0001506213 2025-08-27 2025-08-27 0001506213 hss:S000066772Member 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:C000215105Member 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:ActiveTradingRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:BasicMaterialsSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:CashAndCashEquivalentsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:CommunicationsServicesSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:ConsumerDiscretionarySectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:ConsumerStaplesSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:EquitySecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:EnergySectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:FundOfFundsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:FinancialMarketsRegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:FinancialSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:HealthcareSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:IndustrialsSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:InformationTechnologySectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:InvestmentStyleRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:LargeCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:ModelAndDataRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:RealEstateSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:SectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:UnderlyingFundRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:USGovernmentObligationsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:UtilitiesSectorRisk.Member 2025-08-27 2025-08-27 0001506213 hss:S000066772Member hss:C000215105Member 2021-01-01 2021-12-31 0001506213 hss:S000066772Member hss:C000215105Member 2022-01-01 2022-12-31 0001506213 hss:S000066772Member hss:C000215105Member 2023-01-01 2023-12-31 0001506213 hss:S000066772Member hss:C000215105Member 2024-01-01 2024-12-31 0001506213 hss:S000066772Member hss:C000215105Member 2020-01-16 2024-12-31 0001506213 hss:S000066772Member hss:C000215105Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001506213 hss:S000066772Member hss:C000215105Member oef:AfterTaxesOnDistributionsMember 2020-01-16 2024-12-31 0001506213 hss:S000066772Member hss:C000215105Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001506213 hss:S000066772Member hss:C000215105Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-16 2024-12-31 0001506213 hss:S000066772Member hss:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000066772Member hss:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-16 2024-12-31 0001506213 hss:S000073631Member 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:C000230670Member 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:ActiveTradingRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:CashAndCashEquivalentsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:ChangingFixedIncomeMarketConditionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:CreditRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:CreditRiskForFloatingRateLoansMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:DurationRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:EmergingMarketsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:ExtensionRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:FundOfFundsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:FinancialMarketsRegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:FixedIncomeSecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:FloatingRateLoansRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:ForeignInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:IncomeRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:InflationProtectedSecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:InterestRateRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:InvestmentStyleRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:JunkBondRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:MortgageBackedSecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:ModelAndDataRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:PrepaymentRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:RealEstateSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:UnderlyingFundRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:USGovernmentObligationsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000073631Member hss:C000230670Member 2022-01-01 2022-12-31 0001506213 hss:S000073631Member hss:C000230670Member 2023-01-01 2023-12-31 0001506213 hss:S000073631Member hss:C000230670Member 2024-01-01 2024-12-31 0001506213 hss:S000073631Member hss:C000230670Member 2021-09-29 2024-12-31 0001506213 hss:S000073631Member hss:C000230670Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001506213 hss:S000073631Member hss:C000230670Member oef:AfterTaxesOnDistributionsMember 2021-09-29 2024-12-31 0001506213 hss:S000073631Member hss:C000230670Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001506213 hss:S000073631Member hss:C000230670Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-09-29 2024-12-31 0001506213 hss:S000073631Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000073631Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-09-29 2024-12-31 0001506213 hss:S000076645Member 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:C000236642Member 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:ActiveTradingRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:CashAndCashEquivalentsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:GreaterChinaInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:DerivativesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:FuturesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:HedgingRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:OptionsMarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:OptionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:EmergingMarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:EquitySecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:FundOfFundsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:ForeignInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:GeographicConcentrationRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:InvestmentStyleRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:ModelAndDataRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:UnderlyingFundRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:USGovernmentObligationsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000076645Member hss:C000236642Member 2023-01-01 2023-12-31 0001506213 hss:S000076645Member hss:C000236642Member 2024-01-01 2024-12-31 0001506213 hss:S000076645Member hss:C000236642Member 2022-07-01 2024-12-31 0001506213 hss:S000076645Member hss:C000236642Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001506213 hss:S000076645Member hss:C000236642Member oef:AfterTaxesOnDistributionsMember 2022-07-01 2024-12-31 0001506213 hss:S000076645Member hss:C000236642Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001506213 hss:S000076645Member hss:C000236642Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-07-01 2024-12-31 0001506213 hss:S000076645Member hss:MSCIACWIExUSAIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000076645Member hss:MSCIACWIExUSAIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-07-01 2024-12-31 0001506213 hss:S000089262Member 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:C000255777Member 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:ADRRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:DerivativesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:HedgingRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:LeverageAndVolatilityRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:LiquidityRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:OptionsMarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:OptionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:EquitySecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:FinancialMarketsRegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:InvestmentStyleRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:LargeCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:MidSmallCapStockRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:NewFundRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member oef:RiskNondiversifiedStatusMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:RealEstateREITRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:SectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089262Member hss:UnderlyingFundRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:C000223943Member 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:ActiveTradingRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:CashAndCashEquivalentsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:CashTransactionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:ChangingFixedIncomeMarketConditionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:CommodityRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:CommodityTaxRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:CounterpartyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:CreditRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:DerivativesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:FuturesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:LeverageAndVolatilityRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:LiquidityRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:TotalReturnSwapRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:DistributionPolicyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:DurationRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:EnergySectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:FinancialMarketsRegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:FixedIncomeRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:ForeignInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:GoldRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:IncomeRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:IndustrialMetalsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:InterestRateRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:InvestmentStyleRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:IssuerSpecificRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member oef:RiskNondiversifiedStatusMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:PreciousMetalsSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:RegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:Rule144ASecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:USGovernmentObligationsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:VolatilityRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:WhollyOwnedSubsidiaryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000070448Member hss:C000223943Member 2022-01-01 2022-12-31 0001506213 hss:S000070448Member hss:C000223943Member 2023-01-01 2023-12-31 0001506213 hss:S000070448Member hss:C000223943Member 2024-01-01 2024-12-31 0001506213 hss:S000070448Member hss:C000223943Member 2021-05-17 2024-12-31 0001506213 hss:S000070448Member hss:C000223943Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001506213 hss:S000070448Member hss:C000223943Member oef:AfterTaxesOnDistributionsMember 2021-05-17 2024-12-31 0001506213 hss:S000070448Member hss:C000223943Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001506213 hss:S000070448Member hss:C000223943Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-05-17 2024-12-31 0001506213 hss:S000070448Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000070448Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-05-17 2024-12-31 0001506213 hss:S000070448Member hss:BloombergUSCorporateTRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000070448Member hss:BloombergUSCorporateTRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-05-17 2024-12-31 0001506213 hss:S000059719Member 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:C000195439Member 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:BuildAmericaBondsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:CashTransactionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:ChangingFixedIncomeMarketConditionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:ConcentrationRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:CreditRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:DerivativesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:OptionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:OptionsMarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:SwapsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:WrittenCallOptionRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:DistributionPolicyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:DividendYieldRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:DurationRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:EarlyCloseTradingHaltRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:EquitySecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:ETFRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:FixedIncomeRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:IndexRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:IndexRelatedRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:InterestRateRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:IssuerSpecificRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:JunkBondRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:LargeCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:LeverageRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:MBSAndCMORiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:MLPAndMLPRelatedSecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:MLPTaxRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:ModelAndDataRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:NonCorrelationRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:PassiveInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:PreferredStockRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:PrepaymentRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:RealEstateREITRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:SamplingRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:TrackingErrorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:UnderlyingFundRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:NetAssetValueAndMarketPriceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:UtilitiesSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000059719Member hss:C000195439Member 2019-01-01 2019-12-31 0001506213 hss:S000059719Member hss:C000195439Member 2020-01-01 2020-12-31 0001506213 hss:S000059719Member hss:C000195439Member 2021-01-01 2021-12-31 0001506213 hss:S000059719Member hss:C000195439Member 2022-01-01 2022-12-31 0001506213 hss:S000059719Member hss:C000195439Member 2023-01-01 2023-12-31 0001506213 hss:S000059719Member hss:C000195439Member 2024-01-01 2024-12-31 0001506213 hss:S000059719Member hss:C000195439Member 2020-01-01 2024-12-31 0001506213 hss:S000059719Member hss:C000195439Member 2018-01-16 2024-12-31 0001506213 hss:S000059719Member hss:C000195439Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001506213 hss:S000059719Member hss:C000195439Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001506213 hss:S000059719Member hss:C000195439Member oef:AfterTaxesOnDistributionsMember 2018-01-16 2024-12-31 0001506213 hss:S000059719Member hss:C000195439Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001506213 hss:S000059719Member hss:C000195439Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001506213 hss:S000059719Member hss:C000195439Member oef:AfterTaxesOnDistributionsAndSalesMember 2018-01-16 2024-12-31 0001506213 hss:S000059719Member hss:Nasdaq7HANDLTMIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000059719Member hss:Nasdaq7HANDLTMIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001506213 hss:S000059719Member hss:Nasdaq7HANDLTMIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2018-01-16 2024-12-31 0001506213 hss:S000059719Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000059719Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001506213 hss:S000059719Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2018-01-16 2024-12-31 0001506213 hss:S000066847Member 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:C000215207Member 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ADRRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ADRCurrencyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ChangingFixedIncomeMarketConditionsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ConcentrationRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:CurrencyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:EarlyCloseTradingHaltRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:EmergingMarketsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:EquitySecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ETFRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:FinancialMarketsRegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ForeignInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:GeographicConcentrationRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:IndexRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:IndexRelatedRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:IssuerSpecificRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:LargeCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:MidSmallCapStockRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:ModelAndDataRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:PassiveInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:SamplingRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:TrackingErrorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:TurnoverRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:UnderlyingFundRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:USGovernmentObligationsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000066847Member hss:C000215207Member 2020-01-01 2020-12-31 0001506213 hss:S000066847Member hss:C000215207Member 2021-01-01 2021-12-31 0001506213 hss:S000066847Member hss:C000215207Member 2022-01-01 2022-12-31 0001506213 hss:S000066847Member hss:C000215207Member 2023-01-01 2023-12-31 0001506213 hss:S000066847Member hss:C000215207Member 2024-01-01 2024-12-31 0001506213 hss:S000066847Member hss:C000215207Member 2020-01-01 2024-12-31 0001506213 hss:S000066847Member hss:C000215207Member 2019-11-01 2024-12-31 0001506213 hss:S000066847Member hss:C000215207Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001506213 hss:S000066847Member hss:C000215207Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001506213 hss:S000066847Member hss:C000215207Member oef:AfterTaxesOnDistributionsMember 2019-11-01 2024-12-31 0001506213 hss:S000066847Member hss:C000215207Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001506213 hss:S000066847Member hss:C000215207Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001506213 hss:S000066847Member hss:C000215207Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-11-01 2024-12-31 0001506213 hss:S000066847Member hss:NewfoundReSolveRobustEquityMomentumIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000066847Member hss:NewfoundReSolveRobustEquityMomentumIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001506213 hss:S000066847Member hss:NewfoundReSolveRobustEquityMomentumIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2019-11-01 2024-12-31 0001506213 hss:S000066847Member hss:SAndPTargetRiskBalancedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001506213 hss:S000066847Member hss:SAndPTargetRiskBalancedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001506213 hss:S000066847Member hss:SAndPTargetRiskBalancedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2019-11-01 2024-12-31 0001506213 hss:S000086526Member 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:C000252108Member 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:ADRsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:CashAndCashEquivalentsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:DividendYieldRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:EnergySectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:EnergyEquipmentAndServicesIndustryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:OilGasAndConsumableFuelsIndustryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:EquitySecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:EthicalInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:FinancialMarketsRegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:ForeignInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:IndustryConcentrationRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:InvestmentStyleRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:IssuerSpecificRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:LargeCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:LimitedHistoryOfOperationsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:MediumMidCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:PreferredStockRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:RealEstateSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:REITRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:RegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:SectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:SecurityRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:TechnologySectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:UtilitiesSectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:MultiutilitiesIndustryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000086526Member hss:IndependentPowerAndRenewableElectricityProducersIndustryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:C000255876Member 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:ADRsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:AuthorizedParticipantRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:CashAndCashEquivalentsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:EquitySecuritiesRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:ETFStructureRisksMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:NotIndividuallyRedeemableMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:TradingIssuesMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:MarketPriceVarianceRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:EthicalInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:FinancialMarketsRegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:ForeignInvestmentRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:InvestmentStyleRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:IssuerSpecificRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:LargeCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:LimitedHistoryOfOperationsRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:ManagementRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:MarketRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:MediumMidCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:RealEstateRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:REITRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:RegulatoryRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:SectorRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:SecurityRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:SmallCapitalizationCompanyRiskMember 2025-08-27 2025-08-27 0001506213 hss:S000089355Member hss:TechnologySectorRiskMember 2025-08-27 2025-08-27 iso4217:USD shares iso4217:USD shares pure false 485BPOS 2025-04-30 0001506213 2025-08-27 N-1A STRATEGY SHARES 2025-09-01 2025-09-01 FUND SUMMARY – DAY HAGAN SMART SECTOR ETF Investment Objective: <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zNvoD7Z7qAyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment objective is to seek long-term capital appreciation and preservation of capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zcT4ftHyf2ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zYwFuhU3DUEj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zfapcVCA08o8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 6.8pt"></td> <td id="xdx_49F_20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member_zxGa0lvzMVn" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 0pt; text-align: center"></td></tr> <tr id="xdx_40C_eoef--ShareholderFeeOther_dpn_zM9j4RHe5uyf" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; border-left: black 1pt solid; padding-left: 6.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zmrPqwzvGJ0h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zyNj3Zok6o65" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_49A_20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member_zAUfkSzORbtj" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_ziQSCvMN6jtc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee<sup id="xdx_F4B_zuXK9Dcopv0i">(1)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 0pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.68%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTEGlXL6y3l8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zgJikzj0GT8j" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F43_zAaxfKRbg3o4">(1)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zXx3wpzM9oQd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4C_z9HY1yoZZcmc">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.09%</span></td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zh134P7ulGD4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Operating Expenses</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.77%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F09_zc37QIJ3RTh3" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F14_zNMkNpEk3u2a" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -13.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F06_zcH8UC0uBmJ" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F14_zHSzGsEqfiX8" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_z6caVJ7Lchv5">The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -13.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0068 0.0000 0.0000 0.0009 0.0077 The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_z9f37qC4P4Wi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that 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 id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1udiCfXMfhg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_ztOiCiEIPaAl" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zd7D5xvvdsOd" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zU1qU1pDptl5" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_z6EioyRfm5Ud" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear10_z6ii3cdSKJCa" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_412_20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member_zfhgjeC5Ctk5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$79</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$246</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$428</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$954</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 79 246 428 954 Portfolio Turnover: <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zwdeO1HCkla" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays 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 Fund 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. During the fiscal year ended April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_z2fNZZnWIJik">96%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.96 Principal Investment Strategy <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zFMtQbAAaYI8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment advisor, Day Hagan Asset Management (the “Advisor”), actively manages the Fund’s portfolio using proprietary investment models. Under normal market conditions, the Fund seeks to achieve its investment objective by principally investing in unaffiliated equity exchange traded funds (“ETFs”) that track the performance of the individual sectors (“Sectors”) of the S&amp;P 500 Index (“Index”). While the Fund expects to invest primarily in ETFs, the Fund may also invest directly in the common stocks represented in the Index. The Fund will attempt to enhance returns relative to the Index by overweighting and underweighting its exposure to the Sectors relative to the Index and may reduce its overall exposure to ETFs as determined by its risk management model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund utilizes a model to determine its allocation to each Sector. The model combines sector-specific price-based, economic, fundamental and behavioral indicators to form a composite for each Sector. By combining multiple and diverse indicators, which historically have been shown to add value in Sector allocation decisions, the model seeks to objectively assess the weight of the evidence and generate sector allocation recommendations. As of June 30, 2025, the Sectors are real estate, utilities, consumer staples, information technology, health care, financials, energy, consumer discretionary, materials, industrials, and communications services. The Fund’s allocation to a particular Sector may be greater than 25%. Conversely, the Fund’s allocation to a particular Sector may be reduced to 0% if the Sector’s model composite is at low levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s risk management model defines the Fund’s overall equity allocation target. The model reading represents the net percentage of indicators that are bullish. By taking the weight of the evidence of technical, monetary, economic, valuation, and sentiment indicators, the model measures the potential risk level of factors the stock market faces.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal market conditions, the Fund intends to invest predominantly in ETFs and common stock but will reduce its exposure by as much as 50% of its assets during times that the model deems the market to have a low reward-to-risk ratio from a historical perspective. During these times, the Fund may hold up to 50% of its assets in cash and cash equivalents, including U.S. Treasury securities and money market funds. The Fund will increase its equity investments when the risk model returns to levels indicating that major risks have potentially subsided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s portfolio is rebalanced monthly, although the Advisor may engage in intra-month trades if the models show substantial changes. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective; trading activity may also be increased in periods of high market volatility.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_gRBRTB-OSFMH_zrJ09qm73a9g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary and you could lose money on your investment in the Fund and those losses could be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment. These risks affect the Fund directly as well as through the ETFs in which it invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_zfJQRKDImhX9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk. </b>The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zc7LAyBw3e0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BasicMaterialsSectorRiskMember_zNscIRGwSSbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basic Materials Sector Risk.</b> Companies operating in the materials sector may be adversely affected by changes in world events, political, environmental and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.</span></p><p id="xdx_A94_zST9LQy4HcM9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zr9sR4QLqoKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk</b>. At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationsServicesSectorRiskMember_zlwBayFnHrK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Communications Services Sector Risk. </b>Companies in the communications services sector may be affected by industry competition, substantial capital requirements, government regulations and obsolescence of communications products and services due to technological advancement. Companies may encounter cash flow strains due to the need to commit substantial capital to developing new products and services using new technology. Technological innovations may make certain current services obsolete.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zXm96x1LnUel" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerStaplesSectorRiskMember_zKbQ2e7znE1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by the regulation of various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zyQkT8vwtLb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk. </b>The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-BLI_zp4ONPtNvcHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund, and the ETFs the Fund invests in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0C_gRBRTB-BLI_z6QFgP97nK17"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zpisdgcpmhNf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div></div><div id="xdx_C05_gRBRTB-BLI_zaLn0UXcDagl"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zZr4mLvlqUt5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div><p id="xdx_A9C_zAw9TWymqhp" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_z0HAcdwp2thc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zHig4NexwQT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Energy Sector Risk.</b> Companies operating in the energy sector may be adversely affected by changes in worldwide energy prices, exploration and production spending. In addition, changes in government regulation, world events and political and economic conditions can affect these companies. These companies also are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism, war and natural disasters. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, technological developments, geopolitical conflict and related economic sanctions and labor relations also could affect companies in this sector.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_zLzCfhJwzLvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zPOvqkeDdTS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zG7FBU2TM2Ac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Sector Risk<i>.</i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financial sector as a whole cannot be predicted.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zgSNHHaQC0Re" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Healthcare Sector Risk<i>.</i></b> The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.</span></p><p id="xdx_A90_zOOrlCize2Pc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zCpFGoVTnTLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industrials Sector Risk<i>.</i></b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zXGXtiY6Ihbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information Technology Sector Risk.</b> Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zIFustCdlAE" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zACwMZTFjSMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwnIiKZfpPdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b>The Advisor’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zdZEC1nhNse6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zXvqVaNZLhP5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk. </b>Like all quantitative analysis, the investment models utilized by the Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons including errors, omissions, imperfections or malfunctions. Because the use of models is usually constructed based on data supplied by third parties, the success of the Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zBrf0fJfMNrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate Sector Risk. </b>The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><p id="xdx_A97_zZjRyBDW07O6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zycecCk0d9R1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Risk. </b>If the Fund focuses its investments within a particular Sector, it is subject to increased risk. Performance will generally depend on the performance of the Sector, which may differ in direction and degree from that of the overall U.S. stock markets. In addition, financial, economic, business and political developments affecting the Sector may have a greater effect on the Fund than they would if the Fund did not focus on that Sector.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z2vi945TYKck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zog5hs4tWKhl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government- sponsored instrumentalities or enterprises.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRisk.Member_zGZPk9QicqHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Utilities Sector Risk.</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Funds’ Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_zfJQRKDImhX9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk. </b>The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><div id="xdx_C08_gRBRTB-OSFMH_zKIBHIF3rW5a"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zc7LAyBw3e0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C0A_gRBRTB-OSFMH_zUuvY64FWJdl"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BasicMaterialsSectorRiskMember_zNscIRGwSSbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basic Materials Sector Risk.</b> Companies operating in the materials sector may be adversely affected by changes in world events, political, environmental and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zr9sR4QLqoKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk</b>. At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><div id="xdx_C09_gRBRTB-OSFMH_z36VodBBL5je"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationsServicesSectorRiskMember_zlwBayFnHrK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Communications Services Sector Risk. </b>Companies in the communications services sector may be affected by industry competition, substantial capital requirements, government regulations and obsolescence of communications products and services due to technological advancement. Companies may encounter cash flow strains due to the need to commit substantial capital to developing new products and services using new technology. Technological innovations may make certain current services obsolete.</span></p><div id="xdx_C0D_gRBRTB-OSFMH_zm9vdESJcdP5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zXm96x1LnUel" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span></p><div id="xdx_C08_gRBRTB-OSFMH_zPK5V6eRwuag"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerStaplesSectorRiskMember_zKbQ2e7znE1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by the regulation of various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.</span></p><div id="xdx_C0E_gRBRTB-OSFMH_zqWTznmiSiB"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zyQkT8vwtLb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk. </b>The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C02_gRBRTB-OSFMH_zZRdvL1eNjra"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-BLI_zp4ONPtNvcHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund, and the ETFs the Fund invests in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C0A_gRBRTB-OSFMH_zZcUgCPNJoRd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zpisdgcpmhNf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C02_gRBRTB-OSFMH_z9waoy5m4cz8"><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zZr4mLvlqUt5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div></div><div id="xdx_C00_gRBRTB-OSFMH_zl3xs6WXwbdg"><p id="xdx_A9C_zAw9TWymqhp" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C05_gRBRTB-OSFMH_ze07wkobbMA6"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_z0HAcdwp2thc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div></div><div id="xdx_C03_gRBRTB-OSFMH_zAhX2JyAPy74"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C01_gRBRTB-OSFMH_zdvffRRHXDfb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table></div><div id="xdx_C0A_gRBRTB-OSFMH_zg8jNQ0vJNFj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C0D_gRBRTB-OSFMH_zN2lFqo8DEFg"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zpisdgcpmhNf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C09_gRBRTB-OSFMH_zzlcCJ1AQNK4"><div id="xdx_C05_gRBRTB-BLI_zaLn0UXcDagl"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zZr4mLvlqUt5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_z0HAcdwp2thc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C03_gRBRTB-BLI_zVEKwfQvVty"><div id="xdx_C03_gRBRTB-OSFMH_zAhX2JyAPy74"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C06_gRBRTB-BLI_zcS2CF7FtTbd"><div id="xdx_C01_gRBRTB-OSFMH_zdvffRRHXDfb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table></div></div> <div id="xdx_C02_gRBRTB-BLI_zLhP8BYiLO82"><div id="xdx_C0A_gRBRTB-OSFMH_zg8jNQ0vJNFj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C0F_gRBRTB-BLI_zeIvfWOOoJB5"><div id="xdx_C0D_gRBRTB-OSFMH_zN2lFqo8DEFg"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C0D_gRBRTB-OSFMH_zLdEnOh1AFRk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zHig4NexwQT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Energy Sector Risk.</b> Companies operating in the energy sector may be adversely affected by changes in worldwide energy prices, exploration and production spending. In addition, changes in government regulation, world events and political and economic conditions can affect these companies. These companies also are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism, war and natural disasters. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, technological developments, geopolitical conflict and related economic sanctions and labor relations also could affect companies in this sector.</span></p><div id="xdx_C09_gRBRTB-OSFMH_zfVPmKcDOL1b"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_zLzCfhJwzLvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</span></p><div id="xdx_C0B_gRBRTB-OSFMH_znrr6Ngds5k8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zPOvqkeDdTS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><div id="xdx_C04_gRBRTB-OSFMH_zJHDJBuEOJf1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zG7FBU2TM2Ac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Sector Risk<i>.</i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financial sector as a whole cannot be predicted.</span></p><div id="xdx_C00_gRBRTB-OSFMH_zR0aRiSTQzw9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zgSNHHaQC0Re" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Healthcare Sector Risk<i>.</i></b> The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zCpFGoVTnTLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industrials Sector Risk<i>.</i></b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><div id="xdx_C04_gRBRTB-OSFMH_zhDMWmYuGCl4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zXGXtiY6Ihbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information Technology Sector Risk.</b> Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.</span></p><div id="xdx_C05_gRBRTB-OSFMH_zfBhRxXeUBvl"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zIFustCdlAE" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C04_gRBRTB-OSFMH_zgAImejgXT6l"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zACwMZTFjSMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C05_gRBRTB-OSFMH_zUwQ6jf3F9Ab"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwnIiKZfpPdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b>The Advisor’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><div id="xdx_C0C_gRBRTB-OSFMH_zIYhab4Pxe4i"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zdZEC1nhNse6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C0F_gRBRTB-OSFMH_zGApxNXbzQMi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zXvqVaNZLhP5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk. </b>Like all quantitative analysis, the investment models utilized by the Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons including errors, omissions, imperfections or malfunctions. Because the use of models is usually constructed based on data supplied by third parties, the success of the Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</span></p><div id="xdx_C0B_gRBRTB-OSFMH_zs4u2x9CzjRc"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zBrf0fJfMNrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate Sector Risk. </b>The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zycecCk0d9R1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Risk. </b>If the Fund focuses its investments within a particular Sector, it is subject to increased risk. Performance will generally depend on the performance of the Sector, which may differ in direction and degree from that of the overall U.S. stock markets. In addition, financial, economic, business and political developments affecting the Sector may have a greater effect on the Fund than they would if the Fund did not focus on that Sector.</span></p><div id="xdx_C03_gRBRTB-OSFMH_zmo722LcOTPe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z2vi945TYKck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p><div id="xdx_C00_gRBRTB-OSFMH_zw8G2J2G1stk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zog5hs4tWKhl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government- sponsored instrumentalities or enterprises.</span></p><div id="xdx_C09_gRBRTB-OSFMH_zkPniARjJTvi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRisk.Member_zGZPk9QicqHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Utilities Sector Risk.</b></span></p><div id="xdx_C0B_gRBRTB-OSFMH_z9wtI0HkEaZ6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0B_gRBRTB-OSFMH_zUXpBrLBDwG4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.</span></p></div> <div id="xdx_C05_gRBRTB-OSFMH_zvhZXClwLLGj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-OSFMH_zAN9xD42utVh"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Funds’ Principal Investment Strategies and Related Risks.”</span></p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zFitlAf8t7Sh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zy7omyEL7qP5">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index.</span> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zgJsg3KLaZ9h">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_z2W53TOdpxS2">www.dhfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zdHXXPKPYcS7">1-800-594-7930</span>.</span></p> The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.dhfunds.com 1-800-594-7930 Annual Total Returns <div id="xdx_A89_eoef--BarChartTableTextBlock_zmOVWD64809l"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="(BAR CHAT)" src="st002_v1.jpg"/></span></p> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zHGXeECo8eQ6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 20%"> </td> <td id="xdx_49B_20210101__20211231_z7qjFHzMyfTe" style="width: 20%">2021</td> <td id="xdx_49E_20220101__20221231_zy6ri05g3jZj" style="width: 20%">2022</td> <td id="xdx_49B_20230101__20231231_zv9BsbYNvCzl" style="width: 20%">2023</td> <td id="xdx_49E_20240101__20241231_z8iX9I9ZFau8" style="width: 20%">2024</td></tr> <tr id="xdx_404_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member_zgdqUmxFGdq9" style="vertical-align: top; text-align: left"> <td> </td> <td>28.01%</td> <td>-17.27%</td> <td>17.95%</td> <td>18.81%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.2801 -0.1727 0.1795 0.1881 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zwULFQ5mfyAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zlk5YwsHUhZf">the highest return for a quarter was</span> <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zlcljt9qIBti">15.69%</span> (quarter ended <span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zWkAV5xI3pj9">June 30, 2020</span>), and <span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zsrz054ZzdJ7">the lowest return for a quarter was</span> <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zrWNuMb5o60b">-12.08%</span> (quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zH5df1TTOSH">June 30, 2022</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--YearToDateReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zIDATZzqCvle">The Fund’s year-to-date return</span> as of <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zSF23yNCvhVd">June 30, 2025</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zO6jlR8tqih2">6.90%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> the highest return for a quarter was 0.1569 2020-06-30 the lowest return for a quarter was -0.1208 2022-06-30 The Fund’s year-to-date return 2025-06-30 0.0690 Average Annual Total Returns (For periods ended December 31, 2024) <div id="xdx_A83_eoef--PerformanceTableTextBlock_zK8C8rAdi4D3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zUV4cVGgI1pl" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: black 1pt solid; white-space: nowrap; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20240101__20241231_zkZVBTDs6s8l" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49A_20200116__20241231_zLjnA9FWnytf" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_900_eoef--PerfInceptionDate_c20240101__20241231__dei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member_zFwUln1n5Kla">January 16, 2020</span>)</b></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member_zvQhIQWkHl49" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20240101__20241231__dei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member_zARq2xvQ4NP4">Return Before Taxes</span></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 18.81%</span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 11.96%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z9ptDmZPiXKe" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_915_eoef--AfterTaxesOnDistributionsMember_zUHZ5TeAjS3l">Return After Taxes on Distributions</span></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 18.62%</span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 11.77%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066772Member__oef--ClassAxis__custom--C000215105Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zyAyw5fL0oNb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_919_eoef--AfterTaxesOnDistributionsAndSalesMember_zI3TGWR6lyHd">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 11.27%</span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 9.52%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066772Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zigviYSprHJ4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S&amp;P 500 Index (<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_z0YT7WnDILra">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 25.02%</span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 14.03%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> 2020-01-16 Return Before Taxes 0.1881 0.1196 0.1862 0.1177 0.1127 0.0952 reflects no deduction for fees, expenses or taxes 0.2502 0.1403 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_z69yGkOADwd6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zA34sTeitto5">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20250827__20250827__dei--LegalEntityAxis__custom--S000066772Member_zJ4uxW7lgCpg">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities.</span></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities. FUND SUMMARY – DAY HAGAN SMART SECTOR FIXED INCOME ETF Investment Objective: <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zfd5KW77fbFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment objective is total return, consisting of income and capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_z8f4qvxXqh22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zzWVzUDqwpag"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z5LWECyPczC5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 6.8pt"></td> <td id="xdx_497_20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member_zQ80LJbBz4z7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"></td></tr> <tr id="xdx_409_eoef--ShareholderFeeOther_dpn_zUrMZUVlBn12" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; border-left: black 1pt solid; padding-left: 6.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; width: 10%; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z1VbYD0R8Ty6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zjl2IHcc56Lc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_49A_20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member_z4eXMNboprv5" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"> </td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zBdYV5BfeJs8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee<sup id="xdx_F40_zBRoSMvVUEb6">(1)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.68%</span></td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dp_zU1CMSCRro3a" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zwkT8ShpH2p5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4C_zPtInfab1n1f">(1)(2)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zIoqSemtupg8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F49_z6FgrpJdNN6c">(2)(3)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dp_zdJgI7fP8q98" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Operating Expenses<sup id="xdx_F4B_ztQJLvblA30g">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.76%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -13.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0A_zDRq8BoawXX7" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F19_zyEAtJgVXYFi" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0F_zcnt1KHIug29" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F10_zy8htNPkZh46" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_90D_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_z0j0uPdfYwqa">The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0068 0.0000 0.0000 0.0008 0.0076 The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zgEfFWYpuLL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Example: </b><br/> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that 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 id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfptljkrRP34"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zmU3qtQ0Hds3" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zJweDbMRwkyb" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zcdrit5ZLbj5" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zz4SRJTneaqg" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_z7LaC3ZjAkFa" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41F_20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member_zdwep6p0squc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$78</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$243</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$422</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$942</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 78 243 422 942 Portfolio Turnover: <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z63neVLWR8p7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays 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 Fund 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. During the fiscal year ended April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_z0oKbARGTEQf">123%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1.23 Principal Investment Strategy <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zeV2hQ3dyHM9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment advisor, Day Hagan Asset Management (the “Advisor”), actively manages the Fund’s portfolio using proprietary investment models. The Fund is considered a “fund of funds” that, under normal market conditions, seeks to achieve its investment objective by principally investing in unaffiliated fixed income exchange traded funds that invest in fixed income categories (“Underlying Funds”). The fixed income categories to which the Fund may seek exposure through the Underlying Funds are U.S. investment grade corporate bonds, U.S. long-term treasury securities, U.S. mortgage-backed securities, international investment grade bonds, U.S. treasury inflation-protected securities, U.S. high yield bonds, emerging market bonds, and U.S. floating rate notes (each, a “Category”, and, collectively, the “Categories”). The Fund will attempt to enhance returns relative to the Bloomberg US Aggregate Bond Index by overweighting and underweighting its exposure to the Categories and may reduce its overall exposure to certain ETFs as determined by its risk management model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal market conditions, the Fund will invest, indirectly through the Underlying Funds, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and other instruments that have economic characteristics similar to such securities. The Fund may invest in Underlying Funds without any constraints as to the duration (i.e., the sensitivity of a fixed income security’s price to interest rate changes), maturity and country of domicile (including emerging market countries) of the securities held by the Underlying Funds. Certain of the Underlying Funds may hold, without limit, debt securities of any credit quality including below investment grade debt securities (also known as “junk” bonds) and may invest in debt securities that are in default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund utilizes a model to determine its allocation to each Category. The model combines unique macroeconomic and technical indicators that are designed to (i) evaluate the relative attractiveness of Underlying Funds across Categories; (ii) reallocate assets from Categories with unfavorable characteristics to areas providing the greatest opportunities; and (iii) protect capital by lowering duration and reducing credit risk during weak economic environments. The indicators for each Category focus on risk/reward characteristics of each Category with the goal of investing in the areas that have the highest probability of maximizing total return. By combining multiple and diverse indicators, which historically have been shown to add value in Category allocation decisions, the model seeks to objectively assess the weight of the evidence and generate Category allocation recommendations. The Fund’s allocation to a particular Category may be greater than 25%. Conversely, the Fund’s allocation to a particular Category may be reduced to 0% if the Category’s model composite is at low levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund also utilizes a risk model to identify potential broader equity market risks that could negatively impact certain fixed income Categories. Should the model generate a sell signal for equities, the Fund may reduce exposure to fixed income Categories that have historically evidenced a positive correlation with equities. Categories that have historically had positive correlations with U.S. equities are U.S. floating rate notes, U.S. investment grade corporate bonds, U.S. high yield bonds, and emerging market bonds. During times when the model is on a sell signal, portions of the Fund’s allocations to these Categories will be allocated to cash and cash equivalents, including short term U.S. Treasury ETFs, U.S. Treasury securities, and money market funds. The Fund will increase its fixed income investments when the model returns to levels indicating that major risks have potentially subsided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s portfolio is rebalanced monthly, although the Advisor may engage in intra-month trades if the models show substantial changes. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective; trading activity may also be increased in periods of high market volatility.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_gRBRTB-VTUB_zfAMBpfOHat1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s NAV, market price and returns will vary and you could lose money on your investment in the Fund and those losses could be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment. These risks affect the Fund directly as well as through the ETFs in which it invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_zkFw5PSUp3Ek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk. </b>The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><p id="xdx_A94_zCLLlEEwATX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zEICcsdlHma5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_z7rZ4yJhFEM2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk</b>. The Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zTxhZhsEvmA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> The historically low interest rate environment observed over the past couple years was created in part by actions taken by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to keep the federal funds rate at a low level, including expanding the scope of its repurchase agreement operations, and purchasing large quantities of securities issued or guaranteed by the U.S. government, its agencies or instrumentalities on the open market. More recently the Federal Reserve began raising the federal funds rate in an effort to help fight inflation. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. Such policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund to decrease to the extent that it invests in fixed income securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zRS0TdnLfGya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk</b>. Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. There is a risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer’s financial condition changes. The issuer of a fixed income security may also default on its obligations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskForFloatingRateLoansMember_zDKjlHItge1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk (for Floating Rate Loans).</b> Credit risk is the risk that the issuer of a security and other instrument will not be able to make principal and interest payments when due. The value of the Fund’s shares, and the Fund’s ability to pay dividends, is dependent upon the performance of the assets in its portfolio. Prices of the Fund’s investments can fall if the actual or perceived financial health of the borrowers on, or issuers of, such investments deteriorates, whether because of broad economic or issuer-specific reasons. In severe cases, the borrower or issuer could be late in paying interest or principal, or could fail to pay altogether.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_z9LxJ6Q7TKg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration Risk. </b>Longer-term securities may be more sensitive to interest rate changes, particularly in periods of rising interest rates. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price. Duration should not be confused with maturity. The maturity of a fixed income security is a measure of the amount of time left until the security “matures” or repays its face value. In contrast, duration measures the price sensitivity of a fixed income security to changes in interest rates rather than the amount of time remaining to maturity. Longer duration tends to result in greater volatility and a greater sensitivity to interest rate changes. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%.</span></p><p id="xdx_A9B_zEbtJgYXzaG6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zQCyuzeroIG6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk. </b>Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-ECMXFN_zYo8pE9lAtml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund, and the ETFs the Fund invests in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C08_gRBRTB-ECMXFN_zszbLYKcKfsk"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zzJ6efVJLig9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zH1lohjcQ8Ye"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in shares on the NYSE Arca, Inc. (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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z4AAlJx5YA5l"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExtensionRiskMember_z4kmWKlHOwn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Extension Risk. </b>When interest rates rise, anticipated prepayments may occur at a slower-than expected rate, thus effectively extending the maturity of mortgage-backed securities. Prices of longer-term securities generally fluctuate more widely in response to changes in interest rates than prices of shorter-term securities.</span></p><p id="xdx_A92_znTSTEpPTKYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_z4zAfEHDeFu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zhK13wIsSdY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zxlApRUP5Im" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk. </b>The value of fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FloatingRateLoansRiskMember_z0ZKe2qc61F8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Floating Rate Loans Risk. </b>A Fund may invest in floating rate loans that are senior in the capital structure of the borrower or issuer, and that are secured with specific collateral. Loans that are senior and secured generally involve less risk than unsecured or subordinated debt and equity instruments of the same borrower because the payment of principal and interest on senior loans is an obligation of the borrower that, in most instances, takes precedence over the payment of dividends or the return of capital to the borrower’s shareholders, and payments to bond holders; and because of the collateral supporting the repayment of the debt instrument. However, the value of the collateral may not equal a Fund’s investment when the debt instrument is acquired or may decline below the principal amount of the debt instrument subsequent to the Fund’s investment. Also, to the extent that collateral consists of stocks of the borrower, or its subsidiaries or affiliates, a Fund bears the risk that the stocks may decline in value, be relatively illiquid, or may lose all or substantially all of their value, causing the Fund’s investment to be under-collateralized. Therefore, the liquidation of the collateral underlying a floating rate loan in which a Fund has invested, may not satisfy the borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be able to be readily liquidated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the bankruptcy of a borrower or issuer, a Fund could experience delays and limitations on its ability to realize the benefits of the collateral securing the Fund’s investment. Among the risks involved in a bankruptcy are assertions that the pledge of collateral to secure a loan constitutes a fraudulent conveyance or preferential transfer that would have the effect of nullifying or subordinating a Fund’s rights to the collateral.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floating rate loans are also subject to interest rate risk arising from changes in short-term market interest rates. If short-term market interest rates fall, the yield on a Fund’s shares will also fall. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on the floating rate debt in a Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. The impact of market interest rate changes on a Fund’s yield will also be affected by whether, and the extent to which, the floating rate debt in the Fund’s portfolio is subject to floors on the base rate on which interest is calculated for such loans. So long as the base rate for a loan remains under the floor, changes in short-term interest rates will not affect the yield on such loans. In addition, to the extent that the interest rate spreads on floating rate debt in a Fund’s portfolio experience a general decline, the yield on the Fund’s shares will fall and the value of the Fund’s assets may decrease, which will cause the Fund’s NAV to decrease.</span></p><p id="xdx_A91_z2WXRBXG0Fv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The floating rate debt in which a Fund invests may be generally rated lower than investment-grade credit quality, i.e., rated lower than “Baa3” by Moody’s Investors Service, Inc. (“Moody’s”) or “BBB-” by S&amp;P Global Ratings (“S&amp;P”), or have been made to borrowers who have issued debt securities that are rated lower than investment- grade in quality or, if unrated, would be rated lower than investment-grade credit quality. Investment decisions for a Fund will be based largely on the credit analysis performed by the Advisor, and not entirely on rating agency evaluation. This analysis may be difficult to perform. Information about a loan and its borrower generally is not in the public domain. Many borrowers have not issued securities to the public and are not subject to reporting requirements under federal securities laws. Generally, however, borrowers are required to provide financial information to lenders and information may be available from other loan market participants or agents that originate or administer loans. Certain bank loans may not be considered “securities,” and purchasers, such as a Fund, therefore may not be entitled to rely on the protections of federal securities laws, including antifraud provisions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zHHdSdwgO8zc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk. </b>Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_z0KUWOqmACbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Risk. </b>The Fund’s distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationProtectedSecuritiesRiskMember_zERJ82thIlBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation Protected Securities Risk. </b>Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zT4IxwF8Udag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk</b>. Interest rate risk is the risk that prices of fixed income securities overall, including the prices of securities held by the Fund, will decline over short or long periods of time due to rising interest rates. Fixed income securities with longer maturities tend to be more sensitive to interest rates than fixed income securities with shorter maturities. The maturity and effective duration of the Fund’s investment portfolio may vary materially, from time to time, and there is no assurance that the Fund will achieve or maintain any particular target maturity or effective duration of its investment portfolio.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zMxk2RyRfjHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zwPfb6IweA5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Junk Bond Risk</b>. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z1bvXo6HMJGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b>The Advisor’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zjUzzc7fOWCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p id="xdx_A96_zvRry0tk3B53" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagebackedSecuritiesRiskMember_zZ7yMQTPfD9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mortgage-Backed Securities Risk. </b>Mortgage-backed securities represent participating interests in pools of residential mortgage loans, some of which mortgage loans are guaranteed by the U.S. government, its agencies or instrumentalities. These guarantees are made at the “loan level” and relate only to the payment of principal and interest on the underlying mortgage loans. These loan level governmental guarantees do not cover the payment of principal and interest on, or fluctuations in the market values of, the related mortgage-backed securities, and do not apply to investors’ purchase of shares of the Fund.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mortgage-backed securities issued or guaranteed by governmental agencies or instrumentalities such as Ginnie Mae, or government-sponsored entities such as Fannie Mae and Freddie Mac, are generally known as “agency mortgage-backed securities.” Agency mortgage-backed securities are backed by mortgage loans that satisfy the underwriting and other criteria published by the applicable governmental entity. The payment of interest and principal on these mortgage-backed securities is generally guaranteed by the applicable governmental entity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mortgage-backed securities issued by private issuers are also known as “non-agency” mortgage-backed securities. Non-agency mortgage-backed securities are not subject to the same stringent underwriting requirements as agency mortgage-backed securities and, therefore, the mortgage loans underlying privately issued mortgage-backed securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The market for non-agency mortgage-backed securities is smaller and less liquid than the market for agency mortgage-backed securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mortgage-backed securities do not have a fixed maturity and their expected maturities may vary as interest rates rise or fall. An increased rate of prepayments on the Fund’s mortgage-backed securities will result in an unforeseen loss of interest income to the Fund as the Fund may be required to reinvest assets at a lower interest rate. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. The prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise. The liquidity of mortgage-backed securities may change over time.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zNWDuF48ZFvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk. </b>Like all quantitative analysis, the investment models utilized by the Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons including errors, omissions, imperfections or malfunctions. Because the use of models are usually constructed based on data supplied by third parties, the success of the Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentRisksMember_zxjaQFecQmm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prepayment Risk. </b>The Fund may invest in debt securities that may be paid off early when the issuer of a debt security can repay the principal prior to a security’s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zITFnwPL25j2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate Sector Risk</b>. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><p id="xdx_A9A_zbDAw1WHhPmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zbmKhbz1yFEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zw9Tta5EJDi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government- sponsored instrumentalities or enterprises.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Funds’ Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_zkFw5PSUp3Ek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk. </b>The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zEICcsdlHma5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C0C_gRBRTB-VTUB_zTWvFQh5baZ"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_z7rZ4yJhFEM2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk</b>. The Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><div id="xdx_C09_gRBRTB-VTUB_z0dF2at5GMi4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zTxhZhsEvmA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> The historically low interest rate environment observed over the past couple years was created in part by actions taken by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to keep the federal funds rate at a low level, including expanding the scope of its repurchase agreement operations, and purchasing large quantities of securities issued or guaranteed by the U.S. government, its agencies or instrumentalities on the open market. More recently the Federal Reserve began raising the federal funds rate in an effort to help fight inflation. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. Such policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund to decrease to the extent that it invests in fixed income securities.</span></p><div id="xdx_C0C_gRBRTB-VTUB_zWYmBAnRHo17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zRS0TdnLfGya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk</b>. Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. There is a risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer’s financial condition changes. The issuer of a fixed income security may also default on its obligations.</span></p><div id="xdx_C00_gRBRTB-VTUB_zZohuWxMCie8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskForFloatingRateLoansMember_zDKjlHItge1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk (for Floating Rate Loans).</b> Credit risk is the risk that the issuer of a security and other instrument will not be able to make principal and interest payments when due. The value of the Fund’s shares, and the Fund’s ability to pay dividends, is dependent upon the performance of the assets in its portfolio. Prices of the Fund’s investments can fall if the actual or perceived financial health of the borrowers on, or issuers of, such investments deteriorates, whether because of broad economic or issuer-specific reasons. In severe cases, the borrower or issuer could be late in paying interest or principal, or could fail to pay altogether.</span></p><div id="xdx_C07_gRBRTB-VTUB_zwNgTvrr1xX7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_z9LxJ6Q7TKg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration Risk. </b>Longer-term securities may be more sensitive to interest rate changes, particularly in periods of rising interest rates. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price. Duration should not be confused with maturity. The maturity of a fixed income security is a measure of the amount of time left until the security “matures” or repays its face value. In contrast, duration measures the price sensitivity of a fixed income security to changes in interest rates rather than the amount of time remaining to maturity. Longer duration tends to result in greater volatility and a greater sensitivity to interest rate changes. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zQCyuzeroIG6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk. </b>Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets.</span></p><div id="xdx_C0C_gRBRTB-VTUB_z3nTaNYXnKVh"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-ECMXFN_zYo8pE9lAtml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund, and the ETFs the Fund invests in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C0F_gRBRTB-VTUB_z8GSGlxHM3ic"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zzJ6efVJLig9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C03_gRBRTB-VTUB_zUdjjwxGrqej"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0D_gRBRTB-VTUB_ze4GvZIKxFH6"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zH1lohjcQ8Ye"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in shares on the NYSE Arca, Inc. (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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div></div><div id="xdx_C09_gRBRTB-VTUB_ze0JonPuMzC"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-VTUB_zA8w5H5k2WA2"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z4AAlJx5YA5l"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div></div><div id="xdx_C02_gRBRTB-VTUB_zEujvtF93fq"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C08_gRBRTB-VTUB_z5CRf4MUbMd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table></div><div id="xdx_C08_gRBRTB-VTUB_zyJAdbvQoGYc"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C02_gRBRTB-VTUB_zXPtlXjTyqFa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zzJ6efVJLig9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C0B_gRBRTB-ECMXFN_zcD1FEgdg9Ph"><div id="xdx_C03_gRBRTB-VTUB_zUdjjwxGrqej"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zH1lohjcQ8Ye"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in shares on the NYSE Arca, Inc. (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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div><div id="xdx_C06_gRBRTB-ECMXFN_zUuJseMHfube"><div id="xdx_C09_gRBRTB-VTUB_ze0JonPuMzC"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z4AAlJx5YA5l"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C0F_gRBRTB-ECMXFN_za1fx7ao6D3f"><div id="xdx_C02_gRBRTB-VTUB_zEujvtF93fq"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C09_gRBRTB-ECMXFN_zYrLyHN5l0ih"><div id="xdx_C08_gRBRTB-VTUB_z5CRf4MUbMd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table></div></div> <div id="xdx_C04_gRBRTB-ECMXFN_z9Y2iCfIqON5"><div id="xdx_C08_gRBRTB-VTUB_zyJAdbvQoGYc"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C03_gRBRTB-ECMXFN_zLIErmOy5hN3"><div id="xdx_C02_gRBRTB-VTUB_zXPtlXjTyqFa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C09_gRBRTB-VTUB_z2KjKcmtR966"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExtensionRiskMember_z4kmWKlHOwn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Extension Risk. </b>When interest rates rise, anticipated prepayments may occur at a slower-than expected rate, thus effectively extending the maturity of mortgage-backed securities. Prices of longer-term securities generally fluctuate more widely in response to changes in interest rates than prices of shorter-term securities.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_z4zAfEHDeFu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</span></p><div id="xdx_C02_gRBRTB-VTUB_zicNt9Pc5vwb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zhK13wIsSdY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><div id="xdx_C05_gRBRTB-VTUB_ziO3LYtLdEj3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zxlApRUP5Im" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk. </b>The value of fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p><div id="xdx_C0E_gRBRTB-VTUB_z1I1sPlpqUec"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FloatingRateLoansRiskMember_z0ZKe2qc61F8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Floating Rate Loans Risk. </b>A Fund may invest in floating rate loans that are senior in the capital structure of the borrower or issuer, and that are secured with specific collateral. Loans that are senior and secured generally involve less risk than unsecured or subordinated debt and equity instruments of the same borrower because the payment of principal and interest on senior loans is an obligation of the borrower that, in most instances, takes precedence over the payment of dividends or the return of capital to the borrower’s shareholders, and payments to bond holders; and because of the collateral supporting the repayment of the debt instrument. However, the value of the collateral may not equal a Fund’s investment when the debt instrument is acquired or may decline below the principal amount of the debt instrument subsequent to the Fund’s investment. Also, to the extent that collateral consists of stocks of the borrower, or its subsidiaries or affiliates, a Fund bears the risk that the stocks may decline in value, be relatively illiquid, or may lose all or substantially all of their value, causing the Fund’s investment to be under-collateralized. Therefore, the liquidation of the collateral underlying a floating rate loan in which a Fund has invested, may not satisfy the borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be able to be readily liquidated.</span></p><div id="xdx_C07_gRBRTB-VTUB_zxGTwjzuHuEi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C09_gRBRTB-VTUB_za8qOWKdazf5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the bankruptcy of a borrower or issuer, a Fund could experience delays and limitations on its ability to realize the benefits of the collateral securing the Fund’s investment. Among the risks involved in a bankruptcy are assertions that the pledge of collateral to secure a loan constitutes a fraudulent conveyance or preferential transfer that would have the effect of nullifying or subordinating a Fund’s rights to the collateral.</span></p></div> <div id="xdx_C0C_gRBRTB-VTUB_z9BVll3viit4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C05_gRBRTB-VTUB_z7fpZQpGjS1f"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floating rate loans are also subject to interest rate risk arising from changes in short-term market interest rates. If short-term market interest rates fall, the yield on a Fund’s shares will also fall. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on the floating rate debt in a Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. The impact of market interest rate changes on a Fund’s yield will also be affected by whether, and the extent to which, the floating rate debt in the Fund’s portfolio is subject to floors on the base rate on which interest is calculated for such loans. So long as the base rate for a loan remains under the floor, changes in short-term interest rates will not affect the yield on such loans. In addition, to the extent that the interest rate spreads on floating rate debt in a Fund’s portfolio experience a general decline, the yield on the Fund’s shares will fall and the value of the Fund’s assets may decrease, which will cause the Fund’s NAV to decrease.</span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zHHdSdwgO8zc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk. </b>Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><div id="xdx_C0A_gRBRTB-VTUB_z7eAZH9QtqI5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_z0KUWOqmACbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Risk. </b>The Fund’s distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.</span></p><div id="xdx_C03_gRBRTB-VTUB_zyID0T6YxQQe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationProtectedSecuritiesRiskMember_zERJ82thIlBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation Protected Securities Risk. </b>Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span></p><div id="xdx_C04_gRBRTB-VTUB_zXdeDbrc3Zkl"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zT4IxwF8Udag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk</b>. Interest rate risk is the risk that prices of fixed income securities overall, including the prices of securities held by the Fund, will decline over short or long periods of time due to rising interest rates. Fixed income securities with longer maturities tend to be more sensitive to interest rates than fixed income securities with shorter maturities. The maturity and effective duration of the Fund’s investment portfolio may vary materially, from time to time, and there is no assurance that the Fund will achieve or maintain any particular target maturity or effective duration of its investment portfolio.</span></p><div id="xdx_C0D_gRBRTB-VTUB_zq92EEYiBQsa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zMxk2RyRfjHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C03_gRBRTB-VTUB_zBXErdXnWFx9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zwPfb6IweA5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Junk Bond Risk</b>. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.</span></p><div id="xdx_C0B_gRBRTB-VTUB_z9Ky3a0zy3yb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z1bvXo6HMJGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b>The Advisor’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><div id="xdx_C01_gRBRTB-VTUB_zxJxwwBaHUUd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zjUzzc7fOWCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagebackedSecuritiesRiskMember_zZ7yMQTPfD9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mortgage-Backed Securities Risk. </b>Mortgage-backed securities represent participating interests in pools of residential mortgage loans, some of which mortgage loans are guaranteed by the U.S. government, its agencies or instrumentalities. These guarantees are made at the “loan level” and relate only to the payment of principal and interest on the underlying mortgage loans. These loan level governmental guarantees do not cover the payment of principal and interest on, or fluctuations in the market values of, the related mortgage-backed securities, and do not apply to investors’ purchase of shares of the Fund.</span></p><div id="xdx_C07_gRBRTB-VTUB_z8bmqRDXTsT5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-VTUB_zZRf5x4q5Kaf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mortgage-backed securities issued or guaranteed by governmental agencies or instrumentalities such as Ginnie Mae, or government-sponsored entities such as Fannie Mae and Freddie Mac, are generally known as “agency mortgage-backed securities.” Agency mortgage-backed securities are backed by mortgage loans that satisfy the underwriting and other criteria published by the applicable governmental entity. The payment of interest and principal on these mortgage-backed securities is generally guaranteed by the applicable governmental entity.</span></p></div> <div id="xdx_C0E_gRBRTB-VTUB_zoqZI0nroHs"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C05_gRBRTB-VTUB_zOf54vEghmeg"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mortgage-backed securities issued by private issuers are also known as “non-agency” mortgage-backed securities. Non-agency mortgage-backed securities are not subject to the same stringent underwriting requirements as agency mortgage-backed securities and, therefore, the mortgage loans underlying privately issued mortgage-backed securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The market for non-agency mortgage-backed securities is smaller and less liquid than the market for agency mortgage-backed securities.</span></p></div> <div id="xdx_C07_gRBRTB-VTUB_zXbLyQSUsPtc"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C00_gRBRTB-VTUB_zE7pHrdblrF8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mortgage-backed securities do not have a fixed maturity and their expected maturities may vary as interest rates rise or fall. An increased rate of prepayments on the Fund’s mortgage-backed securities will result in an unforeseen loss of interest income to the Fund as the Fund may be required to reinvest assets at a lower interest rate. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. The prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise. The liquidity of mortgage-backed securities may change over time.</span></p></div> <div id="xdx_C00_gRBRTB-VTUB_zh9jDLoJThbl"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zNWDuF48ZFvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk. </b>Like all quantitative analysis, the investment models utilized by the Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons including errors, omissions, imperfections or malfunctions. Because the use of models are usually constructed based on data supplied by third parties, the success of the Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</span></p><div id="xdx_C0D_gRBRTB-VTUB_zyns0ZLYo9p8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentRisksMember_zxjaQFecQmm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prepayment Risk. </b>The Fund may invest in debt securities that may be paid off early when the issuer of a debt security can repay the principal prior to a security’s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.</span></p><div id="xdx_C0D_gRBRTB-VTUB_ztO1wy4piaki"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zITFnwPL25j2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate Sector Risk</b>. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zbmKhbz1yFEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p><div id="xdx_C01_gRBRTB-VTUB_zcfQEXQIu8v"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zw9Tta5EJDi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government- sponsored instrumentalities or enterprises.</span></p><div id="xdx_C06_gRBRTB-VTUB_zTWaAGZH1xX1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0C_gRBRTB-VTUB_z5mxPZdqO9bf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Funds’ Principal Investment Strategies and Related Risks.”</span></p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zFvlo9hm7eYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zrjGtfkwmeqg">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_znTJTj7wryTh">www.dhfunds.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zni5acxup8Fl">1-800-594-7930</span>.</span></p> How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.dhfunds.com 1-800-594-7930 Annual Total Returns <div id="xdx_A8C_eoef--BarChartTableTextBlock_zjGQS8dQghWk"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="(BAR CHAT)" src="st003_v1.jpg"/></span></p> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zgquFUoP8tj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 25%"> </td> <td id="xdx_49E_20220101__20221231_zbNAavTvFynb" style="width: 25%">2022</td> <td id="xdx_49B_20230101__20231231_z0tzT8K33qSk" style="width: 25%">2023</td> <td id="xdx_49E_20240101__20241231_zX96E9Gx5YOd" style="width: 25%">2024</td></tr> <tr id="xdx_40D_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member_zvZiGojqtLoh" style="vertical-align: top; text-align: left"> <td> </td> <td>-12.65%</td> <td>4.22%</td> <td>1.20%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -0.1265 0.0422 0.0120 <p id="xdx_A8E_eoef--BarChartClosingTextBlock_zQWZUmxB5zC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zXYO6YuJo8Ea">the highest return for a quarter was</span> <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zIFDYuuZWpc9">5.32%</span> (quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_ztalUs1aB5tf">December 31, 2023</span>), and <span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zNJnGq2Idnxl">the lowest return for a quarter was</span> <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zkfQOqCPUUd2">-5.20%</span> (quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zWrXsgDiMBJ9">June 30, 2022</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--YearToDateReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zFG8aNZw8cJf">The Fund’s year-to-date return</span> as of <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zMqMvXuSNvwd">June 30, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zszCOFTLAmi8">3.89%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> the highest return for a quarter was 0.0532 2023-12-31 the lowest return for a quarter was -0.0520 2022-06-30 The Fund’s year-to-date return 2025-06-30 0.0389 Average Annual Total Returns (For periods ended December 31, 2024) <div id="xdx_A89_eoef--PerformanceTableTextBlock_z8SdPBnTDvE1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zrpxGcPlmfFh" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: black 1pt solid; white-space: nowrap; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20240101__20241231_zZYIyD4btDA9" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_496_20210929__20241231_zc8TDa2hmL8c" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_90C_eoef--PerfInceptionDate_c20240101__20241231__dei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member_zgCgDRlYqVTj">September 29, 2021</span>) </b></span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member_zLIowDxtkWnc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20240101__20241231__dei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member_zgOjvoTABCyg">Return Before Taxes</span></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.20%</span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.28)%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zRpHvqXrBF77" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_91F_eoef--AfterTaxesOnDistributionsMember_zqjEnPHX5kEk">Return After Taxes on Distributions</span></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.26)%</span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3.49)%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000073631Member__oef--ClassAxis__custom--C000230670Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zDtgR6z2xY24" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_91E_eoef--AfterTaxesOnDistributionsAndSalesMember_zfEWnqgfmz17">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.71%</span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.22)%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000073631Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zvxp8G1zzF0d" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bloomberg US Aggregate Bond Index (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zz5I1yQSSOT">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%</span></td> <td style="border-right: black 1pt solid; vertical-align: bottom; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.19)%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> 2021-09-29 Return Before Taxes 0.0120 -0.0228 -0.0026 -0.0349 0.0071 -0.0222 reflects no deduction for fees, expenses or taxes 0.0125 -0.0219 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_zDPQGw0IJts5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zlte2p7E4fmj">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20250827__20250827__dei--LegalEntityAxis__custom--S000073631Member_zjab97jEpNx9">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities.</span></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities. FUND SUMMARY – DAY HAGAN SMART SECTOR INTERNATIONAL ETF Investment Objective: <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_z2ymB5rRpQLh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment objective is to seek total return, consisting of income and capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zAHgxIl4i545" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zO2GMAtslfp"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zN9bwkCILYWc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 6.8pt"></td> <td id="xdx_49C_20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member__oef--ClassAxis__custom--C000236642Member_zzAys6ZMHqGl" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"></td></tr> <tr id="xdx_409_eoef--ShareholderFeeOther_dpn_zRGvuvuZ7Rq7" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; border-left: black 1pt solid; padding-left: 6.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; width: 10%; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zCTmk1siYWS5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z3Gm8GwODjD" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_49B_20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member__oef--ClassAxis__custom--C000236642Member_zSQ9F0OS7gS9" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zY1dhfZxVgud" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee<sup id="xdx_F48_zeTRJUAjgtpc">(1)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.68%</span></td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zMQYab9puwod" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_z9sDLL2JPZ6a" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F44_znfvmkZHwRid">(1)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zbF1Z22ZyuNl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F42_zia1DIhLse49">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.54%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dp_z3rnvVxCODFk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Operating Expenses</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.22%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -4.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0E_zv9K6dIk1BW2" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F18_z7BQVo8UZeHk" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -4.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F04_zaZBmmrZ8B0c" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F1E_zfHpvQyxCFC9" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_900_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zcXPu1o6uhK3">The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -4.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0068 0.0000 0.0000 0.0054 0.0122 The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zuHXzCd5Olfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that 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 id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_znz6xuO1molf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zew6M3fHjfwl" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zWNhy69NRo4b" style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zjtnb63l0Yc" style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zAUQ2hIvwYAf" style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zktRD2cOagC7" style="font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_419_20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zmO2kmtNIZGg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$124</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$387</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$670</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,477</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 124 387 670 1477 Portfolio Turnover: <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_z20snuxzArTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays 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 Fund 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. During the fiscal year ended to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zeMRld2GFJRj">321%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3.21 Principal Investment Strategy <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zdA15ZPQED11" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment advisor, Day Hagan Asset Management (the “Advisor”), actively manages the Fund’s portfolio using proprietary investment models. The Fund is considered a “fund of funds” that, under normal market conditions, seeks to achieve its investment objective by principally investing in unaffiliated international equity exchange traded funds (“ETFs”). The Fund will attempt to exceed returns of the MSCI ACWI ex USA Index (the “Index”) by overweighting and underweighting its exposure to geographic locations relative to the Index and may also invest in geographic regions not represented in the Index. The Fund may reduce its overall exposure to ETFs from time to time as determined by its risk management model, as discussed further below. The Index is a free float-adjusted market capitalization weighted index designed to measure the combined equity market performance of developed and emerging markets countries, excluding the U.S. As of May 31, 2025, the Index consisted of securities of 13 developed countries (excluding the US) and 6 emerging markets countries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal market conditions, the Fund will invest (indirectly through ETFs) primarily in companies located in multiple countries outside the United States. The Fund utilizes region-specific models and rankings to determine its target allocation to each country and regional location. The models and rankings combine region- specific indicators to form a composite for each location. The models and rankings are designed to evaluate fundamental, technical, economic, and behavioral indicators for each region, such as a region’s GDP growth, inflation levels, money supply, equity valuations, price-to-earnings multiples, analyst’s earnings expectations, market trends, and overall investor sentiment. The indicators for each region focus on risk/reward characteristics of each region with the goal of investing in the regions that have the highest probability of maximizing total return. By combining multiple and diverse indicators, the composite models seek to objectively assess the weight of the evidence and generate geographic allocation recommendations. The Fund’s allocation to a particular geographic location may at times be greater than 25%. Conversely, the Fund’s allocation to a particular geographic location may be reduced to 0% if the region’s model composite is at low levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will invest in ETFs that invest primarily in specific geographical locations. Accordingly, the Fund will deem the relevant holdings of such ETFs to be tied to the specific geographical locations in which the ETFs invest. The criteria for determining if an ETF’s investments are tied to a particular country or region may differ across ETF providers. Additional information on such criteria can be found in the underlying ETF’s registration statement. A list of the underlying ETFs and their weightings at the end of the most recently completed fiscal year will be included in the Fund’s annual report.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s risk management model defines the Fund’s overall target equity allocation. The model reading represents the net percentage of indicators that are bullish; that is, the model evaluates the indicators to seek to identify regions with the highest probability of rising equity markets, while also measuring the potential risk level of factors the equity markets face.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal market conditions, the Fund intends to invest predominantly in international equity ETFs but will reduce its exposure by as much as 50% of its assets during times that the model deems the international equity markets to have a low reward-to-risk ratio from a historical perspective. During these times, the Fund may hold up to 50% of its assets in cash and cash equivalents, including U.S. Treasury securities and money market funds, or utilize derivative securities designed to effectively reduce, or hedge, the Fund’s overall equity exposure. The Fund may purchase index put options and sell index futures contracts to reduce the overall equity exposure of the Fund and are not intended to achieve a net short position. The decision to purchase or sell derivative securities will be based on the cost and market liquidity of the derivative being used to reduce exposure. The Fund will increase its equity investments when the investment models return to levels indicating that major risks have potentially subsided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s portfolio is rebalanced monthly, although the Advisor may engage in intra-month trades if the models show substantial changes. The Fund may actively trades its portfolio securities in an attempt to achieve its investment objective; trading activity may also be increased in periods of high market volatility.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_gRBRTB-VVL_zUHxGQBw9SH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s NAV, market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_z1bTlSsxjNV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk. </b>The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zZDOBPLHarGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zlSDZyfSfWOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GreaterChinaInvestmentRiskMember_zK4t9rj4idI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Greater China Investment Risk. </b>Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-ZFRX_zLoUm9rRVANd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives can also create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Derivatives strategies may not always be successful, and their successful use will depend on the portfolio managers’ ability to accurately forecast movements in the market relating to the underlying asset.</span></p><p id="xdx_A9D_zZPJQ3JwmDE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p><div id="xdx_C0F_gRBRTB-ZFRX_z8vu6etsRtT1"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zojjtstoDxI7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk. </i>Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0D_gRBRTB-ZFRX_zoKugokuE6Xe"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zyxXUdNiblD5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hedging Risk. </i>Hedging is a strategy in which the Fund uses options or futures to offset the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.</span></td> </tr></table></div></div><div id="xdx_C0A_gRBRTB-ZFRX_z9aaxHws2nGa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-ZFRX_zQtcs3U9CEC9"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zx1kpGoWlpNl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk. </i>Markets for options may not always operate on a fair and orderly basis. At times, prices for options may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility, options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives and could potentially lead to significant losses.</span></td> </tr></table></div></div><div id="xdx_C0F_gRBRTB-ZFRX_zRsl108Xzg6i"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zOiLBLKIXcm6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk.</i> There are risks associated with the Fund’s use of options. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, purchased options may decline in value due to changes in the price of the underlying reference instrument, passage of time and changes in volatility. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Further, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk, and tracking risk.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zW7kjqilUIGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Market Risk. </b>Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing, and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging markets usually are subject to greater market volatility, political, social, and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid, and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zergqkjbps22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk. </b>The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p id="xdx_A9E_z1GVjTvo9FTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-JSWXX_zalBcBrqWXQj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund, and the ETFs the Fund invests in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C01_gRBRTB-JSWXX_zjkbGQLT1OY2"><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zNRFqqaDg5da"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C05_gRBRTB-JSWXX_zov3eXvHHEpf"><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_znB2IPCW9IKj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0E_gRBRTB-JSWXX_z7JBSUa1Wye9"><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zOdkqmGmBT02"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which may result in a significantly diminished trading market for the Fund’s shares and can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_z6YG8kIWZdl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</span></p><p id="xdx_A9C_zTnjeyTu3DMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zDFeLR7ZrYMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk. </b>Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationRisksMember_zsC9zCmm28Q7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Concentration Risk. </b>The Fund may be particularly susceptible to economic, political, regulatory, or other events or conditions affecting countries within the specific geographic regions in which the Fund invests. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund’s NAV or market price may be more volatile than a more geographically diversified fund.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zK0eAq9zFUQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zbPQNbqWyYZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b>The Advisor’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z54YWmT1wqq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zhlFquhrF66f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk. </b>Like all quantitative analysis, the investment models utilized by the Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons including errors, omissions, imperfections, or malfunctions. Because the use of models is usually constructed based on data supplied by third parties, the success of the Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions. The accuracy, timeliness, and sufficiency of information used to construct the models used to manage the Fund’s portfolio, particularly information relating to non-U.S. and emerging markets issuers, are susceptible to risks associated with foreign and emerging markets investments, as described under “Foreign Investment Risk” and “Emerging Market Risk” above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z2W7DSPHm8C2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zyOC9ztMmopd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government- sponsored instrumentalities or enterprises.</span></p><p id="xdx_A9A_z0WtBdevDEs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Funds’ Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_z1bTlSsxjNV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk. </b>The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><div id="xdx_C08_gRBRTB-VVL_zXD87kl853g"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zZDOBPLHarGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C00_gRBRTB-VVL_zZyeDuHDEVri"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zlSDZyfSfWOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><div id="xdx_C0D_gRBRTB-VVL_z1nClFVfsEz8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GreaterChinaInvestmentRiskMember_zK4t9rj4idI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Greater China Investment Risk. </b>Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China.</span></p><div id="xdx_C0C_gRBRTB-VVL_zN45SHLyJ6e7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-ZFRX_zLoUm9rRVANd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives can also create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Derivatives strategies may not always be successful, and their successful use will depend on the portfolio managers’ ability to accurately forecast movements in the market relating to the underlying asset.</span></p><div id="xdx_C0A_gRBRTB-VVL_zVX1jpkZUis9"><p id="xdx_A9D_zZPJQ3JwmDE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p></div><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zojjtstoDxI7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk. </i>Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends.</span></td> </tr></table></div><div id="xdx_C03_gRBRTB-VVL_zRQtzBgmeLOk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zyxXUdNiblD5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hedging Risk. </i>Hedging is a strategy in which the Fund uses options or futures to offset the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zx1kpGoWlpNl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk. </i>Markets for options may not always operate on a fair and orderly basis. At times, prices for options may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility, options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives and could potentially lead to significant losses.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0E_gRBRTB-VVL_z1VLOJantFOd"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zOiLBLKIXcm6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk.</i> There are risks associated with the Fund’s use of options. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless.</span></td> </tr></table></div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zojjtstoDxI7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk. </i>Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends.</span></td> </tr></table></div><div id="xdx_C07_gRBRTB-ZFRX_zEnYG4ReX1w3"><div id="xdx_C03_gRBRTB-VVL_zRQtzBgmeLOk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zyxXUdNiblD5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hedging Risk. </i>Hedging is a strategy in which the Fund uses options or futures to offset the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.</span></td> </tr></table></div><div id="xdx_C09_gRBRTB-VVL_zU6CXAD8830j"><div id="xdx_C0A_gRBRTB-ZFRX_z9aaxHws2nGa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zx1kpGoWlpNl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk. </i>Markets for options may not always operate on a fair and orderly basis. At times, prices for options may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility, options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives and could potentially lead to significant losses.</span></td> </tr></table></div><div id="xdx_C01_gRBRTB-VVL_zwlFqAv4mBcj"><div id="xdx_C0F_gRBRTB-ZFRX_zRsl108Xzg6i"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zOiLBLKIXcm6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk.</i> There are risks associated with the Fund’s use of options. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless.</span></td> </tr></table></div><div id="xdx_C0A_gRBRTB-VVL_zDQiPn36Is9h"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C03_gRBRTB-VVL_zKT2GZjHYZkj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, purchased options may decline in value due to changes in the price of the underlying reference instrument, passage of time and changes in volatility. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Further, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk, and tracking risk.</span></p></div> <div id="xdx_C0D_gRBRTB-VVL_z5HC1sk1yeqk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zW7kjqilUIGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Market Risk. </b>Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing, and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging markets usually are subject to greater market volatility, political, social, and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid, and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></p><div id="xdx_C07_gRBRTB-VVL_za4GZdvs7tmd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zergqkjbps22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk. </b>The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-JSWXX_zalBcBrqWXQj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund, and the ETFs the Fund invests in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C0C_gRBRTB-VVL_zMmVV7PZ0RLg"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zNRFqqaDg5da"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C0C_gRBRTB-VVL_zZtPX2q8dSMf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_znB2IPCW9IKj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div><div id="xdx_C09_gRBRTB-VVL_zJIcv5dLyTP9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zOdkqmGmBT02"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C02_gRBRTB-VVL_znTP7yv3XS21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which may result in a significantly diminished trading market for the Fund’s shares and can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C02_gRBRTB-VVL_z2TeZ7eRwb76"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table></div><div id="xdx_C08_gRBRTB-VVL_z3VJl1jbKpid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C09_gRBRTB-VVL_zWMx1QD6CBz5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zNRFqqaDg5da"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C05_gRBRTB-JSWXX_z7HvTekp3I5b"><div id="xdx_C0C_gRBRTB-VVL_zZtPX2q8dSMf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_znB2IPCW9IKj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div><div id="xdx_C0D_gRBRTB-JSWXX_zqk8d5PlncXl"><div id="xdx_C09_gRBRTB-VVL_zJIcv5dLyTP9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zOdkqmGmBT02"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C0F_gRBRTB-JSWXX_zPPBd0eWVhP4"><div id="xdx_C02_gRBRTB-VVL_znTP7yv3XS21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which may result in a significantly diminished trading market for the Fund’s shares and can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C09_gRBRTB-JSWXX_zhSkoes81JSa"><div id="xdx_C02_gRBRTB-VVL_z2TeZ7eRwb76"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table></div></div> <div id="xdx_C0D_gRBRTB-JSWXX_zECHCnyB1m3i"><div id="xdx_C08_gRBRTB-VVL_z3VJl1jbKpid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C05_gRBRTB-JSWXX_z0IkiTgB4jo8"><div id="xdx_C09_gRBRTB-VVL_zWMx1QD6CBz5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C01_gRBRTB-VVL_zcA4v5ZT3hod"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundOfFundsRiskMember_z6YG8kIWZdl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund of Funds Risk. </b>The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zDFeLR7ZrYMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk. </b>Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><div id="xdx_C0C_gRBRTB-VVL_zGDPQHBb2N69"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationRisksMember_zsC9zCmm28Q7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Concentration Risk. </b>The Fund may be particularly susceptible to economic, political, regulatory, or other events or conditions affecting countries within the specific geographic regions in which the Fund invests. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund’s NAV or market price may be more volatile than a more geographically diversified fund.</span></p><div id="xdx_C0C_gRBRTB-VVL_zZGIlWwwFoQ8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zK0eAq9zFUQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C01_gRBRTB-VVL_zhI8u0gWBrf2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zbPQNbqWyYZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b>The Advisor’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><div id="xdx_C01_gRBRTB-VVL_zGtDlHt3tzsk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z54YWmT1wqq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C0B_gRBRTB-VVL_zbZaQOeMnKYh"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zhlFquhrF66f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk. </b>Like all quantitative analysis, the investment models utilized by the Advisor carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons including errors, omissions, imperfections, or malfunctions. Because the use of models is usually constructed based on data supplied by third parties, the success of the Advisor’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions. The accuracy, timeliness, and sufficiency of information used to construct the models used to manage the Fund’s portfolio, particularly information relating to non-U.S. and emerging markets issuers, are susceptible to risks associated with foreign and emerging markets investments, as described under “Foreign Investment Risk” and “Emerging Market Risk” above.</span></p><div id="xdx_C08_gRBRTB-VVL_zT6t9QbnWwIf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z2W7DSPHm8C2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p><div id="xdx_C08_gRBRTB-VVL_z6BTSXjAtjVa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zyOC9ztMmopd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government- sponsored instrumentalities or enterprises.</span></p> Performance: <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zm3qKRiGcXee" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zctmpUHRVzB6">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index.</span><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_z6NZjy6g56qj"> How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zI3Dx2Sgi2Pj">www.dhfunds.com</span> or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zD85A2MkINVa">1-800-594-7930</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.dhfunds.com 1-800-594-7930 Annual Total Returns <div id="xdx_A85_eoef--BarChartTableTextBlock_zP4ndQhOHNJb"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><img alt="(BAR CAHT)" src="st004_v1.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zD8cCIo0Wuoa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 33%"> </td> <td id="xdx_49B_20230101__20231231_zNzpqdfyCC4l" style="width: 34%">2023</td> <td id="xdx_49E_20240101__20241231_zYsDIEWwQu63" style="width: 33%">2024</td></tr> <tr id="xdx_408_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000076645Member__oef--ClassAxis__custom--C000236642Member_zTV17d3SJ1S1" style="vertical-align: top; text-align: left"> <td> </td> <td>9.81%</td> <td>5.27%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> 0.0981 0.0527 <p id="xdx_A81_eoef--BarChartClosingTextBlock_zkCBxKQEolD6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zjTHs6p1TRZ8">the highest return for a quarter was</span> <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zHBCDAj6GhGk">12.31%</span> (quarter ended <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zIVJhJcPIQ1h">December 31, 2022</span>), and <span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zTO67NPlmC26">the lowest return for a quarter was</span> <span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_z75KYeBq1nda">-9.15%</span> (quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zFf00Mu4iNm7">September 30, 2022</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--YearToDateReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zWeecJglWbC3">The Fund’s year-to-date return</span> as of <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zVbmriBa5iOb">June 30, 2025</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zBmQj1DQbjk8">14.53%</span>.</span></p> the highest return for a quarter was 0.1231 2022-12-31 the lowest return for a quarter was -0.0915 2022-09-30 The Fund’s year-to-date return 2025-06-30 0.1453 Average Annual Total Returns (For periods ended December 31, 2024) <div id="xdx_A87_eoef--PerformanceTableTextBlock_zyJUcky7xcTa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z7EJy6O07mke" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: black 1pt solid; white-space: nowrap; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20240101__20241231_zwSGUFTWZID7" style="border-top: black 1pt solid; white-space: nowrap; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 16%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49A_20220701__20241231_z4tmFgl45In3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 1pt 5pt; vertical-align: top; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20240101__20241231__dei--LegalEntityAxis__custom--S000076645Member__oef--ClassAxis__custom--C000236642Member_z0wRDg6FJAs">July 01, 2022</span>) </b></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000076645Member__oef--ClassAxis__custom--C000236642Member_zfB3RvHuzzV4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20240101__20241231__dei--LegalEntityAxis__custom--S000076645Member__oef--ClassAxis__custom--C000236642Member_zDszp6TpHaGi">Return Before Taxes</span></span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.27%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.81%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000076645Member__oef--ClassAxis__custom--C000236642Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEWs7Qlwuo5c" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_917_eoef--AfterTaxesOnDistributionsMember_znqG5UMxSUM8">Return After Taxes on Distributions</span></span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.52%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.15%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000076645Member__oef--ClassAxis__custom--C000236642Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zdVuWo0ZKCh4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_91A_eoef--AfterTaxesOnDistributionsAndSalesMember_zsVKKK4BHyr5">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.52%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.11%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000076645Member__oef--PerformanceMeasureAxis__custom--MSCIACWIExUSAIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zlR9EaB4U1ah" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MSCI ACWI ex USA Index (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zcC6avRCnnd5">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.09%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.08%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> 2022-07-01 Return Before Taxes 0.0527 0.0681 0.0452 0.0615 0.0352 0.0511 reflects no deduction for fees, expenses or taxes 0.0609 0.1008 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zzPHMHSVcrMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zgEpUrfH7YVj">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</span> <span id="xdx_900_eoef--PerformanceTableNotRelevantToTaxDeferred_c20250827__20250827__dei--LegalEntityAxis__custom--S000076645Member_zpJCJeDD4a8f">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities.</span></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities. FUND SUMMARY – DAY HAGAN SMART BUFFER ETF Investment Objective: <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z6ukL2TImm6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment objective is to seek long-term capital appreciation and preservation of capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zPDnXaHiLfv6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zsm84a8lzKb8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zX4Wyb5Zyh85" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 6.8pt"></td> <td id="xdx_49E_20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member__oef--ClassAxis__custom--C000255777Member_zJQHr8EJtcUb" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"></td></tr> <tr id="xdx_406_eoef--ShareholderFeeOther_dpn_zpiGI7MGeqc6" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; border-left: black 1pt solid; padding-left: 6.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/> (fees paid directly from your investment)</b></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; width: 10%; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zS1Uue6RdoW7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zpyRGAiGtlMl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_49D_20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member__oef--ClassAxis__custom--C000255777Member_z5XcnH0DjKc" style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dp_zmA67iETKSP" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee<sup id="xdx_F43_zK5EOylpwJp3">(1)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.65%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp_zOPnU7Ryg3J7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_znm6bA6Yrt47" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4A_zRh08Hlyw7tc">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zzEGqAA40zrb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4C_zU7DaekKklug">(2)(3)</sup></span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.03%</span></td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dp_zDLMKkxIM1Ja" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: black 1pt solid; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Operating Expenses</span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; vertical-align: bottom; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.68%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F09_zHLrpKO8kxdj" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F11_zXVUIcnCMbzg" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F02_zQVpYZdv8r44" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F13_z5gVIFb2jxI9" style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member_zmu8jwvCVvQf"><span id="xdx_905_eoef--AcquiredFundFeesAndExpensesBasedOnEstimates_c20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member_zexhGM4PqWSk">Estimated for the current fiscal year.</span></span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0E_z9Byp6sXidr8" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F1D_zJtKIjpfqiL3" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_90B_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member_zNTRmnoxPkBa">The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0065 0.0000 0.0000 0.0003 0.0068 Estimated for the current fiscal year. Estimated for the current fiscal year. The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_z8KNYJR7Lrw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that 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 id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlB77BCsmuJ6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zJUlmRqq2XK" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 40%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zABSmXeCnC17" style="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zsqpRGuFWPng" style="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_411_20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member__oef--ClassAxis__custom--C000255777Member_zLgzusxmqgcj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$69</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$218</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 69 218 Portfolio Turnover: <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zsnPUsqfPPKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays 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 Fund 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. During the fiscal period from February 13, 2025 (commencement of operations) to April 30 2025, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member_zOEkIBJWMrP9">0%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 Principal Investment Strategy <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zGsiQ0lprHeb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal circumstances, seeks to achieve its investment objective principally by investing in U.S.-listed exchange-traded funds (“U.S. Equity ETFs,” and each, a “U.S. Equity ETF”) that replicate the performance of broad-based U.S. equity indexes (“U.S. Equity Indexes,” and each, a “U.S. Equity Index”), equity securities of companies within such indexes (“U.S. Equity Securities,” and collectively with U.S. Equity ETFs and U.S. Equity Indexes, “U.S. Equity Investments”), and utilizing options and/or options “spreads” on U.S. Equity Investments. The equity securities and options held by the Fund will be listed on U.S. exchanges, and may include common stocks, American Depositary Receipts (“ADRs”) (i.e., receipts evidencing ownership of foreign equity securities) and real estate investment trusts (“REITs”). The Fund may invest in securities from a broad range of market capitalizations, including large-cap stocks typically exceeding $10 billion, mid-cap stocks generally between $2 billion and $10 billion, and small-cap stocks generally below $2 billion. The Fund’s investments in these market segments may expose it to varying degrees of liquidity risk, market volatility, and company-specific risk associated with each capitalization range, which may impact the Fund’s performance depending on prevailing market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will use options to generate income and hedge against losses. The Fund’s options strategies typically consist of utilizing a combination of purchased and written (sold) call and/or put options (known as a “spreads”) to generate income and hedge against losses. The Fund will primarily seek to implement an options strategy with two components: (i) selling covered call options on up to 100% of the U.S. Equity Investments to generate premium from such options, while (ii) simultaneously reinvesting a portion of such premium to buy put options or put spreads on the same U.S. Equity Investments to “hedge” or mitigate the downside risk associated with owning equity securities. Put option and put spreads purchased by the Fund will typically be near the current at-the-money strike price (i.e., strike price that is roughly equal to the current market price of the reference asset) but may have a strike price that is lower (in some cases, significantly lower) than the current price of the reference asset. At the sole discretion of the Fund’s investment advisor, Day Hagan Asset Management (the “Advisor”), when the Adviser determines that prevailing market conditions are not advantageous for implementing the Fund’s options strategies or a portion of the option strategies, such strategies may not be employed or may be partially employed. In these circumstances, the Fund may not utilize options contracts to establish caps or buffers in their entirety, meaning there will be no or reduced predetermined limits on potential gains or protections against downside losses typically associated with such strategies. As a result, the Fund’s performance during these periods will reflect the market performance of its underlying investments without the effects of caps or buffers, which may lead to increased exposure to market volatility and risk of loss. Investors should be aware that the absence of options strategies during these times may affect the Fund’s risk and return profile.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options contracts generally are agreements where: (i) the purchaser of an option pays a cost (the “premium”) for the right to buy (for a call option) or sell (for a put option) a specified reference asset at a specified price (“strike price”) until a specified date (“expiration date”); (ii) and conversely, where the seller receives a premium and is obligated to sell (for a call option) or buy (for a put option) shares of a specified reference asset at a specified strike price until a specified expiration date. Options selected for the Fund may be “rolled” periodically (based on the levels of the underlying holdings) to continue generating income or to reflect the Advisor’s revised outlook on the underlying portfolio security. When an option is rolled, the Advisor simultaneously closes one option contract and enters another on the same reference asset. The new contract entered can have a further-dated expiration (i.e., the option would be rolled “out”), a higher strike price (i.e., rolled “up”), a lower strike price (i.e., rolled “down”), or a combination of both a different expiration and strike. The decision to roll options and rebalance the portfolio is at the discretion of the Advisor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s assets will include option holdings, the value of which is derived from the performance of the underlying U.S. Equity Investments. However, a component of an option contract’s value is the remaining time until expiration. Accordingly, the Fund’s NAV will not be directly correlated on a day-to-day basis with the price or returns experienced by the U.S. Equity Investments. The Advisor anticipates that the Fund’s NAV will move in the same direction as the U.S. Equity Investments; however, the Fund’s NAV may not increase or decrease at the same rate as the value of the U.S. Equity Investments. It is possible that the degree of non-correlation between the value of the options and the value of the underlying U.S. Equity Investments will be higher than if the options had a shorter term. The Advisor generally anticipates that the Fund’s NAV will increase on days when the value of the U.S. Equity Investments increases and will decrease on days when the U.S. Equity Investments decreases, but that the rate of such increase or decrease will be less than that experienced by the U.S. Equity Investments. The Fund seeks to generate returns that match the U.S. Equity Investments up to the cap while limiting downside losses if the options are held until expiration and not rolled, as discussed below in the sections titled “Buffer on Potential Losses” and “Cap on Potential Upside Returns.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Purchased Call and Put Options</i>. In the event the reference asset appreciates above the strike price (for call options) or declines in value below the strike price (for put options) and the holder exercises its option, the holder will be entitled to receive the difference between the value of the reference asset and the strike price (which gain is offset by the premium originally paid by the holder). In the event the reference asset closes below the strike price (for call options) or above the strike price (for put options) as of the expiration date, the option may end up worthless, and the holders’ loss is limited to the amount of premium it paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Written Call and Put Options</i>. In the event the reference asset appreciates above the strike price (for call options) or declines in value below the strike price (for put options) and the holder exercises its option, the writer (seller) of the option will have to pay the difference between the value of the reference asset and the strike price or deliver the reference asset (which loss is offset by the premium initially received). In the event the reference asset declines in value (for written call options) or appreciates in value (for written put options), the option may end up worthless and the writer (seller) of the option retains the premium.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The call and put options written by the Fund will be “covered” because the Fund will either have long positions (i.e., the Fund owns the securities or options on those securities) or short positions (i.e., the Fund sold borrowed securities) of the corresponding reference assets at the time of sale that will offset risk potential of the written options. The Fund may write call options on up to 100% of each equity position held in the portfolio and will use a portion of the premium received from writing such call options to purchase put options. Call options written by the Fund will typically have a strike price that is higher than the current price of the corresponding reference asset. The put options written by the Fund are considered “covered” when either: (i) the Fund holds a long put option with a strike price that his higher than the strike price of the Fund’s written put option, both of which are on the same reference asset; or (ii) the Fund has at least 100 short shares of the same reference asset for every put option sold, typically with a strike price below the reference asset’s current market value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Buffer on Potential Losses</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to mitigate a portion of downside risk due to declines in the value of the U.S. Equity Investments it holds by providing a buffer (the “Buffer”), primarily achieved through the purchase of put options, or a put spread, on U.S. Equity Investments. The amount of protection provided by a Buffer will change as the values of the U.S. Equity Investments and the Fund’s options positions change. The Advisor may reset the Buffer at any time, at its discretion, based on market conditions and the Fund’s risk management objectives. There is no guarantee that the Fund will be successful in providing the sought-after protection with a Buffer. If the U.S. Equity Investments held by the Fund increase in value after the Buffer is implemented, any appreciation of the Fund by virtue of the increases in the U.S. Equity Investments in its portfolio that occurs after implementation of the Buffer will not be protected by the Buffer. Therefore, an investor that purchases shares of the Fund after such implementation of a Buffer would have a different investment experience than an investor that purchased shares prior to the implementation of the then-current Buffer. Such investors that purchase before or after the implementation of a Buffer will not receive the entire protection that the Fund seeks to provide and will only be protected against losses of the U.S. Equity Investments held by the Fund when the Fund’s NAV returns to its value at the time the then-current Buffer was implemented and could experience losses until then or may not benefit from the Buffer at all. Depending on market conditions at the time of purchase, a shareholder who purchases Shares of the Fund may lose their entire investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses and understands that the operation of the Buffer, and therefore the protection, is not guaranteed. The Buffer is provided prior to taking into account annual Fund management fees, transaction fees, and any extraordinary expenses incurred by the Fund. These fees and any expenses will have the effect of reducing the Buffer amount for Fund shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cap on Potential Upside Returns</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to participate in the upside returns of the U.S. Equity Investments held in its portfolio; however, due to the hedging nature of the Buffer implementation, the Fund shareholders are subject to an upside return cap (the “Cap”) that represents the maximum percentage return of Fund NAV an investor can achieve from an investment in the Fund based on the current holdings of the Fund, inclusive of the underlying options. Therefore, even though the Fund’s returns are based upon the performance of the U.S. Equity Investments held in its portfolio, if the U.S. Equity Investments held by the Fund experience returns in excess of the Cap, Fund shareholders will not participate in such excess returns. The Cap will be reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. The Buffer and Cap levels are expected to adjust with each rebalance of the Buffer strategy. Generally, a Buffer providing greater downside protection will correspond with a lower Cap on potential upside returns, while a Buffer providing less downside protection will allow for a higher Cap. For example, if the Fund resets its options strategy as the underlying asset appreciates, it may sell a call option at a higher strike price and adjust the put spread upward. This shift increases the Cap level, as the higher strike price permits greater participation in upside gains. Simultaneously, resetting the put spread upward increases the level of downside protection, as the Buffer now kicks in at a higher market level, exposing the Fund to less near-term loss before protection begins. Such adjustments reflect the trade-off between potential upside and downside protection inherent in the Fund’s strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s website, <span style="text-decoration: underline">www.dhfunds.com</span>, provides important information (including, among other items, information relating to the Buffer and Cap) on a daily basis. If you are contemplating purchasing Shares, please visit the Fund’s website.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the Fund seeks to achieve its investment objective of upside appreciation and buffering a portion of downside risk, there is no guarantee that it will do so. The returns that the Fund seeks to provide do not include the costs associated with purchasing Shares and certain expenses incurred by the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="(BAR CHAT)" src="st005_v1.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">For illustrative purposes only. The Fund may seek to track various ETFs and the use of SPDR S&amp;P 500 ETF is solely illustrative. The performance shown in the chart does not reflect the potential effects of the Fund’s fees and expenses or hedging strategies. The figures are approximate and subject to change. The chart assumes a written call strike that is 12% above the current price of the underlying. The premium received from the written call, along with dividends received from the underlying, is then used to purchase a put option spread. The put spread consists of a purchased put option with a strike at the same price as the underlying and a written put option with a strike that is 20% below the current price of the underlying. Options are assumed to be held to maturity and not rolled during the life of the contract.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Active Rebalancing</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the U.S. Equity Investments held in the Fund’s portfolio increase in value, they move further from the Buffer level (the level at which the Buffer potentially begins to mitigate losses) and closer to the Cap level. This changes the risk/return profile and, therefore, the optimal Buffer and Cap percentages for the Fund. In other words, being further from the Buffer increases the Fund’s need for downside protection, and being closer to the Cap can limit the Fund’s upside potential. When the ratio of upside potential to downside risk is no longer deemed attractive by the Advisor, the Advisor will seek to “actively rebalance” the Fund to establish new Buffer and Cap levels in an attempt to allow the Fund to participate in greater capital appreciation opportunities and/or attempt to provide better downside protection based in the current values of the U.S. Equity Investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This dynamic approach seeks to optimize returns and enhance risk management in varying market conditions. The Buffers and Caps resulting from each rebalance may not be realized due to the active rebalancing strategy. The Buffer and Cap percentages may not be more advantageous than previous Buffer and Cap percentages. Active rebalancing may negate expected returns and the downside Buffer. Investors that purchase shares may experience investment returns that are very different from those that the Fund seeks to provide. Further, active rebalancing may also substantially affect the Buffer and Cap percentages with each rebalance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of issuers.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_gRBRTB-FJK_zjEGE8MZeici" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s NAV (“NAV”), market price and returns will vary and you could lose money on your investment in the Fund and those losses could be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment. These risks affect the Fund directly as well as through the ETFs in which it invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRRiskMember_zqSkjIoICol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Certain ADRs are not listed on an exchange and therefore may be considered to be illiquid.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_ziB8nk7bNrx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p id="xdx_A9C_z144uoJtKbGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-URRCVBT_zGnJxcMujpQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk. </b>The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives may also be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund’s taxable income or gains and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Fund to change its investment strategy. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, and changes in interest rates, inflation and deflation. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zLubUYG6V7s" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hedging Risk. </i>Hedging is a strategy in which the Fund uses a security or derivative to reduce the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_z4hbxP3XWUh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk:</i> Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet margin requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z1VXDIT9mL4a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zp7U9IJQBGCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk. </i>Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives and could potentially lead to significant losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zwptJkQz4HV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk.</i> There are risks associated with the Fund’s options strategy. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Factors such as differences in supply and demand for certain options may cause their returns to deviate from the Advisor’s expectations. Additionally, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Additionally, purchased options may decline in value due to changes in the price of the underlying reference instrument, passage of time and changes in volatility. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. As a seller (writer) of a call option, the Fund will lose money if the value of the underlying reference instrument rises above the strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in a written call transaction. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.</span></p><p id="xdx_A91_zIiFza8KaXxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.05pt"> </p><div id="xdx_C01_gRBRTB-URRCVBT_zHMydylIdTab"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, option prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.</span></p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z25WSUSf6A42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk. </b>The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-JNFVCP_zZbF8ibjJeH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund, and the ETFs the Fund invests in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyZXqZEhasWh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zwkJ2tED5WRd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div><div id="xdx_C07_gRBRTB-JNFVCP_zvNQLuGtKn1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zHNvViK472P3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table><div id="xdx_C07_gRBRTB-JNFVCP_za6RypwJstbd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p id="xdx_A9E_zUUFPVjlkV1k" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zpUlHorNcY14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zJQKDnccEkRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zWvq2cHzlpT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zDdzSqe4cmT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b>The Advisor’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znqmRkT0lBKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidSmallCapStockRiskMember_zuMwx7tAUh0d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mid/Small Cap Stock Risk</b>. Because the smaller companies in which the Fund may invest may have unproven track records, a limited product or service base and limited access to capital, they may be more likely to fail than larger companies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z8ShzBZ93sT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a relatively new fund with limited history of operations as an ETF for investors to evaluate. If the Fund is unable to achieve an economic size, expenses will be higher than expected and the Fund might close, which could produce adverse tax consequences for shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z31BEl8IJF92" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk</b>. The Fund is classified as a “non-diversified” fund under the 1940 Act. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateREITRiskMember_z1OMWDBSDqD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate/REIT Risk. </b>The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zeQTzaXNrAIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Risk. </b>If the Fund focuses its investments within a particular Sector, it is subject to increased risk. Performance will generally depend on the performance of the Sector, which may differ in direction and degree from that of the overall U.S. stock markets. In addition, financial, economic, business and political developments affecting the Sector may have a greater effect on the Fund than they would if the Fund did not focus on that Sector.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zY2AJgNZNxKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p><p id="xdx_A9D_ztzjCanJt765" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRRiskMember_zqSkjIoICol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Certain ADRs are not listed on an exchange and therefore may be considered to be illiquid.</span></p><div id="xdx_C03_gRBRTB-FJK_zNooxMuo5dod"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_ziB8nk7bNrx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-URRCVBT_zGnJxcMujpQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk. </b>The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives may also be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund’s taxable income or gains and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Fund to change its investment strategy. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, and changes in interest rates, inflation and deflation. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including:</span></p><div id="xdx_C07_gRBRTB-FJK_z8DptCykQMU9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C04_gRBRTB-FJK_zXh0uAW7w2N"><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zLubUYG6V7s" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hedging Risk. </i>Hedging is a strategy in which the Fund uses a security or derivative to reduce the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.</span></p></div><div id="xdx_C09_gRBRTB-FJK_zwR3K1DrE4Ne"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-FJK_z9KfYfNxEKGk"><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_z4hbxP3XWUh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk:</i> Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet margin requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></p></div><div id="xdx_C02_gRBRTB-FJK_zNnKdgJR1e97"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0D_gRBRTB-FJK_zSkbM7Rw8mSc"><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z1VXDIT9mL4a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></p></div><div id="xdx_C08_gRBRTB-FJK_zEHizpRjc9U6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-FJK_zYZ8aNtLpRYj"><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zp7U9IJQBGCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk. </i>Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives and could potentially lead to significant losses.</span></p></div><div id="xdx_C04_gRBRTB-FJK_z8pWR8NMQ0Wi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-FJK_zvmzPMnCukYa"><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zwptJkQz4HV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk.</i> There are risks associated with the Fund’s options strategy. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Factors such as differences in supply and demand for certain options may cause their returns to deviate from the Advisor’s expectations. Additionally, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Additionally, purchased options may decline in value due to changes in the price of the underlying reference instrument, passage of time and changes in volatility. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. As a seller (writer) of a call option, the Fund will lose money if the value of the underlying reference instrument rises above the strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in a written call transaction. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.</span></p></div><div id="xdx_C04_gRBRTB-FJK_zpRQ42725an6"><p id="xdx_A91_zIiFza8KaXxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.05pt"> </p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, option prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zLubUYG6V7s" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hedging Risk. </i>Hedging is a strategy in which the Fund uses a security or derivative to reduce the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.</span></p><div id="xdx_C07_gRBRTB-URRCVBT_zaz84jbCoZJe"><div id="xdx_C09_gRBRTB-FJK_zwR3K1DrE4Ne"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_z4hbxP3XWUh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk:</i> Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet margin requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></p><div id="xdx_C05_gRBRTB-URRCVBT_zXY9SR6Yax86"><div id="xdx_C02_gRBRTB-FJK_zNnKdgJR1e97"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z1VXDIT9mL4a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></p><div id="xdx_C04_gRBRTB-URRCVBT_zrxvq9sZPOmf"><div id="xdx_C08_gRBRTB-FJK_zEHizpRjc9U6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zp7U9IJQBGCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk. </i>Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the Fund to effectively implement its investment strategy and achieve its objectives and could potentially lead to significant losses.</span></p><div id="xdx_C06_gRBRTB-URRCVBT_zI2PkIRZwDua"><div id="xdx_C04_gRBRTB-FJK_z8pWR8NMQ0Wi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zwptJkQz4HV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk.</i> There are risks associated with the Fund’s options strategy. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Factors such as differences in supply and demand for certain options may cause their returns to deviate from the Advisor’s expectations. Additionally, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Additionally, purchased options may decline in value due to changes in the price of the underlying reference instrument, passage of time and changes in volatility. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below the strike price. As a seller (writer) of a call option, the Fund will lose money if the value of the underlying reference instrument rises above the strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in a written call transaction. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z25WSUSf6A42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk. </b>The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C01_gRBRTB-FJK_zyjBlOyM2kEa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-JNFVCP_zZbF8ibjJeH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund, and the ETFs the Fund invests in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C07_gRBRTB-FJK_zneMiokxHK5f"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C04_gRBRTB-FJK_zoBQODrL3RI7"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyZXqZEhasWh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div></div><div id="xdx_C05_gRBRTB-FJK_zYy8zlz5949l"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0E_gRBRTB-FJK_zZDuS5oC6v42"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zwkJ2tED5WRd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C09_gRBRTB-FJK_zhrUzq2Dpd78"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zHNvViK472P3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div></div><div id="xdx_C0A_gRBRTB-FJK_z0lu8nxiY2el"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C02_gRBRTB-FJK_z81AqNQxyfbh"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><div id="xdx_C03_gRBRTB-FJK_zwWAYley2RLi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyZXqZEhasWh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C0B_gRBRTB-JNFVCP_zxVfo4I9D8la"><div id="xdx_C05_gRBRTB-FJK_zYy8zlz5949l"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zwkJ2tED5WRd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td> </tr></table></div><div id="xdx_C03_gRBRTB-FJK_z3IfgPx6Drge"><div id="xdx_C07_gRBRTB-JNFVCP_zvNQLuGtKn1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zHNvViK472P3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C0E_gRBRTB-JNFVCP_zmS1U3S15N0e"><div id="xdx_C0A_gRBRTB-FJK_z0lu8nxiY2el"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C0C_gRBRTB-JNFVCP_zr0Kzc7z3c79"><div id="xdx_C02_gRBRTB-FJK_z81AqNQxyfbh"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr></table></div></div> <div id="xdx_C0D_gRBRTB-FJK_znVMhrI03Zt5"><div id="xdx_C07_gRBRTB-JNFVCP_za6RypwJstbd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C0C_gRBRTB-JNFVCP_zBrJV4wm2R8h"><div id="xdx_C03_gRBRTB-FJK_zwWAYley2RLi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zpUlHorNcY14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><div id="xdx_C02_gRBRTB-FJK_zyGu6ViCn7S1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zJQKDnccEkRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C04_gRBRTB-FJK_z44G5EwMFAT2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zWvq2cHzlpT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C0F_gRBRTB-FJK_zfJF90Ln5VDe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zDdzSqe4cmT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b>The Advisor’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><div id="xdx_C05_gRBRTB-FJK_zjPyXZjMwRLi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znqmRkT0lBKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C0F_gRBRTB-FJK_zguzgVbvKEhk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidSmallCapStockRiskMember_zuMwx7tAUh0d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mid/Small Cap Stock Risk</b>. Because the smaller companies in which the Fund may invest may have unproven track records, a limited product or service base and limited access to capital, they may be more likely to fail than larger companies.</span></p><div id="xdx_C0F_gRBRTB-FJK_zCLS307Jx79f"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z8ShzBZ93sT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a relatively new fund with limited history of operations as an ETF for investors to evaluate. If the Fund is unable to achieve an economic size, expenses will be higher than expected and the Fund might close, which could produce adverse tax consequences for shareholders.</span></p><div id="xdx_C02_gRBRTB-FJK_zrsr4uF56YV6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z31BEl8IJF92" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk</b>. The Fund is classified as a “non-diversified” fund under the 1940 Act. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely.</span></p><div id="xdx_C09_gRBRTB-FJK_z51Fc8DeCZh2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateREITRiskMember_z1OMWDBSDqD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate/REIT Risk. </b>The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities.</span></p><div id="xdx_C0F_gRBRTB-FJK_ziPFb6fb1YB5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zeQTzaXNrAIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Risk. </b>If the Fund focuses its investments within a particular Sector, it is subject to increased risk. Performance will generally depend on the performance of the Sector, which may differ in direction and degree from that of the overall U.S. stock markets. In addition, financial, economic, business and political developments affecting the Sector may have a greater effect on the Fund than they would if the Fund did not focus on that Sector.</span></p><div id="xdx_C09_gRBRTB-FJK_zRKGzg4iSyc3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zY2AJgNZNxKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p> Performance: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zjCFWFiHtIC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member_zZTvr7VjV2b5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Fund is a relatively new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the future, performance information will be presented in this section of this Prospectus. Updated performance information is available at no cost at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member_zVoASEJBXIA9"><span style="text-decoration: underline">www.dhfunds.com </span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000089262Member_zrw4SX27sUGl">1-800-594-7930.</span></span></p> Because the Fund is a relatively new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. www.dhfunds.com 1-800-594-7930. FUND SUMMARY – STRATEGY SHARES GOLD ENHANCED YIELD ETF Investment Objective: <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zb0wWHiWm7O" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment objective is to seek income and long-term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zDZr7brZyal1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zl3349esVyl5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zAkLCuoNb613" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"></td> <td id="xdx_49B_20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zpMlA9N3Vwff" style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center; vertical-align: bottom"></td></tr> <tr id="xdx_408_eoef--ShareholderFeeOther_dpn_ztJj8Tt5prPl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; width: 80%; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zNcHLRBHYHFk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zvmlkdRHpEg3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_49F_20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zA2AJFcY8dRe" style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zXMPJFtdcOpf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee<sup id="xdx_F40_zNcdjGbl3nX2">(1)</sup></span></td> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zyAjA6xO2CN9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zqyA8Bgetcbi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zc4WfnMpZEe2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0A_zWljo7oOD554" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F14_zuhjrRW33u3e" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0079 0.0000 0.0000 0.0079 Example: <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zIUZq8itTcq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that 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 id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zadPZ8SmUVU1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zZ2GeDhGy2ud" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_zDLuj7xmZSPa" style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_z1nKJvaiw5lb" style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear05_zzXlWCGohpMf" style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zgXGuhOcO0hl" style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_411_20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zk4LRJm0XHw1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$81</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$252</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$439</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$978</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 81 252 439 978 Portfolio Turnover: <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_ztLMbyRBev45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays 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 Fund 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. For the fiscal year ended April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zQwzmhuQeaOe">35%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.35 Principal Investment Strategy <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zYsjzcJkNGvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by investing in</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate bonds and U.S. treasury securities (the “Bond Component”),</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">over-the-counter total return swaps on gold (the “Gold Component”), and</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">over-the-counter total return swaps on other commodities that provide long and short economic exposure to a varied group of energy and industrial metals/precious metals commodities (the “Commodity Basket Component”).</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to gain exposure to gold and the other commodities by investing in total return swaps. Such investments will be made indirectly through the Fund’s Subsidiary (as described below). The Subsidiary will also hold cash and cash equivalents, such as U.S. Treasury securities, as collateral for the Fund’s total return swap investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bond Component </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bond Component of the Fund’s portfolio seeks returns to generate income by investing in U.S. dollar-denominated, domestic and foreign corporate bonds and U.S. Treasury securities. Corporate bonds that the Bond Component may hold include “Rule 144A” securities, which are subject to resale restrictions. The corporate bonds selected for investment by the Fund have remaining time to maturity of at least 18 months, and are rated no lower than investment grade (at least BBB- / Baa3) by S&amp;P Global Ratings, or the equivalent by another nationally recognized statistical ratings organization at the time of investment. The Fund will sell any bonds in its portfolio that have been downgraded to below investment grade. The Fund may invest in U.S. Treasury securities without restriction as to time to maturity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Advisor uses quantitative and qualitative screening processes to select bonds for investment by the Fund. The Advisor’s quantitative screen focuses on credit metrics, including total leverage ratio (total debt/earnings before interest, taxes, depreciation and amortization (“EBITDA”)), EBITDA interest coverage ratio (EBITDA/interest expense), and cash ratio (cash and equivalents/current liabilities). The Advisor’s qualitative review involves an analysis of company fundamentals, including business model, competitive advantages, cyclicality of the underlying industry, and addressable market opportunity. The Advisor generally sells bonds if the Advisor believes the bonds no longer offer favorable risk-adjusted return potential. The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gold Component</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Gold Component seeks capital appreciation. The Component tracks the performance of the near month gold futures contracts listed on the Chicago Mercantile Exchange. A near month gold futures contract is the futures contract that is closest to expiration. As the futures contracts approach their expiration dates, they are replaced by distant month gold futures contracts that are similar contracts that have a later expiration. This process is referred to as “rolling.” The Fund achieves exposure to the near month gold futures by investing indirectly through investment in over-the-counter total return swaps. The process of rolling futures contracts may subject the Fund to additional costs based on the difference in price of near and distant month futures contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commodity Basket Component</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Commodity Basket Component seeks the returns generated from the purchase and sale of futures on energy and industrial metals/precious metals commodities by investing in a total return swap to gain exposure to such positions. The objective of the Commodity Basket Component is to obtain exposure to the futures contracts of the commodities that the Advisor believes are undervalued, and to sell-short, or obtain exposure to, the futures contracts of the commodities that the Advisor believes are overvalued. Investment through a total return swap may provide the Fund an opportunity for additional income from potential payments on swap gains.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expected that the Fund will have approximately 100% market value exposure to the Bond Component and 100% notional exposure to the Gold Component and Commodity Basket Component. For example, if the Fund has $100 in assets, then the Fund expects to achieve $100 of market value exposure to the Bond Component (akin to having $100 gross and net exposure to fixed income securities), $100 of notional exposure to the Gold Component (akin to having $100 gross and net exposure to gold), and $100 of notional exposure to the Commodity Basket Component (akin to having $100 of gross and net exposure to a Fund which invests in a commodities strategy). Over-the-counter total return swaps do not require up-front payments equal to the notional exposure represented by such instruments, which enables the Fund to obtain approximately 100% notional exposure to the Gold Component and the Commodity Basket Component. Because the Fund will achieve its 100% notional exposure to the Gold Component and Commodity Basket Component through leverage, the Fund could sustain significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Investments in Subsidiary</span> – The Advisor executes a portion of the Fund’s strategy by investing up to 25% of the Fund’s total assets in a wholly owned and controlled subsidiary (the “Subsidiary”). The Subsidiary invests the majority of its assets in total return swaps. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The Subsidiary is SSGBI Fund Limited, a Cayman Islands company. The Subsidiary is advised by the Advisor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Distribution Policy</span> – In order to allow shareholders of the Fund to realize a predictable, but not assured, level of cash flow, the Fund has adopted a policy (which may be modified at any time by its Board of Trustees) to pay monthly distributions on Fund shares at a specific target rate to be determined at the discretion of management. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, all or a portion of a distribution may consist of a return of capital. Return of capital is the portion of distribution that is a return of your original investment dollars in the Fund. Shareholders should not assume that the source of a distribution from the Fund is net profit. For more information about the Fund’s distribution policy, please turn to “Additional Information About the Fund’s Principal Investment Strategies and Related Risks – Principal Investment Strategies –Distribution Policy and Goals” section in the Fund’s Prospectus.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_gRBRTB-PBES_zDNwgDFYuM31" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value, market price and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, nor is it a complete investment program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, market price, total return and value of the Fund and your investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_zA6cgxq2A8ri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk.</b> The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zR6pB8wr56fi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders, and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV, and possibly face delisting by the CBOE BZX Exchange (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zZCS65qPRtTe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk</b>. At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance, and the Fund may not achieve its investment objective.</span></p><p id="xdx_A91_zgVWsbuG0wpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zNsa36bJ3m71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash Transactions Risk</b>. ETFs generally are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions partly or entirely in cash, rather than in-kind, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zd1GMvOFAwC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> Fluctuations in the federal funds rate and equivalent foreign interest rates could adversely affect the value of the Fund’s investments in fixed-income securities. Such fluctuations may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. It is difficult to predict the impact of interest changes on various markets. In periods of rising interest rates, the yield (income from a fixed-income security held by the Fund over a stated period of time) of a fixed-income security may tend to be lower than prevailing market rates, and in periods of declining interest rates, the yield of a fixed-income security may tend to be higher than prevailing market rates. The NAV of the Fund can generally be expected to change as general levels of interest rates fluctuate. The value of fixed-income securities in the Fund’s portfolio generally varies inversely with changes in interest rates. Prices of fixed-income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zal4EVV030b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Risk. </b>Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors, as well as changes in government regulation, such as tariffs, embargoes or burdensome production rules and restrictions. The Commodity Basket Component will invest in energy and industrial metals/precious metals commodities. Please see “Energy Sector Risk”, “Industrial Metals Risk” and “Precious Metals Risk” below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityTaxRiskMember_zHjJUfHcVgH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Tax Risk. </b>The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level, and all distributions from earnings and profits, including any distribution of net tax-exempt income and net long-term capital gains, would be taxable to Fund shareholders as ordinary income. Should the Internal Revenue Service issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund’s ability to pursue its investment strategy.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zRGrh78QJSad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk. </b>The Fund may engage in transactions in securities and financial instruments that involve counterparties. Counterparty risk is the risk that a counterparty (the other party to a transaction or an agreement, or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zQOOMgQ9nD0i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk</b>. Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. There is a risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer’s financial condition changes. The issuer of a fixed income security may also default on its obligations.</span></p><p id="xdx_A99_zbdka7R3KmUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-CW_zxJczRELWSgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b> The performance of a derivative instrument depends largely on the performance of an underlying instrument, such as a currency, security, rate or index. In addition, the use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may be unwilling or unable to fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives can also create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may be less liquid than more traditional investments, and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Additionally, the Fund’s obligation to make payments of margin, collateral, or settlement payments to counterparties may heighten liquidity demands on the Fund’s portfolio. Derivatives may be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivatives are subject to the risk of adverse market movements and the risk that markets could experience a change in volatility that adversely impacts Fund returns and the Fund’s obligations and exposures. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships; government programs and policies; national and international political and economic events; changes in interest rates; and inflation and deflation. Derivatives are also subject to operational risk, including potential documentation issues, settlement issues, systems failures, inadequate controls, and human error, as well as legal risks arising from insufficient documentation, insufficient capacity or authority of counterparty, or the legality or enforceability of a contract. Derivatives strategies may not always be successful, and their successful use will depend on the portfolio managers’ ability to accurately forecast movements in the market relating to the underlying asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_z3rRAWw67Lf8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk. </i>Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances, and because futures contracts do not pay dividends.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. Because the margin requirement for futures contracts is less than the value of the assets underlying the futures contract, futures trading involves a degree of leverage. As a result, a relatively small price movement in a futures contract may result in immediate and substantial loss to the Fund, which could significantly adversely affect the Fund’s performance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_z6PlN0D5uRJj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk. </i>Derivative contracts ordinarily have leverage inherent in their terms, meaning that the Fund can obtain significant investment exposure in return for meeting a relatively small margin or other investment requirement. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund, potentially in excess of the amounts invested or borrowed. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQtAoXVSfQmg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TotalReturnSwapRiskMember_zLajtPZFo0Ef"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total Return Swap Risk </i>Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Certain derivatives risks are heightened with respect to over-the-counter (“OTC”) derivative instruments, like certain swap agreements, and may be greater during volatile market conditions. Such risks include the risk of leverage (i.e., the risk that an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset), counterparty risk (i.e., the risk of a counterparty’s unwillingness or inability to perform its obligations, including as a result of bankruptcy), credit risk, and pricing risk (i.e., swaps may be difficult to value).</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zA0JByLvMGWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution Policy Risk. </b>Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Any capital returned to investors through distributions will be distributed after payment of Fund fees and expenses. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. For more information, please refer to section of the Fund’s prospectus entitled “Tax Consequences”.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zf77j7UnxQ3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration Risk. </b>Longer-term fixed-income securities may be more sensitive to interest rate changes, particularly in periods of rising interest rates. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zeNtsotxedFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Energy Sector Risk. </b>The Fund’s exposure to the energy sector will result in the performance of the Fund being relatively corelated to, and affected by, developments in the energy sector, such as the possibility that government regulation will negatively impact companies in this sector. Energy entities are subject to the risks specific, but not limited, to the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations in commodity prices;</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing;</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New construction risk and acquisition risk, which can limit potential growth;</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes;</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depletion of the natural gas reserves or other commodities, if not replaced;</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in the regulatory environment;</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extreme weather;</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rising interest rates, which could result in a higher cost of capital and drive investors into other investment opportunities; and</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threats of attack by terrorists.</span></td></tr></table></div><p id="xdx_A91_zzy4uV2e3Mzj" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-DYG_zXwvrTfJ2LGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zLmdCKNgrRn2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zVr2MmdPP4Yh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zaszLzlNiHwh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and the intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zggdK8QAMLx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><p id="xdx_A91_znWTc3x9p08" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zbaLds6qpSV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Risk. </b>The value of the Fund’s investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter- term securities. Other risk factors include credit risk (the risk that the debtor may default), extension risk (the risk that an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the risk that the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zw6iMuBe9tbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk</b>. Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions, such as exchange controls).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldRiskMember_zHVfFFyPGAxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gold Risk.</b> The price of gold may be affected by several factors, including the global gold supply and demand and investors’ expectations with respect to the rate of inflation. Developments affecting the value of gold may have a significant impact on the Fund. Gold markets have been, and will likely continue to be, subject to sharp price fluctuations, which may lead to significant price fluctuations in the shares of the Fund. In addition, it is possible that a shareholder may not realize his or her investment because the gold markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations. There is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zxVuA9bJ03I2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Risk. </b>The Fund’s distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences deterioration of the underlying debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialMetalsRiskMember_zSU27czGFfS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industrial Metals Risk.</b> Risks of investing in industrial metals sector commodities include, in addition to other risks, substantial price fluctuations over short periods of time, imposition of import controls, increased competition, government regulation, disruptions in mining, storing, and refining of metals, and changes in industrial, governmental and commercial demand for certain metals.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zTwXHSywCu1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk. </b>Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. The maturity and effective duration of the Fund’s investment portfolio may vary materially, from time to time, and there is no assurance that the Fund will achieve or maintain any particular target maturity or effective duration of its investment portfolio.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zzwJYzkyJby6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets, asset classes, and/or the overall market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zt0QVScuwTPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Specific Risk. </b>The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole, and can perform differently from the value of the market as a whole.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z5vMUftHY1i3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zayuK0xbjlx4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p id="xdx_A92_zCcqJtpckuH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zw2gEu0lF8h6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk. </b>To the extent that the Fund holds securities of a smaller number of issuers, or invests a larger percentage of its assets in a single issuer, than a diversified portfolio, the value of the Fund, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers, and to economic, political, market or regulatory events affecting any one of those issuers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreciousMetalsSectorRiskMember_zlujRKIDpcm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Precious Metals Sector Risk. </b>Prices of precious metals and of precious metal related securities have historically been volatile. Economic, financial and political factors can cause periods of volatility. Because precious metals and other commodities do not generate investment income, the return on such investments will be derived solely from the appreciation or depreciation of such investments. Changes in the production and sale of precious metals by governments or central banks, or other large holders, can be unpredictable and may also have a significant impact on the prices of precious metals.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zvrRwrlixtwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory Risk. </b>Changes in the laws or regulations of the United States, Cayman Islands, or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective, and could increase the operating expenses of the Fund. The Fund and the Subsidiary are “commodity pools” under the U.S. Commodity Exchange Act, and the Advisor is a “commodity pool operator” registered with and regulated by the CFTC.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144ASecuritiesRiskMember_z4Q33STaQA6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rule 144A Securities Risk. </b>The Fund may invest in securities that are normally purchased or resold pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). Rule 144A securities are restricted securities that are not publicly traded and may be subject to legal restrictions on resale. Rule 144A securities are generally not traded on established markets, and the market for such securities is typically less active than the market for publicly traded securities. As a result, Rule 144A securities may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zkQXMqBQbe38" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zKezJs0qvGq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Risk.</b> The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value and market price per share to experience significant increases or declines in value over short periods of time; however, all investments, long- or short-term, are subject to risk of loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyOwnedSubsidiaryRiskMember_zQKq0X73BCyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Wholly Owned Subsidiary Risk.</b> By investing in the Subsidiary, the Fund is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Fund’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus, and could adversely affect the Fund, such as by reducing the Fund’s investment returns.</span></p><p id="xdx_A94_zWa0mlxm6EEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Funds’ Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_zA6cgxq2A8ri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk.</b> The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><div id="xdx_C0A_gRBRTB-PBES_zTkbTFQi2Es5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zR6pB8wr56fi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders, and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV, and possibly face delisting by the CBOE BZX Exchange (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C09_gRBRTB-PBES_zl1kYNhZi3tk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zZCS65qPRtTe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk</b>. At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance, and the Fund may not achieve its investment objective.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zNsa36bJ3m71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash Transactions Risk</b>. ETFs generally are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions partly or entirely in cash, rather than in-kind, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF.</span></p><div id="xdx_C06_gRBRTB-PBES_zx03OxJjRVdj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zd1GMvOFAwC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> Fluctuations in the federal funds rate and equivalent foreign interest rates could adversely affect the value of the Fund’s investments in fixed-income securities. Such fluctuations may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund’s investments and share price to decline. It is difficult to predict the impact of interest changes on various markets. In periods of rising interest rates, the yield (income from a fixed-income security held by the Fund over a stated period of time) of a fixed-income security may tend to be lower than prevailing market rates, and in periods of declining interest rates, the yield of a fixed-income security may tend to be higher than prevailing market rates. The NAV of the Fund can generally be expected to change as general levels of interest rates fluctuate. The value of fixed-income securities in the Fund’s portfolio generally varies inversely with changes in interest rates. Prices of fixed-income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities.</span></p><div id="xdx_C09_gRBRTB-PBES_z4jl7joZ0Yrh"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zal4EVV030b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Risk. </b>Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors, as well as changes in government regulation, such as tariffs, embargoes or burdensome production rules and restrictions. The Commodity Basket Component will invest in energy and industrial metals/precious metals commodities. Please see “Energy Sector Risk”, “Industrial Metals Risk” and “Precious Metals Risk” below.</span></p><div id="xdx_C01_gRBRTB-PBES_zqei936vcLa3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityTaxRiskMember_zHjJUfHcVgH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Tax Risk. </b>The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level, and all distributions from earnings and profits, including any distribution of net tax-exempt income and net long-term capital gains, would be taxable to Fund shareholders as ordinary income. Should the Internal Revenue Service issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund’s ability to pursue its investment strategy.</span></p><div id="xdx_C07_gRBRTB-PBES_zkTggw9hhEG4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zRGrh78QJSad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk. </b>The Fund may engage in transactions in securities and financial instruments that involve counterparties. Counterparty risk is the risk that a counterparty (the other party to a transaction or an agreement, or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p><div id="xdx_C0B_gRBRTB-PBES_z73EWWKDY0Af"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zQOOMgQ9nD0i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk</b>. Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. There is a risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer’s financial condition changes. The issuer of a fixed income security may also default on its obligations.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-CW_zxJczRELWSgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b> The performance of a derivative instrument depends largely on the performance of an underlying instrument, such as a currency, security, rate or index. In addition, the use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may be unwilling or unable to fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives can also create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may be less liquid than more traditional investments, and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Additionally, the Fund’s obligation to make payments of margin, collateral, or settlement payments to counterparties may heighten liquidity demands on the Fund’s portfolio. Derivatives may be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivatives are subject to the risk of adverse market movements and the risk that markets could experience a change in volatility that adversely impacts Fund returns and the Fund’s obligations and exposures. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships; government programs and policies; national and international political and economic events; changes in interest rates; and inflation and deflation. Derivatives are also subject to operational risk, including potential documentation issues, settlement issues, systems failures, inadequate controls, and human error, as well as legal risks arising from insufficient documentation, insufficient capacity or authority of counterparty, or the legality or enforceability of a contract. Derivatives strategies may not always be successful, and their successful use will depend on the portfolio managers’ ability to accurately forecast movements in the market relating to the underlying asset.</span></p><div id="xdx_C02_gRBRTB-PBES_zO8U0i29qF4k"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C09_gRBRTB-PBES_zryvSRir87xh"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_z3rRAWw67Lf8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk. </i>Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances, and because futures contracts do not pay dividends.</span></td></tr></table></div></div><div id="xdx_C02_gRBRTB-PBES_zlVQQuUjs5p1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C03_gRBRTB-PBES_z4L5x5GlBqJ4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. Because the margin requirement for futures contracts is less than the value of the assets underlying the futures contract, futures trading involves a degree of leverage. As a result, a relatively small price movement in a futures contract may result in immediate and substantial loss to the Fund, which could significantly adversely affect the Fund’s performance.</span></p></div><div id="xdx_C00_gRBRTB-PBES_z5H7RWoIgN86"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-PBES_zva3owdaaJH4"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_z6PlN0D5uRJj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk. </i>Derivative contracts ordinarily have leverage inherent in their terms, meaning that the Fund can obtain significant investment exposure in return for meeting a relatively small margin or other investment requirement. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund, potentially in excess of the amounts invested or borrowed. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-PBES_zGY5iXGJbONi"><p style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C07_gRBRTB-PBES_zK7lIlomGABb"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQtAoXVSfQmg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></td></tr></table></div></div><div id="xdx_C00_gRBRTB-PBES_zyqVflHlT1Df"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-PBES_zOLlwFcRAw2h"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TotalReturnSwapRiskMember_zLajtPZFo0Ef"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total Return Swap Risk </i>Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Certain derivatives risks are heightened with respect to over-the-counter (“OTC”) derivative instruments, like certain swap agreements, and may be greater during volatile market conditions. Such risks include the risk of leverage (i.e., the risk that an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset), counterparty risk (i.e., the risk of a counterparty’s unwillingness or inability to perform its obligations, including as a result of bankruptcy), credit risk, and pricing risk (i.e., swaps may be difficult to value).</span></td></tr></table></div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_z3rRAWw67Lf8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk. </i>Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances, and because futures contracts do not pay dividends.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-CW_zwaKzUrR07c7"><div id="xdx_C02_gRBRTB-PBES_zlVQQuUjs5p1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C04_gRBRTB-CW_z48DZv2Otkoh"><div id="xdx_C03_gRBRTB-PBES_z4L5x5GlBqJ4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. Because the margin requirement for futures contracts is less than the value of the assets underlying the futures contract, futures trading involves a degree of leverage. As a result, a relatively small price movement in a futures contract may result in immediate and substantial loss to the Fund, which could significantly adversely affect the Fund’s performance.</span></p></div></div> <div id="xdx_C03_gRBRTB-CW_zh7OBzXtJQoi"><div id="xdx_C00_gRBRTB-PBES_z5H7RWoIgN86"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_z6PlN0D5uRJj"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk. </i>Derivative contracts ordinarily have leverage inherent in their terms, meaning that the Fund can obtain significant investment exposure in return for meeting a relatively small margin or other investment requirement. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund, potentially in excess of the amounts invested or borrowed. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-CW_zyzDMj3OaHFc"><div id="xdx_C05_gRBRTB-PBES_zGY5iXGJbONi"><p style="margin-top: 0; margin-bottom: 0"> </p></div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQtAoXVSfQmg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-CW_zw6n82Ognekh"><div id="xdx_C00_gRBRTB-PBES_zyqVflHlT1Df"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TotalReturnSwapRiskMember_zLajtPZFo0Ef"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total Return Swap Risk </i>Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Certain derivatives risks are heightened with respect to over-the-counter (“OTC”) derivative instruments, like certain swap agreements, and may be greater during volatile market conditions. Such risks include the risk of leverage (i.e., the risk that an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset), counterparty risk (i.e., the risk of a counterparty’s unwillingness or inability to perform its obligations, including as a result of bankruptcy), credit risk, and pricing risk (i.e., swaps may be difficult to value).</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-PBES_zx6ccKyVjjxe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zA0JByLvMGWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution Policy Risk. </b>Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Any capital returned to investors through distributions will be distributed after payment of Fund fees and expenses. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. For more information, please refer to section of the Fund’s prospectus entitled “Tax Consequences”.</span></p><div id="xdx_C08_gRBRTB-PBES_zbKQ2L24R7m2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zf77j7UnxQ3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration Risk. </b>Longer-term fixed-income securities may be more sensitive to interest rate changes, particularly in periods of rising interest rates. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price.</span></p><div id="xdx_C0A_gRBRTB-PBES_zGg4tJv6Yqta"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zeNtsotxedFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Energy Sector Risk. </b>The Fund’s exposure to the energy sector will result in the performance of the Fund being relatively corelated to, and affected by, developments in the energy sector, such as the possibility that government regulation will negatively impact companies in this sector. Energy entities are subject to the risks specific, but not limited, to the following:</span></p><div id="xdx_C0A_gRBRTB-PBES_zt0pE4hw6Nl8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C08_gRBRTB-PBES_z0KFjoVdOqn6"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations in commodity prices;</span></td></tr></table></div></div> <div id="xdx_C0F_gRBRTB-PBES_zaiSBXEmnQU6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0C_gRBRTB-PBES_zxhvwmdQQp1j"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing;</span></td></tr></table></div></div> <div id="xdx_C07_gRBRTB-PBES_z6RBy4M49ml8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-PBES_z1CjpJuMA9bc"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New construction risk and acquisition risk, which can limit potential growth;</span></td></tr></table></div></div> <div id="xdx_C0D_gRBRTB-PBES_za1PPf4qilT1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C05_gRBRTB-PBES_z9oyfuRGUe85"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes;</span></td></tr></table></div></div> <div id="xdx_C0B_gRBRTB-PBES_zgBRNFkmdmsa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C02_gRBRTB-PBES_z5yOnrSaTrj2"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depletion of the natural gas reserves or other commodities, if not replaced;</span></td></tr></table></div></div> <div id="xdx_C03_gRBRTB-PBES_zsN815lgeNT2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C06_gRBRTB-PBES_zBCHPHcXELP1"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in the regulatory environment;</span></td></tr></table></div></div> <div id="xdx_C05_gRBRTB-PBES_zSbORCuDRtY"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C03_gRBRTB-PBES_zfc1SlCHppx5"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extreme weather;</span></td></tr></table></div></div> <div id="xdx_C06_gRBRTB-PBES_zzrIAR1KRBBe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0D_gRBRTB-PBES_zK9CY6j9DFQ"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rising interest rates, which could result in a higher cost of capital and drive investors into other investment opportunities; and</span></td></tr></table></div></div> <div id="xdx_C0B_gRBRTB-PBES_zgAMOhOnChrd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C09_gRBRTB-PBES_zbrQDmYTx5Rd"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threats of attack by terrorists.</span></td></tr></table></div></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-DYG_zXwvrTfJ2LGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span></p><div id="xdx_C0E_gRBRTB-PBES_zWwAAhyT2Am3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-PBES_zHrdbrzyo5Kg"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zLmdCKNgrRn2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-PBES_zMphIZLoRsoj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-PBES_zEdGP8u24PKe"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zVr2MmdPP4Yh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div></div><div id="xdx_C07_gRBRTB-PBES_znFWYwgaTn71"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-PBES_zqeqiMp1lzlb"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zaszLzlNiHwh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and the intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-PBES_zUxKXcmsyGu5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-PBES_zZNbvGdhC9Ac"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-PBES_z0NpbAJ53wZk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C08_gRBRTB-PBES_zVBaLC069285"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-PBES_zTX10YIJAJK9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C02_gRBRTB-PBES_znyKcTpKEKlb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C03_gRBRTB-PBES_zGUBI61PZbE6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0E_gRBRTB-PBES_zNi37mwXmRr5"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zLmdCKNgrRn2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-DYG_zN89ZhOaGly"><div id="xdx_C0F_gRBRTB-PBES_zMphIZLoRsoj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zVr2MmdPP4Yh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-DYG_zdNaadMhx8yb"><div id="xdx_C07_gRBRTB-PBES_znFWYwgaTn71"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zaszLzlNiHwh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and the intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-DYG_z1aDf1cfkQkf"><div id="xdx_C0B_gRBRTB-PBES_zUxKXcmsyGu5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0C_gRBRTB-DYG_z9ziSWlpKsE7"><div id="xdx_C0F_gRBRTB-PBES_zZNbvGdhC9Ac"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C07_gRBRTB-DYG_zvwlzvLyyp07"><div id="xdx_C06_gRBRTB-PBES_z0NpbAJ53wZk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C09_gRBRTB-DYG_z4tGGRLMNr97"><div id="xdx_C08_gRBRTB-PBES_zVBaLC069285"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C06_gRBRTB-DYG_zFgZ7lfvnDs"><div id="xdx_C05_gRBRTB-PBES_zTX10YIJAJK9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C03_gRBRTB-DYG_zkxGEYdJd9Yg"><div id="xdx_C02_gRBRTB-PBES_znyKcTpKEKlb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C0D_gRBRTB-DYG_z346GCxvrj5k"><div id="xdx_C03_gRBRTB-PBES_zGUBI61PZbE6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0D_gRBRTB-DYG_zOReGasxCIWa"><div id="xdx_C0E_gRBRTB-PBES_zNi37mwXmRr5"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C07_gRBRTB-PBES_z6f1HLyrEdR7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zggdK8QAMLx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zbaLds6qpSV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Risk. </b>The value of the Fund’s investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter- term securities. Other risk factors include credit risk (the risk that the debtor may default), extension risk (the risk that an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the risk that the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p><div id="xdx_C02_gRBRTB-PBES_ztmIEzfY8zrk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zw6iMuBe9tbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk</b>. Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions, such as exchange controls).</span></p><div id="xdx_C0A_gRBRTB-PBES_z7tqsLRO6jal"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldRiskMember_zHVfFFyPGAxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gold Risk.</b> The price of gold may be affected by several factors, including the global gold supply and demand and investors’ expectations with respect to the rate of inflation. Developments affecting the value of gold may have a significant impact on the Fund. Gold markets have been, and will likely continue to be, subject to sharp price fluctuations, which may lead to significant price fluctuations in the shares of the Fund. In addition, it is possible that a shareholder may not realize his or her investment because the gold markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations. There is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.</span></p><div id="xdx_C02_gRBRTB-PBES_zTRlPTjteOr9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zxVuA9bJ03I2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Risk. </b>The Fund’s distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences deterioration of the underlying debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.</span></p><div id="xdx_C0E_gRBRTB-PBES_zGGqfLkgNu84"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialMetalsRiskMember_zSU27czGFfS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industrial Metals Risk.</b> Risks of investing in industrial metals sector commodities include, in addition to other risks, substantial price fluctuations over short periods of time, imposition of import controls, increased competition, government regulation, disruptions in mining, storing, and refining of metals, and changes in industrial, governmental and commercial demand for certain metals.</span></p><div id="xdx_C0F_gRBRTB-PBES_zZQvOm5H7wF8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zTwXHSywCu1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk. </b>Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. The maturity and effective duration of the Fund’s investment portfolio may vary materially, from time to time, and there is no assurance that the Fund will achieve or maintain any particular target maturity or effective duration of its investment portfolio.</span></p><div id="xdx_C01_gRBRTB-PBES_zS1gZKc7KOPh"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zzwJYzkyJby6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets, asset classes, and/or the overall market.</span></p><div id="xdx_C09_gRBRTB-PBES_zuPyqRZW4sva"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zt0QVScuwTPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Specific Risk. </b>The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole, and can perform differently from the value of the market as a whole.</span></p><div id="xdx_C03_gRBRTB-PBES_zsuyMSEEa5U9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z5vMUftHY1i3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective.</span></p><div id="xdx_C07_gRBRTB-PBES_zbjNluOPHYY9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zayuK0xbjlx4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zw2gEu0lF8h6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk. </b>To the extent that the Fund holds securities of a smaller number of issuers, or invests a larger percentage of its assets in a single issuer, than a diversified portfolio, the value of the Fund, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers, and to economic, political, market or regulatory events affecting any one of those issuers.</span></p><div id="xdx_C0F_gRBRTB-PBES_zzaTDDkCZwJd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreciousMetalsSectorRiskMember_zlujRKIDpcm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Precious Metals Sector Risk. </b>Prices of precious metals and of precious metal related securities have historically been volatile. Economic, financial and political factors can cause periods of volatility. Because precious metals and other commodities do not generate investment income, the return on such investments will be derived solely from the appreciation or depreciation of such investments. Changes in the production and sale of precious metals by governments or central banks, or other large holders, can be unpredictable and may also have a significant impact on the prices of precious metals.</span></p><div id="xdx_C0C_gRBRTB-PBES_zaLWxr0AF09"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zvrRwrlixtwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory Risk. </b>Changes in the laws or regulations of the United States, Cayman Islands, or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective, and could increase the operating expenses of the Fund. The Fund and the Subsidiary are “commodity pools” under the U.S. Commodity Exchange Act, and the Advisor is a “commodity pool operator” registered with and regulated by the CFTC.</span></p><div id="xdx_C0B_gRBRTB-PBES_zCUj1oEe6ftj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144ASecuritiesRiskMember_z4Q33STaQA6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rule 144A Securities Risk. </b>The Fund may invest in securities that are normally purchased or resold pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). Rule 144A securities are restricted securities that are not publicly traded and may be subject to legal restrictions on resale. Rule 144A securities are generally not traded on established markets, and the market for such securities is typically less active than the market for publicly traded securities. As a result, Rule 144A securities may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p><div id="xdx_C0F_gRBRTB-PBES_zaoKXMPamH1k"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zkQXMqBQbe38" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default.</span></p><div id="xdx_C0C_gRBRTB-PBES_zYXsnBLA5Rm4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zKezJs0qvGq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Risk.</b> The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value and market price per share to experience significant increases or declines in value over short periods of time; however, all investments, long- or short-term, are subject to risk of loss.</span></p><div id="xdx_C06_gRBRTB-PBES_zAeHr16XGNug"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyOwnedSubsidiaryRiskMember_zQKq0X73BCyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Wholly Owned Subsidiary Risk.</b> By investing in the Subsidiary, the Fund is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Fund’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus, and could adversely affect the Fund, such as by reducing the Fund’s investment returns.</span></p> Performance: <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_z8vel1Sakxlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zPd9OQTITcx8">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index, as well as an additional index.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_z9bIOImQCef1">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zN1H5P0uvqld">www.strategysharesetfs.com</span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zm4D0UmLvemc">(855) 4SS-ETFS or (855) 477-3837</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to January 5, 2025, the Fund was a passively managed ETF and sought to track the performance of its underlying index, which was designed to provide broad exposure to gold and corporate bonds. Effective January 5, 2025, the Fund changed its investment strategy and its name to Strategy Shares Gold Enhanced Yield ETF (formerly, Strategy Shares Gold-Hedged Bond ETF). Performance information for periods prior to January 5, 2025, does not reflect the Fund’s current investment strategy; consequently, such performance information may be less pertinent for investors considering whether to purchase shares of the Fund, as the Fund’s performance may have been different if the Fund’s portfolio was managed under the current investment objective, strategies, and policies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index, as well as an additional index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.strategysharesetfs.com (855) 4SS-ETFS or (855) 477-3837 Annual Total Returns <div id="xdx_A8C_eoef--BarChartTableTextBlock_zHTzKfFkhlhj"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img alt="(BAR GRAPH)" src="st011_v1.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zLOh4PEeUqQ4" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 25%"> </td> <td id="xdx_495_20220101__20221231_zm5VMvijel9c" style="text-align: center; width: 25%">2022</td> <td id="xdx_49A_20230101__20231231_zEJNitVHMhjg" style="text-align: center; width: 25%">2023</td> <td id="xdx_496_20240101__20241231_zoTwhCEFlZ24" style="text-align: center; width: 25%">2024</td></tr> <tr id="xdx_408_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zcQxgEWifZ4f" style="vertical-align: top; text-align: left"> <td style="text-align: center"> </td> <td style="text-align: center">-19.80%</td> <td style="text-align: center">12.50%</td> <td style="text-align: center">19.92%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -0.1980 0.1250 0.1992 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_z66Hg7vBeLN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_z2qz76JwDJa5">the highest return for a quarter</span> was <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zGUL1HpcHTVj">17.97%</span> (quarter ended <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zOICxOgvGS98">December 31, 2023</span>), and <span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zSlKLVBiLAk8">the lowest return for a quarter</span> was <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_z354tWIyWbh7">(14.70)%</span> (quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_z9srTFUqMMqg">June 30, 2022</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--YearToDateReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zE2omdWDGARf">The Fund’s year-to-date return</span> as of <span id="xdx_901_eoef--BarChartYearToDateReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_z5rlrPCrwNge">June 30, 2025</span>, was <span id="xdx_904_eoef--BarChartYearToDateReturn_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zoOVZzOEZrwk">24.90%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> the highest return for a quarter 0.1797 2023-12-31 the lowest return for a quarter -0.1470 2022-06-30 The Fund’s year-to-date return 2025-06-30 0.2490 Average Annual Total Returns (For fiscal year or period ended December 31, 2024)   <div id="xdx_A84_eoef--PerformanceTableTextBlock_zXtf3huXuqd2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zicTspPr8bqk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_496_20240101__20241231_zCAOZ9dzCzfg" style="border-top: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 30%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49C_20210517__20241231_znV6TlTpS1Ud" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception (<span id="xdx_907_eoef--PerfInceptionDate_c20240101__20241231__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zkcB5GGyZ2g9">May 17, 2021</span>)</b></span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zBxz6akkoEhb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20240101__20241231__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_ziLUhtrjdRKj">Return Before Taxes</span></span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.92%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.81%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zDuMJfhuwbFb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.36%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHrIqiLdFgrg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.76%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.87%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zIxfxspkm6l8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg U.S. Aggregate Bond Index<span id="xdx_F40_zmVUihoDY0d6">*</span> (<span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zpYqoCtReGm5">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (1.66)%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--PerformanceMeasureAxis__custom--BloombergUSCorporateTRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zKxqY4xVUL1i" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg U.S. Corporate TR Index<sup id="xdx_F4B_zlu2LBq3r1zb">*</sup> (<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zpm96qoB0RUj">reflects no deduction for fees, expenses or taxes</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.13%</span></td> <td style="border-right: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.17)%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0A_z7AvNxnNdTqa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span id="xdx_F10_zyGUa2QQgVud" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--PerformanceTableMarketIndexChanged_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_ze6cOecxRv9c">The Fund has changed its primary benchmark from the Bloomberg U.S. Corporate TR Index to the Bloomberg U.S. Aggregate Bond Index to comply with new regulatory requirements.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2021-05-17 Return Before Taxes 0.1992 0.0181 0.1836 0.0070 0.1176 0.0087 reflects no deduction for fees, expenses or taxes 0.0125 -0.0166 reflects no deduction for fees, expenses or taxes 0.0213 -0.0117 The Fund has changed its primary benchmark from the Bloomberg U.S. Corporate TR Index to the Bloomberg U.S. Aggregate Bond Index to comply with new regulatory requirements. <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zwE5MLeNQyDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zTs7A9mzRj53">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</span> <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20250827__20250827__dei--LegalEntityAxis__custom--S000070448Member_zcVNAIer9JQ5">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities.</span></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities. FUND SUMMARY: STRATEGY SHARES NASDAQ 7HANDL™ INDEX ETF Investment Objective: <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zQv1znV0bJw9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">The Fund’s investment objective is to seek </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investment results that correlate generally, before fees and expenses, to the price and yield performance of the Nasdaq 7HANDL™ Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_z7s3FxFug1vk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zEZxJiz3W9Ic"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zLb2YAr0Qfk3" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td id="xdx_493_20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member_zj9GYKrT4QSh" style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr id="xdx_40B_eoef--ShareholderFeeOther_dpn_zcvZHK8D9pf3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 80%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(fees paid directly from your investment)</b></span></p></td> <td style="border-top: Black 1pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zyore3s5gWo2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zwp1k2HM9bK4" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></span></p></td> <td id="xdx_492_20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member_zfR9HNnXvxC9" style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zhMWb1ARwNTl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 0.25pt solid; border-left: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.60%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zCgRpncKty1c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 0.25pt solid; border-left: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_ztOvqesFooL3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 0.25pt solid; border-left: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19%</span></td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zacZBGjVyB5a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 0.25pt solid; border-left: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F41_zklLiHbYjGu8">(1)</sup></span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.16%</span></td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zpBqVXueb627" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 0.25pt solid; border-left: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses </span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 90%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F09_zLILR3FosVXc" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F19_zD29CJ85JMT6" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_905_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zZ7DnrB8kKOf">The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0060 0.0000 0.0019 0.0016 0.0095 The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Example: <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zMBdxrURT8M4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that 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 id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z04uqjzY14S9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zy5MoZwTf0Oh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear01_zVw7DW7Ajc76" style="font: 10pt Times New Roman, Times, Serif; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_z90NGeWCs6t8" style="font: 10pt Times New Roman, Times, Serif; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear05_z2spb6glt83a" style="font: 10pt Times New Roman, Times, Serif; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear10_zC2VWG8zbmOc" style="font: 10pt Times New Roman, Times, Serif; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_411_20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member_z7Fu6rNFzML7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$97</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$303</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$525</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,166</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 97 303 525 1166 Portfolio Turnover: <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_z0HcNz5QCw5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays 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 Fund 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. During the fiscal year ended April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zhhPbDvHNKZd">32%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.32 Principal Investment Strategy: <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zkpxgRZHTvt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will invest at least 80% of its assets in securities of the Nasdaq 7HANDL™ Index (the “Index”). The Index generally consists of securities issued by exchange-traded funds (“ETFs”) and is split into two components, with a 50% allocation to fixed income and equity ETFs (the “Core Portfolio”) and a 50% allocation to ETFs of 12 asset categories (the “Explore Portfolio”), as described below. Because the Index is comprised of securities issued by other investment companies, the Fund operates as a “fund of funds.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By tracking the is broadly diversified Index and, the Fund seeks to offer the potential for high monthly distributions while maintaining a stable net asset value over time. The Index is expected to include 19 ETFs. The goal of the Index is to represent an allocation to a balanced portfolio of U.S. equities, fixed income securities and alternative investments, then employ leverage in an amount equal to 23% of the total portfolio (measured as a percent of the combined base of the portfolio plus the leverage amount (i.e., 30%/(100%+30%)=23%)). Accordingly, returns for the Index are calculated assuming leverage on the underlying portfolio in the amount of 23% (net of the estimated cost of employing such leverage). To achieve leveraged returns, the Fund will purchase a total return swap on a securities-only version of the Index known as the Nasdaq HANDL™ Base Index (the “Base Index”), which is composed of only ETFs and does not include a leverage component. The Index will have risk characteristics similar to the broad US capital markets and will generally rise and fall with prevailing market conditions, with the goal, but not the guarantee, of achieving a total return sufficient, over time and after expenses, to support a seven percent (7.0%) annual distribution rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Core Portfolio component of the Index seeks to provide broad exposure to the U.S. fixed-income and equity markets and consists of a 70% allocation to U.S. aggregate fixed-income ETFs (the “Core Fixed Income Sleeve”) and a 30% allocation to U.S. large capitalization equity ETFs (the “Core Equity Sleeve”). The Index defines U.S. aggregate fixed income ETFs as those ETFs that provide exposure to the entire U.S. investment grade bond market without limitation of duration or issuer. The Index defines U.S. large cap equity ETFs as those ETFs that provide exposure to a similar market capitalization range of the large capitalization segment of the Nasdaq US Benchmark Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Core Fixed Income Sleeve weighting methodology allocates on an equal weight basis to the three U.S. aggregate bond ETFs with the lowest expense ratios after waivers, provided each has at least $5 billion of assets under management. Half of the Core Equity Sleeve is allocated on an equal weight basis to the three U.S. large cap ETFs with the lowest expense ratios after waivers, and the remaining half of the Core Equity Sleeve is allocated to the ETF with the lowest expense ratio that tracks the Nasdaq-100 Index®, provided it has at least $5 billion of assets under management. The Core Portfolio is rebalanced monthly to weight the Core Portfolio in accordance with the Index’s methodology and is reconstituted annually in January.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Explore Portfolio component of the Index employs a 100% rules-based proprietary momentum-tilted, optimized allocation methodology to provide exposure to non-levered ETFs across a range of U.S. asset categories that have historically provided high levels of income. <span style="color: windowtext">The following 12 asset categories are represented in the Explore Portfolio, and the Fund expects that less than 16% of the Fund’s assets will be invested in any one category: <i>Dividend Equity</i> – an ETF that provides exposure to domestic dividend-paying stocks; <i>Options Overlay</i> – an ETF that provides exposure to equity portfolios that include an options overlay; <i>High-Yield Bonds </i>– an ETF that provides exposure to domestic high-yield corporate bonds (also known as “junk bonds”) of any duration or maturity; <i>Investment Grade Bonds</i> – an ETF that provides exposure to domestic investment grade corporate bonds of any duration or maturity; <i>MLPs</i> – an ETF that provides exposure to master limited partnerships; <i>MBS</i> – an ETF that provides exposure to mortgage-backed securities (“MBS”), including residential, commercial, agency, and non-agency MBS, high-yield MBS, collateralized debt obligations, and collateralized loan obligations; <i>Active Fixed Income</i> – an ETF that provides broad exposure to actively managed fixed income ETFs that invest in securities of any duration or maturity; <i>Preferred Securities</i> – an ETF that provides exposure to domestic preferred securities; <i>REITs</i> – an ETF that provides exposure to domestic real estate investment trusts; <i>Growth &amp; Income</i> – an ETF that provides exposure to multiple asset portfolios of stocks and bonds or ETFs of stocks and bonds; <i>Utilities</i> – an ETF that provides exposure to domestic utility securities; and <i>Build America Bonds</i> – an ETF that provides exposure to Build America Bonds. Build America Bonds are taxable municipal bonds that include tax credits and/or federal subsidies for bondholders and state and local bond issuers. These bonds may be of any maturity or duration. </span>The Explore Portfolio includes ETFs that can invest without limit as to maturity or duration. Up to 9% of the Index may be exposed to below investment grade securities (i.e., junk bonds) that are rated C or lower through its High Yield Bonds asset category. The Index’s overall indirect exposure to defaulted securities will be less than 5% of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each asset category in the Explore Portfolio is represented by a single ETF. By default, the ETF representative of an asset category is the ETF with the lowest expense ratio in the asset category, provided it has at least $2 billion of assets under management. If no ETFs have at least $2 billion of assets under management, the largest ETF in the asset category shall serve as the ETF representative. In such cases, an ETF that is not the largest ETF in the asset category may serve as the ETF representative if it has an expense ratio after waivers at least 20% lower than the largest ETF in the asset category. If there are multiple such ETFs with expense ratios at least 20% lower than that of the largest ETF, the ETF with the lowest expense ratio after waivers shall serve as the ETF representative of the asset category. An ETF cannot represent more than one asset category.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 12 ETF representatives of the Explore Portfolio asset categories are weighted using the Index’s proprietary weighting methodology that measures an ETF’s returns, dividend and volatility, subject to the constraints that no position may be less than 15% nor more than 185% of an equal weight position within the Explore Portfolio of the Index. The Explore Portfolio is rebalanced on a monthly basis to weight the Explore Portfolio in accordance with this methodology and is reconstituted annually in January.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund employs a “passive management” investment strategy in seeking to achieve its investment objective. The Fund will typically invest 90% of its assets in the Index’s component securities and hold 10% of its assets in cash and cash equivalents, including money market mutual funds and treasury securities, to serve as collateral for the Fund’s 40% total return swap (measured as a percent of the Fund’s portfolio) on the Base Index. The Fund does not include the swap for purposes of the 80% investment test described above. 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. <span style="background-color: white">The Fund generally will use a replication methodology, meaning it will seek to invest in all of the ETFs comprising the Index in proportion to the weightings in the Index. However, under various circumstances, the Fund may use a representative sampling strategy, whereby the Fund would invest in what it believes to be a representative sample of the component securities of the Index. To the extent the Fund uses a representative sampling strategy, it may not track the Index with the same degree of accuracy as would an investment vehicle replicating the entire Index.</span> The Fund will concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries. As of the date of this prospectus, the Index is not concentrated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index and Base Index were created, and are provided, by Bryant Avenue Ventures LLC (the “Index Provider”) and are calculated by Nasdaq, Inc. (the “Index Calculator”). The Index Provider and Index Calculator are not affiliated with the Fund or the Advisor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Distribution Policy:</i> In order to allow shareholders of the Fund to realize a predictable, but not assured, level of cash flow, the Fund has adopted a policy (which may be modified at any time by its Board of Trustees) to pay monthly distributions on Fund shares at a target rate that represents an annualized payout of approximately 7.0% on the Fund’s per-share net asset value on the date of a distribution’s declaration. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit. For more information about the Fund’s distribution policy, please turn to “Additional Information About the Fund’s Principal Investment Strategies and Related Risks – Principal Investment Strategies –Distribution Policy and Goals” section in the Fund’s Prospectus.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_gRBRTB-SOTWTV_zLg6iHouVA7i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value, market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, nor is it a complete investment program.</span></p> <p id="xdx_A96_zkrxHTzJffsd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, market price, total return and the value of the Fund and your investment. These risks affect the Fund directly, as well as through the ETFs in which it invests. For purposes of the discussion below, “Fund” means the Fund and/or one or more of the ETFs in which the Fund invests.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zEZ7m2r2Cj7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with Foreside Fund Services, LLC, the Fund’s distributor (the “Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV and possibly face delisting by the Nasdaq Stock Market (the “Exchange”). These risks could cause intra-day bid-ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BuildAmericaBondsRiskMember_zKkeMxX6r5Ug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Build America Bonds Risk. </b>Build America Bonds involve similar risks as municipal bonds, including credit and market risk. In particular, should a Build America Bond’s issuer fail to continue to meet the applicable requirements imposed on such bonds, it is possible that such issuer may not receive federal cash subsidy payments, impairing the issuer’s ability to make scheduled interest payments. The Build America Bond program expired on December 31, 2010, and no further issuance is permitted unless Congress were to renew the program at a future date. As a result, the number of available Build America Bonds is limited, which may negatively affect the value of the Build America Bonds. In addition, there can be no assurance that Build America Bonds will be actively traded. It is difficult to predict the extent to which a market for such bonds will continue, meaning that Build America Bonds may experience greater illiquidity than other municipal obligations. The Build America Bonds outstanding as of December 31, 2010, will continue to be eligible for the federal interest rate subsidy, which continues for the life of the Build America Bonds; however, no bonds issued following expiration of the Build America Bond program will be eligible for the federal tax subsidy.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zLOo2H65dFfl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash Transactions Risk.</b> ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions partly or entirely in cash, rather than in-kind, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, could be imposed on the Fund and thus decrease the Fund’s NAV to the extent they are not offset by the creation and redemption transaction fees paid by purchasers and redeemers of Creation Units.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zgM2w1CHAwv" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> The historically low interest rate environment observed over the past couple years was created in part by actions taken by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to keep the federal funds rate at a low level, including expanding the scope of its repurchase agreement operations, and purchasing large quantities of securities issued or guaranteed by the U.S. government, its agencies or instrumentalities on the open market. More recently the Federal Reserve began raising the federal funds rate in an effort to help fight inflation. Increases or decreases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. Such policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund to decrease to the extent that it invests in fixed income securities.</span></p><p id="xdx_A9D_zkbodEsgGkvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zAfZIqw0EyN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> The Fund will concentrate its investments in securities of a particular industry to the extent the Index does. Economic, legislative or regulatory developments may occur that significantly affect a particular industry. This may cause the Fund’s net asset value or market price to fluctuate more than that of a fund that does not concentrate in a particular industry.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zHPTEV779Zr7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk.</b> Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. Credit risk may be substantial for the Fund.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-NWL_z4bwdgLYEjqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk. </b>The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives can also create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events; changes in interest rates; inflation and deflation; and changes in supply and demand relationships. Derivatives strategies may not always be successful, and their successful use will depend on the portfolio managers’ ability to accurately forecast movements in the market relating to the underlying asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zwW9pOuVjs77" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk. </i>There are risks associated with the Fund’s use of options. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Conversely, as a seller (writer) of a call option or put option, the Fund will lose money if the value of the underlying reference instrument rises above (written call option) or falls below (written put option) the respective option’s strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in an unhedged written call transaction.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, purchased options may decline in value due to changes in price of the underlying reference instrument, passage of time and changes in volatility. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Further, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk, tracking risk, and sub-strategy risk.</span></p><p id="xdx_A98_zy5a3VeBqiXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"> </p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zHIiuadsn4Xl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk.</i> Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the fund to effectively implement its investment strategy, achieve its objectives and could potentially lead to significant losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zSzP9v04M932" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swaps Risk.</i> Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--WrittenCallOptionRiskMember_zLFb43Bd5Sne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Written Call Option Risk.</i> Selling covered call or stock index options will limit the Fund’s gain, if any, on its underlying securities. Losses on stock index options may only be partially offset by gains in the Fund’s portfolio if the portfolio does not track the call-related stock index. The Fund continues to bear the risk of a decline in the value of its underlying stocks. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zDJ74Ip8lRN3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution Policy Risk. </b>Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendYieldRiskMember_z8yjf9dawkE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend Yield Risk. </b>While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zHVYSWj3GBHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration Risk.</b> Longer-term securities may be more sensitive to interest rate changes, particularly in periods of rising interest rates. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"> </p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zPKPDS2fyfHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Early Close/Trading Halt Risk.</b> 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.</span></p><p id="xdx_A92_z5rIOIrFNvce" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"> </p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zSBaSyZJTYkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_z5vNBEOgHaNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk. </b>Like a mutual fund, the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be halted under certain circumstances. Because the Fund may invest its assets in ETFs that have their own fees and expenses in addition to those charged directly by the Fund, the Fund may bear higher expenses than a fund that invests directly in individual securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-AKDL_zZjXtAQ1eiuc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zGIhSdpLZgo1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zDlK2WWyXkq4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zo6j9j4NVad3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p id="xdx_A94_zg5JC9Kbqbe8" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zm7AXzPwIZv9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Fixed Income Risk. </b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default). Lowered credit ratings may cause a drop in a fixed income security’s price and are associated with greater risk of default on interest and principal payments. Certain fixed income securities may be paid off early when the issuer can repay the principal prior to a security’s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. If interest rates rise, repayments of principal on certain fixed income securities may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result, which reduces the Fund’s ability to reinvest at higher rates. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRiskMember_zegpzHRUbqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Index Risk.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Therefore, it would not necessarily sell a security unless that security is removed from the Index, even if that security generally is underperforming. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_z2yno7eAVQp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index-Related Risk</b>. There is no assurance that the Index will be determined, composed or calculated accurately. While the Index Provider provides descriptions of what the Index is designed to achieve, the Index Provider does not guarantee the quality, accuracy or completeness of data in respect of its indices, and does not guarantee that the Index will be in line with the described index methodology. For example, during a period where the Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Index’s other constituents. As such, errors may result in a negative or positive performance impact to the Fund and its shareholders. Shareholders should understand that losses resulting from errors may be borne by the Fund and its shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zjhmvHhmuTb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. The maturity and effective duration of the Fund’s investment portfolio may vary materially, from time to time, and there is no assurance that the Fund will achieve or maintain any particular target maturity or effective duration of its investment portfolio.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zRmMDquGu9L1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Specific Risk. </b>The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zWP75I8xeee5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Junk Bond Risk.</b> Lower-quality bonds, known as “high-yield” or “junk” bonds, are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell the bonds in its portfolio. The lack of a liquid market for these bonds could decrease the value of the Fund’s portfolio and net asset value per share.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zAaus8V3fd9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> 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.</span></p><p id="xdx_A9C_zfhY9v5mpXV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"> </p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zqha5e6YsIFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk. </b>The use of leverage can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Fund to have higher expenses than those of funds that do not use such techniques.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zsip0nVMQtud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> As the Fund may not fully replicate the Index, it is subject to the risk that its investment management strategy may not produce the intended results.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zltjmJbGzQn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MBSAndCMORiskMember_ze6b5szCaN8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MBS and CMO Risk. </b>Mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) are subject to credit risk because underlying loan borrowers may default. MBS and CMO default rates tend to be sensitive to overall economic conditions and to localized property vacancy rates and prices. Borrower default rates may be significantly higher than estimated. Certain individual securities may be more sensitive to default rates because payments may be subordinated to other securities of the same issuer. The Advisor’s assessment, or a rating agency’s assessment, of borrower credit quality, default rates and loss rates may prove to be overly optimistic. Additionally, MBS and CMOs are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity at faster or slower rates than expected. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase and the Fund may have to reinvest prepayment proceeds at a lower interest rate. CMOs may be less susceptible to this risk because payment priorities within the CMO may have the effect of a prepayment lock out period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPAndMLPRelatedSecuritiesRiskMember_gRBRTB-AJ_zJqq2toLMz8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MLP and MLP-Related Securities Risk.</b> Investments in MLPs and MLP-related securities involve risks different from those of investing in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP or MLP-related security, risks related to potential conflicts of interest between an MLP and the MLP’s general partner, cash flow risks, dilution risks (which could occur if the MLP raises capital and then invests it in projects whose return fails to exceed the cost of capital raised) and risks related to the general partner’s limited call right. MLPs and MLP-related securities are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs or MLP-related securities could enhance or harm the overall performance of the Fund.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPTaxRiskMember_zyaBUimHZcMa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.45in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MLP Tax Risk.</i> MLPs do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. Instead, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zHWlHQIU6JBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk.</b> Like all quantitative analysis, the investment models utilized by the Index carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions. Because models are usually constructed based on data supplied by third parties, the success of the Index’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</span></p><p id="xdx_A9A_zPwvsDoLb6Kd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonCorrelationRiskMember_zaTbp8xArwdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Correlation Risk.</b> The Fund’s return may not match the return of the Index for a number of reasons, including the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The performance of the Fund and the Index may vary due to asset valuation differences: the Fund may fair value certain of the securities it holds and, to the extent it calculates its NAV based on fair value prices, the Fund’s ability to track the Index may be adversely affected.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There may be differences between the Fund’s portfolio and the Index as a result of legal restrictions, cost or liquidity constraints. For example, the Index is not subject to the tax diversification requirements to which the Fund must adhere; so the Fund may be required to deviate its investments from the securities and relative weightings of the Index. Similarly, the Fund may not invest in certain securities included in the Index due to liquidity constraints. Liquidity constraints also may delay the Fund’s purchase or sale of securities included in the Index.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment activities of one or more of the Advisor’s affiliates for their proprietary accounts and for client accounts may also adversely impact the Fund’s ability to track the Index. For example, in regulated industries, and in corporate and regulatory ownership definitions, there may be limits on the aggregate amount of investment by affiliated investors that may not be exceeded, or that may not be exceeded without the grant of a license or other regulatory or corporate consent or, if exceeded, may cause the Advisor, the Fund or other client accounts to suffer disadvantages or business restrictions. As a result, the Fund may be restricted in its ability to acquire particular securities due to positions held by the Advisor’s affiliates.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zN0BkM1HwKOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Passive Investment Risk.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is not actively managed and may be affected by a general decline in market segments related to the Index. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund, unless such defensive positions are also taken by the Index.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zn5DmPxpIRJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred Stock Risk.</b> Typically, a rise in interest rates causes a decline in the value of preferred stocks. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payment. Issuers of preferred stocks may redeem their securities prior to maturity at a price below their current market value, which would negatively impact the investment return of such preferred stocks.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentRisksMember_zAykRHHFiA35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prepayment Risk.</b> The Fund may invest in debt securities that may be paid off early when the issuer of a debt security can repay the principal prior to a security’s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateREITRiskMember_zdWhJDt5xIxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate/REIT Risk. </b>The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><p id="xdx_A90_zXEqdpEqbMU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"> </p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SamplingRiskMember_zIacRJXodTVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sampling Risk.</b> The sampling approach, if used, could result in the Fund 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 or market price than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zLUhZjlD3OU" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Tracking Error Risk.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of imperfect correlation between the Fund’s holdings of portfolio securities and those in the Index, pricing differences, the Fund’s holding of cash, differences on timing of the accrual of dividends, changes to the Index, transaction and financing costs related to the use of derivatives or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_gRBRTB-QRGRHJF_zNGwKNodsBr" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Underlying Fund Risk</b>. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other investment companies, including ETFs (“Underlying Funds”), in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks <span style="color: windowtext">and is also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be illiquid or even halted under certain circumstances. Certain additional risks of investing in ETFs are described below: </span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NetAssetValueAndMarketPriceRiskMember_ztCMR7Puy0e8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net Asset Value and Market Price Risk:</i> The market value of ETF shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trade at a premium or discount to net asset value.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_zmzbg2tSxQt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Utilities Sector Risk. </b>Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zEZ7m2r2Cj7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with Foreside Fund Services, LLC, the Fund’s distributor (the “Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV and possibly face delisting by the Nasdaq Stock Market (the “Exchange”). These risks could cause intra-day bid-ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C06_gRBRTB-SOTWTV_zOGyUj2bjQX"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BuildAmericaBondsRiskMember_zKkeMxX6r5Ug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Build America Bonds Risk. </b>Build America Bonds involve similar risks as municipal bonds, including credit and market risk. In particular, should a Build America Bond’s issuer fail to continue to meet the applicable requirements imposed on such bonds, it is possible that such issuer may not receive federal cash subsidy payments, impairing the issuer’s ability to make scheduled interest payments. The Build America Bond program expired on December 31, 2010, and no further issuance is permitted unless Congress were to renew the program at a future date. As a result, the number of available Build America Bonds is limited, which may negatively affect the value of the Build America Bonds. In addition, there can be no assurance that Build America Bonds will be actively traded. It is difficult to predict the extent to which a market for such bonds will continue, meaning that Build America Bonds may experience greater illiquidity than other municipal obligations. The Build America Bonds outstanding as of December 31, 2010, will continue to be eligible for the federal interest rate subsidy, which continues for the life of the Build America Bonds; however, no bonds issued following expiration of the Build America Bond program will be eligible for the federal tax subsidy.</span></p><div id="xdx_C0B_gRBRTB-SOTWTV_zET4d6Jmldc2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zLOo2H65dFfl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash Transactions Risk.</b> ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions partly or entirely in cash, rather than in-kind, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, could be imposed on the Fund and thus decrease the Fund’s NAV to the extent they are not offset by the creation and redemption transaction fees paid by purchasers and redeemers of Creation Units.</span></p><div id="xdx_C07_gRBRTB-SOTWTV_zRHKEoSvCwDc"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zgM2w1CHAwv" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> The historically low interest rate environment observed over the past couple years was created in part by actions taken by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to keep the federal funds rate at a low level, including expanding the scope of its repurchase agreement operations, and purchasing large quantities of securities issued or guaranteed by the U.S. government, its agencies or instrumentalities on the open market. More recently the Federal Reserve began raising the federal funds rate in an effort to help fight inflation. Increases or decreases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. Such policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund to decrease to the extent that it invests in fixed income securities.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zAfZIqw0EyN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> The Fund will concentrate its investments in securities of a particular industry to the extent the Index does. Economic, legislative or regulatory developments may occur that significantly affect a particular industry. This may cause the Fund’s net asset value or market price to fluctuate more than that of a fund that does not concentrate in a particular industry.</span></p><div id="xdx_C09_gRBRTB-SOTWTV_z5sw6dJ1egRf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zHPTEV779Zr7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk.</b> Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. Credit risk may be substantial for the Fund.</span></p><div id="xdx_C0E_gRBRTB-SOTWTV_zwDlALahrIFh"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-NWL_z4bwdgLYEjqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk. </b>The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives can also create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events; changes in interest rates; inflation and deflation; and changes in supply and demand relationships. Derivatives strategies may not always be successful, and their successful use will depend on the portfolio managers’ ability to accurately forecast movements in the market relating to the underlying asset.</span></p><div id="xdx_C07_gRBRTB-SOTWTV_zNEsgWuCL7T4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-SOTWTV_z3GWciCzIrH"><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zwW9pOuVjs77" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk. </i>There are risks associated with the Fund’s use of options. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Conversely, as a seller (writer) of a call option or put option, the Fund will lose money if the value of the underlying reference instrument rises above (written call option) or falls below (written put option) the respective option’s strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in an unhedged written call transaction.</span></p></div><div id="xdx_C0E_gRBRTB-SOTWTV_zWp4o9EzlNxa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-SOTWTV_zVQhZtN3qqY2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, purchased options may decline in value due to changes in price of the underlying reference instrument, passage of time and changes in volatility. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Further, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk, tracking risk, and sub-strategy risk.</span></p></div><div id="xdx_C0D_gRBRTB-SOTWTV_zgqlMezIkE5g"><p id="xdx_A98_zy5a3VeBqiXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"> </p></div><div id="xdx_C03_gRBRTB-SOTWTV_zz4IbUGhMOub"><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zHIiuadsn4Xl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk.</i> Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the fund to effectively implement its investment strategy, achieve its objectives and could potentially lead to significant losses.</span></p></div><div id="xdx_C00_gRBRTB-SOTWTV_zvyvqzbTngea"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-SOTWTV_zmeaLUC4Vmcb"><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zSzP9v04M932" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swaps Risk.</i> Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span></p></div><div id="xdx_C00_gRBRTB-SOTWTV_z98r5xLobDDd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-SOTWTV_zOJJjMztL62g"><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--WrittenCallOptionRiskMember_zLFb43Bd5Sne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Written Call Option Risk.</i> Selling covered call or stock index options will limit the Fund’s gain, if any, on its underlying securities. Losses on stock index options may only be partially offset by gains in the Fund’s portfolio if the portfolio does not track the call-related stock index. The Fund continues to bear the risk of a decline in the value of its underlying stocks. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account.</span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zwW9pOuVjs77" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk. </i>There are risks associated with the Fund’s use of options. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not rise above the strike price, which means the option will expire worthless. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the underlying reference instrument does not fall below the strike price, which means the option will expire worthless. Conversely, as a seller (writer) of a call option or put option, the Fund will lose money if the value of the underlying reference instrument rises above (written call option) or falls below (written put option) the respective option’s strike price. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in an unhedged written call transaction.</span></p><div id="xdx_C07_gRBRTB-NWL_zfYeqxWMQ8l3"><div id="xdx_C0E_gRBRTB-SOTWTV_zWp4o9EzlNxa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0A_gRBRTB-NWL_zOirIsKmjtCc"><div id="xdx_C0F_gRBRTB-SOTWTV_zVQhZtN3qqY2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, purchased options may decline in value due to changes in price of the underlying reference instrument, passage of time and changes in volatility. Generally, options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s portfolio securities. Further, the underlying reference instrument on which the option is based may have imperfect correlation to the value of the Fund’s portfolio securities. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Options are also subject to leverage and volatility risk, liquidity risk, tracking risk, and sub-strategy risk.</span></p></div></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zHIiuadsn4Xl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk.</i> Markets for options and options on futures may not always operate on a fair and orderly basis. At times, prices for options and options on futures may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options markets may make it difficult for the fund to effectively implement its investment strategy, achieve its objectives and could potentially lead to significant losses.</span></p><div id="xdx_C0B_gRBRTB-NWL_ziwEibtXcp88"><div id="xdx_C00_gRBRTB-SOTWTV_zvyvqzbTngea"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zSzP9v04M932" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swaps Risk.</i> Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span></p><div id="xdx_C00_gRBRTB-NWL_zVJvq3cFC7ab"><div id="xdx_C00_gRBRTB-SOTWTV_z98r5xLobDDd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--WrittenCallOptionRiskMember_zLFb43Bd5Sne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Written Call Option Risk.</i> Selling covered call or stock index options will limit the Fund’s gain, if any, on its underlying securities. Losses on stock index options may only be partially offset by gains in the Fund’s portfolio if the portfolio does not track the call-related stock index. The Fund continues to bear the risk of a decline in the value of its underlying stocks. Option premiums are treated as short-term capital gains and, when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account.</span></p><div id="xdx_C0D_gRBRTB-SOTWTV_z67GiOZFfx1b"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zDJ74Ip8lRN3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution Policy Risk. </b>Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.</span></p><div id="xdx_C08_gRBRTB-SOTWTV_z2tznsTDdCVe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendYieldRiskMember_z8yjf9dawkE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend Yield Risk. </b>While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments.</span></p><div id="xdx_C01_gRBRTB-SOTWTV_zKu4Gwjpwwqa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zHVYSWj3GBHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration Risk.</b> Longer-term securities may be more sensitive to interest rate changes, particularly in periods of rising interest rates. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%.</span></p><div id="xdx_C00_gRBRTB-SOTWTV_z9zbPRIHljCl"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"> </p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zPKPDS2fyfHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Early Close/Trading Halt Risk.</b> 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zSBaSyZJTYkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value.</span></p><div id="xdx_C08_gRBRTB-SOTWTV_zuaIGssXEr29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_z5vNBEOgHaNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk. </b>Like a mutual fund, the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be halted under certain circumstances. Because the Fund may invest its assets in ETFs that have their own fees and expenses in addition to those charged directly by the Fund, the Fund may bear higher expenses than a fund that invests directly in individual securities.</span></p><div id="xdx_C07_gRBRTB-SOTWTV_zirZO34lyi8c"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-AKDL_zZjXtAQ1eiuc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span></p><div id="xdx_C03_gRBRTB-SOTWTV_znDIoEKb1Ht1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-SOTWTV_zvws6DMd7pHb"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zGIhSdpLZgo1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-SOTWTV_zXKKxaV8MF5h"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C08_gRBRTB-SOTWTV_zvsuLZtw54Jh"><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zDlK2WWyXkq4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div></div><div id="xdx_C0A_gRBRTB-SOTWTV_zHSQboaFkPvd"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0D_gRBRTB-SOTWTV_zTV0RC5GP338"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zo6j9j4NVad3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-SOTWTV_zi74TsN6fS2d"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C00_gRBRTB-SOTWTV_zr9m92fV9WOl"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C02_gRBRTB-SOTWTV_zUp0lQdUYBgb"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-SOTWTV_z7CGYFc3nxph"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></td></tr></table></div></div><div id="xdx_C08_gRBRTB-SOTWTV_zNlDR4CX4Dla"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-SOTWTV_zVybU72AzPC8"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C0A_gRBRTB-SOTWTV_zQyXY4tZPWY8"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-SOTWTV_zTXtQ5FZfI9b"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zGIhSdpLZgo1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-AKDL_zrDIXwpPaWr9"><div id="xdx_C05_gRBRTB-SOTWTV_zXKKxaV8MF5h"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zDlK2WWyXkq4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-AKDL_zNZWFqhF9ca6"><div id="xdx_C0A_gRBRTB-SOTWTV_zHSQboaFkPvd"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zo6j9j4NVad3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-AKDL_zCTY62LXgQNh"><div id="xdx_C0F_gRBRTB-SOTWTV_zi74TsN6fS2d"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C05_gRBRTB-AKDL_zDl0GIR0FRXa"><div id="xdx_C00_gRBRTB-SOTWTV_zr9m92fV9WOl"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C05_gRBRTB-AKDL_zaDVHfYF684h"><div id="xdx_C02_gRBRTB-SOTWTV_zUp0lQdUYBgb"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C00_gRBRTB-AKDL_zyf4ES7v9pC1"><div id="xdx_C05_gRBRTB-SOTWTV_z7CGYFc3nxph"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></td></tr></table></div></div></div> <div id="xdx_C0E_gRBRTB-AKDL_zMwGOqgfASaf"><div id="xdx_C08_gRBRTB-SOTWTV_zNlDR4CX4Dla"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C02_gRBRTB-AKDL_zT3ooU1HDYai"><div id="xdx_C06_gRBRTB-SOTWTV_zVybU72AzPC8"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C08_gRBRTB-AKDL_zzGNwlgQHwVi"><div id="xdx_C0A_gRBRTB-SOTWTV_zQyXY4tZPWY8"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C01_gRBRTB-AKDL_zEBSIOOnDGT9"><div id="xdx_C0F_gRBRTB-SOTWTV_zTXtQ5FZfI9b"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zm7AXzPwIZv9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Fixed Income Risk. </b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default). Lowered credit ratings may cause a drop in a fixed income security’s price and are associated with greater risk of default on interest and principal payments. Certain fixed income securities may be paid off early when the issuer can repay the principal prior to a security’s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. If interest rates rise, repayments of principal on certain fixed income securities may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result, which reduces the Fund’s ability to reinvest at higher rates. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p><div id="xdx_C0F_gRBRTB-SOTWTV_zMpnrB0E2Ba4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRiskMember_zegpzHRUbqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Index Risk.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Therefore, it would not necessarily sell a security unless that security is removed from the Index, even if that security generally is underperforming. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.</span></p><div id="xdx_C0C_gRBRTB-SOTWTV_zn2hT6SJeZvf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_z2yno7eAVQp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index-Related Risk</b>. There is no assurance that the Index will be determined, composed or calculated accurately. While the Index Provider provides descriptions of what the Index is designed to achieve, the Index Provider does not guarantee the quality, accuracy or completeness of data in respect of its indices, and does not guarantee that the Index will be in line with the described index methodology. For example, during a period where the Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Index’s other constituents. As such, errors may result in a negative or positive performance impact to the Fund and its shareholders. Shareholders should understand that losses resulting from errors may be borne by the Fund and its shareholders.</span></p><div id="xdx_C00_gRBRTB-SOTWTV_zO8Tl2ZhqGBk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zjhmvHhmuTb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. The maturity and effective duration of the Fund’s investment portfolio may vary materially, from time to time, and there is no assurance that the Fund will achieve or maintain any particular target maturity or effective duration of its investment portfolio.</span></p><div id="xdx_C01_gRBRTB-SOTWTV_zU3Bx79bwRji"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zRmMDquGu9L1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Specific Risk. </b>The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.</span></p><div id="xdx_C07_gRBRTB-SOTWTV_zSx5xXJKQFTb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zWP75I8xeee5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Junk Bond Risk.</b> Lower-quality bonds, known as “high-yield” or “junk” bonds, are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell the bonds in its portfolio. The lack of a liquid market for these bonds could decrease the value of the Fund’s portfolio and net asset value per share.</span></p><div id="xdx_C04_gRBRTB-SOTWTV_zO9v9TSUUVN"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zAaus8V3fd9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zqha5e6YsIFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk. </b>The use of leverage can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Fund to have higher expenses than those of funds that do not use such techniques.</span></p><div id="xdx_C05_gRBRTB-SOTWTV_zFCTcHrnAZOb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zsip0nVMQtud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> As the Fund may not fully replicate the Index, it is subject to the risk that its investment management strategy may not produce the intended results.</span></p><div id="xdx_C0C_gRBRTB-SOTWTV_zI9cxBam9Lmk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zltjmJbGzQn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C02_gRBRTB-SOTWTV_z7c0dVlzfqpb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MBSAndCMORiskMember_ze6b5szCaN8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MBS and CMO Risk. </b>Mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) are subject to credit risk because underlying loan borrowers may default. MBS and CMO default rates tend to be sensitive to overall economic conditions and to localized property vacancy rates and prices. Borrower default rates may be significantly higher than estimated. Certain individual securities may be more sensitive to default rates because payments may be subordinated to other securities of the same issuer. The Advisor’s assessment, or a rating agency’s assessment, of borrower credit quality, default rates and loss rates may prove to be overly optimistic. Additionally, MBS and CMOs are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity at faster or slower rates than expected. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase and the Fund may have to reinvest prepayment proceeds at a lower interest rate. CMOs may be less susceptible to this risk because payment priorities within the CMO may have the effect of a prepayment lock out period.</span></p><div id="xdx_C0F_gRBRTB-SOTWTV_zKz2UkQTgUla"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPAndMLPRelatedSecuritiesRiskMember_gRBRTB-AJ_zJqq2toLMz8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MLP and MLP-Related Securities Risk.</b> Investments in MLPs and MLP-related securities involve risks different from those of investing in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP or MLP-related security, risks related to potential conflicts of interest between an MLP and the MLP’s general partner, cash flow risks, dilution risks (which could occur if the MLP raises capital and then invests it in projects whose return fails to exceed the cost of capital raised) and risks related to the general partner’s limited call right. MLPs and MLP-related securities are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs or MLP-related securities could enhance or harm the overall performance of the Fund.</span></p><div id="xdx_C03_gRBRTB-SOTWTV_zA9T855xIQp3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0A_gRBRTB-SOTWTV_zaUTsV8b9wXb"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPTaxRiskMember_zyaBUimHZcMa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.45in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MLP Tax Risk.</i> MLPs do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. Instead, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.</span></td></tr></table></div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPTaxRiskMember_zyaBUimHZcMa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.45in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MLP Tax Risk.</i> MLPs do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. Instead, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-SOTWTV_z3AgbFilHGIf"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zHWlHQIU6JBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk.</b> Like all quantitative analysis, the investment models utilized by the Index carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions. Because models are usually constructed based on data supplied by third parties, the success of the Index’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonCorrelationRiskMember_zaTbp8xArwdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Correlation Risk.</b> The Fund’s return may not match the return of the Index for a number of reasons, including the following:</span></p><div id="xdx_C03_gRBRTB-SOTWTV_zCfqxq2vwNdg"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-SOTWTV_z63PNN9H2uJk"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index.</span></td></tr></table></div></div> <div id="xdx_C00_gRBRTB-SOTWTV_zv13srQ6bHT7"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C07_gRBRTB-SOTWTV_zQ0ulYaTq0Me"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The performance of the Fund and the Index may vary due to asset valuation differences: the Fund may fair value certain of the securities it holds and, to the extent it calculates its NAV based on fair value prices, the Fund’s ability to track the Index may be adversely affected.</span></td></tr></table></div></div> <div id="xdx_C0C_gRBRTB-SOTWTV_zdrYj0T1NLm8"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C03_gRBRTB-SOTWTV_z9PlNP6bfd12"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There may be differences between the Fund’s portfolio and the Index as a result of legal restrictions, cost or liquidity constraints. For example, the Index is not subject to the tax diversification requirements to which the Fund must adhere; so the Fund may be required to deviate its investments from the securities and relative weightings of the Index. Similarly, the Fund may not invest in certain securities included in the Index due to liquidity constraints. Liquidity constraints also may delay the Fund’s purchase or sale of securities included in the Index.</span></td></tr></table></div></div> <div id="xdx_C02_gRBRTB-SOTWTV_zunSVLtGnwf5"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0E_gRBRTB-SOTWTV_zr0t40cq4ol2"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment activities of one or more of the Advisor’s affiliates for their proprietary accounts and for client accounts may also adversely impact the Fund’s ability to track the Index. For example, in regulated industries, and in corporate and regulatory ownership definitions, there may be limits on the aggregate amount of investment by affiliated investors that may not be exceeded, or that may not be exceeded without the grant of a license or other regulatory or corporate consent or, if exceeded, may cause the Advisor, the Fund or other client accounts to suffer disadvantages or business restrictions. As a result, the Fund may be restricted in its ability to acquire particular securities due to positions held by the Advisor’s affiliates.</span></td></tr></table></div></div> <div id="xdx_C01_gRBRTB-SOTWTV_z36snBjql9Wk"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zN0BkM1HwKOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Passive Investment Risk.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is not actively managed and may be affected by a general decline in market segments related to the Index. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund, unless such defensive positions are also taken by the Index.</span></p><div id="xdx_C0A_gRBRTB-SOTWTV_zX7M5ObBz6j1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zn5DmPxpIRJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred Stock Risk.</b> Typically, a rise in interest rates causes a decline in the value of preferred stocks. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payment. Issuers of preferred stocks may redeem their securities prior to maturity at a price below their current market value, which would negatively impact the investment return of such preferred stocks.</span></p><div id="xdx_C01_gRBRTB-SOTWTV_zUYeZzQKBo42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentRisksMember_zAykRHHFiA35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prepayment Risk.</b> The Fund may invest in debt securities that may be paid off early when the issuer of a debt security can repay the principal prior to a security’s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.</span></p><div id="xdx_C09_gRBRTB-SOTWTV_zSpmmyyJOigf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateREITRiskMember_zdWhJDt5xIxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Real Estate/REIT Risk. </b>The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SamplingRiskMember_zIacRJXodTVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sampling Risk.</b> The sampling approach, if used, could result in the Fund 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 or market price than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</span></p><div id="xdx_C07_gRBRTB-SOTWTV_zRGvOICN8Pp5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zLUhZjlD3OU" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Tracking Error Risk.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of imperfect correlation between the Fund’s holdings of portfolio securities and those in the Index, pricing differences, the Fund’s holding of cash, differences on timing of the accrual of dividends, changes to the Index, transaction and financing costs related to the use of derivatives or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p><div id="xdx_C00_gRBRTB-SOTWTV_zgN5QWTU1d07"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_gRBRTB-QRGRHJF_zNGwKNodsBr" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b>Underlying Fund Risk</b>. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other investment companies, including ETFs (“Underlying Funds”), in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks <span style="color: windowtext">and is also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be illiquid or even halted under certain circumstances. Certain additional risks of investing in ETFs are described below: </span></span></p><div id="xdx_C09_gRBRTB-SOTWTV_zm43llx7MGR3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C03_gRBRTB-SOTWTV_zWpSZvISn1f"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NetAssetValueAndMarketPriceRiskMember_ztCMR7Puy0e8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net Asset Value and Market Price Risk:</i> The market value of ETF shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trade at a premium or discount to net asset value.</span></td></tr></table></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NetAssetValueAndMarketPriceRiskMember_ztCMR7Puy0e8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net Asset Value and Market Price Risk:</i> The market value of ETF shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trade at a premium or discount to net asset value.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-SOTWTV_zPdQYbKJ5Se6"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_zmzbg2tSxQt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Utilities Sector Risk. </b>Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 13.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zc6HryXvd0s1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zB4D4uH6HCdg">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of the Nasdaq 7HANDL^TMIndex, as well as a broad-based market index reflecting the performance of investment grade fixed income securities.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zZCW6thNn3J7">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost at <span style="text-decoration: underline"><span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zfgHj4Gti8W1">www.strategysharesetfs.com</span></span> or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zSoeC0oaU38f">(855) 4SS-ETFS or (855) 477-3837</span>.</span></p> The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of the Nasdaq 7HANDLTM Index, as well as a broad-based market index reflecting the performance of investment grade fixed income securities. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.strategysharesetfs.com (855) 4SS-ETFS or (855) 477-3837 Annual Total Returns <div id="xdx_A8D_eoef--BarChartTableTextBlock_zJPnRM6Zm6I9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zC6YMUcFzDj" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 16%"> </td> <td id="xdx_493_20190101__20191231_zbOiYbK2M2K7" style="text-align: center; width: 14%">2019</td> <td id="xdx_499_20200101__20201231_zjGeeXLPnJY2" style="text-align: center; width: 14%">2020</td> <td id="xdx_49E_20210101__20211231_zOOpT4VQTxGl" style="text-align: center; width: 14%">2021</td> <td id="xdx_49C_20220101__20221231_zVcnRquH2L1b" style="text-align: center; width: 14%">2022</td> <td id="xdx_493_20230101__20231231_zdtH7PwUuzLk" style="text-align: center; width: 14%">2023</td> <td id="xdx_49A_20240101__20241231_zTcuaZYlYv9l" style="text-align: center; width: 14%">2024</td></tr> <tr id="xdx_406_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member_zdflkrtECI68" style="vertical-align: top; text-align: left"> <td style="text-align: center"> </td> <td style="text-align: center">16.98%</td> <td style="text-align: center">12.46%</td> <td style="text-align: center">9.32%</td> <td style="text-align: center">-18.71%</td> <td style="text-align: center">13.07%</td> <td style="text-align: center">10.47%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> 0.1698 0.1246 0.0932 -0.1871 0.1307 0.1047 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_z8NN2nEj5B8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zEvOqwI2WW4c">the highest return for a quarter</span> was <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_z3sjAaTDLlYg">11.49%</span> (quarter ended <span style="color: windowtext"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zsID8AyjANaj">June 30, 2020</span></span>), and <span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_z8aE1NlIbvKd">the lowest return for a quarter</span> was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zO2kPwuzBdX7">(12.60)%</span> (quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zqN4eUMuWhG1">June 30, 2022</span>). </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--YearToDateReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zAkdxn60Veud">The Fund’s year-to-date return</span> as of <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_z8hh5pdo2pei">June 30, 2025</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zFRRI9iAzVh4">5.12%.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> the highest return for a quarter 0.1149 2020-06-30 the lowest return for a quarter -0.1260 2022-06-30 The Fund’s year-to-date return 2025-06-30 0.0512 Average Annual Total Returns (for the periods ended December 31, 2024)   <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zL9Lb7Wq72Te"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zMwizOmgU6Dl" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 0.5pt solid; vertical-align: bottom; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49A_20240101__20241231_zwMFft8XdxO4" style="border-top: Black 0.5pt solid; vertical-align: bottom; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_492_20200101__20241231_zkVAuODu80q9" style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_49D_20180116__20241231_zzTyWR2Qjmg8" style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception <br/> (<span id="xdx_900_eoef--PerfInceptionDate_c20240101__20241231__dei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member_zYOGSshtq7kd">January 16, 2018</span>)</b></span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member_z7FqRxYRe2x5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20240101__20241231__dei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member_zDf4PYdkBoti">Return Before Taxes</span></span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.47%</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.54%</span></td> <td style="border-right: black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.85%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMVrYelKLSAa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.42%</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.68%</span></td> <td style="border-right: black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.12%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000059719Member__oef--ClassAxis__custom--C000195439Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zvdxTmrx9sEl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.37%</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.71%</span></td> <td style="border-right: black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.02%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000059719Member__oef--PerformanceMeasureAxis__custom--Nasdaq7HANDLTMIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zF8JfrksCqmb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nasdaq 7HANDL^TM Index (<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zZ7vgcKqmgQe">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.72%</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.99%</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.29%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000059719Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z4XAj2NrxZt6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bloomberg U.S. Aggregate Bond Index (<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000059719Member_zZOxpeJ5rXq1">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.33)%</span></td> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.04%</span></td></tr> </table> 2018-01-16 Return Before Taxes 0.1047 0.0454 0.0485 0.0842 0.0268 0.0312 0.0637 0.0271 0.0302 reflects no deduction for fees, expenses or taxes 0.1172 0.0599 0.0629 reflects no deduction for fees, expenses or taxes 0.0125 -0.0033 0.0104 FUND SUMMARY – STRATEGY SHARES NEWFOUND/RESOLVE ROBUST MOMENTUM ETF Investment Objective: <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z2wMmENKTIt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment objective is to seek to provide investment returns that correspond, before fees and expenses, to the performance of the Newfound/ReSolve Robust Equity Momentum Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zerh6xR64url" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zowmw1QzHvRl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zNYln0P5Fqoh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"></td> <td id="xdx_49E_20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member_z1uvv7oE6hcf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dpn_zJlhUYhZdMV7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zGJVfkmYMVX8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zOU1dcmRfVz6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_498_20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member_zJMcyErrMdF8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zo6LZAkOcSX6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td style="border-right: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.49%</span></td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7hV0h7DeWba" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-right: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.00%</span></td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zRgdk2umvwT1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.44%</span></td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zoJaJOCCFagd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F42_z3sBRdJenIh7">(1)</sup></span></td> <td style="border-right: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.12%</span></td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zWXJcZ0mPQy2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 1.05%</span></td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zfJfOU4dPHi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waiver/Expense Reimbursement<sup id="xdx_F4E_zsEfDAGo5LB5">(2)</sup></span></td> <td style="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.18)%</span></td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zwsz6rYybos7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement<sup id="xdx_F45_z5uakk57Likf">(1)(2)</sup></span></td> <td style="border-right: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.87%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F06_zTffVuStvyyd">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F1E_zSCnBgynICs9" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_900_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zsWN55TsGGve">The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F09_zAxcmLVaDYC3">(2)</sup></span></td><td style="text-align: justify"><span id="xdx_F17_zpN17Kq2eyi" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Fund’s investment advisor, Rational Advisors, Inc. (the “Advisor”), has contractually agreed to waive all or a portion of its management fee and/or reimburse certain operating expenses of the Fund to the extent necessary in order to limit the Total Annual Fund Operating Expenses (exclusive of: (i) acquired fund fees and expenses; (ii) brokerage commissions and trading costs; (iii) interest (including borrowing costs and overdraft charges); (iv) taxes; (v) short sale dividends and interest expenses; and (vi) non-routine or extraordinary expenses (such as litigation or reorganizational costs) to not more than 0.75% of the Fund’s daily net assets through <span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_znm2Q0rUunBc">August 31, 2026</span>. This arrangement may only be terminated prior to this date with the agreement of the Fund’s Board of Trustees. Under certain conditions, the Advisor may recoup management fees that it waived or Fund expenses that it paid under this agreement for a period of up to three years from the date the fees were waived and/or expenses paid, provided such recoupment can be achieved without causing the expense ratio (after the recoupment is taken into account) to exceed (i) the expense limit in effect at the time the fees were waived or expenses paid, or (ii) the expense limit in place at the time of the recapture.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0049 0.0000 0.0044 0.0012 0.0105 -0.0018 0.0087 The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. August 31, 2026 Example: <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_z4CaDtLr2cna" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and the expense reduction/reimbursement remains in place for the contractual period only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_ziSlvP40Eoeg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zXOXSku20XVf" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_zgMD5tbtrlce" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zWgpMGzqf80l" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear05_z57S854HT0Da" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zjVXXtd7BB5c" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_410_20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member_zMkWwyH62lHh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$89</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$316</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$562</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,266</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 89 316 562 1266 Portfolio Turnover: <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zTYTnnKBLPya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays 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 Fund 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. During the fiscal year ended April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_z62ioc8EopJc">204%</span> of the average value of its portfolio.</span></p> 2.04 Principal Investment Strategy <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zGy6tX8tNrch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Newfound/ReSolve Robust Equity Momentum Index (the “Index”). The Index is based on a proprietary methodology co-developed and co-owned by Newfound Research LLC and ReSolve Asset Management SEZC (Cayman) (the “Index Providers”). The Index is calculated and maintained by Solactive AG. The Fund will invest at least 80% of its assets in the component securities of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index uses a quantitative, rules-based methodology to provide exposure to broad U.S. equity, international equity, and emerging market equity indices, to the extent that such equity indices are exhibiting positive momentum relative to U.S. Treasury market indices. The Index generally consists of exchange-traded funds (“ETFs”) that track regional equity indices, representative of U.S. equities, developed international equities and emerging market equities (“Regional Equity ETFs”), as well as ETFs that track U.S. Treasury market indices, representative of short-term (i.e., 1-2 year maturity) U.S. Treasury notes and intermediate-term (i.e., 7-10 year maturity) U.S. Treasury bonds (“U.S. Treasury ETFs”). The Regional Equity ETFs that may be included in the Index invest in the equity securities, including common stock and American Depository Receipts (“ADRs”), of companies of any market capitalization that are traded on foreign or U.S. exchanges. The Index typically includes between one and five ETFs. Because the Index is comprised of securities issued by other investment companies, the Fund operates as a “fund of funds.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The allocations to Regional Equity ETFs within the Index are determined by proprietary quantitative models that include momentum and trend following factors that are evaluated over various time horizons. The weightings of Regional Equity ETFs within the Index are determined based on measures of the momentum of the global equity markets relative to the momentum of U.S. Treasury securities. Regional Equity ETFs with the strongest momentum characteristics that also exhibit positive trend following characteristics receive greater weights. The Fund may have 100% portfolio exposure to U.S. Regional Equity ETFs or developed international Regional Equity ETFs, and up to 25% portfolio exposure to emerging market Regional Equity ETFs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index will include U.S. Treasury ETFs when Regional Equity ETFs exhibit negative momentum and trend following characteristics versus the U.S. Treasury markets. The Fund may have 100% portfolio exposure to U.S. Treasury ETFs under such circumstances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is rebalanced weekly and is reconstituted annually in December.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Fund generally will use a replication methodology, meaning it will seek to invest in all of the ETFs comprising the Index in proportion to the weightings in the Index. However, under various circumstances, the Fund may use a representative sampling strategy, whereby the Fund would invest in what it believes to be a representative sample of the component securities of the Index. To the extent the Fund uses a representative sampling strategy, it may not track the Index with the same degree of accuracy as would an investment vehicle replicating the entire Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries. The Fund may engage in frequent trading of portfolio securities.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_gRBRTB-QMLCU_zGIdpJaxJdPg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value, market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, nor is it a complete investment program.</span></p> <p id="xdx_A9E_zeS7c8UTa0oa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, market price, total return and value of the Fund and your investment. These risks affect the Fund directly, as well as through the ETFs in which it invests.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRRiskMember_z2qRKpnbjI3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR Risk. </b>ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies <span style="text-decoration: underline double">discussed below</span> and involve risks that are not found in investments in U.S. companies. ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Certain ADRs are not listed on an exchange and therefore may be considered to be illiquid.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRCurrencyRiskMember_ztZrvluCAiR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR Currency Risk</b>. To establish a value for the shares, the issuer establishes a “conversion rate” equal to one share of an ADR for a certain number of shares of the stock of a foreign company. This “conversion rate” establishes a universal monetary relationship between the value of the ADR and the local currency of the foreign company stock. Although an ADR is priced in the US dollar, in order to preserve the uniformity of the established “conversion rate,” movements in the exchange rate of the local currency versus the US dollar are automatically reflected in the price of the ADR in US dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the US Dollar declines, the ADR price would decline by a similar measure.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zxpmNukVKof1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV and possibly face delisting by the CBO BZX Exchange, Inc (the “Exchange”). These risks could cause intra-day bid ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zQpPdrOzSzQ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> Increases or decreases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. Such policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund to decrease to the extent that it invests in fixed income securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z793f0Iskrcb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> The Fund will concentrate its investments in securities of a particular industry to the extent the Index does. Economic, legislative, or regulatory developments may occur that significantly affect the industry. This may cause the Fund’s net asset value or market price to fluctuate more than that of a fund that does not concentrate in a particular industry.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zQdvPVGRrbu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk.</b> If a Regional Equity ETF invests in securities that trade in, and receive revenues in, foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Regional Equity ETF’s investments in foreign currency-denominated securities may reduce the Fund’s returns.</span></p><p id="xdx_A9C_zVxT4X5AC9Gl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zdi1xnCl4gfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Early Close/Trading Halt Risk.</b> 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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z0eKiiSxxj06" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk.</b> Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging markets usually are subject to greater market volatility, political, social, and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid, and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zPFlsewByB44" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The price of equity securities will fluctuate based on actual or perceived changes in a company’s financial condition and on market and economic conditions. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary, and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zeQgdTqmG9Q5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk</b>. Like a mutual fund, the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be halted under certain circumstances. Because the Fund may invest its assets in ETFs that have their own fees and expenses in addition to those charged directly by the Fund, the Fund may bear higher expenses than a fund that invests directly in individual securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-QHB_zI0tu8yvUeBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zxjmQXIkuUA6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zIOxg8DHt9El"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-KJLMJ_zEtlmbPhlNc5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p id="xdx_A99_zK98XMYpUOTh" style="margin-top: 0; margin-bottom: 0"> </p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_z4vwLCZcMsz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zKfOncXfzWn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk</b>. Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationRisksMember_zQHb3dehVNdj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Concentration Risk.</b> The Fund may be particularly susceptible to economic, political, regulatory, or other events or conditions affecting countries within the specific geographic regions in which the Regional Equity ETFs invest. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund’s net asset value or market price may be more volatile than a more geographically diversified fund.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRiskMember_zLp2DBJWx8cc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index Risk.</b> Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Therefore, it would not necessarily sell a security unless that security is removed from the Index, even if that security generally is underperforming. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.</span></p><p id="xdx_A98_zEKHJgfLSWwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zLfMcxHSI5u3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index-Related Risk</b>. There is no assurance that the Index will be determined, composed, or calculated accurately. While the Index Providers provide descriptions of what the Index is designed to achieve, the Index Providers do not guarantee the quality, accuracy or completeness of data in respect of its indices and does not guarantee that the Index will be in line with the described index methodology. For example, during a period where the Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Index’s other constituents. As such, errors may result in a negative or positive performance impact to the Fund and its shareholders. Shareholders should understand that losses resulting from errors may be borne by the Fund and its shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zAriVFGrXpWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Specific Risk. </b>The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zeqaL2ENapc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>Investments in larger, more established companies are subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in consumer tastes or innovative smaller competitors, potentially resulting in lower markets for their common stock. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zBsVikyZTtC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> As the Fund may not fully replicate the Index, it is subject to the risk that its investment management strategy may not produce the intended results.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zHERci6wpSP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s share price may decline suddenly or over a sustained period of time. Overall market risks may also affect the value of the Fund. Factors such as economic growth and market conditions, interest rate levels, trading and tariff events and political events affect the securities markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidSmallCapStockRiskMember_zpgT1Qkm2Iw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mid/Small-Cap Stock Risk. </b>The value of smaller and medium-capitalized company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zB6LJhl0CXph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk.</b> Like all quantitative analysis, the investment models utilized by the Index carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections, or malfunctions. Because models are usually constructed based on data supplied by third parties, the success of the Index’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zNoieLFB3CEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive Investment Risk.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Index. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund, unless such defensive positions are also taken by the Index.</span></p><p id="xdx_A98_zaC0zWgklVVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"> </p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SamplingRiskMember_zLraq84eKtkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sampling Risk.</b> The sampling approach, if used, could result in the Fund 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 or market price than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zzElL0VF2eCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of imperfect correlation between the Fund’s holdings of portfolio securities and those in the Index, pricing differences, the Fund’s holding of cash, differences in timing of the accrual of dividends, changes to the Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRiskMember_zciy2np0Zhye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Turnover Risk</b>. The Fund may have a high turnover of the securities held in its portfolio. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zKHg3260fkDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ETFs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs is subject to its own specific risks and are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be illiquid or even halted under certain circumstances.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zrJ3RBuUHSU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRRiskMember_z2qRKpnbjI3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR Risk. </b>ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies <span style="text-decoration: underline double">discussed below</span> and involve risks that are not found in investments in U.S. companies. ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Certain ADRs are not listed on an exchange and therefore may be considered to be illiquid.</span></p><div id="xdx_C0E_gRBRTB-QMLCU_z0dzjG6cNkR4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRCurrencyRiskMember_ztZrvluCAiR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR Currency Risk</b>. To establish a value for the shares, the issuer establishes a “conversion rate” equal to one share of an ADR for a certain number of shares of the stock of a foreign company. This “conversion rate” establishes a universal monetary relationship between the value of the ADR and the local currency of the foreign company stock. Although an ADR is priced in the US dollar, in order to preserve the uniformity of the established “conversion rate,” movements in the exchange rate of the local currency versus the US dollar are automatically reflected in the price of the ADR in US dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the US Dollar declines, the ADR price would decline by a similar measure.</span></p><div id="xdx_C0F_gRBRTB-QMLCU_zdJTgRaUkq4b"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zxpmNukVKof1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV and possibly face delisting by the CBO BZX Exchange, Inc (the “Exchange”). These risks could cause intra-day bid ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C07_gRBRTB-QMLCU_z8bvzqhtiI4j"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zQpPdrOzSzQ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> Increases or decreases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. Such policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of the Fund to decrease to the extent that it invests in fixed income securities.</span></p><div id="xdx_C04_gRBRTB-QMLCU_zmj0502C04p8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z793f0Iskrcb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> The Fund will concentrate its investments in securities of a particular industry to the extent the Index does. Economic, legislative, or regulatory developments may occur that significantly affect the industry. This may cause the Fund’s net asset value or market price to fluctuate more than that of a fund that does not concentrate in a particular industry.</span></p><div id="xdx_C02_gRBRTB-QMLCU_z4sFIVH1JdPd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zQdvPVGRrbu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk.</b> If a Regional Equity ETF invests in securities that trade in, and receive revenues in, foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Regional Equity ETF’s investments in foreign currency-denominated securities may reduce the Fund’s returns.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_zdi1xnCl4gfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Early Close/Trading Halt Risk.</b> 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.</span></p><div id="xdx_C02_gRBRTB-QMLCU_zXx2cxnzn9ha"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z0eKiiSxxj06" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk.</b> Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging markets usually are subject to greater market volatility, political, social, and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid, and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></p><div id="xdx_C0B_gRBRTB-QMLCU_zSCRzMNOPdmi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zPFlsewByB44" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The price of equity securities will fluctuate based on actual or perceived changes in a company’s financial condition and on market and economic conditions. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary, and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.</span></p><div id="xdx_C06_gRBRTB-QMLCU_zGEsXYXNDcGj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zeQgdTqmG9Q5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk</b>. Like a mutual fund, the value of an ETF can fluctuate based on the prices of the securities owned by the ETF, and ETFs are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be halted under certain circumstances. Because the Fund may invest its assets in ETFs that have their own fees and expenses in addition to those charged directly by the Fund, the Fund may bear higher expenses than a fund that invests directly in individual securities.</span></p><div id="xdx_C03_gRBRTB-QMLCU_zNY0JgA0sZZ7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-QHB_zI0tu8yvUeBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span></p><div id="xdx_C04_gRBRTB-QMLCU_zHXCfd7Of3V2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C07_gRBRTB-QMLCU_zfAolh5G9rTl"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zxjmQXIkuUA6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-QMLCU_zR6oNYptzh75"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C00_gRBRTB-QMLCU_zUGrRfpQdtad"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zIOxg8DHt9El"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-QMLCU_zx1DGlr74ej9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C00_gRBRTB-QMLCU_zXcNH161SM9c"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-KJLMJ_zEtlmbPhlNc5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C02_gRBRTB-QMLCU_zKCo4loXcIG2"><p id="xdx_A99_zK98XMYpUOTh" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0E_gRBRTB-QMLCU_zP2FfyuFhAlk"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C0C_gRBRTB-QMLCU_z4G9Tk5AA59"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-QMLCU_zwl2huIhlXGh"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></td></tr></table></div></div><div id="xdx_C02_gRBRTB-QMLCU_zbV7YUBKME3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0C_gRBRTB-QMLCU_zgcRM9YW0Hxf"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C01_gRBRTB-QMLCU_zkMy9ZI41WQl"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0B_gRBRTB-QMLCU_zBbeE21r4e95"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zxjmQXIkuUA6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-QHB_zX2smK2ti69j"><div id="xdx_C06_gRBRTB-QMLCU_zR6oNYptzh75"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zIOxg8DHt9El"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-QHB_z74cjjZTXE1c"><div id="xdx_C06_gRBRTB-QMLCU_zx1DGlr74ej9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-KJLMJ_zEtlmbPhlNc5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-QHB_zSZbOOtJZNGa"><div id="xdx_C02_gRBRTB-QMLCU_zKCo4loXcIG2"><p id="xdx_A99_zK98XMYpUOTh" style="margin-top: 0; margin-bottom: 0"> </p></div></div><div id="xdx_C0C_gRBRTB-QHB_zGviLTEmKp15"><div id="xdx_C0E_gRBRTB-QMLCU_zP2FfyuFhAlk"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div><div id="xdx_C0A_gRBRTB-QHB_zBBbNwIOhBn3"><div id="xdx_C0C_gRBRTB-QMLCU_z4G9Tk5AA59"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C0F_gRBRTB-QHB_zoxtOm1gf4m2"><div id="xdx_C07_gRBRTB-QMLCU_zwl2huIhlXGh"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></td></tr></table></div></div></div><div id="xdx_C08_gRBRTB-QHB_zCdCeCDYRLig"><div id="xdx_C02_gRBRTB-QMLCU_zbV7YUBKME3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C0B_gRBRTB-QHB_z2Qpo1TT5OB9"><div id="xdx_C0C_gRBRTB-QMLCU_zgcRM9YW0Hxf"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div><div id="xdx_C00_gRBRTB-QHB_zaqU1NdVF4ja"><div id="xdx_C01_gRBRTB-QMLCU_zkMy9ZI41WQl"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C03_gRBRTB-QHB_zK9BAku3bK7f"><div id="xdx_C0B_gRBRTB-QMLCU_zBbeE21r4e95"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_z4vwLCZcMsz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk. </b>Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><div id="xdx_C0F_gRBRTB-QMLCU_zYbTMelKPLq3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zKfOncXfzWn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk</b>. Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). All of the risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><div id="xdx_C0E_gRBRTB-QMLCU_zuBkRA5dBG3a"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationRisksMember_zQHb3dehVNdj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Concentration Risk.</b> The Fund may be particularly susceptible to economic, political, regulatory, or other events or conditions affecting countries within the specific geographic regions in which the Regional Equity ETFs invest. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund’s net asset value or market price may be more volatile than a more geographically diversified fund.</span></p><div id="xdx_C0B_gRBRTB-QMLCU_zgFTW5LCnYT7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRiskMember_zLp2DBJWx8cc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index Risk.</b> Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Therefore, it would not necessarily sell a security unless that security is removed from the Index, even if that security generally is underperforming. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zLfMcxHSI5u3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index-Related Risk</b>. There is no assurance that the Index will be determined, composed, or calculated accurately. While the Index Providers provide descriptions of what the Index is designed to achieve, the Index Providers do not guarantee the quality, accuracy or completeness of data in respect of its indices and does not guarantee that the Index will be in line with the described index methodology. For example, during a period where the Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Index’s other constituents. As such, errors may result in a negative or positive performance impact to the Fund and its shareholders. Shareholders should understand that losses resulting from errors may be borne by the Fund and its shareholders.</span></p><div id="xdx_C02_gRBRTB-QMLCU_zEX4c08mwU8k"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zAriVFGrXpWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Specific Risk. </b>The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.</span></p><div id="xdx_C0D_gRBRTB-QMLCU_zhoEsvF00uyj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zeqaL2ENapc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>Investments in larger, more established companies are subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in consumer tastes or innovative smaller competitors, potentially resulting in lower markets for their common stock. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</span></p><div id="xdx_C0A_gRBRTB-QMLCU_z9hCFJ3yUeo7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zBsVikyZTtC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> As the Fund may not fully replicate the Index, it is subject to the risk that its investment management strategy may not produce the intended results.</span></p><div id="xdx_C02_gRBRTB-QMLCU_zxy3zkBcnlZ1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zHERci6wpSP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s share price may decline suddenly or over a sustained period of time. Overall market risks may also affect the value of the Fund. Factors such as economic growth and market conditions, interest rate levels, trading and tariff events and political events affect the securities markets.</span></p><div id="xdx_C04_gRBRTB-QMLCU_zjuajEuWyY95"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidSmallCapStockRiskMember_zpgT1Qkm2Iw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mid/Small-Cap Stock Risk. </b>The value of smaller and medium-capitalized company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</span></p><div id="xdx_C07_gRBRTB-QMLCU_zsKy7SR4Gy59"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zB6LJhl0CXph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Model and Data Risk.</b> Like all quantitative analysis, the investment models utilized by the Index carry the risk that the ranking system, valuation results and predictions might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections, or malfunctions. Because models are usually constructed based on data supplied by third parties, the success of the Index’s use of such models is dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market conditions.</span></p><div id="xdx_C0D_gRBRTB-QMLCU_zw5MYSHkBOhe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zNoieLFB3CEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive Investment Risk.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Index. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund, unless such defensive positions are also taken by the Index.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SamplingRiskMember_zLraq84eKtkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sampling Risk.</b> The sampling approach, if used, could result in the Fund 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 or market price than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</span></p><div id="xdx_C0D_gRBRTB-QMLCU_zNjMkFFC6Yhb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zzElL0VF2eCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of imperfect correlation between the Fund’s holdings of portfolio securities and those in the Index, pricing differences, the Fund’s holding of cash, differences in timing of the accrual of dividends, changes to the Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p><div id="xdx_C0F_gRBRTB-QMLCU_ziHy0ZyLpJO6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRiskMember_zciy2np0Zhye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Turnover Risk</b>. The Fund may have a high turnover of the securities held in its portfolio. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</span></p><div id="xdx_C02_gRBRTB-QMLCU_zQzxqFn5HrD"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zKHg3260fkDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Fund Risk. </b>The ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ETFs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs is subject to its own specific risks and are also subject to the following additional risks: (i) the ETF’s market price may be less than its net asset value; (ii) an active market for the ETF may not develop or be maintained; and (iii) market trading in the ETF may be illiquid or even halted under certain circumstances.</span></p><div id="xdx_C0F_gRBRTB-QMLCU_zPgvqxCHf2F9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zrJ3RBuUHSU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance: <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zNn0VlU6nI94" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zjEMLIe8wk77">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of the Newfound/ReSolve Robust Equity Momentum Index, as well as a broad-based market index reflecting the performance of growth stocks.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zhNbbiX1V845">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost at <span style="text-decoration: underline"><span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zGfBFPkO9brc">www.strategysharesetfs.com</span></span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zkyj9wTZRDwg">(855) 4SS-ETFS or (855) 477-3837</span>.</span></p> The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of the Newfound/ReSolve Robust Equity Momentum Index, as well as a broad-based market index reflecting the performance of growth stocks. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.strategysharesetfs.com (855) 4SS-ETFS or (855) 477-3837 Annual Total Return <div id="xdx_A88_eoef--BarChartTableTextBlock_zhGyfxidof65"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><img alt="(BAR GRAPH)" src="st008_v1.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zqT1BXqqv6wi" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 20%"> </td> <td id="xdx_497_20200101__20201231_z5l2ZzXypJP2" style="text-align: center; width: 16%">2020</td> <td id="xdx_49E_20210101__20211231_zRJjV41Sortb" style="text-align: center; width: 16%">2021</td> <td id="xdx_493_20220101__20221231_zAQDMgFAnc4k" style="text-align: center; width: 16%">2022</td> <td id="xdx_491_20230101__20231231_zHd1RlxFyy2k" style="text-align: center; width: 16%">2023</td> <td id="xdx_491_20240101__20241231_zxjLOHTBsWy2" style="text-align: center; width: 16%">2024</td></tr> <tr id="xdx_40B_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member_zhXxkT7mLNUi" style="vertical-align: top; text-align: left"> <td style="text-align: center"> </td> <td style="text-align: center">-3.39%</td> <td style="text-align: center">21.33%</td> <td style="text-align: center">-18.81%</td> <td style="text-align: center">11.12%</td> <td style="text-align: center">20.55%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -0.0339 0.2133 -0.1881 0.1112 0.2055 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zeuqSGYxJBrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_z93GopfgFPo7">the highest return for a quarter</span> was <span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zd4tI3QUZh3f">12.13%</span> (quarter ended <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zGQ3rXNTRMP3">December 31, 2020</span>), and <span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zIZyafVxcUKh">the lowest return for a quarter</span> was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zAKNhOYz0sKc">(19.46)%</span> (quarter ended <span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zcZ9bw9BSZk2">March 31, 2020</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--YearToDateReturnLabel_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zIyLaLOAet4c">The Fund’s year-to-date return</span> as of <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zPMDWUhNLS0l">June 30, 2025</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zgl9K6WJobt8">1.39%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> the highest return for a quarter 0.1213 2020-12-31 the lowest return for a quarter -0.1946 2020-03-31 The Fund’s year-to-date return 2025-06-30 0.0139 Average Annual Total Returns (for the periods ended December 31, 2024)   <div id="xdx_A86_eoef--PerformanceTableTextBlock_zlskiIubnpT1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z5oqwrKYJkk9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20240101__20241231_zd4WZIKFfKLe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49C_20200101__20241231_z9gbuzafxpKd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_497_20191101__20241231_ze1qVRw4d9C1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_902_eoef--PerfInceptionDate_c20240101__20241231__dei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member_zLZH2s4bo393">November 1, 2019</span>)</b></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member_zVtOR9PjIqa2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20240101__20241231__dei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member_zGHAp54OL5u7">Return Before Taxes</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.55%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.98%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.73%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zS53IgVpg9a7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.43%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.68%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.40%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066847Member__oef--ClassAxis__custom--C000215207Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z4mlVq9smTgh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.42%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.81%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.41%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066847Member__oef--PerformanceMeasureAxis__custom--NewfoundReSolveRobustEquityMomentumIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zSzp1PUxIWE" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newfound/ReSolve Robust Equity Momentum Index (<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zO6U1bny4Yh1">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 21.35%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.31%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.12%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000066847Member__oef--PerformanceMeasureAxis__custom--SAndPTargetRiskBalancedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zxqALdSMiI87" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S&amp;P Target Risk Balanced Index (<span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20250827__20250827__dei--LegalEntityAxis__custom--S000066847Member_zrbXeJnbHXCj">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 10.73%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.16%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt 5pt 1pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.55%</span></td></tr> </table> 2019-11-01 Return Before Taxes 0.2055 0.0498 0.0573 0.2043 0.0468 0.0540 0.1242 0.0381 0.0441 reflects no deduction for fees, expenses or taxes 0.2135 0.0531 0.0612 reflects no deduction for fees, expenses or taxes 0.1073 0.0616 0.0655 Fund Summary: Eventide High Dividend ETF Investment Objective: <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zefcOkqcBqQg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s investment objective is to seek income, income growth and long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zO2SgAcN6uv2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zjbPsUWl10Li"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zDqbPFzPNXS2" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"> </td> <td id="xdx_49B_20250827__20250827__dei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_zTJVzpLb1Mrh" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"> </td></tr> <tr id="xdx_402_eoef--ShareholderFeeOther_dpn_zS3dFrBgWhte" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 85%; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zB0GNOuZ4cX4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zuTegI0dCVs" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_498_20250827__20250827__dei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_z9vg9Ygi3Vqk" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: right; text-indent: 0pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_zkIxxI9WJmS6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F4E_zUsLBFlyNXq1">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.49%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dp_zlsRIRPOcP75" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dp_zIUCJf6jjRZa" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dp_z1iHyHTyy8B5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.49%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F0D_z8ibxvFGPiw1">(1)</sup></span></td><td><span id="xdx_F15_zTVFzDijTCVh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0049 0.0000 0.0000 0.0049 Example: <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zuS9bFSiX39e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year, and that 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 id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQVczY2DMcR2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zPM17hoCZmsi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zyZqoZSbn32h" style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zVyrBdfrknc4" style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zP4m3ZALUCA5" style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>5 Years</i></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_z7Njnlwbcz08" style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>10 Years</i></span></td></tr> <tr id="xdx_416_20250827__20250827__dei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_zDSQoNyc8CAb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td> </td> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50</span></td> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$157</span></td> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$274</span></td> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$616</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p> 50 157 274 616 Portfolio Turnover: <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_z6OtqAQ5DEVg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays 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 Fund 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. For the fiscal period from September 30, 2024 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000086526Member_zt2vBCsln8a9">89%</span>.</span></p> 0.89 Principal Investment Strategy: <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zcJyNnXQcZyc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in dividend-paying securities. Under normal market conditions, the Fund seeks to provide a dividend yield greater than the average dividend yield of the equity securities in the Bloomberg US 3000 Total Return Index, measured on a gross basis. The Fund invests in companies identified by Eventide Asset Management, LLC (the “Adviser”) as having strong fundamentals, creating value for stakeholders (customers, employees, supply chain, community, environment, society and shareholders), <span style="background-color: white">and that, in the Adviser’s opinion, represent above-average long-term investment opportunities for dividend income, dividend growth, and stock price capital appreciation.</span> The ethical principles that the Adviser uses within its fundamental research process to screen investments are more fully described below under “Values-Based Screening.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser actively manages the Fund’s portfolio using a long-only investment approach. While the Fund may invest in companies operating in any sector, it generally invests in sectors that the Adviser believes have historically offered attractive dividends and shareholder yields, such as energy, utilities, industrials, technology, infrastructure, and real estate sectors. From time to time, the Adviser may invest a substantial portion of the Fund’s assets in one or more sectors that are not highly correlated with the overall stock market in the Adviser’s judgment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund invests primarily in U.S. companies but may invest in securities of foreign companies. <span style="background-color: white">The Fund’s investments in foreign securities may be made either directly or through American Depository Receipts </span>(“ADRs”), or through direct investment in the securities of foreign issuers listed on U.S. exchanges and denominated in U.S. dollars. Although the Fund will invest primarily in common stocks (including ADRs), the Fund may also invest in real estate investment trusts (“REITs”), exchange-listed preferred securities, and energy infrastructure companies (primarily midstream companies) organized as C corporations. The Fund will invest primarily in mid- and large-capitalization companies, which the Fund collectively defines as those with market capitalizations within the range of the Bloomberg US 1000 Value Total Return Index ($765 million to $1.0 trillion as of June 30, 2025). In normal market conditions, the Adviser expects that the Fund will hold less than 10% of its total assets in cash and cash equivalents such as money market funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock selection is driven by the Adviser’s fundamental research and values-based principles. The Adviser seeks to invest in attractively valued securities that, in its opinion, represent above-average long-term investment opportunities or have significant near-term appreciation potential. The Adviser utilizes a fundamental “bottom-up” analysis to evaluate investments for inclusion in the Fund’s portfolio. This analysis includes financial analysis for determining financial strength and dividend sustainability, qualitative analysis for management assessment, industry positioning, and stakeholder value creation, and valuation analysis to determine risk adjusted return potential with dividends. The portfolio construction process includes attention to diversification and risk management with an overall positioning consistent with specific macro and thematic views of the portfolio manager and investment team. Positions continue to be monitored for consistency with investment case, price targets, and changes in company fundamentals, including values-based criteria.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Values-Based Screening. The Adviser uses its proprietary values-based screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s values-based screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its values-based screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the values-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the values-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess values-based practices. The Adviser’s screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or when the Adviser believes the underlying company is no longer consistent with the Adviser’s values.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund concentrates its investments in the securities of issuers engaged primarily in energy and/or utilities-related industries. The Fund considers an issuer to be engaged primarily in energy or utilities-related industries if such companies derive more than 50% of their revenue from activities within the energy and utilities sectors, as applicable.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_gRBRTB-IFTBW_z8oHMl9EIzX9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment. These risks affect the Fund directly as well as through the ETFs in which it invests. For purposes of the discussion below, “Fund” means the Fund and/or one or more of the ETFs in which the Fund invests.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zPr7sCGScDIj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><p id="xdx_A90_zIFjNTR8TkK5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zpSYj3D2eO49" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_z1XYReLJ6dAh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendYieldRiskMember_ztRgGVuvATQ7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dividend Yield Risk.</b> While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_gRBRTB-YJOHKJ_zT8I3YOt3cG5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Sector Risk.</b> Companies operating in the energy sector may be adversely affected by changes in worldwide energy prices, exploration and production spending. In addition, changes in government regulation, world events and political and economic conditions can affect these companies. These companies also are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism, war and natural disasters. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, technological developments, geopolitical conflict and related economic sanctions and labor relations also could affect companies in this sector.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyEquipmentAndServicesIndustryRiskMember_zum8HreLEdkl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Equipment and Services Industry Risk.</b> Companies in the energy equipment and services industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry. These risks include, but are not limited to, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zyNY7fijjxI6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Oil, Gas and Consumable Fuels Industry Risk.</b> Changes in energy costs, exploration, production worldwide, including the global transition to sustainable energy, may adversely affect the profitability of companies in the oil, gas and consumable fuels industry. These companies may also be affected by world events in the regions in which they operate (e.g., expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest).</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zn5FeE762xza" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p id="xdx_A98_zoZ58ZxXiNSl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-FWHD_zT1vDnnh0n91" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zYJ4OUezaM75"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zXJNtyLYPmm"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zzUwxedqQIO2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_z7wbJ5zdvxyh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related-activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the US government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p id="xdx_A94_zBRvgZzX2Bc8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zbAQmmAZGLrh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk.</b> Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zYKubsqqePV5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zAgjQ62KLotf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zyMjgQ43Pacc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zG8rMy4wRnJi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_ze9qGavOb375" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zBB4Zqgd1Hu4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zQNFZIzHIej6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p id="xdx_A90_zGjfojeWS70h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znZzAziMkTJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_z21insycNira" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zS71KZ244qs2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Preferred Stock Risk.</b> Typically, a rise in interest rates causes a decline in the value of preferred stocks. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payment. Issuers of preferred stocks may redeem their securities prior to maturity at a price below their current market value which would negatively impact the investment return of such preferred stocks.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zD7L1rAEb2he" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Sector Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_z2Ur2nV5GJs2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zjTQzygGYls4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Regulatory Risk.</b> Regulatory authorities in the United States or other countries may adopt rules that restrict the ability of the Fund to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund’s ability to fully implement its investment strategies. Regulators may interpret rules differently than the Fund or the securities industry generally, and disputes over such interpretations can increase legal and/or tax expenses incurred by the Fund.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zrMbiX4eHpNk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sector Risk.</b> The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zQPSvyyK7KGe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s or an Underlying Fund’s portfolio.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zVunucdJQ853" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p><p id="xdx_A98_ziFm3fDoBi2d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_gRBRTB-FCA_zfe45Ovk7ub3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Utilities Sector Risk.</b> Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MultiutilitiesIndustryRiskMember_zF19xU1ebrUf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Multi-Utilities Industry Risk. </b>The multi-utilities industry includes utility companies engaged in one or more of electric utility, gas utility and/or water utility core operations as well as other diversified activities. The prices of securities in the multi-utilities industry may fluctuate significantly due to economic conditions generally affecting utilities companies, supply and demand, competitive pressures due to deregulation in the utilities industries, increased sensitivity to the cost of energy production, and environmental factors such as conservation of natural resources or pollution control. Legislative or regulatory changes and increased government supervision also may affect companies in the multi-utilities industry.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndependentPowerAndRenewableElectricityProducersIndustryRiskMember_z9dB5rDsMdP1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Independent Power and Renewable Electricity Producers Industry Risk.</b> Companies in the independent power and renewable electricity producers industry may be highly dependent upon contracts with government entities and related subsidies, and the successful development of new and proprietary technologies. In addition, seasonal weather conditions, fluctuations in the supply of and demand for energy products, changes in energy prices, and international political events may cause fluctuations in the performance of independent power and renewable electricity producers companies and the prices of their securities.</span></td></tr></table></div><p id="xdx_A90_zYPr9IcGGDS2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zPr7sCGScDIj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zpSYj3D2eO49" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C04_gRBRTB-IFTBW_zOx7XBhQhBu7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_z1XYReLJ6dAh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><div id="xdx_C0E_gRBRTB-IFTBW_z7PHsX80wIB1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendYieldRiskMember_ztRgGVuvATQ7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dividend Yield Risk.</b> While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments.</span></p><div id="xdx_C01_gRBRTB-IFTBW_zx15VtrxXyQa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_gRBRTB-YJOHKJ_zT8I3YOt3cG5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Sector Risk.</b> Companies operating in the energy sector may be adversely affected by changes in worldwide energy prices, exploration and production spending. In addition, changes in government regulation, world events and political and economic conditions can affect these companies. These companies also are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism, war and natural disasters. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, technological developments, geopolitical conflict and related economic sanctions and labor relations also could affect companies in this sector.</span></p><div id="xdx_C02_gRBRTB-IFTBW_zOwYAQH216Sf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0E_gRBRTB-IFTBW_zfEjL6ddokXj"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyEquipmentAndServicesIndustryRiskMember_zum8HreLEdkl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Equipment and Services Industry Risk.</b> Companies in the energy equipment and services industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry. These risks include, but are not limited to, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.</span></td></tr></table></div></div><div id="xdx_C0C_gRBRTB-IFTBW_zkczexjiD2sd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C09_gRBRTB-IFTBW_zwPb8ZlqkK64"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zyNY7fijjxI6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Oil, Gas and Consumable Fuels Industry Risk.</b> Changes in energy costs, exploration, production worldwide, including the global transition to sustainable energy, may adversely affect the profitability of companies in the oil, gas and consumable fuels industry. These companies may also be affected by world events in the regions in which they operate (e.g., expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest).</span></td></tr></table></div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyEquipmentAndServicesIndustryRiskMember_zum8HreLEdkl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Equipment and Services Industry Risk.</b> Companies in the energy equipment and services industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry. These risks include, but are not limited to, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-YJOHKJ_zAr6mehmv4Me"><div id="xdx_C0C_gRBRTB-IFTBW_zkczexjiD2sd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zyNY7fijjxI6"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Oil, Gas and Consumable Fuels Industry Risk.</b> Changes in energy costs, exploration, production worldwide, including the global transition to sustainable energy, may adversely affect the profitability of companies in the oil, gas and consumable fuels industry. These companies may also be affected by world events in the regions in which they operate (e.g., expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest).</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-IFTBW_z0bhoBpVq6jg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zn5FeE762xza" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-FWHD_zT1vDnnh0n91" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C00_gRBRTB-IFTBW_zTDNOcf8cMwd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C06_gRBRTB-IFTBW_ziccQ3pX6797"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zYJ4OUezaM75"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C00_gRBRTB-IFTBW_zsd7mbVNvJn8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0B_gRBRTB-IFTBW_zOPrMrZaSkL6"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zXJNtyLYPmm"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-IFTBW_z8dUn1llFC9h"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C03_gRBRTB-IFTBW_zxZA4hIO6wei"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zzUwxedqQIO2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-IFTBW_ziS102AGN1L5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0B_gRBRTB-IFTBW_zw7NoodaFJx5"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C0C_gRBRTB-IFTBW_z7k1DNx8ccxj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C08_gRBRTB-IFTBW_zCUkPehbJ7si"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C0E_gRBRTB-IFTBW_z4MdqjqNsFP7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0C_gRBRTB-IFTBW_zImDzRVX9hGa"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-IFTBW_zcW3aiLm8xr5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C09_gRBRTB-IFTBW_zgUutZipFcOc"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zYJ4OUezaM75"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-FWHD_zlfMAkfuIy41"><div id="xdx_C00_gRBRTB-IFTBW_zsd7mbVNvJn8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zXJNtyLYPmm"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-FWHD_zivscrPxAtq6"><div id="xdx_C0F_gRBRTB-IFTBW_z8dUn1llFC9h"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zzUwxedqQIO2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-FWHD_zuu0mrtvial3"><div id="xdx_C06_gRBRTB-IFTBW_ziS102AGN1L5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C03_gRBRTB-FWHD_zA8tpW43ual1"><div id="xdx_C0B_gRBRTB-IFTBW_zw7NoodaFJx5"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C06_gRBRTB-FWHD_zDWGA2WM6iAk"><div id="xdx_C0C_gRBRTB-IFTBW_z7k1DNx8ccxj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C09_gRBRTB-FWHD_zoLxziRjWQSd"><div id="xdx_C08_gRBRTB-IFTBW_zCUkPehbJ7si"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C0F_gRBRTB-FWHD_z8AFcmSr7Qt7"><div id="xdx_C0E_gRBRTB-IFTBW_z4MdqjqNsFP7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C02_gRBRTB-FWHD_zYDH9VFyu7X"><div id="xdx_C0C_gRBRTB-IFTBW_zImDzRVX9hGa"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C03_gRBRTB-FWHD_zk4mbF5Gf5k3"><div id="xdx_C06_gRBRTB-IFTBW_zcW3aiLm8xr5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0E_gRBRTB-FWHD_zB3C0WWMzosk"><div id="xdx_C09_gRBRTB-IFTBW_zgUutZipFcOc"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.5in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C07_gRBRTB-IFTBW_zdKWiY9jmVFl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_z7wbJ5zdvxyh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><div id="xdx_C0C_gRBRTB-IFTBW_zFkS1jKlTRD3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0C_gRBRTB-IFTBW_zJu3UedqotAc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related-activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the US government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_zbAQmmAZGLrh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk.</b> Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><div id="xdx_C0A_gRBRTB-IFTBW_zZlmjCTXERde"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zYKubsqqePV5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><div id="xdx_C0B_gRBRTB-IFTBW_zFExKHmdOLha"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zAgjQ62KLotf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><div id="xdx_C00_gRBRTB-IFTBW_z7bf7HR535Jc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zyMjgQ43Pacc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C0B_gRBRTB-IFTBW_zTG7DWCRPMM"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zG8rMy4wRnJi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><div id="xdx_C0F_gRBRTB-IFTBW_zWi8FCKGM4o1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_ze9qGavOb375" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C06_gRBRTB-IFTBW_z2ACugZbklib"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zBB4Zqgd1Hu4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C08_gRBRTB-IFTBW_z9SOULvoOKV3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zQNFZIzHIej6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znZzAziMkTJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C03_gRBRTB-IFTBW_zd1xCfQfxRzg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_z21insycNira" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C04_gRBRTB-IFTBW_z8RzxZ4JlDr1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zS71KZ244qs2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Preferred Stock Risk.</b> Typically, a rise in interest rates causes a decline in the value of preferred stocks. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payment. Issuers of preferred stocks may redeem their securities prior to maturity at a price below their current market value which would negatively impact the investment return of such preferred stocks.</span></p><div id="xdx_C08_gRBRTB-IFTBW_zZsz0VarTIm"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zD7L1rAEb2he" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Sector Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><div id="xdx_C04_gRBRTB-IFTBW_zvkcxj1S4mW2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_z2Ur2nV5GJs2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><div id="xdx_C03_gRBRTB-IFTBW_zm4Z2bq4buVa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zjTQzygGYls4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Regulatory Risk.</b> Regulatory authorities in the United States or other countries may adopt rules that restrict the ability of the Fund to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund’s ability to fully implement its investment strategies. Regulators may interpret rules differently than the Fund or the securities industry generally, and disputes over such interpretations can increase legal and/or tax expenses incurred by the Fund.</span></p><div id="xdx_C0C_gRBRTB-IFTBW_zR2yiAxBXJXb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zrMbiX4eHpNk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sector Risk.</b> The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><div id="xdx_C08_gRBRTB-IFTBW_zqe2f5B0pYdh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zQPSvyyK7KGe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s or an Underlying Fund’s portfolio.</span></p><div id="xdx_C0B_gRBRTB-IFTBW_z3CAAxiE0Thj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zVunucdJQ853" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_gRBRTB-FCA_zfe45Ovk7ub3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Utilities Sector Risk.</b> Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.</span></p><div id="xdx_C04_gRBRTB-IFTBW_zPfRtoDRSPJ9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C07_gRBRTB-IFTBW_zxZAQikHlpJ1"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MultiutilitiesIndustryRiskMember_zF19xU1ebrUf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Multi-Utilities Industry Risk. </b>The multi-utilities industry includes utility companies engaged in one or more of electric utility, gas utility and/or water utility core operations as well as other diversified activities. The prices of securities in the multi-utilities industry may fluctuate significantly due to economic conditions generally affecting utilities companies, supply and demand, competitive pressures due to deregulation in the utilities industries, increased sensitivity to the cost of energy production, and environmental factors such as conservation of natural resources or pollution control. Legislative or regulatory changes and increased government supervision also may affect companies in the multi-utilities industry.</span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-IFTBW_zssgYH66o5Yg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C02_gRBRTB-IFTBW_z14OvOzPH8Za"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndependentPowerAndRenewableElectricityProducersIndustryRiskMember_z9dB5rDsMdP1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Independent Power and Renewable Electricity Producers Industry Risk.</b> Companies in the independent power and renewable electricity producers industry may be highly dependent upon contracts with government entities and related subsidies, and the successful development of new and proprietary technologies. In addition, seasonal weather conditions, fluctuations in the supply of and demand for energy products, changes in energy prices, and international political events may cause fluctuations in the performance of independent power and renewable electricity producers companies and the prices of their securities.</span></td></tr></table></div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MultiutilitiesIndustryRiskMember_zF19xU1ebrUf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Multi-Utilities Industry Risk. </b>The multi-utilities industry includes utility companies engaged in one or more of electric utility, gas utility and/or water utility core operations as well as other diversified activities. The prices of securities in the multi-utilities industry may fluctuate significantly due to economic conditions generally affecting utilities companies, supply and demand, competitive pressures due to deregulation in the utilities industries, increased sensitivity to the cost of energy production, and environmental factors such as conservation of natural resources or pollution control. Legislative or regulatory changes and increased government supervision also may affect companies in the multi-utilities industry.</span></td></tr></table></div><div id="xdx_C01_gRBRTB-FCA_zQnzwvlUCRPc"><div id="xdx_C0F_gRBRTB-IFTBW_zssgYH66o5Yg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndependentPowerAndRenewableElectricityProducersIndustryRiskMember_z9dB5rDsMdP1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Independent Power and Renewable Electricity Producers Industry Risk.</b> Companies in the independent power and renewable electricity producers industry may be highly dependent upon contracts with government entities and related subsidies, and the successful development of new and proprietary technologies. In addition, seasonal weather conditions, fluctuations in the supply of and demand for energy products, changes in energy prices, and international political events may cause fluctuations in the performance of independent power and renewable electricity producers companies and the prices of their securities.</span></td></tr></table></div> Performance: <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zgGCTixnsD82" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--PerformanceOneYearOrLess_c20250827__20250827__dei--LegalEntityAxis__custom--S000086526Member_zpxjAPTht0kh">Because the Fund is a new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000086526Member_ztw0g47s52jh">1-877-771-3836</span> and on the Fund’s website at <span style="background-color: white"><span style="text-decoration: underline"><span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000086526Member_zk2UPQbQxXhd">www.EventideETFs.com</span></span></span>.</span></p> Because the Fund is a new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-877-771-3836 www.EventideETFs.com Fund Summary: Eventide US Market ETF Investment Objective: <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zx49D2LCSEgg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s investment objective is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zj2ASlF8nJw2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zA4eBKs1BbZ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zRzvPkuxkCf9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0.5in; padding-left: 5.4pt"></td> <td id="xdx_49F_20250827__20250827__dei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_ztOvVyBIpOP4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt"></td></tr> <tr id="xdx_401_eoef--ShareholderFeeOther_dpn_z0ZlMjFC0QYj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 85%; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zJunz9NR9RAj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zdzGXiR79PBi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49E_20250827__20250827__dei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zuHN4IkZBP4k" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zv1WXDOptALb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F46_zpiVipGW7C39">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfnY5YRkFd12" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zzNAribFl5Y" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses<sup id="xdx_F41_z7LQBsh8EOtb">(2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zFlTVCSTvX3i" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 11.5pt; text-align: right; text-indent: -11.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F07_zdQ6TFvaA5ek">(1)</sup></span></td><td><span id="xdx_F16_zQsu5KyVXw8f" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F0D_zLKTyl2UYLk4">(2)</sup></span></td><td><span id="xdx_F14_ztKhuwPXE8D" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20250827__20250827__dei--LegalEntityAxis__custom--S000089355Member_zKGHol5Lyv23">Estimated for the current fiscal year.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0039 0.0000 0.0000 0.0039 Estimated for the current fiscal year. Example: <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zAb4Y5irVcV3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that 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 id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzJ4BG6sTHf8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zd4lvwE8JRwe" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zNRZajTxWQkk" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zCMzlzQX1Qel" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td></tr> <tr id="xdx_417_20250827__20250827__dei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zR5JAPe9jofi" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$40</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$125</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p> 40 125 Portfolio Turnover: <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z0Pp5IIU0J4l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays 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 Fund 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. For the fiscal period from December 17, 2024 (commencement of operations) to April 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_dp_c20250827__20250827__dei--LegalEntityAxis__custom--S000089355Member_zNSeuzaf299i">34%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.34 Principal Investment Strategy: <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_z0enY8sqE957" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="font-weight: normal">The Fund seeks to achieve its investment objective by investing, under normal market conditions, in a portfolio of equity securities of United States (“U.S.”) companies, identified by Eventide Asset Management, LLC, the Fund’s investment adviser (the “Adviser” ), as creating value for stakeholders (customers, employees, supply chain, community, environment, and society) using the Adviser’s value-based screening criteria as more fully described below under “Values-Based Screening.” The Adviser actively manages the Fund using a long-only investment approach, and seeks to achieve its objective while reasonably limiting tracking error to the Bloomberg U.S. 3000 Total Return Index (the “Strategy Benchmark”).</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of companies domiciled in the United States. The Fund’s investment in securities of issuers that are not domiciled in the United States, such as American Depository Receipts (“ADRs”) and the ordinary stock of foreign issuers, is limited to a maximum of 20% of its net assets (plus the amount of borrowings for investment purposes). The equity securities that the Fund may invest in include common stock, Real Estate Investment Trusts (“REITs”), ADRs, and the ordinary stock of foreign issuers, including those listed on U.S. stock exchanges and denominated in U.S. dollars. The Fund may invest in companies of any market capitalization but will typically invest in companies with market capitalizations that fall within the range of companies included in the Strategy Benchmark. <span style="background-color: white">The market capitalization range of companies within the Fund’s Strategy Benchmark is </span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; background-color: white">$16 million to $3.9 trillion as of </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">June <span style="background-color: white">30, </span>2025<span style="background-color: white">.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock selection is supported by the Adviser’s fundamental research, including the values-based screening criteria described below. The Adviser effects portfolio changes for the Fund on an ongoing basis as it deems necessary and appropriate, and may consider overall market conditions and trading volumes when making investment decisions. The Fund will seek to maintain at least 100 issuers in its portfolio in normal market conditions. The Adviser monitors the portfolio and uses research and quantitative modeling and risk tools to reasonably adjust the active weight of portfolio securities in order to improve the Fund’s ability to track its Strategy Benchmark consistent with its investment objective. While actively managing the portfolio, the Adviser will utilize quantitative tools as an input to the management of position sizes on a forward-looking basis, including to help mitigate the impact of individual sectors, industries, and stylistic factors on active risk and the Fund’s ability to reasonably limit tracking error compared to the Strategy Benchmark.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Values-Based Screening</b>. The Adviser uses its proprietary values-based screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s values-based screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its values-based screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the values-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the values-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess values-based practices. The Adviser’s screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or serve the Fund’s principal investment strategy to track the Strategy Benchmark, or when the Adviser believes the underlying company is no longer consistent with the Adviser’s values.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_gRBRTB-FYEQ_z6qOIFgkBtdc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment. These risks affect the Fund directly as well as through the ETFs in which it invests. For purposes of the discussion below, “Fund” means the Fund and/or one or more of the ETFs in which the Fund invests.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zyJB2Bc8zyIk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_z2cDBOZbeDnh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zTS5GsR5xp96" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><p id="xdx_A97_zUmCrvTg3WG6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zDgH9hRuaa1k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-CBRJ_zIlM75ka0b78" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zwAqnqPIn7Xh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zWuO9FqOF9Rh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z5cIsWye9V1h"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zVWrHaDE267" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p id="xdx_A9A_zW9yStXfbqk5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_z9eQUp7llKih" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk.</b> Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zuMAN6KZI6e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zGpAZI9ZqQ83" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zYIPFsx0EZC5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zXZ4QJu0e7C9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zzqoBjhEa6Pd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zDgXd3LvLdKk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p id="xdx_A96_z6CWSxLyFnd6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zhVLEsk3USW8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zWy6hnLtwIue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_z8pGmb95ah52" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zZn8paevwIi2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zHCaCbtDWJwf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Regulatory Risk.</b> Regulatory authorities in the United States or other countries may adopt rules that restrict the ability of the Fund to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund’s ability to fully implement its investment strategies. Regulators may interpret rules differently than the Fund or the securities industry generally, and disputes over such interpretations can increase legal and/or tax expenses incurred by the Fund.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_z8GvN2epL2g9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sector Risk.</b> The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zcFVcEUnVHWk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s or an Underlying Fund’s portfolio.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zec83Gmdin5j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zmOcyF1hvLVf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p><p id="xdx_A97_z1rNowT9Ov5b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zyJB2Bc8zyIk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><div id="xdx_C0B_gRBRTB-FYEQ_z89qzyuw2LYi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_z2cDBOZbeDnh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C0C_gRBRTB-FYEQ_zghzHeFRXFG6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zTS5GsR5xp96" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zDgH9hRuaa1k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C0B_gRBRTB-FYEQ_zwQ9IigRpd7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-CBRJ_zIlM75ka0b78" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C08_gRBRTB-FYEQ_zdkcpuwEOdDk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C00_gRBRTB-FYEQ_z0YTRv1DfO87"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zwAqnqPIn7Xh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C0D_gRBRTB-FYEQ_ztBo94HiFye4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-FYEQ_z3NzgNkCVaKa"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zWuO9FqOF9Rh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div></div><div id="xdx_C00_gRBRTB-FYEQ_z4VEKtJJuAn9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-FYEQ_zeRBgzGYjCQa"><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z5cIsWye9V1h"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C0E_gRBRTB-FYEQ_zGgOnGdh8Z3d"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0E_gRBRTB-FYEQ_zNxGghp0vGla"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-FYEQ_zmHyzYJOqtch"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C02_gRBRTB-FYEQ_zVXSXbgh7662"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-FYEQ_zFUBXQF13ZN5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-FYEQ_zvoZRwjhh2Q7"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C08_gRBRTB-FYEQ_zXawotcucFi8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C04_gRBRTB-FYEQ_z4bbFXA2WRxj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zwAqnqPIn7Xh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-CBRJ_zYwdKcyTKnlf"><div id="xdx_C0D_gRBRTB-FYEQ_ztBo94HiFye4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zWuO9FqOF9Rh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> 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. An active trading market for the Fund’s shares may not be developed or maintained. 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.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-CBRJ_zg90vpKZF9nl"><div id="xdx_C00_gRBRTB-FYEQ_z4VEKtJJuAn9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z5cIsWye9V1h"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> 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 and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-CBRJ_zp0c3FK6V16l"><div id="xdx_C0E_gRBRTB-FYEQ_zGgOnGdh8Z3d"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C09_gRBRTB-CBRJ_zY3PwrM3F2H"><div id="xdx_C0E_gRBRTB-FYEQ_zNxGghp0vGla"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C0E_gRBRTB-CBRJ_zDXrBSv6lNhl"><div id="xdx_C06_gRBRTB-FYEQ_zmHyzYJOqtch"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C00_gRBRTB-CBRJ_z12yM133zV3i"><div id="xdx_C02_gRBRTB-FYEQ_zVXSXbgh7662"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C06_gRBRTB-CBRJ_z2P3jQRbeJd7"><div id="xdx_C06_gRBRTB-FYEQ_zFUBXQF13ZN5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C05_gRBRTB-CBRJ_zAIOzAj1NmIe"><div id="xdx_C07_gRBRTB-FYEQ_zvoZRwjhh2Q7"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s 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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C0A_gRBRTB-CBRJ_z3839E1ocTn4"><div id="xdx_C08_gRBRTB-FYEQ_zXawotcucFi8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C09_gRBRTB-CBRJ_zIUVSvDtVfTj"><div id="xdx_C04_gRBRTB-FYEQ_z4bbFXA2WRxj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C0E_gRBRTB-FYEQ_zBXUoo7KvQ15"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zVWrHaDE267" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><div id="xdx_C0B_gRBRTB-FYEQ_zU2iwSvyopei"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0C_gRBRTB-FYEQ_zZVpiXVAsep5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialMarketsRegulatoryRiskMember_z9eQUp7llKih" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Markets Regulatory Risk.</b> Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.</span></p><div id="xdx_C06_gRBRTB-FYEQ_z49NifudkM37"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zuMAN6KZI6e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><div id="xdx_C04_gRBRTB-FYEQ_zKV6LOqkdwCd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zGpAZI9ZqQ83" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C08_gRBRTB-FYEQ_zJMpSkJkV7r4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zYIPFsx0EZC5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><div id="xdx_C04_gRBRTB-FYEQ_zysl1vHbeoya"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zXZ4QJu0e7C9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C0F_gRBRTB-FYEQ_zn1UC5uUWdPg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zzqoBjhEa6Pd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C0B_gRBRTB-FYEQ_z59TCgQpjxnb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zDgXd3LvLdKk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zhVLEsk3USW8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C01_gRBRTB-FYEQ_zZff4hll5GXe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zWy6hnLtwIue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C0B_gRBRTB-FYEQ_zfK0fWYNsdHj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_z8pGmb95ah52" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><div id="xdx_C01_gRBRTB-FYEQ_zUHwBUbEn8sh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zZn8paevwIi2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><div id="xdx_C05_gRBRTB-FYEQ_zSnSqqNVSc79"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zHCaCbtDWJwf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Regulatory Risk.</b> Regulatory authorities in the United States or other countries may adopt rules that restrict the ability of the Fund to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund’s ability to fully implement its investment strategies. Regulators may interpret rules differently than the Fund or the securities industry generally, and disputes over such interpretations can increase legal and/or tax expenses incurred by the Fund.</span></p><div id="xdx_C05_gRBRTB-FYEQ_zN0DO7QrZ008"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_z8GvN2epL2g9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sector Risk.</b> The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><div id="xdx_C06_gRBRTB-FYEQ_z1BELmtZ2mQg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zcFVcEUnVHWk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s or an Underlying Fund’s portfolio.</span></p><div id="xdx_C0C_gRBRTB-FYEQ_z6xpmyt4HKv1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zec83Gmdin5j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C04_gRBRTB-FYEQ_zjrt9N913jYj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zmOcyF1hvLVf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p> Performance: <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zs4PMKZrUqob" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20250827__20250827__dei--LegalEntityAxis__custom--S000089355Member_z2Gq2jRwGVi4">Because the Fund is a new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20250827__20250827__dei--LegalEntityAxis__custom--S000089355Member_zv17vjnrjFT2">1-877-771-3836</span> and on the Fund’s website at <span style="background-color: white"><span style="text-decoration: underline"><span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20250827__20250827__dei--LegalEntityAxis__custom--S000089355Member_zO95TAUKhB84">www.EventideETFs.com</span></span></span>.</span></p> Because the Fund is a new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-877-771-3836 www.EventideETFs.com The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. Estimated for the current fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Total Annual Fund Operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The management fee is structured as a “unified fee,” out of which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The Fund has changed its primary benchmark from the Bloomberg U.S. Corporate TR Index to the Bloomberg U.S. Aggregate Bond Index to comply with new regulatory requirements. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Fund’s investment advisor, Rational Advisors, Inc. (the “Advisor”), has contractually agreed to waive all or a portion of its management fee and/or reimburse certain operating expenses of the Fund to the extent necessary in order to limit the Total Annual Fund Operating Expenses (exclusive of: (i) acquired fund fees and expenses; (ii) brokerage commissions and trading costs; (iii) interest (including borrowing costs and overdraft charges); (iv) taxes; (v) short sale dividends and interest expenses; and (vi) non-routine or extraordinary expenses (such as litigation or reorganizational costs) to not more than 0.75% of the Fund’s daily net assets through August 31, 2026. This arrangement may only be terminated prior to this date with the agreement of the Fund’s Board of Trustees. Under certain conditions, the Advisor may recoup management fees that it waived or Fund expenses that it paid under this agreement for a period of up to three years from the date the fees were waived and/or expenses paid, provided such recoupment can be achieved without causing the expense ratio (after the recoupment is taken into account) to exceed (i) the expense limit in effect at the time the fees were waived or expenses paid, or (ii) the expense limit in place at the time of the recapture. The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. Estimated for the current fiscal year.