Investment results that, before fees and expenses, track the total return performance of the iSTOXX Ang Research Enhanced U.S. Large Cap Index.

The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the fee table or example below.

This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. 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. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund's performance. Because the Fund is new, no portfolio turnover information has been provided.

The Fund seeks to provide investment results that, before fees and expenses, track the total return performance of the iSTOXX Ang Research Enhanced U.S. Large Cap Index (the "Underlying Index"), which is a rules-based equity index provided by STOXX Ltd. (the "Index Provider" or "STOXX"). The Fund uses a "passive" or indexing approach to try to achieve its investment objective. The Fund invests at least 80% of its total assets in the component securities of the Underlying Index. This 80% investment policy is non-fundamental and may be changed upon 60 days' prior written notice to shareholders.

The Underlying Index constituents are selected from the STOXX US Universal Index (the "Parent Index") and weighted using an optimization process that considers multiple investment factors (the "Factors") including Momentum, Quality, Cyclical Value and Enhanced Value. Each factor incorporates multiple underlying quantitative signals (the "Signals") designed to capture distinct characteristics associated with that Factor. The optimization process seeks to balance exposure to the Factors while managing overall portfolio characteristics such as risk, turnover, and diversification.

The Underlying Index also incorporates a proprietary factor weighting and timing framework that may adjust the relative emphasis on one or more Factors over time. This framework is designed to tilt exposure to a Factor that, based on quantitative measures, is believed to be better positioned relative to others under prevailing market conditions.

The Momentum Factor will be composed of scores assigned on the values of the following Signals: Price Medium Term Momentum, Low Short Interest, Hedge Fund Holdings, Idiosyncratic Medium Term Momentum, Analyst Revisions, and Economic Profit Momentum.

The Quality Factor will be composed of scores assigned on the values of the following Signals: Cash Flow to Assets, Return on Assets, Return on Equity, Sales to Assets, Sales to Enterprise Value, Gross Profits to Assets and Operating Accruals to Assets.

The Cyclical Value Factor will be composed of scores assigned on the values of the following Signals: Book-to-Price and Earnings Yield.

The Enhanced Value Factor incorporates the following Signals: Economic Profit Yield, Intangible Asset Ratio and Free Cash Flow Yield.

The Underlying Index and Parent Index are sponsored by STOXX, which is independent of the Trust and SIMC. The Index Provider determines the composition, including the Factors and Signals, and relative weightings of the securities in the Underlying Index and Parent Index and publishes information regarding the market value of the Underlying Index and Parent Index. From time to time, the Index Provider may make methodological changes to the Underlying Index, including but not limited to the Factors and Signals used, which may affect the Fund's investment strategy or performance. The Underlying Index is generally reviewed and rebalanced by STOXX on a quarterly basis in accordance with the index methodology. Because the Underlying Index uses an optimization process, dynamic factor weighting, and multiple constraints, its performance may differ from that of the Parent Index and from other factor-based indexes.

SIMC uses an index replication approach to try to achieve the Fund's investment objective. The Fund generally will attempt to invest in securities composing the Underlying Index in approximately the same proportions as they are represented in the Underlying Index. Unlike many investment companies that

attempt to outperform a benchmark, the Fund does not try to "beat" the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued.

The Fund's investment performance will depend on the tracking of the Underlying Index and the performance of the Underlying Index. The Fund's ability to track the performance of the Underlying Index will be affected by the size and timing of cash flows into and out of the Fund and the Fund's fees and expenses and it may not be possible or practicable to purchase all of the securities composing the Underlying Index or to hold them in the same weightings as they are represented in the Underlying Index. In those cases, the Fund may employ an index optimization technique to replicate the Underlying Index. To the extent the Fund uses an index optimization technique to replicate the Underlying Index, it would hold a significant number of the constituent securities of the Underlying Index, but may not track the Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire Underlying Index. Even when the Fund is utilizing an index optimization technique to replicate the Underlying Index, it must invest at least 80% of its Assets in securities included in the Underlying Index. In seeking to track the performance of the Underlying Index, the Fund may invest in the following securities, not all of which may be constituents of the Underlying Index: common stocks, preferred stocks, depositary receipts, rights, warrants, ETFs, real estate investment trusts (REITs), and futures contracts. The Fund may use ETFs or futures contracts in lieu of investing directly in the securities making up the Underlying Index to obtain exposure to the equity markets, including during high volume periods of activity in the Fund, and may invest in certain fixed income instruments, such as Treasury bills, to serve as margin or collateral for such futures positions. The Fund may sell securities that are represented in the Underlying Index or purchase securities that are not represented in the Underlying Index, prior to or after their removal or addition to the Index.

The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

As of the date of the Prospectus, the Fund has not commenced operations and therefore has no performance information to report.

Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes.

Momentum Securities Risk. Stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole.

Quantitative Investing Risk. Due to the significant role technology plays in quantitative strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. Utility interruptions or other key systems outages also can impair the performance of quantitative investment strategies.

Market Risk. The market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The Fund's market price may deviate from the value of the Fund's underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the Fund shares bought or sold. This can be reflected as a spread between the bid and ask prices for the Fund quoted during the day or a premium or discount in the closing price from the Fund's NAV.

Medium Capitalization Risk. The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

Derivatives Risk. The Fund's use of futures contracts is subject to leverage risk, correlation risk, liquidity risk and market risk. Market risk is described above, and leverage risk and liquidity risk are described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

Issuer Risk. The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the Fund to decline.

Management Risk. SIMC 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.

New Fund Risk. The Fund is a new fund, with a limited operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.

Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund, SIMC, the Fund's distributor, and other service providers, market makers, APs or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund's business operations and/or potentially result in financial losses to the Fund and its shareholders.

Index Licensing Risk. It is possible that the index license, to which an affiliate of SIMC is the licensee and under which the Adviser or the Fund is permitted to use the index, will be terminated or may be disputed, impaired or cease to remain in effect. In such a case, the Adviser may be required to replace the index with another index which it considers to be appropriate in light of the investment strategy of the Fund. The use of any such substitute index may have an adverse impact on the Fund's performance. In the event that the Adviser is unable to identify a suitable replacement for the index, it may determine to terminate the Fund.

Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.