0000806633 wft:S000105769Member wft:CommunicationServicesSectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:ConsumerDiscretionarySectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:ConsumerStaplesSectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:CurrentMarketAndEconomicConditionsRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:CybersecurityRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:EnergySectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:EquitySecuritiesRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:FinancialsSectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:ForeignSecuritiesRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:GovernmentAndRegulatoryActionRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:HealthCareSectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:IndustrialsSectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:InflationRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:InformationTechnologySectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:InitialPublicOfferingsIPOsRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:LiquidityRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:ManagementRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:MarketRisksMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:MaterialsSectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:MicroCapCompanyStockRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:NewFundRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:PortfolioTurnoverRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:ProprietaryModelScreeningRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:RealEstateSectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member oef:RiskLoseMoneyMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member oef:RiskNondiversifiedStatusMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:RisksAssociatedWithETFsMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:SectorAndIndustryWeightingsRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:SmallAndMidCapitalizationCompanyStockRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:StockSelectionRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:UtilitiesSectorRiskMember 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:ValuationRiskMember 2026-07-15 2026-07-15 0000806633 2026-07-15 2026-07-15 0000806633 wft:S000105769Member 2026-07-15 2026-07-15 0000806633 wft:S000105769Member wft:C000276554Member 2026-07-15 2026-07-15 iso4217:USD pure 0000806633 false 485BPOS 2026-07-15 N-1A WASATCH FUNDS TRUST 2026-07-15 Wasatch Small/Mid Cap ETF™ — Summary Investment Objective <div style="margin-top: 4pt;">The Fund’s investment objective is long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 4pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment.) 0.0075 0.0000 0.0000 0.0075 Other Expenses are based on estimates for the current fiscal year. Example <div style="margin-top: 4pt;">The example assumes that you invested $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment had a 5% return each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 77 240 Portfolio Turnover <div style="margin-top: 4pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher portfolio turnover 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. Because the Fund is newly organized, portfolio turnover is not available.</div> Principal Strategies <div style="margin-top: 4pt;">The Fund is an active ETF that invests primarily in small- and mid-capitalization growth companies. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Under normal circumstances, we will invest at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the equity securities, typically common stock, issued by small- and mid-capitalization companies. We define small- and mid-capitalization companies as companies that, at the time of purchase, have a market capitalization within the range of companies included in the Russell 2000® Index and the Russell Midcap® Index as of their most recent reconstitution date. The market capitalizations for the range of companies in the Russell 2000 Index and the Russell Midcap Index are subject to change at its next reconstitution date. The Russell index reconstitution date is typically each year on or around July 1. As of the 2026 reconstitution date, the market capitalization of companies included in the Russell 2000 Index and the Russell Midcap Index ranged from $53 million to $88.5 billion. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">The Fund may invest up to 20% of its total assets at the time of purchase in securities issued by foreign companies (companies that are incorporated in any country outside the United States and whose securities principally trade outside the United States). Securities issued by companies incorporated outside the United States whose securities are principally traded in the United States are not defined as foreign companies and are not subject to this limitation. </div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Wasatch Advisors LP (“Wasatch” or the “Advisor”) serves as the investment adviser to the Fund, and ALPS Advisors, Inc. (“ALPS Advisors” or the “Sub-Advisor”) serves as the sub-adviser to the Fund. The Advisor is responsible for the construction of the Fund’s portfolio and the investment and reinvestment of assets of the Fund. </div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">The Advisor employs a process of “bottom-up” fundamental analysis in seeking individual companies that the Advisor believes have superior growth prospects. The Advisor’s fundamental analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. We may also screen securities using proprietary models in an effort to identify securities intended to reduce portfolio volatility relative to the Fund’s performance benchmark. Securities identified using proprietary screening models may come from companies of all market capitalizations, high growth companies, and securities priced below their intrinsic long-term value. Securities identified using proprietary screening models may come from companies across all industries if we believe they will help diversify the portfolio and reduce relative portfolio risk. The Advisor may sell a security when the Advisor believes the rationale to buy the security is no longer valid, the security is considered overpriced or a better investment opportunity is identified. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">ALPS Advisors serves as a sub-adviser to the Fund. As the Sub-Advisor, ALPS Advisors will coordinate the investment and reinvestment of the assets of the Fund in accordance with the terms of the sub-advisory agreement and subject to the direction and supervision of the Advisor and Board of the Fund. In this regard, ALPS Advisors is responsible for, among other things, handling the day-to-day management of the Fund’s trading process (including the creation and/or redemption basket processing). ALPS Advisors does not select investments for the Fund. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Over time, the Fund may invest a significant portion of its assets (greater than 5%) in a few sectors, including communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. To the extent the Fund invests a significant portion of its assets in a given investment sector, industry or group of industries, the Fund may be exposed to the risks associated with that investment sector, industry or group of industries. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in the securities of a small number of issuers than a diversified fund. </div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;">The Fund may invest in initial public offerings (IPOs).</div> Under normal circumstances, we will invest at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the equity securities, typically common stock, issued by small- and mid-capitalization companies. We define small- and mid-capitalization companies as companies that, at the time of purchase, have a market capitalization within the range of companies included in the Russell 2000® Index and the Russell Midcap® Index as of their most recent reconstitution date. The market capitalizations for the range of companies in the Russell 2000 Index and the Russell Midcap Index are subject to change at its next reconstitution date. The Russell index reconstitution date is typically each year on or around July 1. As of the 2026reconstitution date, the market capitalization of companies included in the Russell 2000 Index and the Russell Midcap Index ranged from $53 million to $88.5 billion. Over time, the Fund may invest a significant portion of its assets (greater than 5%) in a few sectors, including communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. To the extent the Fund invests a significant portion of its assets in a given investment sector, industry or group of industries, the Fund may be exposed to the risks associated with that investment sector, industry or group of industries. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Market Risk. Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults or shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other measures, and the spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events also could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares and result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the shares may widen and the returns on investments may fluctuate.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Current Market and Economic Conditions Risk. Current market and economic conditions risk is the risk that a particular investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates, however, the Federal Reserve has begun to lower interest rates but future actions are uncertain. U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. Potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial </div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">The change in administration resulting from the 2024 United States national election has and may continue to have significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among the United States, Israel, Iran, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The continuing conflicts and their escalation could negatively impact other regional and global economic markets of the world, companies in such countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. Accordingly, the hostilities and sanctions resulting from these hostilities may have a negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund may have to issuers of such countries or those of adjoining geographic regions. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs and other matters. Such actions could lead to price volatility and overall decline in U.S. and global investment markets. It is difficult to predict the outcome and impact of any trade negotiations. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">In addition, a public health crisis and ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cybersecurity breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. Further, the interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could result in disruptions in the trading markets.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Stock Selection Risk. The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not in general decline. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than other types of securities, or they may be illiquid. Some securities exchanges or trading markets may also be less liquid or illiquid due to low trading volume. It may be difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, market quotations for such securities may be volatile and thus affect the daily NAV of the Fund. </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">In addition, equity securities include common stock. Common stock holds the lowest priority in the capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing company. The common stock of a company that experiences financial distress may lose significant value or become worthless, and therefore the Fund could lose money if a company in which it invests becomes financially distressed.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that the Fund will meet its investment objectives or produce the desired result.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Proprietary Model Screening Risk. The Fund’s portfolio managers may use proprietary screening models to help construct the Fund’s portfolio. Models and screens may be incorrect, incomplete, or based on assumptions that do not hold in all market environments. The process may emphasize factors that underperform for prolonged periods, may be adversely impacted by data errors or stale inputs, and may fail to identify risks that would be apparent through fundamental analysis. To the extent that the model is based upon incorrect or incomplete data, the Fund could be induced to buy certain investments at prices that are too high, to sell certain other investments at prices that are too low or to miss favorable opportunities altogether. Any of these factors could cause the Fund to underperform funds with similar strategies that do not rely on quantitative analysis for portfolio construction.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Equity Securities Risk. Equity securities represent ownership in a company. They may be traded (bought or sold) on a securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value of equity securities may decline due to, among other things, general market conditions not specifically related to a company or industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable than other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing company. The common stock of a company that experiences financial distress may lose significant value or become worthless, and, therefore, the Fund could lose money if a company in which it invests becomes financially distressed. </div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Risks Associated with ETFs. The Fund is an ETF, and therefore, as a result of an ETF’s structure, is subject to the following risks:</div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;">Active Market Risk. Although the shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”), there can be no assurance that an active trading market for the shares will develop or be maintained. Shares trade on the Exchange at market prices that may be below, at or above the Fund’s NAV. Securities, including the shares, are subject to market fluctuations and liquidity constraints that may be caused by such factors as economic, political, or regulatory developments, changes in interest rates, and/or perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments.</div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;">Authorized Participant Concentration Risk. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that these institutions exit the business or are unable to proceed with orders for the issuance or redemption of Creation Units and no other authorized participant is able to step forward to create or redeem, in either of these cases, shares of the Fund may trade at a discount to the Fund’s NAV and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus the price at which someone is willing to sell) on the Fund’s shares may widen.</div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;">Market Maker Risk. If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of the Fund’s shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s NAV and the price at which the shares are trading on the Exchange, which could result in a decrease in value of the shares. In addition, decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in shares trading at a discount to NAV and also in greater than normal intra-day bid-ask spreads for the Fund’s shares.</div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;">Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. These errors or failures may adversely affect the </div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;">Fund’s operations, including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions. The Fund relies on third-parties for a range of services, including custody, valuation, administration, transfer services, among many others. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. The Fund, Advisor and Sub-Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;">Premium/Discount Risk. The NAV of the Fund’s shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for shares of the Fund on the Exchange. The Fund cannot predict whether shares will trade below (discount), at or above (premium) its NAV because the Fund’s shares trade on the Exchange at market prices and not NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related to, but not identical to, the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that the shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Fund’s investment adviser believes that large discounts or premiums to the NAV of shares should not be sustained. During stressed market conditions, however, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their NAV and the bid/ask on the Fund’s shares may widen.</div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;">Trading Issues Risk. Although the shares of the Fund are listed for trading on the Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in Fund 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. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Exchange “circuit breaker” rules. Market makers are under no obligation to make a market in shares, and authorized participants are not obligated to submit purchase or redemption orders for Creation Units. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Government and Regulatory Action Risk. The risk that governments or regulatory authorities may take actions that could adversely affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment objective.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">New Fund Risk. The Fund is new and currently has fewer assets than larger funds, and like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time and, in turn, the Fund’s returns. This impact may be positive or negative, depending on the direction of market movement during the period affected. Additionally, because the Fund has fewer assets than larger funds over which to spread its fixed costs, its expense levels on a percentage basis will be higher than that of a larger Fund. During the Fund’s initial invest-up period and during periods of high in-flows and out-flows, the Fund may not be fully invested pursuant to the principal investment strategy.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Liquidity Risk. From time to time, the trading market for a particular security or securities or a type of security in which the Fund invests may become less liquid or even illiquid, particularly with respect to foreign-market securities, IPOs and early stage companies. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. Market price quotations for such securities may be volatile.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Small- and Mid-Capitalization Company Stock Risk. Small- and mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. In particular, the issuers of these stocks have more narrow markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of these companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited. In addition, it is more difficult to get information on smaller companies, which tend to be less known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Sector and Industry Weightings Risk. To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Communication Services Sector Risk. The communication services sector includes diversified telecommunication services companies, wireless telecommunication services companies, and media and entertainment companies. The communication services sector is subject to government regulation and can be significantly affected by intense competition and technology changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government regulation, and changing consumer preferences.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Consumer Discretionary Sector Risk. The consumer discretionary sector includes companies in industries such as consumer services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Consumer Staples Sector Risk. The consumer staples sector includes companies in the consumer staples distribution and retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to government regulations that may affect the permissibility of using various food additives and production methods. Tobacco companies may be adversely affected by regulation, legislation and/or litigation.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Energy Sector Risk. The energy sector includes companies in the energy equipment and services, and oil, gas and consumable fuels industries. The value of companies in these industries is particularly vulnerable to developments in the energy sector, which may include swift fluctuations in the price and supply of energy fuels caused by events relating to international politics, energy conservation initiatives, the success of exploration projects, the supply of, and demand for, specific energy-related products or services, and tax and other governmental regulatory policies. Oil and gas companies develop and produce crude oil and natural gas and provide related resources such as production- and distribution-related services. Stock prices for oil and gas companies in particular are affected by supply and demand both for companies’ specific products or services and for energy products in general. The performance of these companies will likewise be affected by the price of oil and gas, exploration and production spending, government regulation, world events and economic conditions. Weak demand for energy companies’ products or services or for energy products and services in general, as well as negative developments in these other areas, would adversely impact the energy stocks in which the Fund invests and the Fund’s performance. Oil and gas exploration and production companies can be significantly affected by natural and man-made disasters as well as changes in currency exchange rates, interest rates, government regulation, world events and economic conditions, and the companies may be at risk for environmental damage claims.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Financials Sector Risk. The financials sector includes companies in the banks, financial services, and insurance industry groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to severe price competition. Competition is high among banking companies and failure to maintain or increase market share may result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the overall value of investments. The insurance industry may be affected by extensive government regulation and can be significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental clean-up.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Health Care Sector Risk. The health care sector includes companies in the health care equipment and services, and pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also subject to significant government regulation and may be affected by changes in government policies. Companies in the pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to extensive litigation based on product liability and other similar claims. Many new products are subject to government approval and the process of obtaining government approval can be long and costly, and even approved products are susceptible to obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may lead to price reductions.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Industrials Sector Risk. The industrials sector includes companies in the capital goods, commercial and professional services and transportation industry groups, including companies engaged in the business of human capital management, business research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be significantly affected by general economic trends, including such factors as employment and economic growth, interest rate changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, on government demand for their products and services. The financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Information Technology Sector Risk. The information technology sector includes companies in the software and services, technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries in the information technology sector.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Materials Sector Risk. The materials sector includes companies in the chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products industries. Changes in world events, political, environmental and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in currency exchange rates, imposition of import and export controls, increased competition, and labor relations may adversely affect companies engaged in the production and distribution of materials. Other risks may include liabilities for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. Companies in the chemicals industry may be subject to risks associated with the production, handling and disposal of hazardous components. Metals and mining companies could be affected by supply and demand, operational costs, and liabilities for environmental damage.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Real Estate Sector Risk. The real estate sector includes companies involved in real estate management and development and issuers of equity real estate investment trusts (REITs). Securities of companies in the real estate sector may be adversely affected by, among other things, rental income fluctuation, depreciation, property tax value changes, differences in real estate market values, overbuilding and extended vacancies, increased competition, costs of materials, operating expenses or zoning laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers and tenants.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Utilities Sector Risk. The utilities sector includes electric utilities, gas utilities, water utilities, multi-utilities (electric, gas and water), and independent power and renewable electricity producers. Companies in the utilities sector are affected by supply and demand, consumer incentives, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility company stocks may have an inverse relationship to the movement of interest rates. Also, certain utility companies have experienced full or partial deregulation in recent years, which may permit them to diversify outside of their original geographic regions and their traditional lines of business. Conversely, companies that remain heavily regulated may be at a competitive disadvantage, making them less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable and may have an adverse impact on profitability. Utility companies are subject to the high cost of borrowing to finance capital construction during inflationary periods, restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations, and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those related to the construction and operation of nuclear power plants, the effects of energy conservation, and the effects of regulatory changes.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Portfolio Turnover Risk. The Fund will engage in active trading, which may result in a turnover of the Fund’s portfolio to be greater than 100% annually. The Fund’s strategy may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Frequent portfolio turnover may negatively affect the Fund’s performance.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Cybersecurity Risk. The Fund is susceptible to information security and related risks. Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer data corruption, or lose operational functionality, any of which could result in material adverse effect on the Fund and its shareholders. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cybersecurity breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. Further, errors, misconduct, or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks. Similar incidents affecting issuers of the Fund’s portfolio companies may negatively impact performance. The Fund also relies on a range of services from third-party service provider including its administrator, custodian, transfer agent, or sub-adviser, as applicable, among other third-party service providers. The service providers are also subject to the same risks associated with cybersecurity breaches. Any delay or failure in the services provided to the Fund may negatively affect the Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce cybersecurity risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity systems of issuers or third-party service providers. Cybersecurity incidents may also trigger Fund obligations under data privacy laws, potentially increasing notification and compliance burdens. Cybersecurity incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the Fund.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Inflation Risk. Inflation risk is the risk that the value of the Fund’s assets or income from investments held by the Fund will be less in the future since inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets can decline as can the value of the Fund’s distributions.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Micro Cap Company Stock Risk. Micro cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro cap companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Valuation Risk. The Fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at any time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.</div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;">Initial Public Offerings (IPOs) Risk. The Fund may invest a significant portion of its assets in IPOs from time to time, and investing in IPOs is therefore considered a principal risk of the Fund. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. Shares purchased in IPOs may be difficult to sell at a time or price that is desirable. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.</div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;">Foreign Securities Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Investments in foreign securities may involve higher costs than investments in U.S. securities. Further, foreign securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies incorporated outside the United States but whose securities are principally traded in the United States are still subject to many of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer of Fund assets, the degree of market regulation, settlement practices, transaction costs, the potential for permanent or temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund’s holdings. Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, possible imposition of withholding taxes on dividend income and trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</div> Historical Performance <div style="margin-top: 4pt;">Ordinarily, this section of the prospectus contains information that would allow you to evaluate the Fund’s performance using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual total returns before and after taxes compared to a relevant benchmark. However, the Fund has not yet commenced operations and as such does not have a full calendar year of performance.</div> However, the Fund has not yet commenced operations and as such does not have a full calendar year of performance. Other Expenses are based on estimates for the current fiscal year.