</div> </td> </tr> </table> <div> <table cellpadding="0" class="DSPFListTable" id="zff293eab42ef4be5969556325f868c08" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 45.35pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 27.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund's net asset value.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" class="DSPFListTable" id="z301346645443428682bbd3b66f088ceb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 45.35pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 27.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">To the extent Authorized Participants exit the business or are unable to process creations or redemptions and no other Authorized Participant can step in to do so, there may be a significantly reduced trading market in the Fund's shares, which can lead to differences between the market value of Fund shares and the Fund's net asset value.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" class="DSPFListTable" id="z9d9d6260d15244c29abf87163d0b905a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 45.35pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 27.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">The market price for the Fund's shares may deviate from the Fund's net asset value, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for Fund shares than the Fund's net asset value, which is reflected in the bid and ask price for Fund shares or in the closing price.</div> </td> </tr> </table> </div><table cellpadding="0" class="DSPFListTable" id="z272109012126480c83d829349608cb3d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 45.35pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 27.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares and the Fund's net asset value.</div> </td> </tr> </table><div> <table cellpadding="0" class="DSPFListTable" id="zebf51318701b41b68fae8f1934c4c64b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000; border-spacing: 0px;"> <tr> <td style="width: 45.35pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 27.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio.  This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's net asset value.</div> </td> </tr> </table> </div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Authorized Participant Risk. </span>Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Limited History of Operations Risk.</span> The Fund has a limited history of operations. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic; color: #000000;">Cybersecurity Risk.</span><span style="font-weight: bold; color: #000000;"> </span>As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Investment Risk</span>. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Major public health issues, such as COVID-19, have at times, and may in the future impact the Fund. The COVID-19 pandemic caused substantial market volatility and global business disruption and impacted the global economy in significant and unforeseen ways. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases or the threat thereof, and the resulting financial and economic market uncertainty, could have a material adverse impact on the Fund or its investments. Moreover, changes in interest rates, travel advisories, quarantines, and restrictions, disrupted supply chains and industries, impact on labor markets, reduced liquidity or a slowdown in the U.S. or global economic conditions resulting from a future public health crisis may also adversely affect the Fund or its investments. COVID-19, or any other health crisis and the current or any resulting financial, economic, and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to the Fund’s NAV, performance, financial condition, results of operations, ability to pay distributions, make share repurchases and portfolio liquidity, among other factors.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Early Close/Trading Halt Risk.</span> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Passive Investment Risk.</span> The Fund is not actively managed and, therefore, would not sell an equity security due to current or projected underperformance of such security, industry, or sector, unless that security is removed from the Index.</div> <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;"><span style="font-weight: bold; font-style: italic;">Tracking Error Risk</span><span style="font-weight: bold;">. </span>The Fund's return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund sought to replicate the Index.</div> Performance <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt;">Because the Fund has not been in operation for an entire calendar year, no Fund performance information is shown. You may request a copy of the Fund’s annual and semi-annual reports, once available, at no charge by calling the Fund at 1-800-773-3863. Interim information on the Fund’s results can be obtained by visiting <span style="color: #0000FF;"><span style="text-decoration:underline">www.select-funds.com</span></span>.</div> Because the Fund has not been in operation for an entire calendar year, no Fund performance information is shown. 1-800-773-3863 www.select-funds.com 485BPOS 0001484018 false Estimated for the current fiscal year.