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TIDAL TRUST IV
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EMERGING
MARKETS AI MAG 3 ETF - FUND SUMMARY
Investment Objective
<p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z9mZLOtfxqi3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging Markets AI Mag 3 ETF seeks
long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees and Expenses of the Fund
<p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zhwMlk0jJZI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <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></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zYE2JVt88BEk"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zI94UTbphVgb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="vertical-align: bottom">
<td id="xdx_986_eoef--OperatingExpensesCaption_c20260821__20260821__dei--LegalEntityAxis__custom--S000108043Member_zFpM7jYXMSGe" style="border-bottom: black 1pt solid; width: 90%; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund
Operating Expenses<sup id="xdx_F66_z5GxSfTaF3m3">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)
</span></td>
<td id="xdx_492_20260821__20260821__oef--ClassAxis__custom--C000279018Member_zGVmMaV3SiO9" style="border-bottom: black 1pt solid; width: 10%; text-align: justify"><span style="font-size: 10pt"> </span></td></tr>
<tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zZambgLZYxXj" style="vertical-align: bottom">
<td style="text-align: justify"><span style="font-size: 10pt">Management Fee </span></td>
<td style="text-align: right"><span style="font-size: 10pt">0.76%</span></td></tr>
<tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zeVu9q8OuXEc" style="vertical-align: bottom">
<td style="text-align: justify"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td>
<td style="text-align: right"><span style="font-size: 10pt">None </span></td></tr>
<tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zefMZZ2y55q1" style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4A_zVnuZFiew58k">(2)</sup>
</span></td>
<td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">0.00% </span></td></tr>
<tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zBxyR1zyxfB5" style="vertical-align: bottom">
<td style="text-align: justify"><span style="font-size: 10pt">Total Annual Fund Operating Expenses </span></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">0.76%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td> </td>
<td> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F05_zwpEXMjyvsje">(1)</sup> </span></td>
<td style="text-align: justify"><span id="xdx_F1F_za5S4CH11RI6" style="font-size: 10pt">Under the Fund’s investment advisory agreement, in exchange
for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses incurred by the
Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short,
taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other
investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid
by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940
Act”), and litigation expenses, and other non-routine or extraordinary expenses. </span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F03_z65UHVDd3rdk">(2)</sup> </span></td>
<td style="text-align: justify"><span id="xdx_F1A_zUMGq3aTPg35" style="font-size: 10pt"><span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20260821__20260821__dei--LegalEntityAxis__custom--S000108043Member_zYRFLzBdRED5">Estimated for the current year.</span> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Annual Fund
Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)
0.0076
0
0.0000
0.0076
Estimated for the current year.
<p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zcx9ZQpWAZmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare
the cost of investing in 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 hold or redeem 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 Example does
not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVXInwfMxe0i"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z4C8lTWzfPGf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: top">
<td id="xdx_488_eoef--ExpenseExampleYear01_zjUq4B1Dsk2g" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td>
<td id="xdx_489_eoef--ExpenseExampleYear03_zNZuV7EYJ3w" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr>
<tr id="xdx_410_20260821__20260821__oef--ClassAxis__custom--C000279018Member_z8Qsx6vW1M25" style="vertical-align: top">
<td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$78</span></td>
<td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$243</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
78
243
Portfolio Turnover
<p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zqDIEURHcAKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance.
Because the Fund is newly organized, portfolio turnover information is not yet available.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Principal Investment Strategies
<p id="xdx_A80_eoef--StrategyNarrativeTextBlock_z6GVIu51XQw8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange-traded
fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities of the three
largest companies by market capitalization (the “Mag 3”) and in derivative instruments, including swap agreements
and forward contracts, on such Mag 3, that are located in, or economically tied, to emerging market countries and derive significant
business exposure from artificial intelligence (“AI”)-related activities. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s investment strategy focuses
on companies within the semiconductor and computing segment of the AI ecosystem, which the Sub-Adviser believes provides the foundational
hardware and processing capabilities necessary to power AI infrastructure, AI models, and AI-enabled applications. The Fund intends
to invest in a concentrated portfolio consisting of a limited number of issuers that the Sub-Adviser believes are strategically
positioned to benefit from increasing demand for AI-related computing and processing capacity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--StrategyPortfolioConcentration_c20260821__20260821__dei--LegalEntityAxis__custom--S000108043Member_zbGxbAHHDpf2">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies</span>
that are both:</p>
<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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 48px"><span style="font-size: 10pt">(i)</span></td>
<td style="text-align: justify"><span style="font-size: 10pt">located in emerging market countries or are economically tied
to emerging market countries; and</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 48px"><span style="font-size: 10pt">(ii)</span></td>
<td style="text-align: justify"><span style="font-size: 10pt">materially engage in the design, manufacture, packaging, testing,
or supply of AI-related semiconductors, memory chips, processors, graphics processing units ("GPUs"), semiconductor
equipment, advanced materials, and related hardware technologies that support the development, deployment, and operation of
AI technologies and applications (“Emerging Markets AI Companies”).</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 461.5pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 461.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the Fund’s 80% policy,
derivative instruments are valued at their notional value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company is considered economically
tied to an emerging market country if it is organized in, has its principal place of business in, has principal trading activity
in, or derives at least 50% of its revenues, profits, assets, or business activities from emerging market countries (as described
more below). A company is considered economically tied to AI-related semiconductor and computing activities if it derives significant
revenues, profits, assets, or business activities from semiconductor, computing, or related hardware technologies that the Sub-Adviser
believes are critical to the infrastructure, processing capacity, or computational requirements necessary for the development,
deployment, or operation of artificial intelligence technologies and applications. A company is considered economically tied to
AI-related activities if: (i) an independent third-party data provider (e.g., Bloomberg BICS or GICS) classifies the company under
a sub-industry principally associated with AI-related infrastructure, hardware, or software (e.g., Semiconductors, Semiconductor
Materials & Equipment, Technology Hardware, Storage & Peripherals). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will concentrate its investment
exposure (i.e., more than 25% of its total assets) in the information technology industry or groups of industries related to information
technology, including the semiconductor industry.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund expects to maintain significant
exposure to companies located in, or economically tied, to emerging market countries, including countries in South Korea, Taiwan,
China, India, Brazil, Indonesia, Chile, Czech Republic, Egypt, Greece, Hungary, Kuwait, Malaysia, Mexico, Philippines, Poland,
Qatar, Saudi Arabia, South Africa, Thailand, Turkey, and United Arab Emirate. (“Emerging Markets”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating potential investments,
the Sub-Adviser may consider a combination of quantitative, qualitative, and thematic factors, including a company’s
participation in AI-related industries, revenue exposure to AI infrastructure or applications, research and development intensity,
strategic positioning within the AI ecosystem, competitive advantages, expected growth potential, valuation, liquidity, and broader
macroeconomic and geopolitical considerations. In implementing the Fund’s investment strategy, the Sub-Adviser (i) first
determines, using the quantitative, qualitative, and thematic factors described here, which companies qualify as “Emerging
Markets AI Companies” eligible for inclusion in the Fund’s portfolio (i.e., constructing the eligible universe) and
(ii) then invests in the three largest companies by market capitalization from within that eligible universe. The Sub-Adviser
exercises discretion to sell a portfolio holding prior to the next scheduled review date when the Sub-Adviser determines that
the company no longer meets the Fund’s thematic criteria, exhibits deteriorating fundamentals, faces adverse regulatory
or competitive developments, reaches the Sub-Adviser’s valuation target, or when the Sub-Adviser identifies more attractive
investment opportunities, irrespective of whether that holdings remains among the three largest by market capitalization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in the equity securities of companies of
any market capitalization and may invest in common stocks, depositary receipts (including ADRs and GDRs), preferred stocks, convertible
securities, and other equity-related instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have significant exposure
to sectors and industries associated with AI development and adoption, including information technology, communications services,
industrials, utilities, energy and consumer discretionary sectors. Because the Fund is thematic and non-diversified, it will invest a
significant portion of its assets in a limited number of issuers, countries, and industries. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in Chinese issuers,
including A-shares, Hong Kong-listed securities, and variable interest entity (“VIE”) structures, to the extent permitted by
applicable law and the Fund’s investment policies. VIE structures are offshore holding company arrangements which allow
Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors on exchanges outside
of China. The Fund may also invest in frontier markets securities. “Frontier Markets” are markets in
countries that are less economically developed than traditional emerging market countries and that generally have smaller, less
liquid, and less mature securities markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will invest in U.S. government
securities, including U.S. Treasury bills, notes, and bonds, which will serve as collateral for the Fund’s derivatives holdings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Sub-Adviser reviews
the Fund’s holdings for continued eligibility on a quarterly basis, at which time the Fund’s holdings are reset to
the three largest eligible issuers by market capitalization. In the event two or more companies are tied (or are within a de minimis
band, i.e., market capitalizations within 1% of one another) for the third position, the Fund will select the issuer with the
greater three-month average daily trading volume as a secondary, objective tie-breaking criterion, and if a tie persists, the
issuer whose common stock has the longer trading history on its primary exchange. Between quarterly reviews, the Fund may hold
fewer than three issuers only temporarily (for example, in connection with a corporate event, delisting, or liquidity constraint
affecting a current holding) and will not add a fourth issuer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this Prospectus,
the Fund currently intends to invest in or seek exposure to the following companies:(1) Taiwan Semiconductor Manufacturing Company
Limited; (2) Samsung Electronics Co., Ltd.; and (3) SK Hynix Inc. Should the Sub-Adviser determine that a different equity security
would more appropriately serve the Fund in the future, this Prospectus will be updated to reflect such change.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund.
<p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_z6rWnx1d2d8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Market Risk. </b>Common stocks
are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common
stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s
portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors
that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.
Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred
stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zkhvF0eOnyU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Artificial Intelligence Risk. </b>Issuers
engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability
can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products
and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be
adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes
that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety
of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult
to accurately capture what qualifies as an artificial intelligence company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRisksMember_zLFzrrPoAqi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sector Risks. </b>To the extent
the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly
affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance
of the Fund could be negatively impacted by events affecting each of these sectors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zJzucm7iyCsl"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Information Technology Sector Risk. </b>The information
technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals,
electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other things. 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 rapid product obsolescence due to technological developments and
frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel.
Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance for their
products could have a material adverse effect on a company’s business. Companies in the information technology sector
are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect
the profitability of these companies.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRiskMember_z3CmGMuRxvni"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Semiconductors and Semiconductor Equipment Industry Risk.
</b>Semiconductor companies may face intense competition, both domestically and internationally, and such competition may
have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial
resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials
that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may
rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools.
Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose
unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of
resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter
cybersecurity or other issues that can disrupt production or increase production costs.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zqtHuZfejgXf"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Consumer Discretionary Sector Risk. </b>The consumer
discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition,
consumers’ disposable income, consumer preferences, social trends and marketing campaigns.</span></td></tr>
</table>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_zuqLRwfl52oe"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Utilities Sector Risk. </b>Utility companies are affected
by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage
and general civil liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate
in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily occur only
following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company's
earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends
when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship to the movement
of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility
companies are frequently more similar to industrial companies in that they are subject to greater competition and have been
permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business.
These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some
companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters,
terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete
and negatively impact profitability.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_ziDlHEEOVrXe"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Energy Sector Risk. </b>Energy companies may be adversely
affected by fluctuations in energy prices, supply and demand, commodity markets, geopolitical events, regulatory developments,
environmental considerations, and capital spending requirements. Energy infrastructure and power-generation companies may
require substantial ongoing investment and may be subject to operational, permitting, and financing risks.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationsServicesSectorRiskMember_zqtiyuaefzXd"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Communications Services Sector Risk. </b>Companies in
the Communications Services Sector are subject to extensive government regulation. The costs of complying with governmental
regulations, delays or failure to receive required regulatory approvals, or the enactment of new adverse regulatory requirements
may adversely affect the business of such companies. Companies in the Communications Services Sector also can be significantly
affected by intense competition, including competition with alternative technologies such as wireless communications (including
with 5G and other technologies), product compatibility, consumer preferences, rapid product obsolescence, and research and
development of new products. Technological innovations may make the products and services of such companies obsolete. Media
content creation carries risks of changing consumer tastes and running afoul of regulatory content guidelines, which could
result in large fines or the loss of regulatory licenses. Media companies collect significant amounts of personal consumer
data and are at risk of data breaches and fines for the unauthorized and unplanned public release of sensitive consumer data.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zipl7R5aviS2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Industrials Sector Risk. </b>Companies in the Industrials
Sector can be significantly affected by supply and demand for specific products or services and for Industrials Sector products
in general; a decline in demand for products due to rapid technological developments and frequent new product introduction;
government regulation, world events and economic conditions; and the risks associated with potential environmental damage
and product liability claims.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zFtqJEUrCdHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk. </b>Investments
in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in
non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability.
There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to
different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial
condition or credit rating of foreign issuers may also adversely affect the value of the Fund’s securities. Investments
in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial,
and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce
legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value
of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the
Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities
may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition
of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially
less liquid than other types of investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zk9W7nwrDl0f"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Emerging Markets Risk.</b> Investments in securities and
instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve
additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities
and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower
trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv) governmental controls on foreign
investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and
financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities
or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may
impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price
for Shares to decline in value. </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierMarketsRiskMember_zrGULK2Q9iTa"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Frontier Markets Risk.</b> Frontier market countries generally
have smaller economies and even less developed capital markets than typical emerging market countries (which themselves have
increased investment risk relative to more developed market countries) and, as a result, the Fund’s exposure to risks
associated with investing in emerging market countries are magnified when the Fund invests in frontier market countries. The
increased risks include: the potential for extreme price volatility and illiquidity in frontier market countries; government
ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed adjustments
in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market
countries trade; and the relatively new and unsettled securities laws in many frontier market countries. In addition, frontier
market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social,
political and economic conditions. Many frontier market countries are heavily dependent on international trade, which makes
them more sensitive to world commodity prices and economic downturns and other conditions in other countries. Some frontier
market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation
or rapid changes in inflation rates and may have hostile relations with other countries. Securities issued by foreign governments
or companies in frontier market countries are even more likely than emerging markets securities to have greater exposure to
the risks of investing in foreign securities.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRisksMember_zhIVsMzf6le4"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Depositary Receipt Risks.</b> Depositary receipts involve
risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts
listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains
that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary
receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary
receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored
depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in
the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation
between such information and the value of the depositary receipts. </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_z2hULxaoDAO2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Currency Exchange Rate Risk</b>. The Fund’s assets
may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure
to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value
of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can change
quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and
you may lose money.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaInvestingRisksMember_zO3BQm1DedKk"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>China Investing Risks.</b> The Chinese economy is generally
considered an emerging market and can be significantly affected by economic and political conditions and policy in China and
surrounding Asian countries. A relatively small number of Chinese companies represent a large portion of China’s total
market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of
China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement,
wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Prior
to August 2022, the Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors of U.S. public
companies, had warned that it lacked the ability to inspect audit work and practices of PCAOB-registered accounting firms
in China and Hong Kong. In August 2022, the PCOAB secured its ability, through a formal agreement with Chinese authorities,
to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited
ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial
records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in
such companies. Under China’s political and economic system, the central government has historically exercised substantial
control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese
government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese
government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun
the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized. In
addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other
developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests.
International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations,
trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large
segments of China’s export industry with a potentially severe negative impact to the Fund. From time to time and as
recently as January 2020, China has experienced outbreaks of infectious illnesses, and the country may be subject to other
public health threats or similar issues in the future. Any spread of an infectious illness, public health threat or similar
issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and
generally have a significant impact on the Chinese economy. </span></td></tr>
</table>
<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--ChinaASharesInvestmentRiskMember_zBLgXbOOLEg3" 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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">o</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>China A-Shares Investment Risk.</b> The liquidity of the
A-shares market and trading prices of A-shares could be more severely affected than the liquidity and trading prices of other
markets because the Chinese government restricts the flow of capital into and out of the A-shares market. The Fund may experience
losses due to illiquidity of the Chinese securities markets or delay or disruption in execution or settlement of trades. The
Fund’s investments in A-shares may become subject to frequent and widespread trading halts. In addition, trading through
Stock Connect, which is a securities trading and clearing link between the mainland China stock exchanges and the Hong Kong
stock exchange, is subject to a number of restrictions that may affect the Fund’s investments and returns. For example,
trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases on any particular day,
which may restrict or preclude the Fund’s ability to invest in China A-shares through Stock Connect.</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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">o</span></td>
<td style="text-align: justify"><span style="font-size: 10pt">In addition, investments made through Stock Connect are subject
to trading, clearance and settlement procedures that are relatively untested, which could pose risks to the Fund. Moreover,
China A-shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred other than through
Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application of the home market’s
laws and rules applicable to investors in China A-shares. Therefore, the Fund’s investments in China A-shares purchased
through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions.
While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments
in China A-shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax
liabilities for the Fund. Stock Connect only operates on days when the Chinese and Hong Kong stock markets are each open for
trading and when banks in each market are open on the corresponding settlement days. The Fund may purchase and sell A-shares
through Stock Connect only on days when Stock Connect and U.S. markets are open for trading. Therefore, if it is a normal
trading day for the Chinese market but Hong Kong and/or U.S. markets are closed, the Fund will not be able to trade any A-shares.
The Fund may be subject to the risk of price fluctuations in A-shares on such days. The Fund is also subject to the risk that
it will not be able to buy or sell A-shares in a timely manner on days when the U.S. markets are open but Stock Connect is
not. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program’s
continued existence or whether future developments regarding the program may restrict or adversely affect the Fund’s
investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China,
and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect
are uncertain, and they may have a detrimental effect on the Fund’s investments and returns.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p>
<p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEquityInvestmentRiskMember_zGuvGKLhI7I7" 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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">o</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Variable Interest Equity
Investment Risk.</b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges,
many Chinese-based operating companies are structured as VIEs. In this structure, the Chinese-based operating company
is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists
on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in
which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has
no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s
financial statements with its own for accounting purposes and provide for economic exposure to the performance of the
underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have
exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based
operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements
with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating
company may engage in activities that negatively impact investment value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the VIE structure has
been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government
could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the
listed shell company by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors
in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If
the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and
regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to
penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed
shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in
the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating
documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into
contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally
binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company
to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund’s
investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited
use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government
will not place similar restrictions on other industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z9QRKqQ3Pj76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk. </b>Derivatives are
financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including
ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than,
those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect
correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability,
counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives
may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may
be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving
its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose
the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are
subject to the following risks:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zps1HfF6szEc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Swap Agreements. </b>The use of swap transactions is a highly
specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio
securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends
on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and
to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs associated with
using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements in which the Fund
invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives
instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return)
earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return
to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value
of a particular dollar amount invested in a basket of securities.</span></td></tr>
</table>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractsMember_zGoAR8CG6hoc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Forward Contracts. </b>A forward contract
is a negotiated agreement between two parties to buy or sell an asset, reference instrument, or other financial exposure at
a specified price on a specified future date. Forward contracts may be used to obtain or manage exposure to particular securities,
markets, sectors, countries, indices, or other investments more efficiently than investing directly in the underlying instruments.
Forward contracts are subject to the risk that the value of the contract may not correlate perfectly with the value of the
assets, markets, or exposures being hedged or tracked. The use of forward contracts may reduce or eliminate the opportunity
for gain if the value of the underlying exposure moves in a direction favorable to the Fund’s position. Because forward
contracts are typically privately negotiated and traded in the over-the-counter market, they may be less liquid than exchange-traded
instruments and subject the Fund to counterparty risk, which is the risk that the other party to the contract will fail to
perform its obligations. Forward contracts also may involve leverage and can result in losses that exceed the amount initially
invested. The Fund’s use of forward contracts may increase the volatility of the Fund’s returns and may result
in losses if the Sub-Adviser’s investment views or analyses prove incorrect. Unanticipated changes in the value of the
underlying reference exposure may result in poorer overall performance for the Fund than if the Fund had not entered into
such contracts.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zj4pVrU9Yl93" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is
subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty
will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition
(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen
or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the
Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zGIVIuSIPGL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration Risk.</b> The Fund will
concentrate its investment exposure (i.e., more than 25% of its total assets) in the information technology industry or groups
of industries related to information technology, including the semiconductor industry. As a result, the value of the Fund’s
Shares may rise and fall more than the value of shares that are invested in securities or financial instruments of companies that
encompass a broader range of industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zae7ACAZOexc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies
and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events
or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the
Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market,
or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations
for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability,
debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade
or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively
affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country
instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign
countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic
and foreign markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zyZ3Tg34hWik" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zuCsbIV5xrej"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants, Market Makers,
and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized
to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).
In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either
of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the
business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform
these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_ztFtaBsIl31d"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s
investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds.
For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments).
In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption
proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption
in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process
was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes.
Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a
cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value
of the Fund to the extent they are not offset by a transaction fee payable by an AP.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zhA4kvAJsIU3"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Costs of Buying or Selling
Shares.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask
spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be
advisable for investors who anticipate regularly making small investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_ze4tOMDXI1e4"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.
</i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that
the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more
than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods
of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods
when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be
significant.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zvBOBwz9oTS9"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Trading. </i>Although Shares are listed
on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on
U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop
or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions,
the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be
significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s
NAV. 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. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary
market volatility pursuant to the Exchange “circuit breaker” rules. 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. As a result,
the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicInvestmentRiskMember_zUntQqHZ2nK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Geographic Investment Risk.</b> To
the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region,
it is more likely to be impacted by events or conditions affecting that country or region.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRisksMember_zP42D87UANig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Capitalization Risks.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zPmlpJ85Tzyl"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Large-Capitalization Investing.</i> The
securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject
to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly
to new competitive challenges, such as changes in technology and consumer tastes.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zlJ0TcdAkBP1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Risk. </b>The Fund is subject
to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio
managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee
that the Fund will meet its investment objective. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zGug6APmfL96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently
organized management investment company with no operating history. As a result, prospective investors do not have a track record
or history on which to base their investment decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zezcPfuUVH2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Sub-Adviser Risk. </b>The
Sub-Adviser is a recently formed entity and has only limited experience with managing an exchange-traded fund regulated under
the 1940 Act. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser’s effectiveness.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zjs28zjsJId3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because
the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer
or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single
issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund
held a more diversified portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_ztxhG5K59zU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject
to risks arising from various operational 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. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating
to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although
the Fund, Adviser, and Sub-Advisers seek to reduce these operational risks through controls and procedures, there is no way to
completely protect against such risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zA2GcPfjE2c9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations
Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government
obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities,
such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and
credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter
case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate
repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide
financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated
to do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance
<p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zWMWjVShyRai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260821__20260821__dei--LegalEntityAxis__custom--S000108043Member_zZdilJZ013k6">Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260821__20260821__dei--LegalEntityAxis__custom--S000108043Member_zra1wZXGprme">When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260821__20260821__dei--LegalEntityAxis__custom--S000108043Member_zhPQzscTTUv4">Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated
performance information will be available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260821__20260821__dei--LegalEntityAxis__custom--S000108043Member_zdTkvUkFSCn">www.EMXETF.com</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.
When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.
Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.
www.EMXETF.com
EMERGING MARKETS MEMORY ETF - FUND
SUMMARY
Investment Objective
<p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z9AEXrTECtBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging Markets Memory ETF seeks long-term
capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees and Expenses of the Fund
<p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zz2Qf3drAXYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <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></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zXAv2Wz9JM7i"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zk1DwvgXX2wa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="vertical-align: bottom">
<td id="xdx_985_eoef--OperatingExpensesCaption_c20260821__20260821__dei--LegalEntityAxis__custom--S000108044Member_zsQSHtfBTHl8" style="border-bottom: black 1pt solid; width: 90%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Annual
Fund Operating Expenses<sup id="xdx_F61_zZqevAUwnMcf">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)
</span></td>
<td id="xdx_49D_20260821__20260821__oef--ClassAxis__custom--C000279019Member_zEsPwv78SUL4" style="border-bottom: black 1pt solid; width: 10%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">
</span></td></tr>
<tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_z2dSOSnNfqla" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Management Fee </span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.76%</span></td></tr>
<tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zI0cl6Ctnk7g" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees
</span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">None </span></td></tr>
<tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zCozTUvfR331" style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F48_zZfmBy8hUvY9">(2)</sup>
</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.00% </span></td></tr>
<tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zHynt2P3fKw2" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Total Annual Fund Operating Expenses
</span></td>
<td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.76%</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; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 19px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F08_zi7VyNDRBgmb">(1)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F1E_zxefg0uHxtF7" style="font-size: 10pt">Under the Fund’s investment advisory
agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses
incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities
sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities
and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses
paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the
“1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. </span></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0C_z4IkezXrdNui">(2)</sup> </span></td>
<td style="text-align: justify"><span id="xdx_F1D_zM3b3XGmbOL7" style="font-size: 10pt"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20260821__20260821__dei--LegalEntityAxis__custom--S000108044Member_zDsJVYsGTfm">Estimated for the current year.</span> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Annual
Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)
0.0076
0
0.0000
0.0076
Estimated for the current year.
<p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zun3ekoNtbt7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare
the cost of investing in 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 hold or redeem 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 Example does
not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_znYUfpXlHnzg"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zraxQetLRNZ8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: top">
<td id="xdx_48E_eoef--ExpenseExampleYear01_zkBRc6OU6af5" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td>
<td id="xdx_483_eoef--ExpenseExampleYear03_z87YVIoTb12d" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr>
<tr id="xdx_416_20260821__20260821__oef--ClassAxis__custom--C000279019Member_zEhacnNfiIfj" style="vertical-align: top">
<td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$78</span></td>
<td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$243</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
78
243
Portfolio Turnover
<p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_z2zspKvr5LK" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance.
Because the Fund is newly organized, portfolio turnover information is not yet available.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Principal Investment Strategies
<p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zbMvMAQJJYb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange-traded
fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities of companies
that are located in, or economically tied to, emerging market countries and derive significant business exposure from memory-related
technologies (“Emerging Markets Memory Companies”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_905_eoef--StrategyPortfolioConcentration_c20260821__20260821__dei--LegalEntityAxis__custom--S000108044Member_zZmXOaf5LpG9">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of Emerging
Markets Memory Companies.</span> For purposes of the Fund’s 80% policy, derivative instruments are valued at their notional value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may obtain exposure to Emerging
Markets Memory Companies directly through investments in equity securities or indirectly through derivative instruments, including
swap agreements and forward contracts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Emerging Markets Memory Company is
a company that is located in, or economically tied to, an emerging market country and derives at least 50% of its assets, revenues,
or profits from the design, development, manufacture, production, commercialization, or sale of memory-related technologies and
products, including: </p>
<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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt">HBM (High Bandwidth Memory) technology;</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">DRAM (Dynamic Random-Access Memory) technology;</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">SRAM (Static Random-Access Memory) technology;</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">DDRM (Double Data Rate Memory) technology;</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">GDDR (Graphics Double Data Rate Memory) technology;</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">NAND (Not And) flash memory or technology;</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">SSD (Solid-State Drive) technologies that utilize
NAND flash;</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">NOR (Not Or) flash technology;</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">HDD (Hard Disk Drive) technology; and</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Other forms of memory technology.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company is considered economically tied
to an emerging market country if it is organized in, has its principal place of business in, has principal trading activity in,
or derives at least 50% of its revenues, profits, assets, or business activities from one or more emerging market countries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In constructing the Fund’s portfolio,
the Fund’s sub-adviser, EMQQ Global LLC (the “Sub-Adviser”), employs a proprietary security selection methodology
to identify Emerging Markets Memory Companies that it believes are leaders within the global memory ecosystem. The Fund generally
invests in Emerging Markets Memory Companies that the Sub-Adviser believes possess leading competitive positions based on factors
such as market share, production capacity, technological leadership, and revenue exposure to memory-related products and technologies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating potential investments, the
Sub-Adviser may consider a combination of quantitative, qualitative, and thematic factors, including a company’s participation
in the memory industry, revenue exposure to memory-related products and technologies, research and development intensity, strategic
positioning within the memory ecosystem, competitive advantages, expected growth potential, valuation, liquidity, and broader
macroeconomic and geopolitical considerations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund expects to maintain significant
exposure to companies located in, or economically tied to emerging market countries, including countries in South Korea, Taiwan,
China, India, Brazil, Indonesia, Chile, Czech Republic, Egypt, Greece, Hungary, Kuwait, Malaysia, Mexico, Philippines, Poland,
Qatar, Saudi Arabia, South Africa, Thailand, Turkey, and United Arab Emirate. (“Emerging Markets”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in equity securities
of companies of large- and mid- market capitalizations, including common stocks, preferred stocks, convertible securities, depositary
receipts (including ADRs and GDRs), and other equity-related instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in Chinese issuers,
including A-shares, Hong Kong-listed securities, and variable interest entity (“VIE”) structures, to the extent permitted
by applicable law and the Fund’s investment policies. VIE structures are offshore holding company arrangements which allow
Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors on exchanges outside
of China. The Fund may also invest in frontier markets securities. Frontier markets are countries that are generally less economically
developed than traditional emerging market countries and typically have smaller, less liquid, and less mature securities markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Fund is thematic and non-diversified,
it may invest a significant portion of its assets in a limited number of issuers, countries, industries, or sectors. Due
to the Fund's investment strategy, the Fund's investment exposure is concentrated in the group of industries related to semiconductors
and semiconductor equipment, including industries involved in the development, manufacture, and commercialization of memory semiconductors
and memory storage technologies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will invest in U.S. government
securities, including U.S. Treasury bills, notes, and bonds, which will serve as collateral for the Fund’s derivatives holdings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may sell a security when the
Sub-Adviser determines that the company no longer meets the Fund’s thematic criteria, exhibits deteriorating fundamentals,
faces adverse regulatory or competitive developments, reaches the Sub-Adviser’s valuation target, or when more attractive
investment opportunities are identified.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of Emerging
Markets Memory Companies.
The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund.
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zMtZMm05HzW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Market Risk. </b>Common stocks
are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common
stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s
portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors
that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.
Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred
stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRisksMember_zNS46sDo9Ij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sector Risks. </b>To the extent
the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly
affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance
of the Fund could be negatively impacted by events affecting each of these sectors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zi0laFzCINWc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Information Technology Sector Risk. </b>The
information technology sector includes companies engaged in internet software and services, technology hardware and storage
peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other
things. 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 rapid product obsolescence due to technological developments
and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified
personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance
for their products could have a material adverse effect on a company’s business. Companies in the information technology
sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely
affect the profitability of these companies.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRiskMember_zv03Mv8IvaJ2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Semiconductors and Semiconductor Equipment
Industry Risk.</b> Semiconductor companies may face intense competition, both domestically and internationally, and such competition
may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial
resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials
that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may
rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools.
Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose
unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of
resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter
cybersecurity or other issues that can disrupt production or increase production costs.</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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 48px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">The memory technology industry is highly cyclical
and may experience significant fluctuations in pricing, profitability and demand. Memory products may become oversupplied,
resulting in declining prices, reduced margins and lower earnings. Memory manufacturers often require substantial capital
expenditures to remain competitive and may be adversely affected by rapid technological changes, inventory imbalances, manufacturing
disruptions and changing customer preferences.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zbbjwVNmWB6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies
and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events
or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the
Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market,
or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations
for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability,
debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade
or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively
affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country
instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign
countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic
and foreign markets.</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--EtfRisksMember_z3saS1UiiTRi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zvTwmv8EV5Pe"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants, Market Makers,
and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized
to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).
In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either
of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the
business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform
these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zWbXZpks2wW2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s
investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds.
For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments).
In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption
proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption
in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process
was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes.
Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a
cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value
of the Fund to the extent they are not offset by a transaction fee payable by an AP.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zgBxBOIFDxOh"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due
to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent
trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors
who anticipate regularly making small investments.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zaXhgfB3BKja"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.
</i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that
the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more
than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods
of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods
when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be
significant.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zICQzeuBU3m2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Trading. </i>Although Shares are listed
on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on
U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop
or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions,
the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be
significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s
NAV. 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. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary
market volatility pursuant to the Exchange “circuit breaker” rules. 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. As a result,
the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z62YyuFCQGD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk. </b>Investments
in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in
non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability.
There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to
different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial
condition or credit rating of foreign issuers may also adversely affect the value of the Fund’s securities. Investments
in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial,
and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce
legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value
of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the
Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities
may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition
of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially
less liquid than other types of investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zUN15uOYcgKa"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Emerging Markets Risk.</b> Investments in
securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets,
can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in
U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility,
(ii) lower trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv) governmental controls
on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing
and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities
or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may
impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price
for Shares to decline in value. </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierMarketsRiskMember_zSQvNiBUWMrc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Frontier Markets Risk.</b> Frontier market
countries generally have smaller economies and even less developed capital markets than typical emerging market countries
(which themselves have increased investment risk relative to more developed market countries) and, as a result, the Fund’s
exposure to risks associated with investing in emerging market countries are magnified when the Fund invests in frontier market
countries. The increased risks include: the potential for extreme price volatility and illiquidity in frontier market countries;
government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls,
managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with
which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.
In addition, frontier market countries are more likely to experience instability resulting, for example, from rapid changes
or developments in social, political and economic conditions. Many frontier market countries are heavily dependent on international
trade, which makes them more sensitive to world commodity prices and economic downturns and other conditions in other countries.
Some frontier market countries have a higher risk of currency devaluations, and some of these countries may experience periods
of high inflation or rapid changes in inflation rates and may have hostile relations with other countries. Securities issued
by foreign governments or companies in frontier market countries are even more likely than emerging markets securities to
have greater exposure to the risks of investing in foreign securities.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRisksMember_zhPs8pVNB573"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Depositary Receipt Risks.</b> Depositary
receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary
receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital
gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary
receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary
receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored
depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in
the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation
between such information and the value of the depositary receipts. </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_zR4lFVqrjWe"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Currency Exchange Rate Risk</b>. The Fund’s
assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide
exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect
the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can
change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning
and you may lose money.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaInvestingRisksMember_zP9LqjcpnLfj"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China Investing Risks.</b> The Chinese
economy is generally considered an emerging market and can be significantly affected by economic and political conditions
and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion
of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements.
The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development,
government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment,
among others. Prior to August 2022, the Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors
of U.S. public companies, had warned that it lacked the ability to inspect audit work and practices of PCAOB-registered accounting
firms in China and Hong Kong. In August 2022, the PCOAB secured its ability, through a formal agreement with Chinese authorities,
to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited
ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial
records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in
such companies. Under China’s political and economic system, the central government has historically exercised substantial
control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese
government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese
government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun
the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized. In
addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other
developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests.
International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations,
trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large
segments of China’s export industry with a potentially severe negative impact to the Fund. From time to time and as
recently as January 2020, China has experienced outbreaks of infectious illnesses, and the country may be subject to other
public health threats or similar issues in the future. Any spread of an infectious illness, public health threat or similar
issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and
generally have a significant impact on the Chinese economy.</span></td></tr>
</table>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaASharesInvestmentRiskMember_zgqR70HqvT6i" 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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China A-Shares Investment Risk.</b> The
liquidity of the A-shares market and trading prices of A-shares could be more severely affected than the liquidity and trading
prices of other markets because the Chinese government restricts the flow of capital into and out of the A-shares market.
The Fund may experience losses due to illiquidity of the Chinese securities markets or delay or disruption in execution or
settlement of trades. The Fund’s investments in A-shares may become subject to frequent and widespread trading halts.
In addition, trading through Stock Connect, which is a securities trading and clearing link between the mainland China stock
exchanges and the Hong Kong stock exchange, is subject to a number of restrictions that may affect the Fund’s investments
and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases
on any particular day, which may restrict or preclude the Fund’s ability to invest in China A-shares through Stock Connect.</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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">In addition, investments made through Stock
Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to
the Fund. Moreover, China A-shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred
other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application
of the home market’s laws and rules applicable to investors in China A-shares. Therefore, the Fund’s investments
in China A-shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules,
among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on
income and gains from investments in China A-shares purchased through Stock Connect, these tax rules could be changed, which
could result in unexpected tax liabilities for the Fund. Stock Connect only operates on days when the Chinese and Hong Kong
stock markets are each open for trading and when banks in each market are open on the corresponding settlement days. The Fund
may purchase and sell A-shares through Stock Connect only on days when Stock Connect and U.S. markets are open for trading.
Therefore, if it is a normal trading day for the Chinese market but Hong Kong and/or U.S. markets are closed, the Fund will
not be able to trade any A-shares. The Fund may be subject to the risk of price fluctuations in A-shares on such days. The
Fund is also subject to the risk that it will not be able to buy or sell A-shares in a timely manner on days when the U.S.
markets are open but Stock Connect is not. Stock Connect is a relatively new program. Further developments are likely and
there can be no assurance as to the program’s continued existence or whether future developments regarding the program
may restrict or adversely affect the Fund’s investments or returns. In addition, the application and interpretation
of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant
regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund’s
investments and returns.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEquityInvestmentRiskMember_z0thiEj6aFtb" style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Variable Interest Equity
Investment Risk.</b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges,
many Chinese-based operating companies are structured as VIEs. In this structure, the Chinese-based operating company
is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists
on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in
which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has
no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s
financial statements with its own for accounting purposes and provide for economic exposure to the performance of the
underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have
exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based
operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements
with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating
company may engage in activities that negatively impact investment value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the VIE structure has
been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government
could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the
listed shell company by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors
in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If
the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and
regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to
penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed
shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in
the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating
documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into
contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally
binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company
to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund’s
investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited
use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government
will not place similar restrictions on other industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zevaN5MinIFb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk. </b>Derivatives are
financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including
ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than,
those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect
correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability,
counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives
may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may
be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving
its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose
the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are
subject to the following risks:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zErMqQzczo1d"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Swap Agreements. </b>The use of swap transactions
is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary
portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment
goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment
objective and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs
associated with using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements
in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than
exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials
in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments.
The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on
or change in value of a particular dollar amount invested in a basket of securities.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractsMember_z0f1n5lnaEza"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Forward Contracts. </b>A forward contract
is a negotiated agreement between two parties to buy or sell an asset, reference instrument, or other financial exposure at
a specified price on a specified future date. Forward contracts may be used to obtain or manage exposure to particular securities,
markets, sectors, countries, indices, or other investments more efficiently than investing directly in the underlying instruments.
Forward contracts are subject to the risk that the value of the contract may not correlate perfectly with the value of the
assets, markets, or exposures being hedged or tracked. The use of forward contracts may reduce or eliminate the opportunity
for gain if the value of the underlying exposure moves in a direction favorable to the Fund’s position. Because forward
contracts are typically privately negotiated and traded in the over-the-counter market, they may be less liquid than exchange-traded
instruments and subject the Fund to counterparty risk, which is the risk that the other party to the contract will fail to
perform its obligations. Forward contracts also may involve leverage and can result in losses that exceed the amount initially
invested. The Fund’s use of forward contracts may increase the volatility of the Fund’s returns and may result
in losses if the Sub-Adviser’s investment views or analyses prove incorrect. Unanticipated changes in the value of the
underlying reference exposure may result in poorer overall performance for the Fund than if the Fund had not entered into
such contracts.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ziXYeU6EcCPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is
subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty
will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition
(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen
or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the
Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zvFbai0N6dWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration Risk.</b> The Fund’s
investment exposure will be concentrated in the group of industries related to semiconductors and semiconductor equipment, including
industries involved in the development, manufacture, and commercialization of memory semiconductors and memory storage technologies.
As a result, the value of the Fund’s Shares may rise and fall more than the value of shares that are invested in securities
or financial instruments of companies that encompass a broader range of industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicInvestmentRiskMember_zKiDeGiy23N4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Geographic Investment Risk.</b> To
the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region,
it is more likely to be impacted by events or conditions affecting that country or region.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zZVe5YaeIMsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Capitalization Risk</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zcnPQ8hfKS3h"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Large-Capitalization Investing</i>.
The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore
subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond
quickly to new competitive challenges, such as changes in technology and consumer tastes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zxwSUoxQGcLj" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mid-Capitalization Investing</i>.
The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic
developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally
trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks
or the stock market as a whole.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<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--ManagementRiskMember_zE7NfUtbXr87" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Risk. </b>The Fund is subject
to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio
managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee
that the Fund will meet its investment objective. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zj7WPXxKXBsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently
organized management investment company with no operating history. As a result, prospective investors do not have a track record
or history on which to base their investment decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zZm0jMgkEsr2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Sub-Adviser Risk. </b>The
Sub-Adviser is a recently formed entity and has only limited experience with managing an exchange-traded fund regulated under
the 1940 Act. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser’s effectiveness.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zBGOOmbRPgng" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because
the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer
or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single
issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund
held a more diversified portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z7QdWe0FYMEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject
to risks arising from various operational 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. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating
to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although
the Fund, Adviser, and Sub-Advisers seek to reduce these operational risks through controls and procedures, there is no way to
completely protect against such risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zNdjuAoQ17nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations
Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government
obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities,
such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and
credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter
case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate
repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide
financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated
to do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance
<p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zkixh1CUOUsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260821__20260821__dei--LegalEntityAxis__custom--S000108044Member_zMgwt5Y6Q57b">Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260821__20260821__dei--LegalEntityAxis__custom--S000108044Member_zSMFickgj2G6">When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260821__20260821__dei--LegalEntityAxis__custom--S000108044Member_zoDad1ULfIki">Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated
performance information will be available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260821__20260821__dei--LegalEntityAxis__custom--S000108044Member_zQ4Fz8bYOZdd">www.EMXETF.com</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.
When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.
Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.
www.EMXETF.com
EMERGING MARKETS SEMICONDUCTOR ETF
- FUND SUMMARY
Investment Objective
<p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zyHvscDZOiN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging Markets Semiconductor ETF
seeks long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees and Expenses of the Fund
<p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zyl6tQiVcWO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <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></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z5B8JJtMicN1"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zaElCQ57ETd2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="vertical-align: bottom">
<td id="xdx_982_eoef--OperatingExpensesCaption_c20260821__20260821__dei--LegalEntityAxis__custom--S000108045Member_zydb1aywcTma" style="border-bottom: black 1pt solid; width: 90%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Annual
Fund Operating Expenses<sup id="xdx_F69_zIrY6mUFkcAc">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)
</span></td>
<td id="xdx_490_20260821__20260821__oef--ClassAxis__custom--C000279020Member_zthybfmbv1Ni" style="border-bottom: black 1pt solid; width: 10%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">
</span></td></tr>
<tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zOC6AMQJEIvi" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Management Fee </span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.76%</span></td></tr>
<tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zxkLhmkNFzu6" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees
</span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">None </span></td></tr>
<tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zh1QCzoOb6cg" style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F47_z9mXTzmkK1Jg">(2)</sup>
</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.00% </span></td></tr>
<tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zwvBDGOLgxB" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Total Annual Fund Operating Expenses
</span></td>
<td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.76%</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; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 19px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F00_zhSR1DrKUZY2">(1)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F19_zo6KeFqa3a86" style="font-size: 10pt">Under the Fund’s investment advisory
agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses
incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities
sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities
and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses
paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the
“1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. </span></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 19px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F03_zwhh5Y57U414">(2)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F17_zIx8RjjX6xXh" style="font-size: 10pt"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20260821__20260821__dei--LegalEntityAxis__custom--S000108045Member_zE8xEDBuzXad">Estimated for the current year.</span> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Annual
Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)
0.0076
0
0.0000
0.0076
Estimated for the current year.
<p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zTFy4zoVzsv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare
the cost of investing in 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 hold or redeem 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 Example does
not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z88bnG1zE8hk"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z4r0JowaypF9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: top">
<td id="xdx_481_eoef--ExpenseExampleYear01_zKsFlAium15l" style="border-top: black 1pt solid; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>1
Year</b></span></td>
<td id="xdx_482_eoef--ExpenseExampleYear03_ziDuvPLrSmw2" style="border-top: black 1pt solid; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>3
Years</b></span></td></tr>
<tr id="xdx_411_20260821__20260821__oef--ClassAxis__custom--C000279020Member_zOAVC0S3XDn6" style="vertical-align: top">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$78</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$243</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
78
243
Portfolio Turnover
<p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zMgOFi176e98" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance.
Because the Fund is newly organized, portfolio turnover information is not yet available.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Principal Investment Strategies
<p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zfkbKNMfQf12" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange-traded
fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities of Emerging
Markets Semiconductor Companies (defined below). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--StrategyPortfolioConcentration_c20260821__20260821__dei--LegalEntityAxis__custom--S000108045Member_zv9r5uEpcsik">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
that are located in emerging market countries or, are economically tied to, emerging market countries and that derive at least
50% of their revenues or profits from the design, manufacture, packaging, testing, or supply of semiconductors, processors, graphics
processing units (“GPUs”), semiconductor equipment, advanced materials, and related hardware technologies (“Emerging
Markets Semiconductor Companies”).</span> For purposes of the Fund’s 80% policy, derivative instruments are valued at their
notional value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may obtain exposure to Emerging
Markets Semiconductor Companies directly through investments in equity securities or indirectly through derivative instruments,
including swap agreements and forward contracts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company is considered economically tied
to an emerging market country if it is organized in, has its principal place of business in, has principal trading activity in,
or derives at least 50% of its revenues, profits, assets, or business activities from emerging market countries (as described
more below).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s sub-adviser, EMQQ Global
LLC (the “Sub-Adviser”), focuses on companies involved in semiconductor-related technologies and products, including: </p>
<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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Graphics Processing Units (GPUs) </span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Application-Specific Integrated Circuits (ASICs) </span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Field-Programmable Gate Arrays (FPGAs) </span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Neural Processing Units (NPUs) </span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Central Processing Units (CPUs) </span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Neuromorphic Chips</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In constructing the Fund’s portfolio,
the Sub-Adviser uses a proprietary security selection methodology to identify Emerging Markets Semiconductor Companies that are
leaders within the semiconductor industry. The Sub-Adviser generally invests in Emerging Markets Semiconductor Companies that
it believes are leaders, considering factors such as market share and revenue share derived from the sales or production of semiconductor-related
products and technologies. The Fund expects to maintain significant exposure to companies located in, or economically tied to,
emerging market countries across Asia, Latin America, Eastern Europe, the Middle East, and Africa (“Emerging Markets”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating potential investments, the
Sub-Adviser may consider a combination of quantitative, qualitative, and thematic factors, including a company’s participation
in the semiconductor industry, revenue exposure to semiconductor-related products and technologies, research and development intensity,
strategic positioning within the semiconductor ecosystem, competitive advantages, expected growth potential, valuation, liquidity,
and broader macroeconomic and geopolitical considerations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in the equity securities
of companies of any market capitalization and may invest in common stocks, depositary receipts (including ADRs and GDRs), preferred
stocks, convertible securities, and other equity-related instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Fund is thematic and non-diversified,
it may invest a significant portion of its assets in a limited number of issuers, countries, industries, or sectors. Due
to the Fund's investment strategy, the Fund's investment exposure is concentrated in the group of industries comprising the semiconductors
and semiconductor equipment industries, including semiconductor manufacturing, packaging, testing, equipment, and materials industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in Chinese issuers,
including A-shares, Hong Kong-listed securities, and variable interest entity (“VIE”) structures, to the extent permitted
by applicable law and the Fund’s investment policies. VIE structures are offshore holding company arrangements which allow
Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors on exchanges outside
of China. The Fund may also invest in frontier markets securities. “Frontier Markets” are markets in countries that
are less economically developed than traditional emerging market countries and that generally have smaller, less liquid, and less
mature securities markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will invest in U.S. government
securities, including U.S. Treasury bills, notes, and bonds, which will serve as collateral for the Fund’s derivatives holdings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may sell a security when the
Sub-Adviser determines that the company no longer meets the Fund’s thematic criteria, exhibits deteriorating fundamentals,
faces adverse regulatory or competitive developments, reaches the Sub-Adviser’s valuation target, or when the Sub-Adviser
identifies more attractive investment opportunities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
that are located in emerging market countries or, are economically tied to, emerging market countries and that derive at least
50% of their revenues or profits from the design, manufacture, packaging, testing, or supply of semiconductors, processors, graphics
processing units (“GPUs”), semiconductor equipment, advanced materials, and related hardware technologies (“Emerging
Markets Semiconductor Companies”).
The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund.
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zySr4fJ9S0U4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Market Risk. </b>Common stocks
are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common
stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s
portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors
that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.
Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred
stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRisksMember_zKJDrEgznS39" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sector Risks. </b>To the extent
the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly
affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance
of the Fund could be negatively impacted by events affecting each of these sectors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zsDsiBKaFsO1"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Information Technology Sector Risk. </b>The
information technology sector includes companies engaged in internet software and services, technology hardware and storage
peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other
things. 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 rapid product obsolescence due to technological developments
and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified
personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance
for their products could have a material adverse effect on a company’s business. Companies in the information technology
sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely
affect the profitability of these companies.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRiskMember_zDYKSTUfiWTc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Semiconductors and Semiconductor Equipment
Industry Risk.</b> Semiconductor companies may face intense competition, both domestically and internationally, and such competition
may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial
resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials
that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may
rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools.
Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose
unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of
resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter
cybersecurity or other issues that can disrupt production or increase production costs.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z9WaRiOTEE97" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies
and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events
or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the
Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market,
or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations
for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability,
debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade
or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively
affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country
instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign
countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic
and foreign markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zE9dk5XIBc99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zeqDIV1cQn0d"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants, Market Makers,
and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized
to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).
In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either
of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the
business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform
these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<p style="margin: 0"></p>
<p style="margin: 0"> </p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zh1Hln0LRgfi"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s
investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds.
For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments).
In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption
proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption
in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process
was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes.
Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a
cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value
of the Fund to the extent they are not offset by a transaction fee payable by an AP.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z8OLpCeJ9aGe"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due
to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent
trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors
who anticipate regularly making small investments.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zVeo5g3YzrE5"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.
</i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that
the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more
than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods
of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods
when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be
significant.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z6xSIHMzo2B6"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Trading. </i>Although Shares are listed
on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on
U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop
or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions,
the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be
significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s
NAV. 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. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary
market volatility pursuant to the Exchange “circuit breaker” rules. 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. As a result,
the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zm5pfLf33j8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk. </b>Investments
in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in
non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability.
There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to
different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial
condition or credit rating of foreign issuers may also adversely affect the value of the Fund’s securities. Investments
in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial,
and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce
legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value
of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the
Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities
may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition
of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially
less liquid than other types of investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zLBdvot9lOz3"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Emerging Markets Risk.</b> Investments in
securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets,
can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in
U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility,
(ii) lower trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv) governmental controls
on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing
and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities
or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may
impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price
for Shares to decline in value. </span></td></tr>
</table>
<p style="margin: 0"> </p>
<p style="margin: 0"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierMarketsRiskMember_zdLfeCQhJ2Eg"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Frontier Markets Risk.</b> Frontier market
countries generally have smaller economies and even less developed capital markets than typical emerging market countries
(which themselves have increased investment risk relative to more developed market countries) and, as a result, the Fund’s
exposure to risks associated with investing in emerging market countries are magnified when the Fund invests in frontier market
countries. The increased risks include: the potential for extreme price volatility and illiquidity in frontier market countries;
government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls,
managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with
which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.
In addition, frontier market countries are more likely to experience instability resulting, for example, from rapid changes
or developments in social, political and economic conditions. Many frontier market countries are heavily dependent on international
trade, which makes them more sensitive to world commodity prices and economic downturns and other conditions in other countries.
Some frontier market countries have a higher risk of currency devaluations, and some of these countries may experience periods
of high inflation or rapid changes in inflation rates and may have hostile relations with other countries. Securities issued
by foreign governments or companies in frontier market countries are even more likely than emerging markets securities to
have greater exposure to the risks of investing in foreign securities.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRisksMember_zsgHeUE80Xxd"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Depositary Receipt Risks.</b> Depositary
receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary
receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital
gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary
receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary
receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored
depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in
the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation
between such information and the value of the depositary receipts. </span></td></tr>
</table>
<p style="margin: 0"> </p>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_zX445qbZoF6e"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Currency Exchange Rate Risk</b>. The Fund’s
assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide
exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect
the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can
change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning
and you may lose money.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaInvestingRisksMember_zzkLsgSHMwN5"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China Investing Risks.</b> The Chinese
economy is generally considered an emerging market and can be significantly affected by economic and political conditions
and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion
of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements.
The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development,
government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment,
among others. Prior to August 2022, the Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors
of U.S. public companies, had warned that it lacked the ability to inspect audit work and practices of PCAOB-registered accounting
firms in China and Hong Kong. In August 2022, the PCOAB secured its ability, through a formal agreement with Chinese authorities,
to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited
ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial
records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in
such companies. Under China’s political and economic system, the central government has historically exercised substantial
control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese
government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese
government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun
the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized. In
addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other
developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests.
International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations,
trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large
segments of China’s export industry with a potentially severe negative impact to the Fund. From time to time and as
recently as January 2020, China has experienced outbreaks of infectious illnesses, and the country may be subject to other
public health threats or similar issues in the future. Any spread of an infectious illness, public health threat or similar
issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and
generally have a significant impact on the Chinese economy.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaASharesInvestmentRiskMember_zm2iZuHBdI8k" style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China A-Shares Investment Risk.</b> The
liquidity of the A-shares market and trading prices of A-shares could be more severely affected than the liquidity and trading
prices of other markets because the Chinese government restricts the flow of capital into and out of the A-shares market.
The Fund may experience losses due to illiquidity of the Chinese securities markets or delay or disruption in execution or
settlement of trades. The Fund’s investments in A-shares may become subject to frequent and widespread trading halts.
In addition, trading through Stock Connect, which is a securities trading and clearing link between the mainland China stock
exchanges and the Hong Kong stock exchange, is subject to a number of restrictions that may affect the Fund’s investments
and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases
on any particular day, which may restrict or preclude the Fund’s ability to invest in China A-shares through Stock Connect.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">In addition, investments made through Stock
Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to
the Fund. Moreover, China A-shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred
other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application
of the home market’s laws and rules applicable to investors in China A-shares. Therefore, the Fund’s investments
in China A-shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules,
among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on
income and gains from investments in China A-shares purchased through Stock Connect, these tax rules could be changed, which
could result in unexpected tax liabilities for the Fund. Stock Connect only operates on days when the Chinese and Hong Kong
stock markets are each open for trading and when banks in each market are open on the corresponding settlement days. The Fund
may purchase and sell A-shares through Stock Connect only on days when Stock Connect and U.S. markets are open for trading.
Therefore, if it is a normal trading day for the Chinese market but Hong Kong and/or U.S. markets are closed, the Fund will
not be able to trade any A-shares. The Fund may be subject to the risk of price fluctuations in A-shares on such days. The
Fund is also subject to the risk that it will not be able to buy or sell A-shares in a timely manner on days when the U.S.
markets are open but Stock Connect is not. Stock Connect is a relatively new program. Further developments are likely and
there can be no assurance as to the program’s continued existence or whether future developments regarding the program
may restrict or adversely affect the Fund’s investments or returns. In addition, the application and interpretation
of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant
regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund’s
investments and returns.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEquityInvestmentRiskMember_zQBTng9bMdLf" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 72px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">o</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Variable Interest Equity
Investment Risk.</b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges,
many Chinese-based operating companies are structured as VIEs. In this structure, the Chinese-based operating company
is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists
on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in
which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has
no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s
financial statements with its own for accounting purposes and provide for economic exposure to the performance of the
underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have
exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based
operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements
with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating
company may engage in activities that negatively impact investment value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the VIE structure has
been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government
could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the
listed shell company by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors
in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If
the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and
regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to
penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed
shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in
the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating
documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into
contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally
binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company
to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund’s
investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited
use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government
will not place similar restrictions on other industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zehcuPsprt51" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk. </b>Derivatives are
financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including
ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than,
those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect
correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability,
counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives
may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may
be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving
its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose
the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are
subject to the following risks:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zAJ26lvLbF4f"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Swap Agreements. </b>The use of swap transactions
is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary
portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment
goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment
objective and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs
associated with using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements
in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than
exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials
in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments.
The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on
or change in value of a particular dollar amount invested in a basket of securities.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractsMember_zf3ATgwCkyXg"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Forward Contracts. </b>A forward contract
is a negotiated agreement between two parties to buy or sell an asset, reference instrument, or other financial exposure at
a specified price on a specified future date. Forward contracts may be used to obtain or manage exposure to particular securities,
markets, sectors, countries, indices, or other investments more efficiently than investing directly in the underlying instruments.
Forward contracts are subject to the risk that the value of the contract may not correlate perfectly with the value of the
assets, markets, or exposures being hedged or tracked. The use of forward contracts may reduce or eliminate the opportunity
for gain if the value of the underlying exposure moves in a direction favorable to the Fund’s position. Because forward
contracts are typically privately negotiated and traded in the over-the-counter market, they may be less liquid than exchange-traded
instruments and subject the Fund to counterparty risk, which is the risk that the other party to the contract will fail to
perform its obligations. Forward contracts also may involve leverage and can result in losses that exceed the amount initially
invested. The Fund’s use of forward contracts may increase the volatility of the Fund’s returns and may result
in losses if the Sub-Adviser’s investment views or analyses prove incorrect. Unanticipated changes in the value of the
underlying reference exposure may result in poorer overall performance for the Fund than if the Fund had not entered into
such contracts.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zxXvKTSVE21j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration Risk.</b> The Fund’s
investment exposure will be concentrated in the group of industries comprising the semiconductors and semiconductor equipment
industries, including semiconductor manufacturing, packaging, testing, equipment, and materials industries. As a result, the value
of the Fund’s Shares may rise and fall more than the value of shares that are invested in securities or financial instruments
of companies that encompass a broader range of industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z5WODuJysWxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Counterparty Risk.</b> The Fund is subject to counterparty
risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its
obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties,
bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s
inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover
its investment from such counterparty or may obtain a limited and/or delayed recovery.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicInvestmentRiskMember_zNaHCF1fIHsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Geographic Investment Risk.</b> To
the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region,
it is more likely to be impacted by events or conditions affecting that country or region.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_z8R2uJalvycd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Capitalization Risk</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_z4EXAQ8pct65"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Large-Capitalization Investing</i>.
The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore
subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond
quickly to new competitive challenges, such as changes in technology and consumer tastes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zk8nTGXfoFN2" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mid-Capitalization Investing</i>.
The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic
developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally
trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks
or the stock market as a whole.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_z8wR0sSxcFQ7" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Small-Capitalization Investing. </i>The
securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments
than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade
in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks
or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies
than for larger, more established companies.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zcXqXvBjVRgi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Risk. </b>The Fund is subject
to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio
managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee
that the Fund will meet its investment objective. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zD2vaAGc6Iaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently
organized management investment company with no operating history. As a result, prospective investors do not have a track record
or history on which to base their investment decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zqcqSGL8XLdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Sub-Adviser Risk. </b>The
Sub-Adviser is a recently formed entity and has only limited experience with managing an exchange-traded fund regulated under
the 1940 Act. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser’s effectiveness.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zgJKL24wXtG4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because
the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer
or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single
issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund
held a more diversified portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zHkOfl9NSs1f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject
to risks arising from various operational 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. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating
to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although
the Fund, Adviser, and Sub-Advisers seek to reduce these operational risks through controls and procedures, there is no way to
completely protect against such risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zi4wCqIDDQyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations
Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government
obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities,
such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and
credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter
case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate
repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide
financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated
to do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance
<p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zlP3HAV1tQAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20260821__20260821__dei--LegalEntityAxis__custom--S000108045Member_zyfo4p5DLmql">Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260821__20260821__dei--LegalEntityAxis__custom--S000108045Member_zrgMWtcLHMfg">When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260821__20260821__dei--LegalEntityAxis__custom--S000108045Member_zqWc6fuVR3n9">Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated
performance information will be available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260821__20260821__dei--LegalEntityAxis__custom--S000108045Member_z24Mi6MadQJd">www.EMXETF.com</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.
When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.
Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.
www.EMXETF.com
CHINA AI TIGERS LLM ETF - FUND SUMMARY
Investment Objective
<p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zCeaZFMPIuBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China AI Tigers LLM ETF seeks long-term
capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees and Expenses of the Fund
<p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zXp3Fd9MERN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <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></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zMHovhrY5dDj"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zs6jUgRbfStd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="vertical-align: bottom">
<td id="xdx_988_eoef--OperatingExpensesCaption_c20260821__20260821__dei--LegalEntityAxis__custom--S000108042Member_zBN6DodyQHn7" style="border-bottom: black 1pt solid; width: 90%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Annual
Fund Operating Expenses<sup id="xdx_F62_zztV3nokHaUl">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)
</span></td>
<td id="xdx_49D_20260821__20260821__oef--ClassAxis__custom--C000279017Member_zoNQ72oCpd4l" style="border-bottom: black 1pt solid; width: 10%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">
</span></td></tr>
<tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zLt5KM0gPHu1" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Management Fee </span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.86%</span></td></tr>
<tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXpQeXMM5RR3" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees
</span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">None </span></td></tr>
<tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zZnZNjw5Jpdh" style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F47_z2SF8lAPUMP5">(2)</sup>
</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.00% </span></td></tr>
<tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zL1cchluunMa" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"> Total Annual Fund Operating Expenses
</span></td>
<td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.86%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="width: 19px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F07_zHXa65WBzF">(1)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F1D_zm5qTCfBBs2a" style="font-size: 10pt">Under the Fund’s investment advisory
agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses
incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities
sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities
and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses
paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the
“1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. </span></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 19px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F05_zqedfGyQ4zRj">(2)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F1A_zxOaEO1aiMx2" style="font-size: 10pt"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260821__20260821__dei--LegalEntityAxis__custom--S000108042Member_zJNwQ1b83x05">Estimated for the current year.</span> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Annual
Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)
0.0086
0
0.0000
0.0086
Estimated for the current year.
<p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zV0nmLKnmnnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare
the cost of investing in 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 hold or redeem 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 Example does
not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zn1xZK0M6e04"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zsXJn0LYq5s3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: top">
<td id="xdx_482_eoef--ExpenseExampleYear01_zf9j5GstEPl1" style="border-top: black 1pt solid; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>1
Year</b></span></td>
<td id="xdx_480_eoef--ExpenseExampleYear03_z69xiRl8MEzj" style="border-top: black 1pt solid; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>3
Years</b></span></td></tr>
<tr id="xdx_41A_20260821__20260821__oef--ClassAxis__custom--C000279017Member_zdDS3UBWvf8k" style="vertical-align: top">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$88</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$274</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
88
274
Portfolio Turnover
<p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zRoeCFmj78y7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance.
Because the Fund is newly organized, portfolio turnover information is not yet available.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Principal Investment Strategies
<p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zhJCAn0dPxlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange-traded
fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities of China AI
LLM Companies (defined below) and in derivative instruments, including swap agreements and forward contracts, on such China AI
LLM Companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--StrategyPortfolioConcentration_c20260821__20260821__dei--LegalEntityAxis__custom--S000108042Member_zOKJEp1vEM4j">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
that are located in China or are economically tied to China and that derive at least 50% of their assets, revenues, or profits
from developing or commercializing artificial intelligence (“AI”) foundation models, large language models (“LLMs”),
machine learning systems, cloud AI platforms, AI operating systems, or related software infrastructure (“China AI LLM Companies”).</span>
For purposes of the Fund’s 80% policy, derivative instruments are valued at their notional value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company is considered economically tied
to China if it is organized in, has its principal place of business in, has principal trading activity in, or derives at least
50% of its revenues, profits, assets, or business activities from China. For purposes of this definition, China includes the People's
Republic of China, Hong Kong, and Macau.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will concentrate its investment
exposure (i.e., more than 25% of its total assets) in the information technology industry or groups of industries related to information
technology, including the software industry.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s sub-adviser, EMQQ Global
LLC (the “Sub-Adviser”), focuses on companies involved in the development, commercialization, and deployment of AI
foundation models, large language models, machine learning systems, cloud AI platforms, AI operating systems, and related software
infrastructure.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In constructing the Fund’s portfolio,
the Sub-Adviser uses a proprietary security selection methodology to identify China AI LLM Companies that it believes are leaders
within the AI LLM ecosystem. The Fund generally invests in China AI LLM Companies that the Sub-Adviser believes are industry leaders,
considering factors such as market share, user adoption, technological capabilities, and revenue exposure derived from AI foundation
models, large language models, machine learning systems, cloud AI platforms, AI operating systems, and related software infrastructure.
The Fund expects to maintain significant exposure to companies located in, or economically tied to, China.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating potential investments, the
Sub-Adviser may consider a combination of quantitative, qualitative, and thematic factors, including a company’s participation
in AI LLM-related industries, revenue exposure to AI foundation models, large language models, machine learning systems, cloud
AI platforms, AI operating systems, and related software infrastructure, research and development intensity, strategic positioning
within the AI LLM ecosystem, competitive advantages, expected growth potential, valuation, liquidity, and broader macroeconomic
and geopolitical considerations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in the equity securities
of companies of any market capitalization and may invest in common stocks, depositary receipts (including ADRs and GDRs), preferred
stocks, convertible securities, and other equity-related instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have significant exposure
to sectors and industries associated with AI development and adoption, including information technology, communication services,
consumer discretionary, and other sectors that develop, support, or utilize AI technologies. Because the Fund is thematic and
non-diversified, it may invest a significant portion of its assets in a limited number of issuers, industries, or sectors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in Chinese issuers,
including A-shares, Hong Kong-listed securities, and variable interest entity (“VIE”) structures, to the extent permitted
by applicable law and the Fund’s investment policies. VIE structures are offshore holding company arrangements which allow
Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors on exchanges outside
of China.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will invest in U.S. government
securities, including U.S. Treasury bills, notes, and bonds, which will serve as collateral for the Fund’s derivatives holdings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may sell a security when the
Sub-Adviser determines that the company no longer meets the Fund’s thematic criteria, exhibits deteriorating fundamentals,
faces adverse regulatory or competitive developments, reaches the Sub-Adviser’s valuation target, or when the Sub-Adviser
identifies more attractive investment opportunities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
that are located in China or are economically tied to China and that derive at least 50% of their assets, revenues, or profits
from developing or commercializing artificial intelligence (“AI”) foundation models, large language models (“LLMs”),
machine learning systems, cloud AI platforms, AI operating systems, or related software infrastructure (“China AI LLM Companies”).
The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund.
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zUgxcPRdZlyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Market Risk. </b>Common stocks
are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common
stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s
portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors
that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.
Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred
stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zPsheuFHa61i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Artificial Intelligence Risk. </b>Issuers
engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability
can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products
and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be
adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes
that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety
of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult
to accurately capture what qualifies as an artificial intelligence company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRisksMember_z99NCPfECQjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sector Risks. </b>To the extent
the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly
affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance
of the Fund could be negatively impacted by events affecting each of these sectors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zP9u31RYtb0h"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Information Technology Sector Risk. </b>The
information technology sector includes companies engaged in internet software and services, technology hardware and storage
peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other
things. 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 rapid product obsolescence due to technological developments
and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified
personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance
for their products could have a material adverse effect on a company’s business. Companies in the information technology
sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely
affect the profitability of these companies.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationsServicesSectorRiskMember_ziywJBT5zamg"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Communications Services Sector Risk. </b>Companies
in the Communications Services Sector are subject to extensive government regulation. The costs of complying with governmental
regulations, delays or failure to receive required regulatory approvals, or the enactment of new adverse regulatory requirements
may adversely affect the business of such companies. Companies in the Communications Services Sector also can be significantly
affected by intense competition, including competition with alternative technologies such as wireless communications (including
with 5G and other technologies), product compatibility, consumer preferences, rapid product obsolescence, and research and
development of new products. Technological innovations may make the products and services of such companies obsolete. Media
content creation carries risks of changing consumer tastes and running afoul of regulatory content guidelines, which could
result in large fines or the loss of regulatory licenses. Media companies collect significant amounts of personal consumer
data and are at risk of data breaches and fines for the unauthorized and unplanned public release of sensitive consumer data.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zdLavXYHuSid"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consumer Discretionary Sector
Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange
and interest rates, competition, consumers’ disposable income, consumer preferences, social trends and marketing
campaigns.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GenerativeAIIndustryRiskMember_z8z2GjUYboyf" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Generative AI Industry Risk.</b> Companies
involved in, or exposed to, generative artificial intelligence-related businesses may have limited product lines, markets,
financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and
many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these
companies are also reliant on the end user demand of products and services in various industries that may in part utilize
AI. Further, many companies involved in, or exposed to, generative AI-related businesses may be substantially exposed to the
market and business risks of other industries or sectors, and the Fund may be adversely affected by negative developments
impacting those companies, industries or sectors. In addition, these companies are heavily dependent on intellectual property
rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved
in generative AI will be able to successfully protect their intellectual property to prevent the misappropriation of their
technology, or that competitors will not develop technology that is substantially similar or superior to such companies’
technology. Generative AI Companies are potential targets for cyberattacks, which can have a materially adverse impact on
the performance of these companies. In addition, the collection of data from consumers and other sources could face increased
scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Generative AI Companies may face
regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate
on an ongoing basis. Generative AI Companies typically engage in significant amounts of spending on research and development,
and there is no guarantee that the products or services produced by these companies will be successful. Generative AI Companies,
especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. AI technology
could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the
growth of companies that develop and/or utilize this technology.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zWg9dLwDPnye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk. </b>Investments
in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in
non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability.
There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to
different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial
condition or credit rating of foreign issuers may also adversely affect the value of the Fund’s securities. Investments
in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial,
and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce
legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value
of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the
Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities
may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition
of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially
less liquid than other types of investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaInvestingRisksMember_z7cCymAeB8W3"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China Investing Risks.</b> The Chinese
economy is generally considered an emerging market and can be significantly affected by economic and political conditions
and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion
of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements.
The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development,
government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment,
among others. Prior to August 2022, the Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors
of U.S. public companies, had warned that it lacked the ability to inspect audit work and practices of PCAOB-registered accounting
firms in China and Hong Kong. In August 2022, the PCOAB secured its ability, through a formal agreement with Chinese authorities,
to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited
ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial
records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in
such companies. Under China’s political and economic system, the central government has historically exercised substantial
control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese
government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese
government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun
the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized. In
addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other
developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests.
International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations,
trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large
segments of China’s export industry with a potentially severe negative impact to the Fund. From time to time and as
recently as January 2020, China has experienced outbreaks of infectious illnesses, and the country may be subject to other
public health threats or similar issues in the future. Any spread of an infectious illness, public health threat or similar
issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and
generally have a significant impact on the Chinese economy.</span></td></tr>
</table>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaASharesInvestmentRiskMember_zCG7TOoN6eIj" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China A-Shares Investment Risk.</b> The
liquidity of the A-shares market and trading prices of A-shares could be more severely affected than the liquidity and trading
prices of other markets because the Chinese government restricts the flow of capital into and out of the A-shares market.
The Fund may experience losses due to illiquidity of the Chinese securities markets or delay or disruption in execution or
settlement of trades. The Fund’s investments in A-shares may become subject to frequent and widespread trading halts.
In addition, trading through Stock Connect, which is a securities trading and clearing link between the mainland China stock
exchanges and the Hong Kong stock exchange, is subject to a number of restrictions that may affect the Fund’s investments
and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases
on any particular day, which may restrict or preclude the Fund’s ability to invest in China A-shares through Stock Connect.</span></td></tr>
</table>
<p style="margin: 0"> </p>
<p style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">In addition, investments made through Stock
Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to
the Fund. Moreover, China A-shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred
other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application
of the home market’s laws and rules applicable to investors in China A-shares. Therefore, the Fund’s investments
in China A-shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules,
among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on
income and gains from investments in China A-shares purchased through Stock Connect, these tax rules could be changed, which
could result in unexpected tax liabilities for the Fund. Stock Connect only operates on days when the Chinese and Hong Kong
stock markets are each open for trading and when banks in each market are open on the corresponding settlement days. The Fund
may purchase and sell A-shares through Stock Connect only on days when Stock Connect and U.S. markets are open for trading.
Therefore, if it is a normal trading day for the Chinese market but Hong Kong and/or U.S. markets are closed, the Fund will
not be able to trade any A-shares. The Fund may be subject to the risk of price fluctuations in A-shares on such days. The
Fund is also subject to the risk that it will not be able to buy or sell A-shares in a timely manner on days when the U.S.
markets are open but Stock Connect is not. Stock Connect is a relatively new program. Further developments are likely and
there can be no assurance as to the program’s continued existence or whether future developments regarding the program
may restrict or adversely affect the Fund’s investments or returns. In addition, the application and interpretation
of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant
regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund’s
investments and returns.</span></td></tr>
</table>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CustodyRiskMember_zoB6hyRo8Fo6" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Custody Risk.</b> Investments
in emerging markets, such as China, may be subject to even greater custody risks than investments in more developed markets.
Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding
of securities by local banks, agents and depositories. In accordance with Chinese regulations and the terms of a QFII
or RQFII license, as applicable, and insofar as the Adviser acquires a QFII or RQFII license, A-Shares will be held in
the joint names of the Fund and the Adviser. While the Adviser may not use such an account for any purpose other than
for maintaining the Fund’s assets, the Fund’s assets may not be as well protected as they would be if it were
possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of the Adviser
may assert that the securities are owned by the Adviser and that regulatory actions taken against Adviser may affect the
Fund. The risk is particularly acute in the case of cash deposited with a People’s Republic of China (“PRC”)
sub-custodian (“PRC Custodian”) because it may not be segregated, and it may be treated as a debt owing from
the PRC Custodian to the Fund as a depositor. Thus, in the event of a PRC Custodian bankruptcy, liquidation, or similar
event, the Fund may face difficulties and/or encounter delays in recovering its cash.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEquityInvestmentRiskMember_zKeM8FfuADz7" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 72px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">o</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Variable Interest Equity
Investment Risk.</b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges,
many Chinese-based operating companies are structured as VIEs. In this structure, the Chinese-based operating company
is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists
on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in
which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has
no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s
financial statements with its own for accounting purposes and provide for economic exposure to the performance of the
underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have
exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based
operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements
with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating
company may engage in activities that negatively impact investment value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
</td></tr>
</table>
<p style="margin: 0"> </p>
<p style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 72px"> </td>
<td style="font-size: 10pt; width: 24px"> </td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the VIE structure has
been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government
could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the
listed shell company by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors
in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If
the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and
regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to
penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed
shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in
the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating
documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into
contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally
binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company
to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund’s
investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited
use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government
will not place similar restrictions on other industries.</p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRisksMember_zZwrPGeUL9rg"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Depositary Receipt Risks.</b> Depositary
receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary
receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital
gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary
receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary
receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored
depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in
the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation
between such information and the value of the depositary receipts. </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_zQHM0Yo2eCQ2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Currency Exchange Rate Risk</b>. The Fund’s
assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide
exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect
the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can
change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning
and you may lose money.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zKll2FGj5QWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk. </b>Derivatives are
financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including
ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than,
those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect
correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability,
counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives
may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may
be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving
its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose
the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are
subject to the following risks:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zzWau0I06iye"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Swap Agreements. </b>The use of swap transactions
is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary
portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment
goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment
objective and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs
associated with using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements
in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than
exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials
in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments.
The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on
or change in value of a particular dollar amount invested in a basket of securities.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractsMember_z4Jt4VV8cg0i"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Forward Contracts. </b>A forward contract
is a negotiated agreement between two parties to buy or sell an asset, reference instrument, or other financial exposure at
a specified price on a specified future date. Forward contracts may be used to obtain or manage exposure to particular securities,
markets, sectors, countries, indices, or other investments more efficiently than investing directly in the underlying instruments.
Forward contracts are subject to the risk that the value of the contract may not correlate perfectly with the value of the
assets, markets, or exposures being hedged or tracked. The use of forward contracts may reduce or eliminate the opportunity
for gain if the value of the underlying exposure moves in a direction favorable to the Fund’s position. Because forward
contracts are typically privately negotiated and traded in the over-the-counter market, they may be less liquid than exchange-traded
instruments and subject the Fund to counterparty risk, which is the risk that the other party to the contract will fail to
perform its obligations. Forward contracts also may involve leverage and can result in losses that exceed the amount initially
invested. The Fund’s use of forward contracts may increase the volatility of the Fund’s returns and may result
in losses if the Sub-Adviser’s investment views or analyses prove incorrect. Unanticipated changes in the value of the
underlying reference exposure may result in poorer overall performance for the Fund than if the Fund had not entered into
such contracts.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zNpvFDoXAb3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is
subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty
will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition
(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen
or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the
Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zg1LmP3EaRA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies
and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events
or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the
Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market,
or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations
for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability,
debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade
or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively
affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country
instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign
countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic
and foreign markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zlWgX1ZyuFJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zUq7wf6BNqi4"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants, Market Makers,
and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized
to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).
In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either
of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the
business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform
these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zrIFWTMDcqA2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s
investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds.
For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments).
In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption
proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption
in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process
was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes.
Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a
cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value
of the Fund to the extent they are not offset by a transaction fee payable by an AP.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zKQlC5iVZXM8"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due
to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent
trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors
who anticipate regularly making small investments.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zuZd0BsKEE4f"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.
</i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that
the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more
than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods
of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods
when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be
significant.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z9OWxngDFuu8"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Trading. </i>Although Shares are listed
on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on
U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop
or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions,
the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be
significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s
NAV. 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. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary
market volatility pursuant to the Exchange “circuit breaker” rules. 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. As a result,
the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicInvestmentRiskMember_zoTr0Yb0xrkj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Geographic Investment Risk.</b> To
the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region,
it is more likely to be impacted by events or conditions affecting that country or region.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zPIwWC8CCk12" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Capitalization Risk</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zETwpiQ0a6ic"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Large-Capitalization
Investing</i>. The securities of large-capitalization companies may be relatively mature compared to smaller companies
and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be
unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zC8LGiz7HN53"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mid-Capitalization Investing</i>.
The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic
developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally
trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks
or the stock market as a whole.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zXo3xBEOKf27" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Small-Capitalization Investing. </i>The
securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments
than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade
in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks
or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies
than for larger, more established companies.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zj2ZwCKCpKj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Risk. </b>The Fund is subject
to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio
managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee
that the Fund will meet its investment objective. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zRvVFxt17xOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently
organized management investment company with no operating history. As a result, prospective investors do not have a track record
or history on which to base their investment decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zIIms9emRco9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Sub-Adviser Risk. </b>The
Sub-Adviser is a recently formed entity and has only limited experience with managing an exchange-traded fund regulated under
the 1940 Act. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser’s effectiveness.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zv7JXz1uEDy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because
the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer
or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single
issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund
held a more diversified portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z3nTmMuDVYuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject
to risks arising from various operational 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. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating
to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although
the Fund, Adviser, and Sub-Advisers seek to reduce these operational risks through controls and procedures, there is no way to
completely protect against such risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zFhVcANQH9Al" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations
Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government
obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities,
such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and
credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter
case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate
repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide
financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated
to do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance
<p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zWVxxNupJra3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260821__20260821__dei--LegalEntityAxis__custom--S000108042Member_zwmVK6DTmtg">Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260821__20260821__dei--LegalEntityAxis__custom--S000108042Member_zrPuBSemSaF3">When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260821__20260821__dei--LegalEntityAxis__custom--S000108042Member_z7TMyDxdIhi5">Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated
performance information will be available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260821__20260821__dei--LegalEntityAxis__custom--S000108042Member_zWroDgBFpra2">www.EMXETF.com</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.
When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.
Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.
www.EMXETF.com
CHINA AI ETF - FUND SUMMARY
Investment Objective
<p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zt5cXr7UfAd7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">China AI ETF seeks long-term capital
appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees and Expenses of the Fund
<p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zuRMxaeWjv97" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <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></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zdW8mt7FOdgg"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zGW2HR9MCB5e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="vertical-align: bottom">
<td id="xdx_989_eoef--OperatingExpensesCaption_c20260821__20260821__dei--LegalEntityAxis__custom--S000108041Member_zFBTxTe33Nac" style="border-bottom: black 1pt solid; width: 90%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Annual
Fund Operating Expenses<sup id="xdx_F62_zBdtNs2dRuif">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)
</span></td>
<td id="xdx_49D_20260821__20260821__oef--ClassAxis__custom--C000279016Member_zdIT0LROeOo4" style="border-bottom: black 1pt solid; width: 10%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">
</span></td></tr>
<tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zQceBryS0PLc" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Management Fee </span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.86%</span></td></tr>
<tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zonUxrszoPhe" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees
</span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">None </span></td></tr>
<tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zwvC9lEvYdXc" style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F41_zGwPyC7EIhBg">(2)</sup>
</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.00% </span></td></tr>
<tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zaCU4cZPWHHd" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Total Annual Fund Operating Expenses
</span></td>
<td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.86%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="width: 19px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F0B_z0CJO9Dvx6cb">(1)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F17_zF5o3Tmpp1L3" style="font-size: 10pt">Under the Fund’s investment advisory
agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses
incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities
sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities
and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses
paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the
“1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. </span></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F02_z5jQaWMrOjV1">(2)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F1A_zYtuz2xH60N9" style="font-size: 10pt"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260821__20260821__dei--LegalEntityAxis__custom--S000108041Member_z7RLYnsrdU6h">Estimated for the current year.</span> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Annual
Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)
0.0086
0
0.0000
0.0086
Estimated for the current year.
<p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_z5dGvxvvUfG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare
the cost of investing in 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 hold or redeem 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 Example does
not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zEmXvtsVKQ95"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zbxFsO2BvOi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: top">
<td id="xdx_48C_eoef--ExpenseExampleYear01_zTAcCxJe458i" style="border-top: black 1pt solid; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>1
Year</b></span></td>
<td id="xdx_48F_eoef--ExpenseExampleYear03_zfAlHVe9vpV" style="border-top: black 1pt solid; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>3
Years</b></span></td></tr>
<tr id="xdx_41F_20260821__20260821__oef--ClassAxis__custom--C000279016Member_z61pTN1cL8d" style="vertical-align: top">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$88</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$274</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
88
274
Portfolio Turnover
<p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zP9wGT1lqJSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance.
Because the Fund is newly organized, portfolio turnover information is not yet available.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Principal Investment Strategies
<p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zVs51AGuGkF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange-traded
fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities of companies
that are located in China or are economically tied to China and that participate in, enable, support, or benefit from the development
and adoption of artificial intelligence (“AI”) technologies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_905_eoef--StrategyPortfolioConcentration_c20260821__20260821__dei--LegalEntityAxis__custom--S000108041Member_zgs3SGWSpuh4">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
that are located in China or are economically tied to China and that derive significant revenues, profits, assets, or business
exposure from AI-related activities (“China AI Companies”).</span> For purposes of the Fund’s 80% policy, derivative
instruments are valued at their notional value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may obtain exposure to China
AI Companies directly through investments in equity securities or indirectly through derivative instruments, including swap agreements
and forward contracts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company is considered economically tied
to China if it is organized in, has its principal place of business in, has principal trading activity in, or derives at least
50% of its revenues, profits, assets, or business activities from China. For purposes of this definition, China includes the People's
Republic of China, Hong Kong, and Macau. Companies that are incorporated outside of China, including through variable interest
entity (“VIE”) structures or other offshore holding company arrangements, may be considered economically tied to China
if they conduct a substantial portion of their operations in, or derive a substantial portion of their revenues, profits, assets,
or business activities from, China.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s sub-adviser, EMQQ Global
LLC (the “Sub-Adviser”), utilizes a proprietary thematic framework based on the “five-layer AI stack”
paradigm (the “AI Stack”). This framework categorizes the AI ecosystem into the following five interconnected layers. </p>
<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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><b>1.</b></span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Energy and Power Infrastructure Layer </b>–
companies that derive significant revenues, profits, or assets from electricity generation, grid infrastructure, cooling systems,
industrial power equipment, renewable energy, energy transmission, and other infrastructure supporting AI-related power demand;<b> </b></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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><b>2.</b></span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Semiconductor and Computing Layer –
</b>companies that derive significant revenues, profits, or assets from the design, manufacture, packaging, testing, or supply
of semiconductors and related hardware;<b> </b></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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><b>3.</b></span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Data Center and Networking Infrastructure
Layer – </b>companies that derive significant revenues, profits, or assets from data center development and operation,
cloud infrastructure, and related digital infrastructure;<b> </b></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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><b>4.</b></span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>AI Models and Platforms Layer –
</b>companies developing or commercializing AI foundation models, large language models, machine learning systems, cloud AI
platforms, AI operating systems, or related software infrastructure; and </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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><b>5.</b></span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>AI Applications Layer </b>–
companies that derive significant revenues, profits, or assets from AI-enabled products, services, or operations
in sectors such as internet commerce, financial technology, digital advertising, software, autonomous systems, robotics, logistics,
healthcare, education, entertainment, cybersecurity, and enterprise productivity, rather than companies that merely “utilize”
AI.<b> </b></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In constructing the Fund’s portfolio,
the Sub-Adviser uses a proprietary security selection methodology to identify China AI Companies that are leaders within one or
more layers of the AI Stack. The Fund generally invests in China AI Companies across the AI Stack and expects to maintain significant
exposure to companies located in, or economically tied to, China. The Fund may not invest equally across each of the five layers
of the AI Stack and may not invest in every layer at all times. The Fund’s allocations among the layers may vary significantly
based on market conditions and the Sub-Adviser’s security selection process.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating potential investments, the
Sub-Adviser may consider a combination of quantitative, qualitative, and thematic factors, including a company’s participation
in AI-related industries, revenue exposure to AI infrastructure or applications, research and development intensity, strategic
positioning within the AI ecosystem, competitive advantages, expected growth potential, valuation, liquidity, and broader macroeconomic
and geopolitical considerations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in the equity securities
of companies of any market capitalization and may invest in common stocks, depositary receipts (including American Depositary
Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)), preferred stocks, convertible securities,
and other equity-related instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have significant exposure
to sectors and industries associated with AI development and adoption, including information technology, communication services,
industrials, utilities, energy, and consumer discretionary sectors. Because the Fund is thematic and non-diversified, it may invest
a significant portion of its assets in a limited number of issuers, industries, or sectors. A company is considered economically
tied to AI-related activities if: (i) an independent third-party data provider (e.g., Bloomberg BICS or GICS) classifies the company
under a sub-industry principally associated with AI-related infrastructure, hardware, or software (e.g., Semiconductors &
Semiconductor Equipment, Technology Hardware Storage & Peripherals, Communications Equipment, Electronic Equipment Instruments
& Components, Software, Electrical Equipment, and Machinery).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in Chinese issuers,
including A-shares, Hong Kong-listed securities, ADRs, GDRs, and variable interest entity (“VIE”) structures, to the
extent permitted by applicable law and the Fund’s investment policies. VIE structures are offshore holding company arrangements
which allow Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors on exchanges
outside of China.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will invest in U.S. government
securities, including U.S. Treasury bills, notes, and bonds, which will serve as collateral for the Fund’s derivatives holdings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may sell a security when the
Sub-Adviser determines that the company no longer meets the Fund’s thematic criteria, exhibits deteriorating fundamentals,
faces adverse regulatory or competitive developments, reaches the Sub-Adviser’s valuation target, or when the Sub-Adviser
identifies more attractive investment opportunities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
that are located in China or are economically tied to China and that derive significant revenues, profits, assets, or business
exposure from AI-related activities (“China AI Companies”).
The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund.
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zniSvlrCVMd5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Market Risk. </b>Common stocks
are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common
stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s
portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors
that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.
Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred
stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_znDtzgyABb7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Artificial Intelligence Risk. </b>Issuers
engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability
can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products
and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be
adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes
that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety
of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult
to accurately capture what qualifies as an artificial intelligence company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRisksMember_zgAgJLN2Quwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sector Risks. </b>To the extent
the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly
affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance
of the Fund could be negatively impacted by events affecting each of these sectors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zivU126IoWlk"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Information Technology Sector Risk. </b>The
information technology sector includes companies engaged in internet software and services, technology hardware and storage
peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other
things. 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 rapid product obsolescence due to technological developments
and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified
personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance
for their products could have a material adverse effect on a company’s business. Companies in the information technology
sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely
affect the profitability of these companies.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRiskMember_z7Zq1xW1Ujpb"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Semiconductors and Semiconductor Equipment
Industry Risk.</b> Semiconductor companies may face intense competition, both domestically and internationally, and such competition
may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial
resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials
that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may
rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools.
Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose
unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of
resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter
cybersecurity or other issues that can disrupt production or increase production costs.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zf91mn2SoL3k"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Consumer Discretionary Sector Risk. </b>The
consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates,
competition, consumers’ disposable income, consumer preferences, social trends and marketing campaigns.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_zGePQoCQfNyh"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Utilities Sector Risk. </b>Utility companies
are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental
damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually
fluctuate in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily
occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility
company's earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and
dividends when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship
to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years.
These utility companies are frequently more similar to industrial companies in that they are subject to greater competition
and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines
of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates
of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural
disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or
obsolete and negatively impact profitability.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zcGTp5cv0J61"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Energy Sector Risk. </b>Energy companies
may be adversely affected by fluctuations in energy prices, supply and demand, commodity markets, geopolitical events, regulatory
developments, environmental considerations, and capital spending requirements. Energy infrastructure and power-generation
companies may require substantial ongoing investment and may be subject to operational, permitting, and financing risks.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationsServicesSectorRiskMember_zEaLf8tfKmZg"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Communications Services Sector Risk. </b>Companies in
the Communications Services Sector are subject to extensive government regulation. The costs of complying with governmental
regulations, delays or failure to receive required regulatory approvals, or the enactment of new adverse regulatory requirements
may adversely affect the business of such companies. Companies in the Communications Services Sector also can be significantly
affected by intense competition, including competition with alternative technologies such as wireless communications (including
with 5G and other technologies), product compatibility, consumer preferences, rapid product obsolescence, and research and
development of new products. Technological innovations may make the products and services of such companies obsolete. Media
content creation carries risks of changing consumer tastes and running afoul of regulatory content guidelines, which could
result in large fines or the loss of regulatory licenses. Media companies collect significant amounts of personal consumer
data and are at risk of data breaches and fines for the unauthorized and unplanned public release of sensitive consumer data.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z3sx5M9TTxUa"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Industrials Sector Risk. </b>Companies in
the Industrials Sector can be significantly affected by supply and demand for specific products or services and for Industrials
Sector products in general; a decline in demand for products due to rapid technological developments and frequent new product
introduction; government regulation, world events and economic conditions; and the risks associated with potential environmental
damage and product liability claims.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zbPoULs7shx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk. </b>Investments
in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in
non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability.
There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to
different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial
condition or credit rating of foreign issuers may also adversely affect the value of the Fund’s securities. Investments
in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial,
and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce
legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value
of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the
Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities
may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition
of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially
less liquid than other types of investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaInvestingRisksMember_zy57lvSr0fyi"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China Investing Risks.</b> The Chinese
economy is generally considered an emerging market and can be significantly affected by economic and political conditions
and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion
of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements.
The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development,
government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment,
among others. Prior to August 2022, the Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors
of U.S. public companies, had warned that it lacked the ability to inspect audit work and practices of PCAOB-registered accounting
firms in China and Hong Kong. In August 2022, the PCOAB secured its ability, through a formal agreement with Chinese authorities,
to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited
ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial
records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in
such companies. Under China’s political and economic system, the central government has historically exercised substantial
control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese
government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese
government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun
the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized. In
addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other
developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests.
International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations,
trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large
segments of China’s export industry with a potentially severe negative impact to the Fund. From time to time and as
recently as January 2020, China has experienced outbreaks of infectious illnesses, and the country may be subject to other
public health threats or similar issues in the future. Any spread of an infectious illness, public health threat or similar
issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and
generally have a significant impact on the Chinese economy.</span></td></tr>
</table>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaASharesInvestmentRiskMember_zFrcDbU1ySpl" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China A-Shares Investment Risk.</b> The
liquidity of the A-shares market and trading prices of A-shares could be more severely affected than the liquidity and trading
prices of other markets because the Chinese government restricts the flow of capital into and out of the A-shares market.
The Fund may experience losses due to illiquidity of the Chinese securities markets or delay or disruption in execution or
settlement of trades. The Fund’s investments in A-shares may become subject to frequent and widespread trading halts.
In addition, trading through Stock Connect, which is a securities trading and clearing link between the mainland China stock
exchanges and the Hong Kong stock exchange, is subject to a number of restrictions that may affect the Fund’s investments
and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases
on any particular day, which may restrict or preclude the Fund’s ability to invest in China A-shares through Stock Connect.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">In addition, investments made through Stock
Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to
the Fund. Moreover, China A-shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred
other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application
of the home market’s laws and rules applicable to investors in China A-shares. Therefore, the Fund’s investments
in China A-shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules,
among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on
income and gains from investments in China A-shares purchased through Stock Connect, these tax rules could be changed, which
could result in unexpected tax liabilities for the Fund. Stock Connect only operates on days when the Chinese and Hong Kong
stock markets are each open for trading and when banks in each market are open on the corresponding settlement days. The Fund
may purchase and sell A-shares through Stock Connect only on days when Stock Connect and U.S. markets are open for trading.
Therefore, if it is a normal trading day for the Chinese market but Hong Kong and/or U.S. markets are closed, the Fund will
not be able to trade any A-shares. The Fund may be subject to the risk of price fluctuations in A-shares on such days. The
Fund is also subject to the risk that it will not be able to buy or sell A-shares in a timely manner on days when the U.S.
markets are open but Stock Connect is not. Stock Connect is a relatively new program. Further developments are likely and
there can be no assurance as to the program’s continued existence or whether future developments regarding the program
may restrict or adversely affect the Fund’s investments or returns. In addition, the application and interpretation
of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant
regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund’s
investments and returns.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRisksMember_zSzyZNDZMsqi"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Depositary Receipt Risks.</b> Depositary
receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary
receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital
gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary
receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary
receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored
depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in
the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation
between such information and the value of the depositary receipts. </span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_zVMyMp7sWOq1"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Currency Exchange Rate Risk</b>. The Fund’s
assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide
exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect
the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can
change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning
and you may lose money.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zpup0peH7pb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk. </b>Derivatives are
financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including
ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than,
those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect
correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability,
counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives
may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may
be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving
its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose
the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are
subject to the following risks:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z6omD0YkZgv8"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Swap Agreements. </b>The use of swap transactions
is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary
portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment
goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment
objective and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs
associated with using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements
in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than
exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials
in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments.
The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on
or change in value of a particular dollar amount invested in a basket of securities.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractsMember_zaMWyi5fAWC9"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Forward Contracts. </b>A forward contract
is a negotiated agreement between two parties to buy or sell an asset, reference instrument, or other financial exposure at
a specified price on a specified future date. Forward contracts may be used to obtain or manage exposure to particular securities,
markets, sectors, countries, indices, or other investments more efficiently than investing directly in the underlying instruments.
Forward contracts are subject to the risk that the value of the contract may not correlate perfectly with the value of the
assets, markets, or exposures being hedged or tracked. The use of forward contracts may reduce or eliminate the opportunity
for gain if the value of the underlying exposure moves in a direction favorable to the Fund’s position. Because forward
contracts are typically privately negotiated and traded in the over-the-counter market, they may be less liquid than exchange-traded
instruments and subject the Fund to counterparty risk, which is the risk that the other party to the contract will fail to
perform its obligations. Forward contracts also may involve leverage and can result in losses that exceed the amount initially
invested. The Fund’s use of forward contracts may increase the volatility of the Fund’s returns and may result
in losses if the Sub-Adviser’s investment views or analyses prove incorrect. Unanticipated changes in the value of the
underlying reference exposure may result in poorer overall performance for the Fund than if the Fund had not entered into
such contracts.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zd8UWHmYQShk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is
subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty
will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition
(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen
or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the
Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_ztdxjVjTOuN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies
and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events
or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the
Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market,
or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations
for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability,
debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade
or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively
affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country
instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign
countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic
and foreign markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zbpMkIjVqJ5b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zYVBxEOhr7u8"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants, Market Makers,
and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized
to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).
In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either
of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the
business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform
these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zmwPtt7vaeah"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s
investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds.
For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments).
In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption
proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption
in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process
was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes.
Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a
cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value
of the Fund to the extent they are not offset by a transaction fee payable by an AP.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zbPUEbH3sPt5"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due
to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent
trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors
who anticipate regularly making small investments.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zVWZ4I5ncvgh"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.
</i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that
the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more
than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods
of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods
when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be
significant.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zhJdX2SyARRc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Trading. </i>Although Shares are listed
on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on
U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop
or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions,
the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be
significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s
NAV. 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. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary
market volatility pursuant to the Exchange “circuit breaker” rules. 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. As a result,
the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicInvestmentRiskMember_zLqv7WzvdhQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Geographic Investment Risk.</b> To
the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region,
it is more likely to be impacted by events or conditions affecting that country or region.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zWikh72HJA58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Capitalization Risk</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zKPvx5zh1GO2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Large-Capitalization Investing</i>.
The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore
subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond
quickly to new competitive challenges, such as changes in technology and consumer tastes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_z4lz3IAsqpU1" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mid-Capitalization Investing</i>.
The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic
developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally
trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks
or the stock market as a whole.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_ztoCO4s33sB6"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Small-Capitalization Investing. </i>The
securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments
than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade
in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks
or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies
than for larger, more established companies.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zvhQv7RqTa82" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Risk. </b>The Fund is subject
to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio
managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee
that the Fund will meet its investment objective. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z3YN1AyRXsm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently
organized management investment company with no operating history. As a result, prospective investors do not have a track record
or history on which to base their investment decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zMtctTbAanxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Sub-Adviser Risk. </b>The
Sub-Adviser is a recently formed entity and has only limited experience with managing an exchange-traded fund regulated under
the 1940 Act. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser’s effectiveness.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zvOiHvAyaR39" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because
the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer
or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single
issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund
held a more diversified portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zR2QHMHcj90l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject
to risks arising from various operational 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. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating
to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although
the Fund, Adviser, and Sub-Advisers seek to reduce these operational risks through controls and procedures, there is no way to
completely protect against such risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zYdESViaRKcl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations
Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government
obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities,
such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and
credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter
case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate
repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide
financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated
to do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance
<p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_z9zsv7vFTf8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_901_eoef--PerformanceOneYearOrLess_c20260821__20260821__dei--LegalEntityAxis__custom--S000108041Member_zauuY7HmNQRh">Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260821__20260821__dei--LegalEntityAxis__custom--S000108041Member_zn3jyo5rDO63">When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260821__20260821__dei--LegalEntityAxis__custom--S000108041Member_zzrVAwERiuCk">Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated
performance information will be available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260821__20260821__dei--LegalEntityAxis__custom--S000108041Member_zWSHQLKsuyn8">www.EMXETF.com</span> .</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.
When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.
Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.
www.EMXETF.com
EMERGING MARKETS GPU ETF - FUND
SUMMARY
Investment Objective
<p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zp4mXwwYcGX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging Markets GPU ETF seeks long-term
capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees and Expenses of the Fund
<p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zwV87YuYGjyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <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></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zL0nMSXvDang"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zerR90Oqieuj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="vertical-align: bottom">
<td id="xdx_985_eoef--OperatingExpensesCaption_c20260821__20260821__dei--LegalEntityAxis__custom--S000108046Member_zLwqG7WhIul" style="border-bottom: black 1pt solid; width: 90%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Annual
Fund Operating Expenses<sup id="xdx_F6A_z89Mux4uLoT3">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)
</span></td>
<td id="xdx_498_20260821__20260821__oef--ClassAxis__custom--C000279021Member_zCAQjba1OPM3" style="border-bottom: black 1pt solid; width: 10%; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">
</span></td></tr>
<tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zch5L0EiWXC1" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Management Fee </span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.76%</span></td></tr>
<tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6g5GDovlNw3" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees
</span></td>
<td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">None </span></td></tr>
<tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zHd2QCrlz78g" style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F49_zvnf39UHoSje">(2)</sup>
</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.00% </span></td></tr>
<tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zuRHTx1jAdDk" style="vertical-align: bottom">
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Total Annual Fund Operating Expenses
</span></td>
<td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right"><span style="font-size: 10pt">0.76%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="width: 19px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F0F_zUZMWRx64TZd">(1)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F18_z96XuD6h7yYg" style="font-size: 10pt">Under the Fund’s investment advisory
agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses
incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities
sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities
and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses
paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the
“1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. </span></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 19px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt"><sup id="xdx_F0D_zi9j9CBrehj5">(2)</sup> </span></td>
<td style="font-size: 10pt; text-align: justify"><span id="xdx_F15_zQo9tOBlynBa" style="font-size: 10pt"><span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20260821__20260821__dei--LegalEntityAxis__custom--S000108046Member_zJhi2NBClKO1">Estimated for the current year.</span> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Annual
Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)
0.0076
0
0.0000
0.0076
Estimated for the current year.
<p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zmST6wbVRnyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare
the cost of investing in 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 hold or redeem 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 Example does
not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXx6EY4AERG"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z7J9s7hQoLch" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: top">
<td id="xdx_48B_eoef--ExpenseExampleYear01_zgbO47QCGg64" style="border-top: black 1pt solid; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>1
Year</b></span></td>
<td id="xdx_483_eoef--ExpenseExampleYear03_zRH833Orpf6c" style="border-top: black 1pt solid; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>3
Years</b></span></td></tr>
<tr id="xdx_411_20260821__20260821__oef--ClassAxis__custom--C000279021Member_zxYtGrWxaxFd" style="vertical-align: top">
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$78</span></td>
<td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$243</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
78
243
Portfolio Turnover
<p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zRAKY2UuF0G6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance.
Because the Fund is newly organized, portfolio turnover information is not yet available.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Principal Investment Strategies
<p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_z2wLtcBEvTR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange-traded
fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities of Emerging
Markets Graphics Processing Units Companies (defined below). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90A_eoef--StrategyPortfolioConcentration_c20260821__20260821__dei--LegalEntityAxis__custom--S000108046Member_zUWCWzWRcmAh">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
that are located in emerging market countries or, are economically tied to, emerging market countries and that derive at least
50% of their revenues or profits from the design, manufacture, packaging, testing, or supply of graphics processing units (“GPUs”),
GPU equipment, advanced materials, and related hardware technologies (“Emerging Markets GPU Companies”).</span> For purposes
of the Fund’s 80% policy, derivative instruments are valued at their notional value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may obtain exposure to Emerging
Markets GPU Companies directly through investments in equity securities or indirectly through derivative instruments, including
swap agreements and forward contracts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company is considered economically tied
to an emerging market country if it is organized in, has its principal place of business in, has principal trading activity in,
or derives at least 50% of its revenues, profits, assets, or business activities from emerging market countries (as described
more below).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s sub-adviser, EMQQ Global
LLC (the “Sub-Adviser”), focuses on companies involved in semiconductor-related technologies and products, including: </p>
<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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Graphics Processing Units (GPUs) </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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Application-Specific Integrated Circuits (ASICs) </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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Field-Programmable Gate Arrays (FPGAs) </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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Neural Processing Units (NPUs) </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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Central Processing Units (CPUs) </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; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Neuromorphic Chips</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In constructing the Fund’s portfolio,
the Sub-Adviser uses a proprietary security selection methodology to identify Emerging Markets GPU Companies that are leaders
within the GPU industry. The Sub-Adviser generally invests in Emerging Markets GPU Companies that it believes are leaders, considering
factors such as market share and revenue share derived from the sales or production of GPU-related products and technologies.
The Fund expects to maintain significant exposure to companies located in, or economically tied to, emerging market countries
across Asia, Latin America, Eastern Europe, the Middle East, and Africa (“Emerging Markets”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating potential investments, the
Sub-Adviser may consider a combination of quantitative, qualitative, and thematic factors, including a company’s participation
in the GPU industry, revenue exposure to GPU-related products and technologies, research and development intensity, strategic
positioning within the GPU ecosystem, competitive advantages, expected growth potential, valuation, liquidity, and broader macroeconomic
and geopolitical considerations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in the equity securities
of companies of any market capitalization and may invest in common stocks, depositary receipts (including ADRs and GDRs), preferred
stocks, convertible securities, and other equity-related instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Fund is thematic and non-diversified,
it may invest a significant portion of its assets in a limited number of issuers, countries, industries, or sectors. Due
to the Fund's investment strategy, the Fund's investment exposure is concentrated in the group of industries comprising the semiconductors
and semiconductor equipment industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in Chinese issuers,
including A-shares, Hong Kong-listed securities, and variable interest entity (“VIE”) structures, to the extent permitted
by applicable law and the Fund’s investment policies. VIE structures are offshore holding company arrangements which allow
Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors on exchanges outside
of China. The Fund may also invest in frontier markets securities. “Frontier Markets” are markets in countries that
are less economically developed than traditional emerging market countries and that generally have smaller, less liquid, and less
mature securities markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will invest in U.S. government
securities, including U.S. Treasury bills, notes, and bonds, which will serve as collateral for the Fund’s derivatives holdings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may sell a security when the
Sub-Adviser determines that the company no longer meets the Fund’s thematic criteria, exhibits deteriorating fundamentals,
faces adverse regulatory or competitive developments, reaches the Sub-Adviser’s valuation target, or when the Sub-Adviser
identifies more attractive investment opportunities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Under normal circumstances, the Fund invests
at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and derivative instruments of companies
that are located in emerging market countries or, are economically tied to, emerging market countries and that derive at least
50% of their revenues or profits from the design, manufacture, packaging, testing, or supply of graphics processing units (“GPUs”),
GPU equipment, advanced materials, and related hardware technologies (“Emerging Markets GPU Companies”).
The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund.
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zjvi0Jnp3Lab" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Market Risk. </b>Common stocks
are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common
stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s
portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors
that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.
Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred
stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRisksMember_zowz65GTsBn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sector Risks. </b>To the extent
the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly
affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance
of the Fund could be negatively impacted by events affecting each of these sectors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zjDcNgbRlcOi"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Information Technology Sector Risk. </b>The
information technology sector includes companies engaged in internet software and services, technology hardware and storage
peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other
things. 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 rapid product obsolescence due to technological developments
and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified
personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance
for their products could have a material adverse effect on a company’s business. Companies in the information technology
sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely
affect the profitability of these companies.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--GpuCompaniesSectorRiskMember_zIFKY31OAyd2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>GPU Companies Sector Risk.
</b>The Fund may have significant exposure to companies that design, manufacture, or supply graphics processing units
(“GPUs”) for AI and high-performance computing applications. The GPU market is highly concentrated, with a
small number of dominant companies controlling a substantial share of the market for advanced AI accelerators. This concentration
creates a significant issuer-specific risk, as adverse developments affecting one or more of these dominant companies,
including failure to meet market expectations for growth, competitive pressures, product defects, supply chain disruptions,
or regulatory scrutiny, could have a disproportionate impact on the Fund’s performance. The Fund’s exposure
to such companies may also subject the Fund to risks associated with the AI industry, including rapidly evolving technology,
intense competition, uncertain regulatory frameworks, and the potential for significant volatility in demand for AI-related
products and services. If AI adoption slows, AI efficiency gains reduce demand for computational resources, or technological
shifts favor alternative computing architectures, companies focused on GPU production could experience material declines
in revenue and profitability.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRiskMember_zEd7z8dXppY7" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Semiconductors and Semiconductor Equipment
Industry Risk.</b> Semiconductor companies may face intense competition, both domestically and internationally, and such competition
may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial
resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials
that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may
rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools.
Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose
unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of
resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter
cybersecurity or other issues that can disrupt production or increase production costs.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zcNQoDx4K45c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies
and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events
or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the
Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market,
or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations
for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability,
debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade
or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively
affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country
instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign
countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic
and foreign markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zXWa5J4hAPA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zFDz2vFEnD46"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants, Market Makers,
and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized
to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).
In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either
of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the
business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform
these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zjLRMIyd07t6"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s
investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds.
For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments).
In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption
proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption
in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process
was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes.
Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a
cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value
of the Fund to the extent they are not offset by a transaction fee payable by an AP.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zALcRnKnA7vg"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Due
to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent
trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors
who anticipate regularly making small investments.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zKHWQc4fF1V7"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.
</i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that
the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more
than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods
of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods
when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be
significant.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z0OAjlz7uGB5"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Trading. </i>Although Shares are listed
on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on
U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop
or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions,
the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be
significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s
NAV. 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. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary
market volatility pursuant to the Exchange “circuit breaker” rules. 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. As a result,
the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_ztp9pWgIVUpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk. </b>Investments
in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in
non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability.
There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to
different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial
condition or credit rating of foreign issuers may also adversely affect the value of the Fund’s securities. Investments
in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial,
and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce
legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value
of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the
Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities
may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition
of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially
less liquid than other types of investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zD8vvDRKykAf"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Emerging Markets Risk.</b> Investments in
securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets,
can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in
U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility,
(ii) lower trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv) governmental controls
on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing
and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities
or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may
impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price
for Shares to decline in value. </span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierMarketsRiskMember_zD5pYjDYnoel"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Frontier Markets Risk.</b> Frontier market
countries generally have smaller economies and even less developed capital markets than typical emerging market countries
(which themselves have increased investment risk relative to more developed market countries) and, as a result, the Fund’s
exposure to risks associated with investing in emerging market countries are magnified when the Fund invests in frontier market
countries. The increased risks include: the potential for extreme price volatility and illiquidity in frontier market countries;
government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls,
managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with
which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.
In addition, frontier market countries are more likely to experience instability resulting, for example, from rapid changes
or developments in social, political and economic conditions. Many frontier market countries are heavily dependent on international
trade, which makes them more sensitive to world commodity prices and economic downturns and other conditions in other countries.
Some frontier market countries have a higher risk of currency devaluations, and some of these countries may experience periods
of high inflation or rapid changes in inflation rates and may have hostile relations with other countries. Securities issued
by foreign governments or companies in frontier market countries are even more likely than emerging markets securities to
have greater exposure to the risks of investing in foreign securities.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRisksMember_z8TSj3866hTj"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Depositary Receipt Risks.</b> Depositary
receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary
receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital
gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary
receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary
receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored
depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in
the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation
between such information and the value of the depositary receipts. </span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_z53Kny0fkv4c"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Currency Exchange Rate Risk</b>. The Fund’s
assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide
exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect
the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can
change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning
and you may lose money.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaInvestingRisksMember_zPy1hJS9KRBe"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China Investing Risks.</b> The Chinese
economy is generally considered an emerging market and can be significantly affected by economic and political conditions
and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion
of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements.
The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development,
government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment,
among others. Prior to August 2022, the Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors
of U.S. public companies, had warned that it lacked the ability to inspect audit work and practices of PCAOB-registered accounting
firms in China and Hong Kong. In August 2022, the PCOAB secured its ability, through a formal agreement with Chinese authorities,
to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited
ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial
records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in
such companies. Under China’s political and economic system, the central government has historically exercised substantial
control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese
government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese
government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun
the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized. In
addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other
developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests.
International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations,
trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply
of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large
segments of China’s export industry with a potentially severe negative impact to the Fund. From time to time and as
recently as January 2020, China has experienced outbreaks of infectious illnesses, and the country may be subject to other
public health threats or similar issues in the future. Any spread of an infectious illness, public health threat or similar
issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and
generally have a significant impact on the Chinese economy.</span></td></tr>
</table>
<p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaASharesInvestmentRiskMember_z6tZOZFZufh3" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>China A-Shares Investment Risk.</b> The
liquidity of the A-shares market and trading prices of A-shares could be more severely affected than the liquidity and trading
prices of other markets because the Chinese government restricts the flow of capital into and out of the A-shares market.
The Fund may experience losses due to illiquidity of the Chinese securities markets or delay or disruption in execution or
settlement of trades. The Fund’s investments in A-shares may become subject to frequent and widespread trading halts.
In addition, trading through Stock Connect, which is a securities trading and clearing link between the mainland China stock
exchanges and the Hong Kong stock exchange, is subject to a number of restrictions that may affect the Fund’s investments
and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases
on any particular day, which may restrict or preclude the Fund’s ability to invest in China A-shares through Stock Connect.</span></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: justify"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">o</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, investments made
through Stock Connect are subject to trading, clearance and settlement procedures that are relatively untested, which
could pose risks to the Fund. Moreover, China A-shares purchased through Stock Connect generally may not be sold, purchased
or otherwise transferred other than through Stock Connect in accordance with applicable rules. A primary feature of Stock
Connect is the application of the home market’s laws and rules applicable to investors in China A-shares. Therefore,
the Fund’s investments in China A-shares purchased through Stock Connect are generally subject to Chinese securities
regulations and listing rules, among other restrictions. While overseas investors currently are exempt from paying capital
gains or value added taxes on income and gains from investments in China A-shares purchased through Stock Connect, these
tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect only operates
on days when the Chinese and Hong Kong stock markets are each open for trading and when banks in each market are open
on the corresponding settlement days. The Fund may purchase and sell A-shares through Stock Connect only on days when
Stock Connect and U.S. markets are open for trading. Therefore, if it is a normal trading day for the Chinese market but
Hong Kong and/or U.S. markets are closed, the Fund will not be able to trade any A-shares. The Fund may be subject to
the risk of price fluctuations in A-shares on such days. The Fund is also subject to the risk that it will not be able
to buy or sell A-shares in a timely manner on days when the U.S. markets are open but Stock Connect is not. Stock Connect
is a relatively new program. Further developments are likely and there can be no assurance as to the program’s continued
existence or whether future developments regarding the program may restrict or adversely affect the Fund’s investments
or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the
rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are
uncertain, and they may have a detrimental effect on the Fund’s investments and returns.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td></tr>
</table>
<p style="margin: 0"> </p>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEquityInvestmentRiskMember_zUsh9Qbxs6K6" style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 72px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">o</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Variable Interest Equity
Investment Risk.</b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges,
many Chinese-based operating companies are structured as VIEs. In this structure, the Chinese-based operating company
is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists
on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in
which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has
no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s
financial statements with its own for accounting purposes and provide for economic exposure to the performance of the
underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have
exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based
operating company. Furthermore, because the shell company only has specific rights provided for in these service agreements
with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating
company may engage in activities that negatively impact investment value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the VIE structure has
been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government
could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the
listed shell company by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors
in the listed shell company, such as the Fund, may suffer significant losses with little or no recourse available. If
the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and
regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to
penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed
shell company’s control over a VIE may also be jeopardized if a natural person who holds the equity interest in
the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating
documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into
contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally
binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the shell company
to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund’s
investment in the listed shell company to suffer a significant loss. For example, in 2021, the Chinese government prohibited
use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government
will not place similar restrictions on other industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgCJ1zmnhsn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk. </b>Derivatives are
financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including
ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than,
those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect
correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability,
counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives
may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may
be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving
its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose
the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are
subject to the following risks:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zJK5upAdUN8c"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Swap Agreements. </b>The use of swap transactions
is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary
portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment
goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment
objective and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs
associated with using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements
in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than
exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials
in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments.
The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on
or change in value of a particular dollar amount invested in a basket of securities.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractsMember_zAO6uVuVpXWl"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Forward Contracts. </b>A forward contract
is a negotiated agreement between two parties to buy or sell an asset, reference instrument, or other financial exposure at
a specified price on a specified future date. Forward contracts may be used to obtain or manage exposure to particular securities,
markets, sectors, countries, indices, or other investments more efficiently than investing directly in the underlying instruments.
Forward contracts are subject to the risk that the value of the contract may not correlate perfectly with the value of the
assets, markets, or exposures being hedged or tracked. The use of forward contracts may reduce or eliminate the opportunity
for gain if the value of the underlying exposure moves in a direction favorable to the Fund’s position. Because forward
contracts are typically privately negotiated and traded in the over-the-counter market, they may be less liquid than exchange-traded
instruments and subject the Fund to counterparty risk, which is the risk that the other party to the contract will fail to
perform its obligations. Forward contracts also may involve leverage and can result in losses that exceed the amount initially
invested. The Fund’s use of forward contracts may increase the volatility of the Fund’s returns and may result
in losses if the Sub-Adviser’s investment views or analyses prove incorrect. Unanticipated changes in the value of the
underlying reference exposure may result in poorer overall performance for the Fund than if the Fund had not entered into
such contracts.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zGKJPlERN4Mj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Counterparty Risk.</b> The Fund is subject to counterparty
risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its
obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties,
bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s
inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover
its investment from such counterparty or may obtain a limited and/or delayed recovery.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zYE6AEf4J3v7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration Risk.</b> The Fund’s
investment exposure will be concentrated in the group of industries comprising the semiconductors and semiconductor equipment
industries. As a result, the value of the Fund’s Shares may rise and fall more than the value of shares that are invested
in securities or financial instruments of companies that encompass a broader range of industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicInvestmentRiskMember_zr9ohIYl845h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Geographic Investment Risk.</b> To
the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region,
it is more likely to be impacted by events or conditions affecting that country or region.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_z3TWQAr8iBdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Capitalization Risk</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zFh8UVTf7Oc9"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; font-size: 10pt"> </td>
<td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Large-Capitalization Investing</i>.
The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore
subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond
quickly to new competitive challenges, such as changes in technology and consumer tastes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zgWlsVmu435j" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mid-Capitalization Investing</i>.
The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic
developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally
trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks
or the stock market as a whole.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr>
</table>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zpKHSXJgpK06" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font-size: 10pt; width: 24px"> </td>
<td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><i>Small-Capitalization Investing. </i>The
securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments
than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade
in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks
or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies
than for larger, more established companies.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zHwqtl0wGjU" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Risk. </b>The Fund is subject
to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio
managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee
that the Fund will meet its investment objective. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zdU9cvP8TF85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently
organized management investment company with no operating history. As a result, prospective investors do not have a track record
or history on which to base their investment decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zPv8vA11H8L6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Sub-Adviser Risk. </b>The
Sub-Adviser is a recently formed entity and has only limited experience with managing an exchange-traded fund regulated under
the 1940 Act. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser’s effectiveness.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zs7CeRLwrsxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because
the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer
or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single
issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund
held a more diversified portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zZvYrH9dWHAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject
to risks arising from various operational 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. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating
to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although
the Fund, Adviser, and Sub-Advisers seek to reduce these operational risks through controls and procedures, there is no way to
completely protect against such risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_z2dfN92XHa5b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations
Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government
obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities,
such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and
credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter
case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate
repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide
financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated
to do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance
<p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zxkKmag8sCRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20260821__20260821__dei--LegalEntityAxis__custom--S000108046Member_z3bKVsicnXOe">Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260821__20260821__dei--LegalEntityAxis__custom--S000108046Member_z7C8efa4Sd8">When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260821__20260821__dei--LegalEntityAxis__custom--S000108046Member_zTsOutcaAJGd">Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated
performance information will be available on the Fund’s website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260821__20260821__dei--LegalEntityAxis__custom--S000108046Member_zyAwRjJtmGP1">www.EMXETF.com</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.
When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of the Index and a broad measure of market performance.
Although past performance of the Fund is no guarantee of how
it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.
www.EMXETF.com