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oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001506213 hss:S000089355Member hss:C000255876Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-12-17 2025-12-31 0001506213 hss:S000089355Member hss:BloombergUS3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001506213 hss:S000089355Member hss:BloombergUS3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-12-17 2025-12-31 0001506213 hss:S000070448Member hss:C000223943Member 2021-05-17 2025-12-31 0001506213 hss:S000070448Member hss:C000223943Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001506213 hss:S000070448Member hss:C000223943Member oef:AfterTaxesOnDistributionsMember 2021-05-17 2025-12-31 0001506213 hss:S000070448Member hss:C000223943Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001506213 hss:S000070448Member hss:C000223943Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-05-17 2025-12-31 0001506213 hss:S000070448Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001506213 hss:S000070448Member hss:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-05-17 2025-12-31 0001506213 hss:S000070448Member hss:BloombergUSCorporateTRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001506213 hss:S000070448Member hss:BloombergUSCorporateTRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-05-17 2025-12-31 iso4217:USD pure false 497 2026-04-30 2026-09-04 2026-09-04 N-1A Strategy Shares 0001506213 2026-09-01 Fund Summary: Eventide High Dividend ETF Investment Objective: <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_ztSvAU01Iyx5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Eventide High Dividend ETF’s (the “High Dividend Fund” or the “Fund”) investment objective is to seek income, income growth and long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zwWL1nBqHpu" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares (“Fund shares” or “Shares”) of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zwORnn635YV6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zEpDDtZrrrp5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt"></td> <td id="xdx_49A_20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_zFocFKxOwC7b" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; vertical-align: bottom; text-align: center; padding-left: 0pt"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dn_z6VCiNA35sj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; width: 84%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; vertical-align: bottom; width: 16%; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zRzJrWQ67qtd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z8yxaMB2U8da" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; width: 84%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_490_20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_zTGpSatdomH4" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; width: 16%; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_zIa7GUamJAk6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F40_zHAx0OfS4tM6">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.49%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUxqwySe1Ole" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z3Dhzzz1G9u8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zPFoI0auGC9c" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.49%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F0B_zh8sc4l7ImJa">(1)</sup></span></td><td><span id="xdx_F17_zVfXl3s4I0ck" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0049 0.0000 0.0000 0.0049 Example: <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zFsjK2RM9KWl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your Shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zERRdj7VJFo6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zNK44y3Yi0e9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none; width: 0%"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear01_zXrx5zQcQHwk" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zmloXmqD5D8j" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td> <td id="xdx_485_eoef--ExpenseExampleYear05_zu2l6McOcKu2" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>5 Years</i></span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_zQ8Owcd011Ka" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>10 Years</i></span></td></tr> <tr id="xdx_41F_20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_znxC5EOQ6J21" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50</span></td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$157</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$274</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$616</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p> 50 157 274 616 Portfolio Turnover: <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zlgfZbZFMh1c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zWNQsArC51Ke">63%</span>.</span></p> 0.63 Principal Investment Strategy: <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zJoFsLxikoj3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in dividend-paying securities. Under normal market conditions, the Fund seeks to provide a dividend yield greater than the average dividend yield of the equity securities in the Bloomberg US 1000 Total Return Index, measured on a gross basis. The Fund invests in companies identified by Eventide Asset Management, LLC (the “Adviser”) as having strong fundamentals, creating value for stakeholders (customers, employees, supply chain, community, environment, society and shareholders), and that, in the Adviser’s opinion, represent above-average long-term investment opportunities for dividend income, dividend growth, and stock price capital appreciation. The ethical principles that the Adviser uses within its fundamental research process to screen investments are more fully described below under “Faith-Based Screening.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser actively manages the Fund’s portfolio using a long-only investment approach. While the Fund may invest in companies operating in any sector, it generally invests in sectors that the Adviser believes have historically offered attractive dividends and shareholder yields, such as energy, utilities, industrials, technology, infrastructure, and real estate sectors. From time to time, the Adviser may invest a substantial portion of the Fund’s assets in one or more sectors that are not highly correlated with the overall stock market in the Adviser’s judgment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund invests primarily in U.S. companies but may invest in securities of foreign companies. The Fund’s investments in foreign securities may be made either directly or through American Depository Receipts (“ADRs”), or through direct investment in the securities of foreign issuers listed on U.S. exchanges and denominated in U.S. dollars. Although the Fund will invest primarily in common stocks (including ADRs), the Fund may also invest in real estate investment trusts (“REITs”), exchange-listed preferred securities, and energy infrastructure companies (primarily midstream companies) organized as C corporations. The Fund will invest primarily in mid- and large-capitalization companies, which the Fund collectively defines as those with market capitalizations within the range of the Bloomberg US 1000 Value Total Return Index ($1.3 billion to $2.5 trillion as of June 30, 2026). In normal market conditions, the Adviser expects that the Fund will hold less than 10% of its total assets in cash and cash equivalents such as money market funds.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock selection is driven by the Adviser’s fundamental research and faith-based principles. The Adviser seeks to invest in attractively valued securities that, in its opinion, represent above-average long-term investment opportunities or have significant near-term appreciation potential. The Adviser utilizes a fundamental “bottom-up” analysis to evaluate investments for inclusion in the Fund’s portfolio. This analysis includes financial analysis for determining financial strength and dividend sustainability, qualitative analysis for management assessment, industry positioning, and stakeholder value creation, and valuation analysis to determine risk adjusted return potential with dividends. The portfolio construction process includes attention to diversification and risk management with an overall positioning consistent with specific macro and thematic views of the portfolio manager and investment team. Positions continue to be monitored for consistency with investment case, price targets, and changes in company fundamentals, including faith-based criteria.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Faith-Based Screening.</b> The Adviser uses its proprietary screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the faith-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the faith-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess practices. The Adviser’s faith-based screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser applies a combination of methods within its fundamental research process and systems to help cover a range of company-related information. This includes qualitative and quantitative data that can inform the Adviser’s investment decisions, such as company reports, news and research offered by third parties. This information can reflect on a company’s financial and competitive position, risks, and business reputation and ethical standing in the marketplace. The Adviser typically obtains values-based data from multiple third-party providers, which the Adviser changes from time to time based on research needs and industry developments. Values-based data offers additional inputs to the Adviser’s fundamental research process and investment framework. The Adviser views third-party information as part of its overall research rather than assigning any particular data source as the determinative factor in investment decisions. The Adviser believes that considering a broad range of research information, from multiple sources, can help to mitigate risks associated with misinterpreting data or relying on inaccurate information provided by third parties, but cannot guarantee that any third-party information it receives is accurate or free of defects. The Adviser maintains research supporting its investment decisions.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or when the Adviser believes the underlying company is no longer consistent with the Adviser’s faith-based values.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund concentrates its investments in the securities of issuers engaged primarily in energy and/or utilities-related industries. The Fund considers an issuer to be engaged primarily in energy or utilities-related industries if such companies derive more than 50% of their revenue from activities within the energy and utilities sectors, as applicable.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_gRBRTB-EY_zD1FUlaOJlfj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zdnnJF5xKnlk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><p id="xdx_A9B_zKcHeotaYQV6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zAuMUdZXWKS7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zH4ZSJbam5da" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendYieldRiskMember_z2xktxc00CGi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dividend Yield Risk.</b> While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_gRBRTB-UD_zbNNCjHaxGVf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Sector Risk.</b> Companies operating in the energy sector may be adversely affected by changes in worldwide energy prices, exploration and production spending. In addition, changes in government regulation, world events and political and economic conditions can affect these companies. These companies also are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism, war and natural disasters. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, technological developments, geopolitical conflict and related economic sanctions and labor relations also could affect companies in this sector.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyEquipmentAndServicesIndustryRiskMember_zt8HvSTx1uTi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Equipment and Services Industry Risk.</b> Companies in the energy equipment and services industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry. These risks include, but are not limited to, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zaafIPQZ7CEh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Oil, Gas and Consumable Fuels Industry Risk.</b> Changes in energy costs, exploration, and production worldwide, including the global transition to sustainable energy, may adversely affect the profitability of companies in the oil, gas and consumable fuels industry. These companies may also be affected by world events in the regions in which they operate (e.g., expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest).</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zicFbFaYkiZ3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_gRBRTB-GHR_zrAC1rLnhSu7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><p id="xdx_A9C_zpDMvE4ACul2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related-activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the US government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-QLLF_zap0BeWFusYf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zoVDS13wHOy5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zEkYLHy3CK7i"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zFvxl3AnvPI7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p id="xdx_A9C_zPIB5WXzQ4m5" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zHHbXbeFCjJ2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z84Suctc0al1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zvP7u4JtGGmd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zyvqGYtdWBY" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zoufSJ5fx48d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z3RP3mLm8Evk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zhxVh6Tql8F5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zIb6Ohi4gVEa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p id="xdx_A9A_zqc9I7suj9Aa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8vm9NgahhJa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zGxtADZvjLtd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk.</b> To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zoqRaDTa7iW9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Preferred Stock Risk.</b> Typically, a rise in interest rates causes a decline in the value of preferred stocks. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payment. Issuers of preferred stocks may redeem their securities prior to maturity at a price below their current market value which would negatively impact the investment return of such preferred stocks.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zAKgoX4yP7n2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Sector Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zgnu9CvuJVmj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zo0HwAQTvMPl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sector Risk.</b> The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zec7841tUj1k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s or an Underlying Fund’s portfolio.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_z67HjEKf1n4d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p><p id="xdx_A9B_zyIj9st71Gvd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_gRBRTB-QDN_zIpNXzBOOqMc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Utilities Sector Risk.</b> Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MultiUtilitiesIndustryRiskMember_z7WfVRJqBrBg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Multi-Utilities Industry Risk. </b>The multi-utilities industry includes utility companies engaged in one or more of electric utility, gas utility and/or water utility core operations as well as other diversified activities. The prices of securities in the multi-utilities industry may fluctuate significantly due to economic conditions generally affecting utilities companies, supply and demand, competitive pressures due to deregulation in the utilities industries, increased sensitivity to the cost of energy production, and environmental factors such as conservation of natural resources or pollution control. Legislative or regulatory changes and increased government supervision also may affect companies in the multi-utilities industry.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndependentPowerAndRenewableElectricityProducersIndustryRiskMember_zuxxgWYNhBJ5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Independent Power and Renewable Electricity Producers Industry Risk.</b> Companies in the independent power and renewable electricity producers industry may be highly dependent upon contracts with government entities and related subsidies, and the successful development of new and proprietary technologies. In addition, seasonal weather conditions, fluctuations in the supply of and demand for energy products, changes in energy prices, and international political events may cause fluctuations in the performance of independent power and renewable electricity producers companies and the prices of their securities.</span></td></tr></table></div><p id="xdx_A92_zujcLXJo3Bc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.” </i></span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zdnnJF5xKnlk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zAuMUdZXWKS7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C07_gRBRTB-EY_zlZ8kjnSXtni"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zH4ZSJbam5da" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><div id="xdx_C00_gRBRTB-EY_zpS34s4rVmq8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendYieldRiskMember_z2xktxc00CGi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dividend Yield Risk.</b> While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Lower priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments.</span></p><div id="xdx_C09_gRBRTB-EY_ztkSVqe96DHd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_gRBRTB-UD_zbNNCjHaxGVf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Sector Risk.</b> Companies operating in the energy sector may be adversely affected by changes in worldwide energy prices, exploration and production spending. In addition, changes in government regulation, world events and political and economic conditions can affect these companies. These companies also are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism, war and natural disasters. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, technological developments, geopolitical conflict and related economic sanctions and labor relations also could affect companies in this sector.</span></p><div id="xdx_C05_gRBRTB-EY_znjvg7kdFQGd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C06_gRBRTB-EY_zy8cRiQKceeb"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyEquipmentAndServicesIndustryRiskMember_zt8HvSTx1uTi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Equipment and Services Industry Risk.</b> Companies in the energy equipment and services industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry. These risks include, but are not limited to, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.</span></td></tr></table></div></div><div id="xdx_C09_gRBRTB-EY_zW1iOMMgbF55"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C01_gRBRTB-EY_zhpN65UKxQs"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zaafIPQZ7CEh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Oil, Gas and Consumable Fuels Industry Risk.</b> Changes in energy costs, exploration, and production worldwide, including the global transition to sustainable energy, may adversely affect the profitability of companies in the oil, gas and consumable fuels industry. These companies may also be affected by world events in the regions in which they operate (e.g., expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest).</span></td></tr></table></div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyEquipmentAndServicesIndustryRiskMember_zt8HvSTx1uTi"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy Equipment and Services Industry Risk.</b> Companies in the energy equipment and services industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry. These risks include, but are not limited to, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-UD_zo9Vy1A6hjdj"><div id="xdx_C09_gRBRTB-EY_zW1iOMMgbF55"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zaafIPQZ7CEh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Oil, Gas and Consumable Fuels Industry Risk.</b> Changes in energy costs, exploration, and production worldwide, including the global transition to sustainable energy, may adversely affect the profitability of companies in the oil, gas and consumable fuels industry. These companies may also be affected by world events in the regions in which they operate (e.g., expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest).</span></td></tr></table></div><div id="xdx_C07_gRBRTB-EY_zcqVjqMDeSi9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zicFbFaYkiZ3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C0C_gRBRTB-EY_zpQKIDTYrQM7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_gRBRTB-GHR_zrAC1rLnhSu7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><div id="xdx_C08_gRBRTB-EY_z5wYnGeF09Wd"><p id="xdx_A9C_zpDMvE4ACul2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p></div><div id="xdx_C07_gRBRTB-EY_zzg1kAMsLON"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related-activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the US government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-QLLF_zap0BeWFusYf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C0D_gRBRTB-EY_zw0k3GfHLood"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C02_gRBRTB-EY_zdCk56d3n1ug"><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zoVDS13wHOy5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-EY_ztRPFBFayXPj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C01_gRBRTB-EY_zpwbP7WRynvg"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zEkYLHy3CK7i"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-EY_zaF7FylrmzZ2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C02_gRBRTB-EY_z5UxARtVxhM6"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zFvxl3AnvPI7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C01_gRBRTB-EY_zVP7La2zGVA7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-EY_zlzoHv9ZVsph"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C04_gRBRTB-EY_zLq2GMIIgiFj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-EY_zMLRCuzQRKik"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C04_gRBRTB-EY_zfHZa2GwrIEg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C03_gRBRTB-EY_zWzpBwmWaRsf"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C0C_gRBRTB-EY_zwv6ox1mubo4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-EY_zJUkxOAJ4oUj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zoVDS13wHOy5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-QLLF_zJ5zY7Oq1om8"><div id="xdx_C05_gRBRTB-EY_ztRPFBFayXPj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zEkYLHy3CK7i"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-QLLF_zn2dB3egxoPl"><div id="xdx_C05_gRBRTB-EY_zaF7FylrmzZ2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zFvxl3AnvPI7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-QLLF_z6t98IEfHvyj"><div id="xdx_C01_gRBRTB-EY_zVP7La2zGVA7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0B_gRBRTB-QLLF_z9TbI5SgnS4a"><div id="xdx_C06_gRBRTB-EY_zlzoHv9ZVsph"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C0B_gRBRTB-QLLF_zNFpk6EhFdTb"><div id="xdx_C04_gRBRTB-EY_zLq2GMIIgiFj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C03_gRBRTB-QLLF_zx3mvPexuZe1"><div id="xdx_C05_gRBRTB-EY_zMLRCuzQRKik"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C0D_gRBRTB-QLLF_zyRvxSTpkFO9"><div id="xdx_C04_gRBRTB-EY_zfHZa2GwrIEg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0B_gRBRTB-QLLF_z4Jv6ztlBBjb"><div id="xdx_C03_gRBRTB-EY_zWzpBwmWaRsf"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C0F_gRBRTB-QLLF_zaUsL2NRvrX6"><div id="xdx_C0C_gRBRTB-EY_zwv6ox1mubo4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0F_gRBRTB-QLLF_zOz1wWtVca34"><div id="xdx_C06_gRBRTB-EY_zJUkxOAJ4oUj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zHHbXbeFCjJ2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><div id="xdx_C0D_gRBRTB-EY_zJPVXacpbQtb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z84Suctc0al1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><div id="xdx_C0C_gRBRTB-EY_zLeKeFtvyts1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zvP7u4JtGGmd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><div id="xdx_C02_gRBRTB-EY_zoAfrsugDDsh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zyvqGYtdWBY" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C0C_gRBRTB-EY_znW7cEMXWZ61"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zoufSJ5fx48d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><div id="xdx_C0D_gRBRTB-EY_zQM10K4CfVkg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z3RP3mLm8Evk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C01_gRBRTB-EY_zyVU8ZJ9OBbd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zhxVh6Tql8F5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C09_gRBRTB-EY_zWlJVN52HgF5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zIb6Ohi4gVEa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8vm9NgahhJa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C0B_gRBRTB-EY_zfn0qNKZdbMb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zGxtADZvjLtd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk.</b> To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C05_gRBRTB-EY_z3yXmh2WwwVf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zoqRaDTa7iW9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Preferred Stock Risk.</b> Typically, a rise in interest rates causes a decline in the value of preferred stocks. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payment. Issuers of preferred stocks may redeem their securities prior to maturity at a price below their current market value which would negatively impact the investment return of such preferred stocks.</span></p><div id="xdx_C0A_gRBRTB-EY_zm29zpZ7Yai"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zAKgoX4yP7n2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Sector Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><div id="xdx_C0A_gRBRTB-EY_zMIq8C5ZhVSe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zgnu9CvuJVmj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><div id="xdx_C09_gRBRTB-EY_zZGBAdJwX2Cc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zo0HwAQTvMPl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sector Risk.</b> The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><div id="xdx_C0F_gRBRTB-EY_z2uHr2Zshu78"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zec7841tUj1k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s or an Underlying Fund’s portfolio.</span></p><div id="xdx_C06_gRBRTB-EY_zdZYvVkkAmn6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_z67HjEKf1n4d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_gRBRTB-QDN_zIpNXzBOOqMc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Utilities Sector Risk.</b> Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition; and potential losses resulting from a developing deregulatory environment.</span></p><div id="xdx_C06_gRBRTB-EY_znGgDZ4iLcj4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0D_gRBRTB-EY_zPLQCvcjltIi"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MultiUtilitiesIndustryRiskMember_z7WfVRJqBrBg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Multi-Utilities Industry Risk. </b>The multi-utilities industry includes utility companies engaged in one or more of electric utility, gas utility and/or water utility core operations as well as other diversified activities. The prices of securities in the multi-utilities industry may fluctuate significantly due to economic conditions generally affecting utilities companies, supply and demand, competitive pressures due to deregulation in the utilities industries, increased sensitivity to the cost of energy production, and environmental factors such as conservation of natural resources or pollution control. Legislative or regulatory changes and increased government supervision also may affect companies in the multi-utilities industry.</span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-EY_zSNeuifhf0o5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-EY_zjna5GVKMGsi"><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndependentPowerAndRenewableElectricityProducersIndustryRiskMember_zuxxgWYNhBJ5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Independent Power and Renewable Electricity Producers Industry Risk.</b> Companies in the independent power and renewable electricity producers industry may be highly dependent upon contracts with government entities and related subsidies, and the successful development of new and proprietary technologies. In addition, seasonal weather conditions, fluctuations in the supply of and demand for energy products, changes in energy prices, and international political events may cause fluctuations in the performance of independent power and renewable electricity producers companies and the prices of their securities.</span></td></tr></table></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MultiUtilitiesIndustryRiskMember_z7WfVRJqBrBg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Multi-Utilities Industry Risk. </b>The multi-utilities industry includes utility companies engaged in one or more of electric utility, gas utility and/or water utility core operations as well as other diversified activities. The prices of securities in the multi-utilities industry may fluctuate significantly due to economic conditions generally affecting utilities companies, supply and demand, competitive pressures due to deregulation in the utilities industries, increased sensitivity to the cost of energy production, and environmental factors such as conservation of natural resources or pollution control. Legislative or regulatory changes and increased government supervision also may affect companies in the multi-utilities industry.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-QDN_zRKGaeCcSRT6"><div id="xdx_C0B_gRBRTB-EY_zSNeuifhf0o5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndependentPowerAndRenewableElectricityProducersIndustryRiskMember_zuxxgWYNhBJ5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Independent Power and Renewable Electricity Producers Industry Risk.</b> Companies in the independent power and renewable electricity producers industry may be highly dependent upon contracts with government entities and related subsidies, and the successful development of new and proprietary technologies. In addition, seasonal weather conditions, fluctuations in the supply of and demand for energy products, changes in energy prices, and international political events may cause fluctuations in the performance of independent power and renewable electricity producers companies and the prices of their securities.</span></td></tr></table></div> Performance: <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zvMkKmBG1kH2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zGyrb3llxe6f">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its Shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index, as well as an additional index (the “Strategy Benchmark”) that the Adviser believes is more representative of the Fund’s investment universe.</span> <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zzMjznLrxcP">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. </span>Updated performance information is available at no cost at <span style="text-decoration: underline"><span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_z9d5Xg5FFqS1">www.EventideETFs.com</span></span> or by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zYMPoWr96Yd3">1-877-771-3836</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its Shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index, as well as an additional index (the “Strategy Benchmark”) that the Adviser believes is more representative of the Fund’s investment universe. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.EventideETFs.com 1-877-771-3836 Annual Total Returns   Eventide High Dividend Fund Total Returns for the Years Ended December 31   <div id="xdx_A86_eoef--BarChartTableTextBlock_zfAuIRYIru6f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zVCxXTJKZrui" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 50%"> </td> <td id="xdx_49F_20250101__20251231_zZF3wys2tH8h" style="text-align: center; width: 50%">2025</td></tr> <tr id="xdx_406_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_zyxJ3tPQGzZ9" style="vertical-align: top; text-align: center"> <td> </td> <td>10.22%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><img alt="(BAR GRAPH)" src="st003_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1022 <p id="xdx_A82_eoef--BarChartClosingTextBlock_zJunqCv6Jsgc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_znkZhyyYAU5">the highest return for a quarter</span> was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zpCWjdSzEJd6">5.80%</span> (quarter ended <span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zsrGsF3F6dQd">September 30, 2025</span>), and <span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zn7S9qsbr4n7">the lowest return for a quarter</span> was <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zBAMMYxdDQk">0.01%</span> (quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_z94JCgsvA4s8">December 31, 2025</span>). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_906_eoef--YearToDateReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zlYgLzkcVYvk">The Fund’s year-to-date return</span> as of <span id="xdx_907_eoef--BarChartYearToDateReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zs7r3jJMRsIc">June 30, 2026</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zS9rqJgoe26c">24.99%</span>.</span></p> the highest return for a quarter 0.0580 2025-09-30 the lowest return for a quarter 0.0001 2025-12-31 The Fund’s year-to-date return 2026-06-30 0.2499 Average Annual Total Returns (periods ended December 31, 2025) <div id="xdx_A81_eoef--PerformanceTableTextBlock_zSK5QE9rcFY7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z8UELgXQ4ua6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20250101__20251231_z1OleUHOEMdd" style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_497_20240930__20251231_zRWIrCpM7Kdh" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Since Inception</i></span><span style="color: black; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i><br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_zH9wi1h3ddKe">September 30, 2024</span>)</i></span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_zYWA3TgnpfWe" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member_zLJF3SiYeVo">Return Before Taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.22%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.22%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGTdrCbK6Hdh" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.51%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.59%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000086526Member__oef--ClassAxis__custom--C000252108Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zdVQmtTgGuTh" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.39%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.40%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000086526Member__oef--PerformanceMeasureAxis__custom--BloombergUS3000EqualWeightTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zROR7lHqaFal" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg US 3000 Equal Weight Total Return Index (<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zK6rya4wdvu">reflects no deduction for fees, expenses or taxes</span>) </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.09%</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.85%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000086526Member__oef--PerformanceMeasureAxis__custom--BloombergUS1000ValueTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zlr0h4e77dUg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg US 1000 Value Total Return Index (<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zlPCmmMZOCEf">reflects no deduction for fees, expenses or taxes</span>) (the “Strategy Benchmark”)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.53%</span></td> <td style="border-bottom: Black 1pt solid; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.15%</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p> 2024-09-30 Return Before Taxes 0.1022 0.0722 0.0951 0.0659 0.0639 0.0540 reflects no deduction for fees, expenses or taxes 0.1309 0.1285 reflects no deduction for fees, expenses or taxes 0.1653 0.1115 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zcAanEFCpJ7d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zdnTIkz1fUI">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</span> <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260904__20260904__dei--LegalEntityAxis__custom--S000086526Member_zGCic81Wu89b">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to Shares held by non-taxable entities.</span></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to Shares held by non-taxable entities. Fund Summary: Eventide International ETF Investment Objective: <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zMnOjYvKWlN8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Eventide International ETF’s (the “International Fund” or the “Fund”) investment objective is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zwBmDUeiO4d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zfwtlBdCpOY7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zinZ857Sq0N" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt"></td> <td id="xdx_498_20260904__20260904__dei--LegalEntityAxis__custom--S000096521Member__oef--ClassAxis__custom--C000265401Member_zPbwgE0xmEHa" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; vertical-align: bottom; text-align: center; padding-left: 0pt"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dn_zankJGrbsdga" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 85%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; vertical-align: bottom; width: 15%; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> <p style="margin: 0"> </p> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zYiNcsMT1Uck"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zYjCYvSbwind" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_493_20260904__20260904__dei--LegalEntityAxis__custom--S000096521Member__oef--ClassAxis__custom--C000265401Member_zrbXi8nk9283" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zHzcDojA5kC1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F48_zNQqniGUjwVg">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.59%</span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zu1IGQEBzDt5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zA13SUiNF9Sk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses<sup id="xdx_F49_zArBU5yOfa7c">(2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zOpKSIOYbtRe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.59%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F03_zYq3CGXnkO22">(1)</sup></span></td><td><span id="xdx_F1D_zq5TnUgU1cvh" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F09_zVrYF50yG7f8">(2)</sup></span></td><td><span id="xdx_F12_z7HoDFdIGMw9" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260904__20260904__dei--LegalEntityAxis__custom--S000096521Member_zkLJ5F8JP8Xi">Estimated for the current fiscal year.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0059 0.0000 0.0000 0.0059 Estimated for the current fiscal year. Example: <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zAjvj8jRubH9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your Shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z9gdGgSwW2d1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zgNwwb796lif" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none; width: 0%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zILTZetJCsG7" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zTtahs2cWzTc" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zsMT7KI98Du7" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>5 Years</i></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear10_z9Fn5tObh2w6" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>10 Years</i></span></td></tr> <tr id="xdx_415_20260904__20260904__dei--LegalEntityAxis__custom--S000096521Member__oef--ClassAxis__custom--C000265401Member_zszkQOEJgmB6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$60</span></td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$189</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$329</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$738</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p> 60 189 329 738 Portfolio Turnover: <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zUE14MA4tze2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period from December 16, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000096521Member_zCLShimMXeSk">10%</span>.</span></p> 0.10 Principal Investment Strategy: <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zeYf2NKMIdnj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by investing primarily in the equity securities of companies domiciled outside of the United States, (“Non-U.S. Companies”), identified by Eventide Asset Management, LLC, the Fund’s investment adviser (the “Adviser” ), as creating value for stakeholders (customers, employees, supply chain, community, environment, and society) using the Adviser’s faith-based screening criteria as more fully described below under “Faith-Based Screening.” The Adviser actively manages the Fund using a long-only investment approach, and seeks to achieve its objective while generating performance that is similar to the performance of the Bloomberg World ex US Large &amp; Mid Cap Total Return Index (the “Strategy Benchmark”) before Fund fees and expenses. The Strategy Benchmark is a float market-cap-weighted equity benchmark that covers the top 85% of market capitalization of the measured market. The Fund is not an index fund and the Adviser is not required to purchase any specific securities or amount of securities included in the Fund’s Strategy Benchmark.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under normal market conditions, the Fund invests primarily in the equity securities of Non-U.S. Companies that have an average market capitalization that typically falls within the range of companies included in the Strategy Benchmark. The market capitalization range of companies within the Fund’s Strategy Benchmark is $46.2 million to $1.96 trillion as of June 30, 2026. The equity securities that the Fund may invest in include common stock traded on U.S. and foreign exchanges, American Depository Receipts (“ADRs”), and Global Depository Receipts (“GDRs”). The Fund is not required to allocate its investments in set percentages in particular countries; however, the Fund expects to be invested in companies from at least three different countries outside the U.S., including emerging market countries, at any given time. The Fund may increase or decrease exposures to countries, or concentrate in certain sectors, to the extent necessary to reduce active risk compared with its Strategy Benchmark. The Fund may not invest more than 25% of its total assets in a particular industry or group of industries, except that the Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock selection is supported by the Adviser’s fundamental research, including the faith-based screening criteria described below. The Adviser effects portfolio changes for the Fund on an ongoing basis as it deems necessary and appropriate, and may consider overall market conditions and trading volumes when making investment decisions. The Fund will seek to maintain at least 50 issuers in its portfolio in normal market conditions. The Adviser monitors the portfolio and uses research and quantitative modeling and risk tools to reasonably adjust the active weight of portfolio securities in order to improve the Fund’s ability to meet its investment objective and reduce active risk compared with its Strategy Benchmark. While actively managing the portfolio, the Adviser will utilize quantitative tools as an input to the management of position sizes on a forward-looking basis, including to help mitigate the impact of individual sectors, industries, and stylistic factors (e.g., quantitative factors such as growth, momentum, quality and value) on active risk and the Fund’s ability to perform in a manner that is similar to the performance of the Strategy Benchmark before Fund fees and expenses.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Faith-Based Screening</b>. The Adviser uses its proprietary screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the faith-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the faith-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess practices. The Adviser’s faith-based screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser applies a combination of methods within its fundamental research process and systems to help cover a range of company-related information. This includes qualitative and quantitative data that can inform the Adviser’s investment decisions, such as company reports, news and research offered by third parties. This information can reflect on a company’s financial and competitive position, risks, and business reputation and ethical standing in the marketplace. The Adviser typically obtains values-based data from multiple third-party providers, which the Adviser changes from time to time based on research needs and industry developments. Values-based data offers additional inputs to the Adviser’s fundamental research process and investment framework. The Adviser views third-party information as part of its overall research rather than assigning any particular data source as the determinative factor in investment decisions. The Adviser believes that considering a broad range of research information, from multiple sources, can help to mitigate risks associated with misinterpreting data or relying on inaccurate information provided by third parties, but cannot guarantee that any third-party information it receives is accurate or free of defects. The Adviser maintains research supporting its investment decisions.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or serve the Fund’s principal investment strategy to generate performance that is similar to the performance of the Strategy Benchmark before Fund fees and expenses, or when the Adviser believes the underlying company is no longer consistent with the Adviser’s faith-based values.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_gRBRTB-PV_z2iY0rO6JuDf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zay7oPhgzsz5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zsw94xUhV373" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p id="xdx_A9A_zSvSdCZ42zu9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zKjzuxmS2npg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency Risk.</b> If the Fund invests in securities that trade in, and receive revenues in, foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zXu2ZMfeMHK5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Emerging Market Risk.</b> Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets, and more governmental limitations on foreign investment than are more developed markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid, and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zLEinRG8afMk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zXhzhFkm9PG1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-ARWHW_z5urKaWX6klj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zDNAPqxXnLB9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p id="xdx_A9A_zzTeX36tO3Lb" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zCvnU6GW6aE5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z7zcRzbhlubf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zTaE7y6xMIEi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Sector Risk<i>. </i></b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financial sector as a whole cannot be predicted.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zNlVNlE8EQfi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p id="xdx_A95_z7qIBEN7L7m8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z1dB0q2btVOa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zwBUdYZaWgyj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zOu8bbToq7eb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zkNjq7bP01na" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z1iidcZjUsGg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zdWTdMORjai9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zkaVpKJ3R5q2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zoSjJxmPm41h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, exchange rates, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zvpJD0406fJ1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk.</b> To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><p id="xdx_A9A_znkTzQ5zz3Vf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zYDBLZ1s8Nla" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p><p id="xdx_A97_zwFzQ6a1vJ82" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.” </i></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zay7oPhgzsz5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><div id="xdx_C0D_gRBRTB-PV_z0cA8ApHE9Mf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zsw94xUhV373" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zKjzuxmS2npg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency Risk.</b> If the Fund invests in securities that trade in, and receive revenues in, foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns.</span></p><div id="xdx_C0A_gRBRTB-PV_zHzgseXsgnma"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zXu2ZMfeMHK5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Emerging Market Risk.</b> Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets, and more governmental limitations on foreign investment than are more developed markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid, and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></p><div id="xdx_C05_gRBRTB-PV_zJzRvSBeATqi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zLEinRG8afMk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C0D_gRBRTB-PV_zYP0f1plCAii"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zXhzhFkm9PG1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><div id="xdx_C03_gRBRTB-PV_zhdlHUJZVp81"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0B_gRBRTB-PV_zfYTIWN5awRb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p></div> <div id="xdx_C04_gRBRTB-PV_zpblFbU8FRz3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-ARWHW_z5urKaWX6klj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C0B_gRBRTB-PV_zPfElhbUyhpd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-PV_zFrTlrzkzN5k"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zDNAPqxXnLB9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C03_gRBRTB-PV_zYXuSOuoXP43"><p id="xdx_A9A_zzTeX36tO3Lb" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0F_gRBRTB-PV_ziCLsolSPx4"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zCvnU6GW6aE5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-PV_zhFCcthl3rD1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C08_gRBRTB-PV_zdaCB8Gti5vc"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z7zcRzbhlubf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C03_gRBRTB-PV_zoKrZlTfW1q8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C00_gRBRTB-PV_zRi7mDNcvhW"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C09_gRBRTB-PV_zAtUu4z0xAeg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C03_gRBRTB-PV_zGJWH7AJ3RE"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C09_gRBRTB-PV_zYAvEf0nbnPi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C09_gRBRTB-PV_zEKy42bn8htb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-PV_z7b0OKzDF471"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C09_gRBRTB-PV_zXjIqAkUnCqi"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zDNAPqxXnLB9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zCvnU6GW6aE5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-ARWHW_zbFhkv24Bm94"><div id="xdx_C06_gRBRTB-PV_zhFCcthl3rD1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z7zcRzbhlubf"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C0E_gRBRTB-ARWHW_zsMWKzF7zsv2"><div id="xdx_C03_gRBRTB-PV_zoKrZlTfW1q8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C03_gRBRTB-ARWHW_zRn62kiShN76"><div id="xdx_C00_gRBRTB-PV_zRi7mDNcvhW"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C08_gRBRTB-ARWHW_znAB7Aq329Uf"><div id="xdx_C09_gRBRTB-PV_zAtUu4z0xAeg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0E_gRBRTB-ARWHW_zsi3UUTTE3nk"><div id="xdx_C03_gRBRTB-PV_zGJWH7AJ3RE"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C00_gRBRTB-ARWHW_zojg99CU4Xje"><div id="xdx_C09_gRBRTB-PV_zYAvEf0nbnPi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C04_gRBRTB-ARWHW_zam6uzQBTZp2"><div id="xdx_C09_gRBRTB-PV_zEKy42bn8htb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C09_gRBRTB-ARWHW_z6hSS3Iuvf7c"><div id="xdx_C05_gRBRTB-PV_z7b0OKzDF471"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0D_gRBRTB-ARWHW_z3BrqFtXKTkj"><div id="xdx_C09_gRBRTB-PV_zXjIqAkUnCqi"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C09_gRBRTB-PV_zV8Bid1tIogc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zTaE7y6xMIEi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Sector Risk<i>. </i></b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financial sector as a whole cannot be predicted.</span></p><div id="xdx_C04_gRBRTB-PV_zf4SI3fPR2Uh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zNlVNlE8EQfi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z1dB0q2btVOa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><div id="xdx_C0B_gRBRTB-PV_zMeffqWVMGOe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zwBUdYZaWgyj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><div id="xdx_C0D_gRBRTB-PV_zfWLtmUZG5Vd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zOu8bbToq7eb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C0D_gRBRTB-PV_zjLAeYwgHGN2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zkNjq7bP01na" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><div id="xdx_C0D_gRBRTB-PV_zBAi4pKtz1Fb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z1iidcZjUsGg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C07_gRBRTB-PV_zy0mpPYp6I57"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zdWTdMORjai9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C03_gRBRTB-PV_zyRp6aO4cis6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zkaVpKJ3R5q2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><div id="xdx_C01_gRBRTB-PV_zXNovAP1e9t8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zoSjJxmPm41h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, exchange rates, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C07_gRBRTB-PV_ztRjDmsxqwV4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zvpJD0406fJ1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk.</b> To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zYDBLZ1s8Nla" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p> Performance: <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zmLMD4AG3OK5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260904__20260904__dei--LegalEntityAxis__custom--S000096521Member_zxFzJjEFrFM5">Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost at <span style="text-decoration: underline"><span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260904__20260904__dei--LegalEntityAxis__custom--S000096521Member_zSUt6yjJToTc">www.EventideETFs.com</span></span> or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260904__20260904__dei--LegalEntityAxis__custom--S000096521Member_zmwJkifKn5Nf">1-877-771-3836</span>.</span></p> Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. www.EventideETFs.com 1-877-771-3836 Fund Summary: Eventide Large Cap Growth ETF Investment Objective: <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zjsqCMJG2v39" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Eventide Large Cap Growth ETF’s (the “Large Cap Growth Fund” or the “Fund”) investment objective is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zyCq3KcQcghj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <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 Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zXi3ip7LXwia"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zipDOHyaG6ek" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"></td> <td id="xdx_498_20260904__20260904__dei--LegalEntityAxis__custom--S000095401Member__oef--ClassAxis__custom--C000264122Member_zrg2BcvmtIy8" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; vertical-align: bottom; text-align: center"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dn_zOqlIbQK8r66" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 85%; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> <p style="margin: 0"> </p> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zFMzbtJ2KdDj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zUVBnkXJgdKi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_493_20260904__20260904__dei--LegalEntityAxis__custom--S000095401Member__oef--ClassAxis__custom--C000264122Member_zLg3X6Vdn4Ob" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z7bdfedGM8r9" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F40_z6Pguzp71Gf1">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39%</span></td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zi8WiaLyFA89" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_z3r9fthKhpSj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zxUNX0f85Aq3" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F0A_zgEQ3uUxLlDj">(1)</sup></span></td><td><span id="xdx_F17_zBjm5yYUkNMj" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0039 0.0000 0.0000 0.0039 Example: <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zJf0LzEDpEul" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your Shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxdj4rZNlKSj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zZh0piTUeVi6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none; width: 0%"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear01_zs765Yjx5sN9" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_z43MGa0bNjq1" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear05_znvqrGatPwzg" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>5 Years</i></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_z6cRxaayIUB3" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>10 Years</i></span></td></tr> <tr id="xdx_417_20260904__20260904__dei--LegalEntityAxis__custom--S000095401Member__oef--ClassAxis__custom--C000264122Member_zfaT6mMu0bo7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$40</span></td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$125</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$219</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$493</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p> 40 125 219 493 Portfolio Turnover: <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zNCdvkwXxmO3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period from September 29, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000095401Member_zAh2V8YZae5f">38%</span>.</span></p> 0.38 Principal Investment Strategy: <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zqeam9xYaGpd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to achieve its investment objective by investing primarily in the equity securities of United States (“U.S.”) large-capitalization companies that exhibit growth style characteristics, and are identified by Eventide Asset Management, LLC, the Fund’s investment adviser (the “Adviser” ), as creating value for stakeholders (customers, employees, supply chain, community, environment, and society) using the Adviser’s faith-based screening criteria as more fully described below under “Faith-Based Screening.” The Adviser actively manages the Fund using a long-only investment approach, and seeks to achieve its objective while generating performance that is similar to the performance of the Bloomberg U.S. 1000 Growth Total Return Index (the “Strategy Benchmark”) before Fund fees and expenses. The Strategy Benchmark is a float market-cap weighted benchmark comprised of companies within the Bloomberg U.S. 1000 Index with the highest growth factor scores based on their earnings yield, valuation, dividend yield, and growth. The Fund is not an index fund and the Adviser is not required to purchase any specific securities or amount of securities included in the Fund’s Strategy Benchmark.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of large cap companies and companies that exhibit growth style characteristics. The Fund considers large cap companies to be companies with a market capitalization of $20 billion or greater. The Fund invests in securities the Adviser believes exhibit growth style characteristics based on long-term projected earnings growth while also taking into account growth characteristics such as a company’s historical growth of earnings, earnings yield, sales, cash flow, market value and book value. Projected earnings growth is based on an average of available third-party analysts’ estimates for three- to five-year earnings per share (“EPS”) growth. The equity securities that the Fund may invest in include common stock and real estate investment trusts (“REITs”). The Fund may not invest 25% or more of its total assets in a particular industry or group of industries, except that the Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock selection is supported by the Adviser’s fundamental research, including the faith-based screening criteria described below. The Adviser effects portfolio changes for the Fund on an ongoing basis as it deems necessary and appropriate, and may consider overall market conditions and trading volumes when making investment decisions. The Fund will seek to maintain at least 75 issuers in its portfolio in normal market conditions. The Adviser monitors the portfolio and uses research and quantitative modeling and risk tools to reasonably adjust the active weight of portfolio securities in order to improve the Fund’s ability to meet its investment objective and reduce active risk compared with its Strategy Benchmark. While actively managing the portfolio, the Adviser will utilize quantitative tools as an input to the management of position sizes on a forward-looking basis, including to help mitigate the impact of individual sectors, industries, and stylistic factors (e.g., quantitative factors such as growth, momentum, quality and value) on active risk and the Fund’s ability to perform in a manner that is similar to the performance of the Strategy Benchmark before Fund fees and expenses.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Faith-Based Screening</b>. The Adviser uses its proprietary screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the faith-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the faith-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess practices. The Adviser’s faith-based screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser applies a combination of methods within its fundamental research process and systems to help cover a range of company-related information. This includes qualitative and quantitative data that can inform the Adviser’s investment decisions, such as company reports, news and research offered by third parties. This information can reflect on a company’s financial and competitive position, risks, and business reputation and ethical standing in the marketplace. The Adviser typically obtains values-based data from multiple third-party providers, which the Adviser changes from time to time based on research needs and industry developments. Values-based data offers additional inputs to the Adviser’s fundamental research process and investment framework. The Adviser views third-party information as part of its overall research rather than assigning any particular data source as the determinative factor in investment decisions. The Adviser believes that considering a broad range of research information, from multiple sources, can help to mitigate risks associated with misinterpreting data or relying on inaccurate information provided by third parties, but cannot guarantee that any third-party information it receives is accurate or free of defects. The Adviser maintains research supporting its investment decisions.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or serve the Fund’s principal investment strategy to generate performance that is similar to the performance of the Strategy Benchmark before Fund fees and expenses, or when the Adviser believes the underlying company is no longer consistent with the Adviser’s faith-based values.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_gRBRTB-PFNEB_z7XbYcc69Ejl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zwikYqrbYr8k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z8QiJXzqsmp4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zmWk5rKqCc43" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><p id="xdx_A90_zqHbrrK4Gog3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-FITTP_zo1oLL5FrJQb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zfIwwm3Ahwbe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zuEvUE70pFp7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zGriD5wUqDXa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div><p id="xdx_A9A_zFc03TjiAfc2" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStockRiskMember_z3hsXjBoY2je" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Growth Stock Risk.</b> “Growth” stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. “Growth” stocks also tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, “growth” stocks tend to be sensitive to changes in their earnings and more volatile in price than the stock market as a whole. In addition, companies that the Adviser believes have significant growth potential are often companies with new, limited or cyclical product lines, markets or financial resources and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general. </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z8dZroLGrqCb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_z4NWtixSeMI2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_ziGNgiqbgHL1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_z3OCCU0sCOEa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zVoV95DwT5r7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z743VMJFyFi2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zvu4cEdak0Z4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p id="xdx_A99_zCkuHOj4RjT3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zVgbSTmUaIY3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zo4Y1fgSdn06" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zLXjvv5vRtYl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_z0gphsCNMrG9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zYudoR2tHfti" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zbAWcBXIF3Ph" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p><p id="xdx_A9F_z3fKCt8Xf9ug" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.” </i></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zwikYqrbYr8k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C09_gRBRTB-PFNEB_zerns75d75Jg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z8QiJXzqsmp4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C0F_gRBRTB-PFNEB_zh4uhIrqOnmf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zmWk5rKqCc43" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-FITTP_zo1oLL5FrJQb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C0C_gRBRTB-PFNEB_zxNNOUNUrOA4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C05_gRBRTB-PFNEB_zq8klCymzMti"><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zfIwwm3Ahwbe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-PFNEB_z7Hp8vHjaV9h"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-PFNEB_zszanCqho7Vi"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zuEvUE70pFp7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div></div><div id="xdx_C04_gRBRTB-PFNEB_zHXY4Ob0BdLk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0E_gRBRTB-PFNEB_zM1To56KOIu1"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zGriD5wUqDXa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C02_gRBRTB-PFNEB_z4d8nm84o4k7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0C_gRBRTB-PFNEB_z2KGQjugesoh"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C02_gRBRTB-PFNEB_zXzW1iIOMMh2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-PFNEB_z8rnFC6YJZP4"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C04_gRBRTB-PFNEB_zB8ZkeJ7kr27"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-PFNEB_zaGMEggAdr1"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div><div id="xdx_C0E_gRBRTB-PFNEB_zODh0GCz4lsb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0A_gRBRTB-PFNEB_zqA4EbmpWeb1"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zfIwwm3Ahwbe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-FITTP_zleTfN7Ge0Ic"><div id="xdx_C0B_gRBRTB-PFNEB_z7Hp8vHjaV9h"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zuEvUE70pFp7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-FITTP_zwF5tQjdDLX6"><div id="xdx_C04_gRBRTB-PFNEB_zHXY4Ob0BdLk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zGriD5wUqDXa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-FITTP_zu8ACck7TYI2"><div id="xdx_C02_gRBRTB-PFNEB_z4d8nm84o4k7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0D_gRBRTB-FITTP_zijlSHDQBvoh"><div id="xdx_C0C_gRBRTB-PFNEB_z2KGQjugesoh"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C01_gRBRTB-FITTP_zhxOZyEcMUZd"><div id="xdx_C02_gRBRTB-PFNEB_zXzW1iIOMMh2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C08_gRBRTB-FITTP_zOyb78tB5COc"><div id="xdx_C0F_gRBRTB-PFNEB_z8rnFC6YJZP4"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C05_gRBRTB-FITTP_zhweuEaAHEwb"><div id="xdx_C04_gRBRTB-PFNEB_zB8ZkeJ7kr27"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C09_gRBRTB-FITTP_z6EtaN99mJo5"><div id="xdx_C07_gRBRTB-PFNEB_zaGMEggAdr1"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div></div> <div id="xdx_C03_gRBRTB-FITTP_zH6deTa0Wx15"><div id="xdx_C0E_gRBRTB-PFNEB_zODh0GCz4lsb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C08_gRBRTB-FITTP_ztDzAk1oKZLe"><div id="xdx_C0A_gRBRTB-PFNEB_zqA4EbmpWeb1"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthStockRiskMember_z3hsXjBoY2je" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Growth Stock Risk.</b> “Growth” stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. “Growth” stocks also tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, “growth” stocks tend to be sensitive to changes in their earnings and more volatile in price than the stock market as a whole. In addition, companies that the Adviser believes have significant growth potential are often companies with new, limited or cyclical product lines, markets or financial resources and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general. </span></p><div id="xdx_C09_gRBRTB-PFNEB_zDnZrsgNEWAl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z8dZroLGrqCb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><div id="xdx_C08_gRBRTB-PFNEB_zOvT6U5zqJv7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_z4NWtixSeMI2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><div id="xdx_C0D_gRBRTB-PFNEB_zz2qASTE1lxa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_ziGNgiqbgHL1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C08_gRBRTB-PFNEB_zMJoOJ5yb1S"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_z3OCCU0sCOEa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><div id="xdx_C0E_gRBRTB-PFNEB_zsPe4p7l9xA2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zVoV95DwT5r7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C04_gRBRTB-PFNEB_za7Mr8FGSJt1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z743VMJFyFi2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C06_gRBRTB-PFNEB_z4itBk3poV14"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zvu4cEdak0Z4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zVgbSTmUaIY3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C01_gRBRTB-PFNEB_zEz6Yug9c2ud"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zo4Y1fgSdn06" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C05_gRBRTB-PFNEB_zyj37WXH3YI5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zLXjvv5vRtYl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects. </span></p><div id="xdx_C0B_gRBRTB-PFNEB_ziqxS5juK9K2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_z0gphsCNMrG9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><div id="xdx_C0D_gRBRTB-PFNEB_zRIuo9PwOdNk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zYudoR2tHfti" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C0E_gRBRTB-PFNEB_zd2FVRb2aHr5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zbAWcBXIF3Ph" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p> Performance: <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zX9LUrwQ5wkj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_906_eoef--PerformanceOneYearOrLess_c20260904__20260904__dei--LegalEntityAxis__custom--S000095401Member_zQpHFw3KS6lk">Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost at <span style="text-decoration: underline"><span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260904__20260904__dei--LegalEntityAxis__custom--S000095401Member_zjv12TWyPfW6">www.EventideETFs.com</span></span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260904__20260904__dei--LegalEntityAxis__custom--S000095401Member_zXASv3y1qQhb">1-877-771-3836</span>.</span></p> Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. www.EventideETFs.com 1-877-771-3836 Fund Summary: Eventide Large Cap Value ETF Investment Objective: <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zUGjYpch5oDl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Eventide Large Cap Value ETF’s (the “Large Cap Value Fund” or the “Fund”) investment objective is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zOkbnxRgXr57" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <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 Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zCcjDn0A7QNe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zbkzTvYeCzB" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"></td> <td id="xdx_49A_20260904__20260904__dei--LegalEntityAxis__custom--S000095402Member__oef--ClassAxis__custom--C000264123Member_zZzuQItY9J24" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; vertical-align: bottom; text-align: center; padding-right: 0pt; padding-left: 0pt"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dn_zR9k2j3nGV2e" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; padding-top: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 85%; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; vertical-align: bottom; width: 15%; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> <p style="margin: 0"> </p> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zZ7TQkhNDoF3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zAXlAdgm2M0l" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_498_20260904__20260904__dei--LegalEntityAxis__custom--S000095402Member__oef--ClassAxis__custom--C000264123Member_z7vjJITqsUec" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zBaC1eU7lh27" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F48_z54cM50CO00g">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39%</span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zYpnnAGAw1Ak" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zBFatpDYDoP6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zaWpcxxqwFlb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; padding-top: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F06_zFpWOLpMW4l4">(1)</sup></span></td><td><span id="xdx_F1A_zf0nJlZEKk3l" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0039 0.0000 0.0000 0.0039 Example: <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zjxGfbNgtzK8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your Shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvJKVOwWMKCi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zBwt6ep3WzJ7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none; width: 0%"> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_z2J7qw5hntGl" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zyCLeEEf5jG4" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zyitd3JfD3Jg" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>5 Years</i></span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_zMhpft5Cnrab" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>10 Years</i></span></td></tr> <tr id="xdx_41B_20260904__20260904__dei--LegalEntityAxis__custom--S000095402Member__oef--ClassAxis__custom--C000264123Member_zyEMKBrslrD4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$40</span></td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$125</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$219</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$493</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p> 40 125 219 493 Portfolio Turnover: <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zsAoIglPaKGf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period from September 29, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90E_eoef--PortfolioTurnoverRate_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000095402Member_zeHd0GI4okq2">22%</span>.</span></p> 0.22 Principal Investment Strategy: <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_z4b5qQaJmXe8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>The Fund seeks to achieve its investment objective by investing primarily in the equity securities of United States (“U.S.”) large-capitalization companies that exhibit value style characteristics, and are identified by Eventide Asset Management, LLC, the Fund’s investment adviser (the “Adviser” ), as creating value for stakeholders (customers, employees, supply chain, community, environment, and society) using the Adviser’s faith-based screening criteria as more fully described below under “Faith-Based Screening.” The Adviser actively manages the Fund using a long-only investment approach, and seeks to achieve its objective while generating performance that is similar to the performance of the Bloomberg U.S. 1000 Value Total Return Index (the “Strategy Benchmark”) before Fund fees and expenses. The Strategy Benchmark is a float market-cap weighted benchmark comprised of companies within the Bloomberg U.S. 1000 Index with the highest value factor scores based on their earnings yield, valuation, dividend yield, and growth. The Fund is not an index fund and the Adviser is not required to purchase any specific securities or amount of securities included in the Fund’s Strategy Benchmark.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of large cap companies and companies that exhibit value style characteristics. The Fund considers large cap companies to be companies with a market capitalization of $20 billion or greater. The Fund invests in securities the Adviser believes exhibit value style characteristics based on price to projected earnings and earnings yield, while also taking into account market value, price-to-book, price-to-sales, price-to-cash flow, and dividend yield. The equity securities that the Fund may invest in include common stock and real estate investment trusts (“REITs”). The Fund may not invest 25% or more of its total assets in a particular industry or group of industries, except that the Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">Stock selection is supported by the Adviser’s fundamental research, including the faith-based screening criteria described below. The Adviser effects portfolio changes for the Fund on an ongoing basis as it deems necessary and appropriate, and may consider overall market conditions and trading volumes when making investment decisions. The Fund will seek to maintain at least 75 issuers in its portfolio in normal market conditions. The Adviser monitors the portfolio and uses research and quantitative modeling and risk tools to reasonably adjust the active weight of portfolio securities in order to improve the Fund’s ability to meet its investment objective and reduce active risk compared with its Strategy Benchmark. While actively managing the portfolio, the Adviser will utilize quantitative tools as an input to the management of position sizes on a forward-looking basis, including to help mitigate the impact of individual sectors, industries, and stylistic factors (e.g., quantitative factors such as growth, momentum, quality and value) on active risk and the Fund’s ability to perform in a manner that is similar to the performance of the Strategy Benchmark before Fund fees and expenses.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Faith-Based Screening</b>. The Adviser uses its proprietary screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the faith-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the faith-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess practices. The Adviser’s faith-based screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser applies a combination of methods within its fundamental research process and systems to help cover a range of company-related information. This includes qualitative and quantitative data that can inform the Adviser’s investment decisions, such as company reports, news and research offered by third parties. This information can reflect on a company’s financial and competitive position, risks, and business reputation and ethical standing in the marketplace. The Adviser typically obtains values-based data from multiple third-party providers, which the Adviser changes from time to time based on research needs and industry developments. Values-based data offers additional inputs to the Adviser’s fundamental research process and investment framework. The Adviser views third-party information as part of its overall research rather than assigning any particular data source as the determinative factor in investment decisions. The Adviser believes that considering a broad range of research information, from multiple sources, can help to mitigate risks associated with misinterpreting data or relying on inaccurate information provided by third parties, but cannot guarantee that any third-party information it receives is accurate or free of defects. The Adviser maintains research supporting its investment decisions.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or serve the Fund’s principal investment strategy to generate performance that is similar to the performance of the Strategy Benchmark before Fund fees and expenses, or when the Adviser believes the underlying company is no longer consistent with the Adviser’s faith-based values.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_gRBRTB-KXZXK_zs4h9o4ltyH9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zJvk8j6HL2dd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zDcs463Rcia6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zx5pyxSgEdZ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><p id="xdx_A93_zBMCmsnYdAO5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-FNPX_zTFvEkYIW4Rj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyI6B7tvX5Wg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zpiHGwzKhAba"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zALuWPoZN889"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">■</td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p id="xdx_A91_zZWXC0RIsOc8" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zgEPCSzMS2Eg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Sector Risk<i>. </i></b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financial sector as a whole cannot be predicted.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zJTzFq0yhszd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zHEYClO71H0c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zkbB7uTvJrR4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_z1xu97iNvGej" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zenegeuwqWZc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zbiBImAcLI0l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMKRHC9G8nEj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zLsytNP2y4X6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p id="xdx_A9D_zOwwPfTa14Ce" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_z5P0qW0UTnJb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_ziwGzXQUMm7h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zlJ1LMW0igS2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zWF8qociyPia" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk. </b>To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_z9pu06zEQAZb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value Investing Risk.</b> A value styl<b>e</b> of investing focuses on undervalued companies with characteristics for improved valuations. “Value” securities are subject to the risk that their valuations never improve or that the returns on “value” securities are less than returns on other styles of investing or the overall stock market. Thus, the value of the Fund’s investments will vary and at times may be lower than that of other types of investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. Value stocks also may decline in price, even though in theory they are already underpriced.</span></p><p id="xdx_A91_zfLe5dm42Wi1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.” </i></span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zJvk8j6HL2dd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C0B_gRBRTB-KXZXK_ze0gGQYjGHw9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zDcs463Rcia6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C06_gRBRTB-KXZXK_zBqDxnZjtBW1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zx5pyxSgEdZ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-FNPX_zTFvEkYIW4Rj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C08_gRBRTB-KXZXK_zUqoUXlX7ehd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C01_gRBRTB-KXZXK_zmKSCIlE4Bjg"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyI6B7tvX5Wg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-KXZXK_zDh9OaPhoDya"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C02_gRBRTB-KXZXK_zFfAPMwo3H96"><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zpiHGwzKhAba"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div></div><div id="xdx_C09_gRBRTB-KXZXK_zdN8IwH9sZne"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C08_gRBRTB-KXZXK_zk8txfQL4ase"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zALuWPoZN889"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-KXZXK_z2XUlGyBOFg8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0E_gRBRTB-KXZXK_zUDR8jwPQj73"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C06_gRBRTB-KXZXK_zCtResT7s0Jd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-KXZXK_zP3Oqtufgts8"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C04_gRBRTB-KXZXK_zOlPXaxBhbo5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0C_gRBRTB-KXZXK_z5aKm2q1ujLj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div><div id="xdx_C09_gRBRTB-KXZXK_zrKuzg0QYeS3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C00_gRBRTB-KXZXK_zeLwtaZI6J7l"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">■</td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyI6B7tvX5Wg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-FNPX_zs3joVS2X1X3"><div id="xdx_C0B_gRBRTB-KXZXK_zDh9OaPhoDya"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zpiHGwzKhAba"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><div id="xdx_C09_gRBRTB-FNPX_zckeuPKJmGce"><div id="xdx_C09_gRBRTB-KXZXK_zdN8IwH9sZne"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zALuWPoZN889"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-FNPX_znqr6lvG6fCj"><div id="xdx_C06_gRBRTB-KXZXK_z2XUlGyBOFg8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0F_gRBRTB-FNPX_z1TLiWtQMxJ"><div id="xdx_C0E_gRBRTB-KXZXK_zUDR8jwPQj73"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C03_gRBRTB-FNPX_zrOPbJVRuIQl"><div id="xdx_C06_gRBRTB-KXZXK_zCtResT7s0Jd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0E_gRBRTB-FNPX_zrbwET109eAb"><div id="xdx_C05_gRBRTB-KXZXK_zP3Oqtufgts8"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C0B_gRBRTB-FNPX_z1hc5tRU7hWc"><div id="xdx_C04_gRBRTB-KXZXK_zOlPXaxBhbo5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C05_gRBRTB-FNPX_zYfjNfNkpbf6"><div id="xdx_C0C_gRBRTB-KXZXK_z5aKm2q1ujLj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div></div> <div id="xdx_C0E_gRBRTB-FNPX_zO9OZncwW14k"><div id="xdx_C09_gRBRTB-KXZXK_zrKuzg0QYeS3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C07_gRBRTB-FNPX_zwvMNt1fbNoe"><div id="xdx_C00_gRBRTB-KXZXK_zeLwtaZI6J7l"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">■</td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zgEPCSzMS2Eg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Sector Risk<i>. </i></b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financial sector as a whole cannot be predicted.</span></p><div id="xdx_C0B_gRBRTB-KXZXK_zatZLMUPrXda"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zJTzFq0yhszd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><div id="xdx_C0F_gRBRTB-KXZXK_zqBSuzcdWdUg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zHEYClO71H0c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><div id="xdx_C0C_gRBRTB-KXZXK_zknJkofWglQ4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zkbB7uTvJrR4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C07_gRBRTB-KXZXK_zA7OXcVPrH2l"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_z1xu97iNvGej" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><div id="xdx_C00_gRBRTB-KXZXK_zn2ocRgz22Ba"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zenegeuwqWZc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C01_gRBRTB-KXZXK_ziFOUW1bsv09"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zbiBImAcLI0l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C02_gRBRTB-KXZXK_zfftqsNVEAo5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMKRHC9G8nEj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><div id="xdx_C05_gRBRTB-KXZXK_zG5njgvhaRXg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zLsytNP2y4X6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_z5P0qW0UTnJb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C0C_gRBRTB-KXZXK_zraW7R80iiXc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_ziwGzXQUMm7h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><div id="xdx_C0F_gRBRTB-KXZXK_zo0hMfjGKxGa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zlJ1LMW0igS2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><div id="xdx_C04_gRBRTB-KXZXK_zLqRc2NUjbia"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zWF8qociyPia" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk. </b>To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C04_gRBRTB-KXZXK_zsSQwH6n2bxf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_z9pu06zEQAZb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value Investing Risk.</b> A value styl<b>e</b> of investing focuses on undervalued companies with characteristics for improved valuations. “Value” securities are subject to the risk that their valuations never improve or that the returns on “value” securities are less than returns on other styles of investing or the overall stock market. Thus, the value of the Fund’s investments will vary and at times may be lower than that of other types of investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. Value stocks also may decline in price, even though in theory they are already underpriced.</span></p> Performance: <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zfnIrJ7x31Q1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260904__20260904__dei--LegalEntityAxis__custom--S000095402Member_zThb3q1YtLzc">Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost at <span style="text-decoration: underline"><span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260904__20260904__dei--LegalEntityAxis__custom--S000095402Member_zHmQzeGVE6M6">www.EventideETFs.com</span></span> or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260904__20260904__dei--LegalEntityAxis__custom--S000095402Member_zfHH9z2OGEId">1-877-771-3836</span>.</span></p> Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. www.EventideETFs.com 1-877-771-3836 Fund Summary: Eventide Small Cap ETF Investment Objective: <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zGsxAoM294ik" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Eventide Small Cap Fund’s (the “Small Cap Fund” or the “Fund”) investment objective is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zrgzWfo23UZg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><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 Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zAUyiV9QNYQi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zAwuDtTl6li" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt"></td> <td id="xdx_499_20260904__20260904__dei--LegalEntityAxis__custom--S000095403Member__oef--ClassAxis__custom--C000264124Member_zq1JvpNTQFsk" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; vertical-align: bottom; text-align: center; padding-left: 0pt"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dn_zD6lktDSR7Md" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 85%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; vertical-align: bottom; width: 15%; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> <p style="margin: 0"> </p> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zTjc4d5iPqpe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zKpdIHV4VMWg" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_498_20260904__20260904__dei--LegalEntityAxis__custom--S000095403Member__oef--ClassAxis__custom--C000264124Member_zAbh9h0pYKBc" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zXHsiaVzxTh4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F45_z3WcjDM0t153">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.49%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbPABTw2awof" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zZHdzhLzOTCe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zwNyGkgXqijh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.49%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: center; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F0A_z33H1PcWvH59">(1)</sup></span></td><td><span id="xdx_F1C_z2pQGV3YqOol" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0049 0.0000 0.0000 0.0049 Example: <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zrOl6KyUz6Ah" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your Shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zEWzxg74Ik59"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zlwRxT1fKebf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none; width: 0%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_z4O0ORLqEfD2" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zVRCPimpvKAl" style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zWYgcMS0a109" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>5 Years</i></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zqCOXBYR3AE1" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>10 Years</i></span></td></tr> <tr id="xdx_411_20260904__20260904__dei--LegalEntityAxis__custom--S000095403Member__oef--ClassAxis__custom--C000264124Member_zJDw8Ez3iGFb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50</span></td> <td style="border-bottom: Black 1pt solid; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$157</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$274</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$616</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p> 50 157 274 616 Portfolio Turnover: <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zfmZe6XGDIRe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period from September 29, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000095403Member_zDlvV1hAjrY3">14%</span>.</span></p> 0.14 Principal Investment Strategy: <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zftIAQeBde72" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by investing primarily in the equity securities of United States (“U.S.”) small-capitalization companies, identified by Eventide Asset Management, LLC, the Fund’s investment adviser (the “Adviser”), as creating value for stakeholders (customers, employees, supply chain, community, environment, and society) using the Adviser’s faith-based screening criteria as more fully described below under “Faith-Based Screening.” The Adviser actively manages the Fund using a long-only investment approach, and seeks to achieve its objective while generating performance that is similar to the performance of the Bloomberg U.S. 2000 Total Return Index (the “Strategy Benchmark”) before Fund fees and expenses. The Strategy Benchmark is a float market-cap-weighted benchmark comprised of the lower 2,000 companies, rated by market capitalization, of the Bloomberg U.S. 3000 Index. The Fund is not an index fund and the Adviser is not required to purchase any specific securities or amount of securities included in the Fund’s Strategy Benchmark.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of small cap companies, which the Fund considers to be companies with a market capitalization of less than $20 billion. The equity securities that the Fund may invest in include common stock and real estate investment trusts (“REITs”). The Fund may not invest 25% or more of its total assets in a particular industry or group of industries, except that the Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">Stock selection is supported by the Adviser’s fundamental research, including the faith-based screening criteria described below. The Adviser effects portfolio changes for the Fund on an ongoing basis as it deems necessary and appropriate, and may consider overall market conditions and trading volumes when making investment decisions. The Fund will seek to maintain at least 100 issuers in its portfolio in normal market conditions. The Adviser monitors the portfolio and uses research and quantitative modeling and risk tools to reasonably adjust the active weight of portfolio securities in order to improve the Fund’s ability to meet its investment objective and reduce active risk compared with its Strategy Benchmark. While actively managing the portfolio, the Adviser will utilize quantitative tools as an input to the management of position sizes on a forward-looking basis, including to help mitigate the impact of individual sectors, industries, and stylistic factors (e.g., quantitative factors such as growth, momentum, quality and value) on active risk and the Fund’s ability to perform in a manner that is similar to the performance of the Strategy Benchmark before Fund fees and expenses. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Faith-Based Screening</b>. The Adviser uses its proprietary screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the faith-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the faith-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess practices. The Adviser’s faith-based screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser applies a combination of methods within its fundamental research process and systems to help cover a range of company-related information. This includes qualitative and quantitative data that can inform the Adviser’s investment decisions, such as company reports, news and research offered by third parties. This information can reflect on a company’s financial and competitive position, risks, and business reputation and ethical standing in the marketplace. The Adviser typically obtains values-based data from multiple third-party providers, which the Adviser changes from time to time based on research needs and industry developments. Values-based data offers additional inputs to the Adviser’s fundamental research process and investment framework. The Adviser views third-party information as part of its overall research rather than assigning any particular data source as the determinative factor in investment decisions. The Adviser believes that considering a broad range of research information, from multiple sources, can help to mitigate risks associated with misinterpreting data or relying on inaccurate information provided by third parties, but cannot guarantee that any third-party information it receives is accurate or free of defects. The Adviser maintains research supporting its investment decisions.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or serve the Fund’s principal investment strategy to generate performance that is similar to the performance of the Strategy Benchmark before Fund fees and expenses, or when the Adviser believes the underlying company is no longer consistent with the Adviser’s faith-based values.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_gRBRTB-RK_z303oQxYEbFg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zqbB15Uv637a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zapcdUmRgI04" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zUAp2PB18aX4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><p id="xdx_A9E_zCkky7OO23P5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-ZVRGEA_zsXzjk7wFYFg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zEHnhceS5HOk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z5yIk1sGtfHb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zpoMalL477Na"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p id="xdx_A98_zFsrN2SlWo73" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_z5x4yLhwMoj9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Sector Risk<i>. </i></b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financial sector as a whole cannot be predicted.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zRsCoj9mwtd4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Healthcare Sector Risk. </b>The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in price discounting and may be thinly capitalized and susceptible to product obsolescence.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zjSKhv5rMqj1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zDvd3dXpE0Kf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zlVhSYhnRTP7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zSFfiA9E2Ye" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z2jJuGEUaVb1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTUZGUAaigBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p id="xdx_A9B_zu7gn8gOK20l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zmXoVTYqPHW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zLJET6tOYoSc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zb472LsE6wW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_ziPe6HkZQfd4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zGM0STl1Cjs" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p><p id="xdx_A9D_zC0nWPrYdwYa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.” </i></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zqbB15Uv637a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C03_gRBRTB-RK_zsIzTiCmMyI4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zapcdUmRgI04" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C00_gRBRTB-RK_zvNc7AQtJmB5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zUAp2PB18aX4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-ZVRGEA_zsXzjk7wFYFg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C07_gRBRTB-RK_zM5H3iRjwKkf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-RK_zUK4IXUj0gBc"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zEHnhceS5HOk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-RK_zZlUfF1QSAWf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-RK_zgUbjQilhDR5"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z5yIk1sGtfHb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-RK_zg4L42HUfu5i"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C08_gRBRTB-RK_zutqMDSZlFfb"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zpoMalL477Na"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C0E_gRBRTB-RK_zTiKZ0kata2c"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C02_gRBRTB-RK_zCbhvcjqrZDj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C07_gRBRTB-RK_z0UqQz4NKdD2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C01_gRBRTB-RK_zrsq6UuKdHe2"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C02_gRBRTB-RK_z8fW1dQYKgQj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0D_gRBRTB-RK_zJGShoocWtXe"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C09_gRBRTB-RK_zk0UdP3ynqlg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-RK_zP6VWnz3dGZb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zEHnhceS5HOk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-ZVRGEA_zFapenXBfeYh"><div id="xdx_C0B_gRBRTB-RK_zZlUfF1QSAWf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z5yIk1sGtfHb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><div id="xdx_C04_gRBRTB-ZVRGEA_zQYEjnyyUxDk"><div id="xdx_C0B_gRBRTB-RK_zg4L42HUfu5i"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zpoMalL477Na"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-ZVRGEA_zQkC80QIi2Z3"><div id="xdx_C0E_gRBRTB-RK_zTiKZ0kata2c"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C06_gRBRTB-ZVRGEA_zfnX5Rv3tWv"><div id="xdx_C02_gRBRTB-RK_zCbhvcjqrZDj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C09_gRBRTB-ZVRGEA_zkkKVLZUJqgj"><div id="xdx_C07_gRBRTB-RK_z0UqQz4NKdD2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C05_gRBRTB-ZVRGEA_zTigDSsSyLq2"><div id="xdx_C01_gRBRTB-RK_zrsq6UuKdHe2"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C09_gRBRTB-ZVRGEA_zUX1uE17Vmud"><div id="xdx_C02_gRBRTB-RK_z8fW1dQYKgQj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C07_gRBRTB-ZVRGEA_zesmnAy1BlFj"><div id="xdx_C0D_gRBRTB-RK_zJGShoocWtXe"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C08_gRBRTB-ZVRGEA_z4DkJEIcNyoe"><div id="xdx_C09_gRBRTB-RK_zk0UdP3ynqlg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C04_gRBRTB-ZVRGEA_zbrGkoG89gfa"><div id="xdx_C07_gRBRTB-RK_zP6VWnz3dGZb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_z5x4yLhwMoj9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial Sector Risk<i>. </i></b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financial sector as a whole cannot be predicted.</span></p><div id="xdx_C0E_gRBRTB-RK_zSlcOWgaFc31"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zRsCoj9mwtd4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Healthcare Sector Risk. </b>The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in price discounting and may be thinly capitalized and susceptible to product obsolescence.</span></p><div id="xdx_C07_gRBRTB-RK_zXJZDq264KL7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zjSKhv5rMqj1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><div id="xdx_C00_gRBRTB-RK_zcY5Qrc67CNl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zDvd3dXpE0Kf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></p><div id="xdx_C06_gRBRTB-RK_z4QptF1d8Oxb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zlVhSYhnRTP7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C03_gRBRTB-RK_zqjqlsEKJ6yf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zSFfiA9E2Ye" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><div id="xdx_C0C_gRBRTB-RK_zjcRAuCeOJMg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z2jJuGEUaVb1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C03_gRBRTB-RK_z5OZasAdkEka"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTUZGUAaigBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zmXoVTYqPHW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C00_gRBRTB-RK_zGrNG0ICRGai"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zLJET6tOYoSc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><div id="xdx_C0A_gRBRTB-RK_zpFLDMC6SmIb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zb472LsE6wW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><div id="xdx_C00_gRBRTB-RK_z2zE4jTVYHlj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_ziPe6HkZQfd4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C00_gRBRTB-RK_zklvd2zw9zj7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zGM0STl1Cjs" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p> Performance: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zoQlZmKB1ZXf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260904__20260904__dei--LegalEntityAxis__custom--S000095403Member_zPumOoTExcTf">Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost at <span style="text-decoration: underline"><span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260904__20260904__dei--LegalEntityAxis__custom--S000095403Member_zkEVnFjulhwe">www.EventideETFs.com</span></span> or by calling <span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20260904__20260904__dei--LegalEntityAxis__custom--S000095403Member_z4FzFYKUy3X7">1-877-771-3836</span>.</span></p> Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. www.EventideETFs.com 1-877-771-3836 Fund Summary: Eventide US Market ETF Investment Objective: <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zDiU85Uxsx1h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Eventide US Market ETF’s (the “US Market ETF” or the “Fund”) investment objective is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zqpBSO6Und0k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><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 Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_z0vLYjb9rjS1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zjw5G9JpAfV5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"></td> <td id="xdx_490_20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zRazLkgh1O27" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; vertical-align: bottom; text-align: center; padding-right: 0pt; padding-left: 0pt"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dn_zzFVTIEXPAo1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; padding-top: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 85%; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; vertical-align: bottom; width: 15%; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> </table> <p style="margin: 0"> </p> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zJnSWsqere2c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zn4z3bU3HoG4" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49A_20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zBmIgAg9hB9l" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zin22MNZpyzb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F47_zcXQIwW1t0Mj">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zH84dElQGoX4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zA3RDupXwEEh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zD1N3jmrvd8k" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; padding-top: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F01_zLs3TcZlOAN9">(1)</sup></span></td><td><span id="xdx_F16_zPKI6sQun9p8" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0039 0.0000 0.0000 0.0039 Example: <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zapYJ04Ddz7k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your Shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGX5HoKy6zh6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zn0ZUD9NpVPj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none; width: 0%"> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zudYMm9AS3z3" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zdU5bXUYeMy" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zyjSNOpIdsLh" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>5 Years</i></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_ztmTtolH5Q21" style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>10 Years</i></span></td></tr> <tr id="xdx_41B_20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zTuxm4Qm1JF7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="display: none"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$40</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$125</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$219</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$493</span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p> 40 125 219 493 Portfolio Turnover: <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zqdXuYqmmV7a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zjKySTewMuo7">56%</span>.</span></p> 0.56 Principal Investment Strategy: <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zIPMohKME347" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by investing, under normal market conditions, in a portfolio of equity securities of United States (“U.S.”) companies, identified by Eventide Asset Management, LLC, the Fund’s investment adviser (the “Adviser” ), as creating value for stakeholders (customers, employees, supply chain, community, environment, and society) using the Adviser’s value-based screening criteria as more fully described below under “Faith-Based Screening.” The Adviser actively manages the Fund using a long-only investment approach, and seeks to achieve its objective while reasonably limiting tracking error to the Bloomberg U.S. 3000 Total Return Index (the “Strategy Benchmark”).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies domiciled in the United States. The Fund’s investment in securities of issuers that are not domiciled in the United States, such as American Depository Receipts (“ADRs”) and the ordinary stock of foreign issuers, is limited to a maximum of 20% of its net assets (plus the amount of any borrowings for investment purposes). The equity securities that the Fund may invest in include common stock, Real Estate Investment Trusts (“REITs”), ADRs, and the ordinary stock of foreign issuers, including those listed on U.S. stock exchanges and denominated in U.S. dollars. The Fund may invest in companies of any market capitalization but will typically invest in companies with market capitalizations that fall within the range of companies included in the Strategy Benchmark. <span>The market capitalization range of companies within the Fund’s Strategy Benchmark is $5.5 million to $4.8 trillion as of </span>June <span>30, </span>2026<span>.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock selection is supported by the Adviser’s fundamental research, including the faith-based screening criteria described below. The Adviser effects portfolio changes for the Fund on an ongoing basis as it deems necessary and appropriate, and may consider overall market conditions and trading volumes when making investment decisions. The Fund will seek to maintain at least 100 issuers in its portfolio in normal market conditions. The Adviser monitors the portfolio and uses research and quantitative modeling and risk tools to reasonably adjust the active weight of portfolio securities in order to improve the Fund’s ability to meet its investment objective and reduce active risk compared with its Strategy Benchmark. While actively managing the portfolio, the Adviser will utilize quantitative tools as an input to the management of position sizes on a forward-looking basis, including to help mitigate the impact of individual sectors, industries, and stylistic factors (e.g., quantitative factors such as growth, momentum, quality and value) on active risk and the Fund’s ability to perform in a manner that is similar to the performance of the Strategy Benchmark before Fund fees and expenses.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Faith-Based Screening</b>. The Adviser uses its proprietary screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the faith-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the faith-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess practices. The Adviser’s faith-based screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Adviser applies a combination of methods within its fundamental research process and systems to help cover a range of company-related information. This includes qualitative and quantitative data that can inform the Adviser’s investment decisions, such as company reports, news and research offered by third parties. This information can reflect on a company’s financial and competitive position, risks, and business reputation and ethical standing in the marketplace. The Adviser typically obtains values-based data from multiple third-party providers, which the Adviser changes from time to time based on research needs and industry developments. Values-based data offers additional inputs to the Adviser’s fundamental research process and investment framework. The Adviser views third-party information as part of its overall research rather than assigning any particular data source as the determinative factor in investment decisions. The Adviser believes that considering a broad range of research information, from multiple sources, can help to mitigate risks associated with misinterpreting data or relying on inaccurate information provided by third parties, but cannot guarantee that any third-party information it receives is accurate or free of defects. The Adviser maintains research supporting its investment decisions.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or serve the Fund’s principal investment strategy to track the Strategy Benchmark, or when the Adviser believes the underlying company is no longer consistent with the Adviser’s faith-based values.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_gRBRTB-CF_z6T8Zj8kg9nj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_ztFzbQQ0NJml" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_z58Xb67bbSI4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zKHLBZ4DJHu4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p><p id="xdx_A90_zGybsEvq7V98" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zxEgZR9Vwoq7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zff49HvNQKse" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines. </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-ELICYF_zcSTI1mvFV77" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyaw3W6aNHS"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zKoCDxZnwSJc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-JHS_zy9zlQnRflM4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p id="xdx_A9D_z9LFgdaeoKyj" style="margin-top: 0; margin-bottom: 0"> </p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zceg4dj3Uzw9" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0in; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z44ZEgemmeYl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z4MFDvvZXIC5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zFv120YKWGNh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zAW6QcH2nmQ7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p id="xdx_A9E_zTjdv5pmjpt6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z8YTG4i1Xbo1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zQDwqgvqnm3c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zzgxFBfvk0l4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zTR634ZZKgm8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zTGfmUi7Urnk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zu8jQayhyOs9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zIj5crBgSz9k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sector Risk.</b> The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zdcp4cekj3Zj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s or an Underlying Fund’s portfolio.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zJTvFnD1M2Ik" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p><p id="xdx_A9A_zgNPYlECM29e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_z5kJrgMgRzy4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p><p id="xdx_A98_z6p4wZqtLHc1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.” </i></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_ztFzbQQ0NJml" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><div id="xdx_C09_gRBRTB-CF_zOpYxfLSP3Vd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_z58Xb67bbSI4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, Shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C0D_gRBRTB-CF_zXfbQZQQOAPc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zKHLBZ4DJHu4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zxEgZR9Vwoq7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C0F_gRBRTB-CF_zunWrz2Wuvz5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_zff49HvNQKse" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines. </span></p><div id="xdx_C02_gRBRTB-CF_zTlyQDPsprVd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C06_gRBRTB-CF_zgi8Y5WPsOt5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p></div> <div id="xdx_C0A_gRBRTB-CF_zPhSV1VSsNji"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-ELICYF_zcSTI1mvFV77" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C02_gRBRTB-CF_zdB0ujngY8Yc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C06_gRBRTB-CF_zOGqFrA0VzJ1"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyaw3W6aNHS"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div></div><div id="xdx_C0D_gRBRTB-CF_z6FD1izYzYO7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-CF_zJPQHcv7lDKj"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zKoCDxZnwSJc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div></div><div id="xdx_C04_gRBRTB-CF_zm9gjHd0pyx2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C03_gRBRTB-CF_zt5eskBE839i"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-JHS_zy9zlQnRflM4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div></div><div id="xdx_C09_gRBRTB-CF_zplnl91g624k"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C00_gRBRTB-CF_zHs9vJYSE8Ph"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div><div id="xdx_C0E_gRBRTB-CF_zb0DcIf5dRDl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-CF_zit3zxJAVFPj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C04_gRBRTB-CF_z0sDoeQRWUzb"><p id="xdx_A9D_z9LFgdaeoKyj" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0C_gRBRTB-CF_zUc1oMKVsqMg"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div><div id="xdx_C0F_gRBRTB-CF_zQj7lZyU8rg5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C08_gRBRTB-CF_zMy1aKxbIfX8"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zyaw3W6aNHS"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-ELICYF_zWmx45D8JSHi"><div id="xdx_C0D_gRBRTB-CF_z6FD1izYzYO7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zKoCDxZnwSJc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for a Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-ELICYF_zu2YqpYqdzy4"><div id="xdx_C04_gRBRTB-CF_zm9gjHd0pyx2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-JHS_zy9zlQnRflM4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid/ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-ELICYF_zYVmVMJ88204"><div id="xdx_C09_gRBRTB-CF_zplnl91g624k"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C07_gRBRTB-ELICYF_zxorTcV7vUqa"><div id="xdx_C00_gRBRTB-CF_zHs9vJYSE8Ph"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td></tr></table></div></div></div> <div id="xdx_C01_gRBRTB-ELICYF_zgCqxZCqOzg8"><div id="xdx_C0E_gRBRTB-CF_zb0DcIf5dRDl"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C03_gRBRTB-ELICYF_zZXsqOBw01vc"><div id="xdx_C07_gRBRTB-CF_zit3zxJAVFPj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div> <div id="xdx_C02_gRBRTB-ELICYF_z35gt3Xl3KC2"><div id="xdx_C04_gRBRTB-CF_z0sDoeQRWUzb"><p id="xdx_A9D_z9LFgdaeoKyj" style="margin-top: 0; margin-bottom: 0"> </p></div></div><div id="xdx_C07_gRBRTB-ELICYF_zp1FCpLxfez9"><div id="xdx_C0C_gRBRTB-CF_zUc1oMKVsqMg"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div></div><div id="xdx_C04_gRBRTB-ELICYF_ztqqXw6rgwd9"><div id="xdx_C0F_gRBRTB-CF_zQj7lZyU8rg5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C0E_gRBRTB-ELICYF_zyQbn80CDjO"><div id="xdx_C08_gRBRTB-CF_zMy1aKxbIfX8"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, </span>which could cause the intra-day bid/ask spread of the Fund to widen.</td></tr></table></div></div></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zceg4dj3Uzw9" style="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0in; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><div id="xdx_C04_gRBRTB-CF_zBhMbTppMfY"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z44ZEgemmeYl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials Sector Risk.</b> The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.</span></p><div id="xdx_C08_gRBRTB-CF_z4PK0bWyN1xa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z4MFDvvZXIC5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C03_gRBRTB-CF_zkw3ti5wK3N9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zFv120YKWGNh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></p><div id="xdx_C04_gRBRTB-CF_z0WtKNawcab6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zAW6QcH2nmQ7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z8YTG4i1Xbo1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C05_gRBRTB-CF_ziEGbcFixLNj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zQDwqgvqnm3c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><div id="xdx_C09_gRBRTB-CF_zXSZI4e6Lk1c"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zzgxFBfvk0l4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events and political events may adversely affect the securities markets.</span></p><div id="xdx_C02_gRBRTB-CF_zt2CUQsmdJGb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zTR634ZZKgm8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C02_gRBRTB-CF_z3hPO4q43zkh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zTGfmUi7Urnk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate. These may include decreases in real estate values, overbuilding, rising operating costs, interest rates and property taxes. In addition, some real estate related investments are not fully diversified and are subject to the risks associated with financing a limited number of projects.</span></p><div id="xdx_C00_gRBRTB-CF_zhaVnMqDEH41"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITRiskMember_zu8jQayhyOs9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REIT Risk.</b> The Fund’s investments in REITs are subject to the same risks as direct investments in real estate, including sensitivity to general economic downturns and the volatility of local real estate markets. REITs may have limited financial resources and their securities may trade infrequently and in limited volume, and thus they may be more volatile than other securities. The liquidity of REITs may change dramatically over time.</span></p><div id="xdx_C0C_gRBRTB-CF_zzNxEgifAD87"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zIj5crBgSz9k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sector Risk.</b> The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><div id="xdx_C04_gRBRTB-CF_zKx3AyCeHPTf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zdcp4cekj3Zj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s or an Underlying Fund’s portfolio.</span></p><div id="xdx_C07_gRBRTB-CF_zGyNJRWfcCog"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zJTvFnD1M2Ik" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Small Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller-sized companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_z5kJrgMgRzy4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology Sector Risk.</b> Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence or adoption challenges due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector can be heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Investments in this sector can be highly volatile. Their values may be adversely affected by such factors as, for example, rapid technological change, changes in management personnel, changes in the competitive environment, and changes in investor sentiment.</span></p> Performance: <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zwZU96Ko9EMj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zTTPeUmk16th">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its Shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zV2iIekXscwh">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost at <span style="text-decoration: underline"><span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zut2uNxcxGg3">www.EventideETFs.com</span></span> or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zGCvJOzRXE19">1-877-771-3836</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its Shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.EventideETFs.com 1-877-771-3836 Annual Total Returns   Eventide US Market Fund Total Returns for the Years Ended December 31   <div id="xdx_A8C_eoef--BarChartTableTextBlock_zDStrJGsduo7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zdsHcTAwBOU2" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 50%"> </td> <td id="xdx_49D_20250101__20251231_zNtfkvZt7kRa" style="text-align: center; width: 50%">2025</td></tr> <tr id="xdx_403_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zzCTXtW732Zf" style="vertical-align: top; text-align: center"> <td> </td> <td>12.19%</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><img alt="(BAR GRAPH)" src="st004_v1.jpg"/></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.1219 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_zASaaGuRO057" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zapF7KjCJAx1">the highest return for a quarter</span> was <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zTMWMp2LDza3">10.40%</span> (quarter ended <span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zFrY2i4NsmIe">June 30, 2025</span>), and <span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_z6Q1bPuiA9v8">the lowest return for a quarter</span> was <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zRyZ2MCi7N0e">(2.50)%</span> (quarter ended <span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zfSCbkazC3O9">March 31, 2025</span> ).</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_903_eoef--YearToDateReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_z8z8UjEAccrj">The Fund’s year-to-date return</span> as of <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zNzL4XJ6fGpg">June 30, 2026</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_zXPDWpPginvl">14.32%</span>.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> the highest return for a quarter 0.1040 2025-06-30 the lowest return for a quarter -0.0250 2025-03-31 The Fund’s year-to-date return 2026-06-30 0.1432 Average Annual Total Returns (periods ended December 31, 2025) <div id="xdx_A88_eoef--PerformanceTableTextBlock_zUN4y69CCQcj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zoot4eza6xzk" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td id="xdx_49D_20250101__20251231_zcX5rWQFlkRe" style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_491_20241217__20251231_zP6LOdgjWi48" style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Since Inception</i></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i><br/> (<span id="xdx_90C_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zvveVNNGJXZ6">December 17, 2024</span>)</i></span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zoyK49qfbsmk" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member_zwnyFsx3Ptbc">Return Before Taxes</span></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.19%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.47%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zLp1N5zcK8rc" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.95%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.23%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000089355Member__oef--ClassAxis__custom--C000255876Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXQupDAayPT" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.38%</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.44%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000089355Member__oef--PerformanceMeasureAxis__custom--BloombergUS3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1OofY4y8UGg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg US 3000 Total Return Index (<span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_z7m4Do1Cxnh7">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.21%</span></td> <td style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.12%</span></td></tr> </table> 2024-12-17 Return Before Taxes 0.1219 0.0847 0.1195 0.0823 0.0738 0.0644 reflects no deduction for fees, expenses or taxes 0.1721 0.1312 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_z9pmyQiendA1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_za9xQ75I8qy6">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</span> <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260904__20260904__dei--LegalEntityAxis__custom--S000089355Member_z0CCW8h8bjB8">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to Shares held by non-taxable entities.</span></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to Shares held by non-taxable entities. FUND SUMMARY – STRATEGY SHARES GOLD ENHANCED YIELD ETF Investment Objective: <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zWSsnVtneOT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment objective is to seek income and long-term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zJMDGiPqZIw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zz1WN0kSA8P8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_ziOiCsF9Dlhe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: top; border-left: black 1pt solid"></td> <td id="xdx_492_20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zyj2u9k91V5f" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; text-align: center"></td></tr> <tr id="xdx_40E_eoef--ShareholderFeeOther_dn_z8KRXXpRsew9" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: top; width: 80%; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td colspan="2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zIIOYJz60vHf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z80AjqArPRQ5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_49B_20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zgLlrw3CEtY3" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zJLCEkksUq1a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; border-left: black 1pt solid; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee<sup id="xdx_F47_zbgBFKSX9ph5">(1)</sup></span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0wWvBIXdBb4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z5uSGuDPOnk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z6o4q770nVa1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F44_zbDaTABAbPd">(2) (3)</sup></span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11%</span></td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zkiRVgUiNir8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.90%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F0C_zmUVD4SaFiYl">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F18_zyyCg2aj8lJ4" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The management fee is structured as a “unified fee,” out of which the Fund’s investment adviser, Rational Advisors, Inc. (the “Advisor”), pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F06_zTgHp0kQEDg2">(2)</sup></span></td><td style="text-align: justify"><span id="xdx_F1C_zlCRaCZao9db" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. <span id="xdx_90E_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_z3o9kSdwtxub">The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F00_zX6gShOr2xr6">(3)</sup></span></td><td style="text-align: justify"><span id="xdx_F1B_zY1fdMMQbWJk" style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><span id="xdx_908_eoef--AcquiredFundFeesAndExpensesBasedOnEstimates_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_z03sZ7suMxM">Estimated for the current fiscal year.</span></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0079 0.0000 0.0000 0.0011 0.0090 The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Estimated for the current fiscal year. Example: <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zMmuv2UtoQ4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z00pc3hDYKSl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zAy529vtWmFb" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 2%"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zH8EXKAnKWdg" style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding: 1pt 5pt; width: 24.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zMpDvoA1bxRk" style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; width: 24.5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zqAO0ndN2Ao8" style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; width: 24.5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_z0k13zSgHTF8" style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; width: 24.5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41B_20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zdbWwb38qSq5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding: 1pt 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$92</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$287</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$498</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,108</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 92 287 498 1108 Portfolio Turnover: <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zzhg4M90kps2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90E_eoef--PortfolioTurnoverRate_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zzePWXLrARL7">100%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 Principal Investment Strategy <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zI1785lYZQMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to achieve its investment objective through its exposure to:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate bonds, U.S. treasury securities and corporate bond exchange traded funds (“ETFs”) (the “Bond Component”);</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">gold futures contracts (the “Gold Component”); and</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commodity futures contracts and put options on commodity futures contracts that provide long and short economic exposure to energy and precious metals (including gold) commodities (the “Commodity Basket Component”).</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to gain exposure to gold and other commodity futures contracts, and put options on gold and other commodity futures contracts, by investing directly or indirectly through total return swaps. Such investments will be made indirectly through the Fund’s Subsidiary (as described below). The Subsidiary will also hold cash and cash equivalents, such as U.S. Treasury securities, as collateral for the Fund’s futures, put options, and total return swap investments. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments that provide exposure to gold. For purposes of this policy, “gold” includes gold futures contracts, total return swaps on gold futures contracts, and other derivatives that provide exposure to the price of gold. For purposes of determining compliance with this 80% investment policy, the Fund will value derivatives using their notional amounts, with certain adjustments, rather than market value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bond Component</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bond Component of the Fund’s portfolio seeks returns to generate income by investing in U.S. dollar-denominated, domestic and foreign corporate bonds, U.S. Treasury securities, and/or corporate bond ETFs. Corporate bonds that the Bond Component may hold include “Rule 144A” securities, which are subject to resale restrictions. The corporate bonds selected for investment by the Fund have remaining time to maturity of at least 18 months, and are rated no lower than investment grade (at least BBB- / Baa3) by S&amp;P Global Ratings, or the equivalent by another nationally recognized statistical rating organization at the time of investment. The Fund will sell any bonds in its portfolio that have been downgraded to below investment grade. The Fund may invest in U.S. Treasury securities without restriction as to time to maturity. The Advisor uses quantitative and qualitative screening processes to select bonds for investment by the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Advisor’s quantitative screen focuses on credit metrics, including total leverage ratio (total debt/earnings before interest, taxes, depreciation and amortization (“EBITDA”)), EBITDA interest coverage ratio (EBITDA/interest expense), and cash ratio (cash and equivalents/current liabilities). The Advisor’s qualitative review involves an analysis of company fundamentals, including business model, competitive advantages, cyclicality of the underlying industry, and addressable market opportunity. The Advisor generally sells bonds if it believes the bonds no longer offer favorable risk-adjusted return potential.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corporate bond ETFs that the Fund may invest in are designed to provide broad exposure to U.S. dollar-denominated investment grade corporate bonds issued by domestic and foreign corporate issuers. The ETFs selected for investment by the Fund have an average duration of at least 18 months, and have investment mandates that focus on U.S. dollar-denominated investment grade corporate bonds that are rated no lower than investment grade (at least BBB- / Baa3) by S&amp;P Global Ratings, or the equivalent by another nationally recognized statistical ratings organization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gold Component</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Gold Component seeks capital appreciation. The Component seeks to track the performance of the near month gold futures contracts listed on the Chicago Mercantile Exchange. A near month gold futures contract is the futures contract that is closest to expiration. As the futures contracts approach their expiration dates, they are replaced by distant month gold futures contracts that are similar contracts that have a later expiration. This process is referred to as “rolling.” The Fund achieves exposure to the near month gold futures contracts by investing directly in gold futures contracts or indirectly through investment in over-the-counter total return swaps. The process of rolling futures contracts may subject the Fund to additional costs based on the difference in price of expiring and next-month futures contracts. To the extent that the Fund obtains exposure to gold futures contracts through a total return swap, it does not roll futures contracts or incur roll costs directly. The return of the underlying gold futures contracts delivered through the swap reflects these price differences, which may affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commodity Basket Component</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Commodity Basket Component seeks the returns generated from the purchase and sale of futures contracts and the sale of put options on energy and precious metals (including gold) commodity futures contracts by investing directly in such commodity futures contracts or indirectly through total return swaps to gain exposure to such positions. While the Commodity Basket Component may invest without restriction in futures contracts and put options on energy and precious metals commodity futures, the Advisor expects that the Commodity Basket Component will predominantly write put options on gold futures contracts. The objectives of the Commodity Basket Component are to: (i) obtain exposure to the futures contracts of the commodities that the Advisor believes are undervalued, and to sell-short, or obtain exposure to, the futures contracts of the commodities that the Advisor believes are overvalued; and (ii) generate additional returns by collecting option premiums through the sale of put options on commodity futures contracts. The put writing strategy performs well when commodity futures contract prices remain stable or increase, but incurs losses when commodity futures contract prices decline below the put option strike price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expected that the Fund will have approximately 100% market value exposure to the Bond Component, 100% notional exposure to the Gold Component and between 10% and 100% notional exposure to the Commodity Basket Component. For example, if the Fund has $100 in assets, then the Fund expects to achieve $100 of market value exposure to the Bond Component (akin to having $100 gross and net exposure to fixed income securities), $100 of notional exposure to the Gold Component (akin to having $100 gross and net exposure to gold), and $10 to $100 of notional exposure to the Commodity Basket Component (akin to having up to $100 of gross and net exposure to a Fund which invests in a commodities strategy). Futures contracts and over-the-counter total return swaps do not require up-front payments equal to the notional exposure represented by such instruments, which enables the Fund to obtain approximately 100% notional exposure to the Gold Component and up to 100% notional exposure to the Commodity Basket Component. The amount of exposure to the Commodity Basket Component is determined at the Adviser’s discretion based on conditions in the energy and precious metals markets. Because the Fund will achieve such notional exposure to each of the Gold Component and the Commodity Basket Component through leverage, the Fund could sustain significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Investments in Subsidiary</span> – The Advisor executes a portion of the Fund’s strategy by investing up to 25% of the Fund’s total assets in a wholly owned and controlled subsidiary (the “Subsidiary”). The Subsidiary invests the majority of its assets in futures contracts, put options on futures contracts, and over-the-counter total return swaps. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The Subsidiary is SSGBI Fund Limited, a Cayman Islands company. The Subsidiary is advised by the Advisor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Distribution Policy</span> – In order to allow shareholders of the Fund to realize a predictable, but not assured, level of cash flow, the Fund has adopted a policy (which may be modified at any time by its Board of Trustees) to pay monthly distributions on Fund shares at a specific target rate to be determined at the discretion of management. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Return of capital is the portion of a distribution that is a return of your original investment dollars in the Fund. Shareholders should not assume that the source of a distribution from the Fund is net profit. For more information about the Fund’s distribution policy, please turn to “Additional Information About the Fund’s Principal Investment Strategies and Related Risks – Principal Investment Strategies –Distribution Policy and Goals” section in the Fund’s Prospectus.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_gRBRTB-AJQE_zKPuvbR46e81" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its investment objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value, market price and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, nor is it a complete investment program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the net asset value, market price, total return and value of the Fund and your investment.</span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_zTadU9WpDFrl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk.</b> The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zVK5RCZiyL7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”), and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders, and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV, and possibly face delisting by the CBOE BZX Exchange (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zCxwqxZp0aI7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk</b>. At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance, and the Fund may not achieve its investment objective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zsZECwCGAeJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash Transactions Risk</b>. ETFs generally are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions partly or entirely in cash, rather than in-kind, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zOVDPJ9202Va" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> The future direction of interest rates is uncertain. If interest rates rise, there is risk that rates across the financial system also may rise. Changes in government intervention may have adverse effects on the Fund’s investments, volatility, and illiquidity in debt markets. Interest rate increases could cause the value of the Fund to decrease. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of a Fund’s investments and share price to decline. If a Fund invests in derivatives tied to fixed-income markets, the Fund may be more substantially exposed to these risks than a fund that does not invest in derivatives. To the extent a Fund experiences high redemptions because of these policy changes, the Fund may experience increased portfolio turnover, which will increase the costs the Fund incurs and may lower its performance. Furthermore, if rising interest rates cause a Fund to lose enough value, the Fund could also face increased redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, thereby adversely affecting the Fund. In addition, decreases in fixed income dealer market-making capacity may persist in the future, potentially leading to decreased liquidity and increased volatility in the fixed income markets.</span></p><p id="xdx_A99_z28Yyps41hIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zFS53yFjtZ34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Risk. </b>Exposure to the commodities markets may subject a fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors, as well as changes in government regulation, such as tariffs, embargoes or burdensome production rules and restrictions. The Commodity Basket Component will invest in energy and industrial metals/precious metals commodities. Please see “Energy Sector Risk”, “Industrial Metals Sector Risk” and “Precious Metals Sector Risk” below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityTaxRiskMember_zklXWGAwjATj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Tax Risk. </b>The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level, and all distributions from earnings and profits, including any distribution of net tax-exempt income and net long-term capital gains, would be taxable to Fund shareholders as ordinary income. Should the Internal Revenue Service issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund’s ability to pursue its investment strategy.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zxWqjAa47D23" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk. </b>The Fund may engage in transactions in securities and financial instruments that involve counterparties. Counterparty risk is the risk that a counterparty (the other party to a transaction or an agreement, or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zXMgHDebtbEf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk</b>. Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. There is a risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer’s financial condition changes. The issuer of a fixed income security may also default on its obligations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-XO_z7fbkP7AbQXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The performance of a derivative instrument depends largely on the performance of an underlying instrument, such as a currency, security, rate or index. In addition, the use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may be unwilling or unable to fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives can also create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may be less liquid than more traditional investments, and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Additionally, the Fund’s obligation to make payments of margin, collateral, or settlement payments to counterparties may heighten liquidity demands on the Fund’s portfolio. Derivatives may be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivatives are subject to the risk of adverse market movements and the risk that markets could experience a change in volatility that adversely impacts Fund returns and the Fund’s obligations and exposures. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships; government programs and policies; national and international political and economic events; geopolitical conflicts; changes in interest rates; and inflation and deflation. Derivatives are also subject to operational risk, including potential documentation issues, settlement issues, systems failures, inadequate controls and human error, as well as legal risks arising from insufficient documentation, insufficient capacity or authority of counterparty, or the legality or enforceability of a contract. Derivatives strategies may not be successful, and their successful use will depend on the portfolio managers’ ability to accurately forecast movements in the market relating to the underlying asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zOhrFJLBNlZk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk.</i> Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances, and because futures contracts do not pay dividends.</span></td> </tr></table></div><div id="xdx_C07_gRBRTB-XO_zwZaujZ5HJO5"><p id="xdx_A90_zCoUtdZmJ2df" style="margin-top: 0; margin-bottom: 0"> </p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. Because the margin requirement for futures contracts is less than the value of the assets underlying the futures contract, futures trading involves a degree of leverage. As a result, a relatively small price movement in a futures contract may result in immediate and substantial loss to the Fund, which could significantly adversely affect the Fund’s performance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_zEcGxfJJkEu5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk. </i>Derivative contracts ordinarily have leverage inherent in their terms, meaning that the Fund can obtain significant investment exposure in return for meeting a relatively small margin or other investment requirement. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund, potentially in excess of the amounts invested or borrowed. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z61PV3UMMJo1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zBpSwKBPbVGh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk</i>. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility of options markets may make it difficult for a fund to effectively implement its investment strategy and achieve its investment objectives, and could potentially lead to significant losses.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zMRo2JE6vyL8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk</i>. There are risks associated with the Fund’s exposure to options. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below (written put option) the respective option’s strike price. The Fund’s losses are potentially large in a written put transaction.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverTheCounterOTCTradingRiskMember_ziawzzm1Qryc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Over-the-Counter (“OTC”) Trading Risk.</i> Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result, and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.</span></td> </tr></table></div><p id="xdx_A9E_z9uYW8kE5cc2" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_C0A_gRBRTB-XO_zRJRBdqOA698"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TotalReturnSwapRiskMember_zlwfhI4mju54"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total Return Swap Risk </i>Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Certain derivatives risks are heightened with respect to over-the-counter (“OTC”) derivative instruments, like certain swap agreements, and may be greater during volatile market conditions. Such risks include the risk of leverage (i.e., the risk that an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset), counterparty risk (i.e., the risk of a counterparty’s unwillingness or inability to perform its obligations, including as a result of bankruptcy), credit risk (i.e., the risk that the issuer of the underlying asset may default on its obligations), and pricing risk (i.e., swaps may be difficult to value).</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zpjMCEDYuIQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution Policy Risk. </b>Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Any capital returned to investors through distributions will be distributed after payment of Fund fees and expenses. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. For more information, please refer to the section of the Fund’s prospectus entitled “Tax Consequences”.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zjy13BC7fpgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration Risk. </b>Longer-term fixed-income securities may be more sensitive to interest rate changes, particularly in periods of rising interest rates. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zQUgqFX0jVSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Energy Sector Risk. </b>The Fund’s exposure to the energy sector will result in the performance of the Fund being relatively corelated to, and affected by, developments in the energy sector, such as the possibility that government regulation will negatively impact companies in this sector. Energy entities are subject to the risks specific, but not limited, to the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations in commodity prices;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New construction risk and acquisition risk, which can limit potential growth;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depletion of the natural gas reserves or other commodities, if not replaced;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in the regulatory environment;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extreme weather;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rising interest rates, which could result in a higher cost of capital and drive investors into other investment opportunities; and</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threats of attack by terrorists.</span></td> </tr></table><p id="xdx_A97_zIuymRjNnvL7" style="margin-top: 0; margin-bottom: 0"> </p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zxWxAsXdeIwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk. </b>Like a mutual fund, the value of an ETF can fluctuate based on the prices of the securities owned by the ETF. Because the Fund may invest its assets in ETFs that have their own fees and expenses in addition to those charged directly by the Fund, the Fund may bear higher expenses than a fund that invests directly in individual securities. By investing in other ETFs, the Fund will be subject to the risks associated with the underlying investments of such ETFs. ETFs are also subject to the risks described under “ETF Structures Risk.”</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-NKBNG_zpkDsKd1IrA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C04_gRBRTB-NKBNG_zdu23W8pSDxg"><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zoRBNOWOX8Oa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zFAlwDyicFUg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td> </tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C02_gRBRTB-NKBNG_zfBex78Ln5rg"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zQ0XQSU7Cick"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares, and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and the intra-day bid/ask spreads may widen.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s net asset value, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid/ask price for Fund shares or in the closing price.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which can lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zwb1ygDb6vRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk. </b>The value of the Fund’s investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the risk that the debtor may default), extension risk (the risk that an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the risk that the debtor may pay its obligation early, thereby reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p><p id="xdx_A9D_z99gypyyPvq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zpOQcfRyJ63i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk</b>. Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions, such as exchange controls).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldRiskMember_zGBWwnAXtRh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gold Risk.</b> The price of gold may be affected by several factors, including the global gold supply and demand and investors’ expectations with respect to the rate of inflation. Developments affecting the value of gold may have a significant impact on the Fund. Gold markets have been, and will likely continue to be, subject to sharp price fluctuations, which may lead to significant price fluctuations in the shares of the Fund. In addition, it is possible that a shareholder may not realize his or her investment objective because the gold markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations. There is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zYoNOcdr53w1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Risk. </b>The Fund’s distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences deterioration of the underlying debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialMetalsSectorRiskMember_z4Uo68kTfyYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industrial Metals Sector Risk.</b> Risks of investing in the industrial metals sector commodities include, in addition to other risks, substantial price fluctuations over short periods of time, imposition of import controls, increased competition, government regulation, disruptions in mining, storing, and refining of metals, and changes in industrial, governmental and commercial demand for certain metals.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_z3S8ewAft4r2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk. </b>Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. The maturity and effective duration of the Fund’s investment portfolio may vary materially, from time to time, and there is no assurance that the Fund will achieve or maintain any particular target maturity or effective duration of its investment portfolio.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zP2bIboi5USb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets, asset classes, and/or the overall market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zCsAozwLYMDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Specific Risk. </b>The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole, and can perform differently from the value of the market as a whole.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zv7c2YBX7Av6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5XYilyfGQld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Overall market risks may also affect the value of the Fund. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events, geopolitical conflicts, interest rate levels, and political events may adversely affect the securities markets.</span></p><p id="xdx_A9A_zweGWz9nxLIh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zjNlgxb2V7A7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk. </b>To the extent that the Fund holds securities of a smaller number of issuers, or invests a larger percentage of its assets in a single issuer, than a diversified portfolio, the value of the Fund, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers, and to economic, political, market or regulatory events affecting any one of those issuers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreciousMetalsSectorRiskMember_zZhIWx0Wp3F1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Precious Metals Sector Risk. </b>Prices of precious metals and of precious metal-related securities have historically been volatile. Economic, financial and political factors can cause periods of volatility. Because precious metals and other commodities do not generate investment income, the return on such investments will be derived solely from the appreciation or depreciation of such investments. Changes in the production and sale of precious metals by governments or central banks, or other large holders, can be unpredictable and may also have a significant impact on the prices of precious metals.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zRP51KDA9yz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory Risk. </b>Changes in the laws or regulations of the United States, Cayman Islands, or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective, and could increase the operating expenses of the Fund. The Fund and the Subsidiary are “commodity pools” under the U.S. Commodity Exchange Act (the “CEA”), and the Advisor is a “commodity pool operator” registered with and regulated by the CFTC.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144ASecuritiesRiskMember_zdUPrKn2eJ95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rule 144A Securities Risk. </b>The Fund may invest in securities that are normally purchased or resold pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). Rule 144A securities are restricted securities that are not publicly traded and may be subject to legal restrictions on resale. Rule 144A securities are generally not traded on established markets, and the market for such securities is typically less active than the market for publicly traded securities. As a result, Rule 144A securities may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zBYiPQdgHCy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zu9aH25eAqLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Risk.</b> The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value and market price per share to experience significant increases or declines in value over short periods of time; however, all investments, whether long- or short-term, are subject to risk of loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyOwnedSubsidiaryRiskMember_zT8bmLXEOO43" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Wholly Owned Subsidiary Risk.</b> By investing in the Subsidiary, the Fund is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Fund’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus, and could adversely affect the Fund, such as by reducing the Fund’s investment returns.</span></p><p id="xdx_A9D_zaCOTCqhns4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Funds’ Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveTradingRiskMember_zTadU9WpDFrl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Trading Risk.</b> The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and could increase the amount of taxes you owe by generating short-term gains, which may be taxed at a higher rate. Under certain market conditions, the Fund’s turnover may be very high and considerably higher than that of other funds.</span></p><div id="xdx_C07_gRBRTB-AJQE_zfzqpmmcZ7Hd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zVK5RCZiyL7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”), and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders, and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV, and possibly face delisting by the CBOE BZX Exchange (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C09_gRBRTB-AJQE_z9npcVBnnEw6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zCxwqxZp0aI7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk</b>. At times, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance, and the Fund may not achieve its investment objective.</span></p><div id="xdx_C09_gRBRTB-AJQE_zwQPZz4sISI3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zsZECwCGAeJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash Transactions Risk</b>. ETFs generally are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions partly or entirely in cash, rather than in-kind, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF.</span></p><div id="xdx_C0B_gRBRTB-AJQE_zJOeiRdhJSV5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangingFixedIncomeMarketConditionsRiskMember_zOVDPJ9202Va" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changing Fixed Income Market Conditions Risk.</b> The future direction of interest rates is uncertain. If interest rates rise, there is risk that rates across the financial system also may rise. Changes in government intervention may have adverse effects on the Fund’s investments, volatility, and illiquidity in debt markets. Interest rate increases could cause the value of the Fund to decrease. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of a Fund’s investments and share price to decline. If a Fund invests in derivatives tied to fixed-income markets, the Fund may be more substantially exposed to these risks than a fund that does not invest in derivatives. To the extent a Fund experiences high redemptions because of these policy changes, the Fund may experience increased portfolio turnover, which will increase the costs the Fund incurs and may lower its performance. Furthermore, if rising interest rates cause a Fund to lose enough value, the Fund could also face increased redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, thereby adversely affecting the Fund. In addition, decreases in fixed income dealer market-making capacity may persist in the future, potentially leading to decreased liquidity and increased volatility in the fixed income markets.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zFS53yFjtZ34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Risk. </b>Exposure to the commodities markets may subject a fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors, as well as changes in government regulation, such as tariffs, embargoes or burdensome production rules and restrictions. The Commodity Basket Component will invest in energy and industrial metals/precious metals commodities. Please see “Energy Sector Risk”, “Industrial Metals Sector Risk” and “Precious Metals Sector Risk” below.</span></p><div id="xdx_C0C_gRBRTB-AJQE_zssRpgo7vsxl"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityTaxRiskMember_zklXWGAwjATj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Tax Risk. </b>The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level, and all distributions from earnings and profits, including any distribution of net tax-exempt income and net long-term capital gains, would be taxable to Fund shareholders as ordinary income. Should the Internal Revenue Service issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund’s ability to pursue its investment strategy.</span></p><div id="xdx_C0B_gRBRTB-AJQE_zJldIguFAwAd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zxWqjAa47D23" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk. </b>The Fund may engage in transactions in securities and financial instruments that involve counterparties. Counterparty risk is the risk that a counterparty (the other party to a transaction or an agreement, or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p><div id="xdx_C03_gRBRTB-AJQE_zQtfdfwDjS58"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zXMgHDebtbEf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk</b>. Credit risk is the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return. There is a risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer’s financial condition changes. The issuer of a fixed income security may also default on its obligations.</span></p><div id="xdx_C0B_gRBRTB-AJQE_zDw3iKmfluig"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_gRBRTB-XO_z7fbkP7AbQXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The performance of a derivative instrument depends largely on the performance of an underlying instrument, such as a currency, security, rate or index. In addition, the use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may be unwilling or unable to fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying reference asset. Derivatives can also create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may be less liquid than more traditional investments, and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Additionally, the Fund’s obligation to make payments of margin, collateral, or settlement payments to counterparties may heighten liquidity demands on the Fund’s portfolio. Derivatives may be less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the risk of the underlying asset being hedged. Derivatives are subject to the risk of adverse market movements and the risk that markets could experience a change in volatility that adversely impacts Fund returns and the Fund’s obligations and exposures. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships; government programs and policies; national and international political and economic events; geopolitical conflicts; changes in interest rates; and inflation and deflation. Derivatives are also subject to operational risk, including potential documentation issues, settlement issues, systems failures, inadequate controls and human error, as well as legal risks arising from insufficient documentation, insufficient capacity or authority of counterparty, or the legality or enforceability of a contract. Derivatives strategies may not be successful, and their successful use will depend on the portfolio managers’ ability to accurately forecast movements in the market relating to the underlying asset.</span></p><div id="xdx_C05_gRBRTB-AJQE_zDTGMp0sKqUf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C00_gRBRTB-AJQE_z2ficiWirRef"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zOhrFJLBNlZk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk.</i> Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances, and because futures contracts do not pay dividends.</span></td> </tr></table></div></div><p id="xdx_A90_zCoUtdZmJ2df" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_C0C_gRBRTB-AJQE_zD5hOQyURpWf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. Because the margin requirement for futures contracts is less than the value of the assets underlying the futures contract, futures trading involves a degree of leverage. As a result, a relatively small price movement in a futures contract may result in immediate and substantial loss to the Fund, which could significantly adversely affect the Fund’s performance.</span></p></div><div id="xdx_C05_gRBRTB-AJQE_z31OoSiB3Hld"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-AJQE_zdPkBajt6zul"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_zEcGxfJJkEu5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk. </i>Derivative contracts ordinarily have leverage inherent in their terms, meaning that the Fund can obtain significant investment exposure in return for meeting a relatively small margin or other investment requirement. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund, potentially in excess of the amounts invested or borrowed. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></td> </tr></table></div></div><div id="xdx_C04_gRBRTB-AJQE_zrwJ6pHSdpah"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0D_gRBRTB-AJQE_zIchklcmwAwi"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z61PV3UMMJo1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></td> </tr></table></div></div><div id="xdx_C07_gRBRTB-AJQE_zk908fVpZfi9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C07_gRBRTB-AJQE_zettuKUrkIPc"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zBpSwKBPbVGh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk</i>. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility of options markets may make it difficult for a fund to effectively implement its investment strategy and achieve its investment objectives, and could potentially lead to significant losses.</span></td> </tr></table></div></div><div id="xdx_C03_gRBRTB-AJQE_zhzAaiYg3aE2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C00_gRBRTB-AJQE_zwAczi5oUYy5"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zMRo2JE6vyL8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk</i>. There are risks associated with the Fund’s exposure to options. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below (written put option) the respective option’s strike price. The Fund’s losses are potentially large in a written put transaction.</span></td> </tr></table></div></div><div id="xdx_C05_gRBRTB-AJQE_zNDD8s6wgPw"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0B_gRBRTB-AJQE_zw1q5xzKt57d"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverTheCounterOTCTradingRiskMember_ziawzzm1Qryc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Over-the-Counter (“OTC”) Trading Risk.</i> Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result, and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.</span></td> </tr></table></div></div><div id="xdx_C00_gRBRTB-AJQE_z8utxgMqIgGg"><p id="xdx_A9E_z9uYW8kE5cc2" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TotalReturnSwapRiskMember_zlwfhI4mju54"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total Return Swap Risk </i>Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Certain derivatives risks are heightened with respect to over-the-counter (“OTC”) derivative instruments, like certain swap agreements, and may be greater during volatile market conditions. Such risks include the risk of leverage (i.e., the risk that an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset), counterparty risk (i.e., the risk of a counterparty’s unwillingness or inability to perform its obligations, including as a result of bankruptcy), credit risk (i.e., the risk that the issuer of the underlying asset may default on its obligations), and pricing risk (i.e., swaps may be difficult to value).</span></td> </tr></table></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zOhrFJLBNlZk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk.</i> Investments in futures contracts involve leverage, which means a small percentage of assets invested in futures contracts can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. In addition, futures contracts may become mispriced or improperly valued relative to the Advisor’s expectations and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying reference asset because of temporary, or even long-term, supply and demand imbalances, and because futures contracts do not pay dividends.</span></td> </tr></table></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageAndVolatilityRiskMember_zEcGxfJJkEu5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage and Volatility Risk. </i>Derivative contracts ordinarily have leverage inherent in their terms, meaning that the Fund can obtain significant investment exposure in return for meeting a relatively small margin or other investment requirement. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund, potentially in excess of the amounts invested or borrowed. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.</span></td> </tr></table></div><div id="xdx_C05_gRBRTB-XO_zhXJOCFSXYYj"><div id="xdx_C04_gRBRTB-AJQE_zrwJ6pHSdpah"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z61PV3UMMJo1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>: It is possible that particular derivative investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</span></td> </tr></table></div><div id="xdx_C01_gRBRTB-XO_zHMkLFJ2Rwzk"><div id="xdx_C07_gRBRTB-AJQE_zk908fVpZfi9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMarketRiskMember_zBpSwKBPbVGh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Market Risk</i>. Markets for options and options on futures contracts may not always operate on a fair and orderly basis. At times, prices for options and options on futures contracts may not represent fair market value and prices may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility of options markets may make it difficult for a fund to effectively implement its investment strategy and achieve its investment objectives, and could potentially lead to significant losses.</span></td> </tr></table></div><div id="xdx_C0B_gRBRTB-XO_zxxzCxvlcGWc"><div id="xdx_C03_gRBRTB-AJQE_zhzAaiYg3aE2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zMRo2JE6vyL8"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk</i>. There are risks associated with the Fund’s exposure to options. As a seller (writer) of a put option, the Fund will lose money if the value of the underlying reference instrument falls below (written put option) the respective option’s strike price. The Fund’s losses are potentially large in a written put transaction.</span></td> </tr></table></div><div id="xdx_C0E_gRBRTB-XO_zyHlEWjzLIZ3"><div id="xdx_C05_gRBRTB-AJQE_zNDD8s6wgPw"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverTheCounterOTCTradingRiskMember_ziawzzm1Qryc"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Over-the-Counter (“OTC”) Trading Risk.</i> Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result, and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.</span></td> </tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TotalReturnSwapRiskMember_zlwfhI4mju54"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total Return Swap Risk </i>Total return swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to replace. Total return over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The Fund’s use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and exposes the Fund to the risks associated with derivative instruments described above. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Certain derivatives risks are heightened with respect to over-the-counter (“OTC”) derivative instruments, like certain swap agreements, and may be greater during volatile market conditions. Such risks include the risk of leverage (i.e., the risk that an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset), counterparty risk (i.e., the risk of a counterparty’s unwillingness or inability to perform its obligations, including as a result of bankruptcy), credit risk (i.e., the risk that the issuer of the underlying asset may default on its obligations), and pricing risk (i.e., swaps may be difficult to value).</span></td> </tr></table></div><div id="xdx_C09_gRBRTB-AJQE_zf90VTa8gw8e"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zpjMCEDYuIQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution Policy Risk. </b>Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Any capital returned to investors through distributions will be distributed after payment of Fund fees and expenses. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. For more information, please refer to the section of the Fund’s prospectus entitled “Tax Consequences”.</span></p><div id="xdx_C06_gRBRTB-AJQE_zifjia2ybVbi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zjy13BC7fpgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration Risk. </b>Longer-term fixed-income securities may be more sensitive to interest rate changes, particularly in periods of rising interest rates. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security’s price. If rates drop significantly, effective duration may tend to overstate the rise in a security’s price.</span></p><div id="xdx_C0B_gRBRTB-AJQE_zBD0VpiFZdI7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zQUgqFX0jVSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Energy Sector Risk. </b>The Fund’s exposure to the energy sector will result in the performance of the Fund being relatively corelated to, and affected by, developments in the energy sector, such as the possibility that government regulation will negatively impact companies in this sector. Energy entities are subject to the risks specific, but not limited, to the following:</span></p><div id="xdx_C08_gRBRTB-AJQE_zsX2Yo5chGra"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations in commodity prices;</span></td> </tr></table></div> <div id="xdx_C03_gRBRTB-AJQE_zztk46jGbkzb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing;</span></td> </tr></table></div> <div id="xdx_C05_gRBRTB-AJQE_zZlqu875qG21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New construction risk and acquisition risk, which can limit potential growth;</span></td> </tr></table></div> <div id="xdx_C0E_gRBRTB-AJQE_zNNS7jifEsV4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes;</span></td> </tr></table></div> <div id="xdx_C01_gRBRTB-AJQE_zO8AAuY7T4Za"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depletion of the natural gas reserves or other commodities, if not replaced;</span></td> </tr></table></div> <div id="xdx_C0D_gRBRTB-AJQE_zUZI106YVqNf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in the regulatory environment;</span></td> </tr></table></div> <div id="xdx_C02_gRBRTB-AJQE_zILtlzVH6oa5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extreme weather;</span></td> </tr></table></div> <div id="xdx_C0E_gRBRTB-AJQE_zQzS3BopOjid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rising interest rates, which could result in a higher cost of capital and drive investors into other investment opportunities; and</span></td> </tr></table></div> <div id="xdx_C08_gRBRTB-AJQE_z0KvYcxv8ag"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threats of attack by terrorists.</span></td> </tr></table></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zxWxAsXdeIwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk. </b>Like a mutual fund, the value of an ETF can fluctuate based on the prices of the securities owned by the ETF. Because the Fund may invest its assets in ETFs that have their own fees and expenses in addition to those charged directly by the Fund, the Fund may bear higher expenses than a fund that invests directly in individual securities. By investing in other ETFs, the Fund will be subject to the risks associated with the underlying investments of such ETFs. ETFs are also subject to the risks described under “ETF Structures Risk.”</span></p><div id="xdx_C06_gRBRTB-AJQE_z4gJmcjqCQ5k"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-NKBNG_zpkDsKd1IrA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks</b>. The Fund is structured as an ETF and, as a result, is subject to special risks, including:</span></p><div id="xdx_C09_gRBRTB-AJQE_z1x0GRBDD3Pd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zoRBNOWOX8Oa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C0D_gRBRTB-AJQE_zMuKI5x5H0Ra"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C05_gRBRTB-AJQE_zSbpzhkzyUTk"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zFAlwDyicFUg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td> </tr></table></div></div><div id="xdx_C02_gRBRTB-AJQE_zdhkXI1YBXUf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zQ0XQSU7Cick"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares, and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and the intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C0B_gRBRTB-AJQE_zYpzlx3Q85c2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C0C_gRBRTB-AJQE_zyob1VIPiEt1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s net asset value, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid/ask price for Fund shares or in the closing price.</span></td> </tr></table></div><div id="xdx_C04_gRBRTB-AJQE_zs7JkuMhkdC8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which can lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C0F_gRBRTB-AJQE_zRoVcTgPQKge"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zoRBNOWOX8Oa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C01_gRBRTB-NKBNG_zeHoS5ktzQuc"><div id="xdx_C0D_gRBRTB-AJQE_zMuKI5x5H0Ra"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zFAlwDyicFUg"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td> </tr></table></div><div id="xdx_C00_gRBRTB-NKBNG_z6bdidwRyxr2"><div id="xdx_C02_gRBRTB-AJQE_zdhkXI1YBXUf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zQ0XQSU7Cick"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares, and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and the intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C01_gRBRTB-NKBNG_zfdL5pVWUGce"><div id="xdx_C0B_gRBRTB-AJQE_zYpzlx3Q85c2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C0E_gRBRTB-NKBNG_zqyKe6PD9992"><div id="xdx_C0C_gRBRTB-AJQE_zyob1VIPiEt1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s net asset value, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid/ask price for Fund shares or in the closing price.</span></td> </tr></table></div></div> <div id="xdx_C04_gRBRTB-NKBNG_zcF9C7u2joOj"><div id="xdx_C04_gRBRTB-AJQE_zs7JkuMhkdC8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which can lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C03_gRBRTB-NKBNG_zDNkMyPlp5Df"><div id="xdx_C0F_gRBRTB-AJQE_zRoVcTgPQKge"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C0E_gRBRTB-AJQE_zTCCUlPctAk3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zwb1ygDb6vRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk. </b>The value of the Fund’s investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the risk that the debtor may default), extension risk (the risk that an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the risk that the debtor may pay its obligation early, thereby reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zpOQcfRyJ63i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Investment Risk</b>. Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social, and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S., and foreign securities may be subject to foreign governmental restrictions, such as exchange controls).</span></p><div id="xdx_C04_gRBRTB-AJQE_zh5wMCvy3Vfb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldRiskMember_zGBWwnAXtRh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gold Risk.</b> The price of gold may be affected by several factors, including the global gold supply and demand and investors’ expectations with respect to the rate of inflation. Developments affecting the value of gold may have a significant impact on the Fund. Gold markets have been, and will likely continue to be, subject to sharp price fluctuations, which may lead to significant price fluctuations in the shares of the Fund. In addition, it is possible that a shareholder may not realize his or her investment objective because the gold markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations. There is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.</span></p><div id="xdx_C09_gRBRTB-AJQE_zQWgmxYrkOD8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zYoNOcdr53w1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Risk. </b>The Fund’s distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences deterioration of the underlying debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.</span></p><div id="xdx_C00_gRBRTB-AJQE_zXJk1IsUPM51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialMetalsSectorRiskMember_z4Uo68kTfyYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industrial Metals Sector Risk.</b> Risks of investing in the industrial metals sector commodities include, in addition to other risks, substantial price fluctuations over short periods of time, imposition of import controls, increased competition, government regulation, disruptions in mining, storing, and refining of metals, and changes in industrial, governmental and commercial demand for certain metals.</span></p><div id="xdx_C06_gRBRTB-AJQE_zM6WonAJ2IE9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_z3S8ewAft4r2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk. </b>Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. The maturity and effective duration of the Fund’s investment portfolio may vary materially, from time to time, and there is no assurance that the Fund will achieve or maintain any particular target maturity or effective duration of its investment portfolio.</span></p><div id="xdx_C0A_gRBRTB-AJQE_zTSSXGqNs645"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zP2bIboi5USb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Style Risk. </b>The type of securities in which the Fund focuses may underperform other assets, asset classes, and/or the overall market.</span></p><div id="xdx_C0F_gRBRTB-AJQE_zIomB7fLJxWb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zCsAozwLYMDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Specific Risk. </b>The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s shares, to decline. The value of a specific security can be more volatile than the market as a whole, and can perform differently from the value of the market as a whole.</span></p><div id="xdx_C0E_gRBRTB-AJQE_zzTUEjRUY8Pa"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zv7c2YBX7Av6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Advisor may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective.</span></p><div id="xdx_C0C_gRBRTB-AJQE_zm3oVoRcfsAf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5XYilyfGQld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Overall market risks may also affect the value of the Fund. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, trading and tariff events, geopolitical conflicts, interest rate levels, and political events may adversely affect the securities markets.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zjNlgxb2V7A7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk. </b>To the extent that the Fund holds securities of a smaller number of issuers, or invests a larger percentage of its assets in a single issuer, than a diversified portfolio, the value of the Fund, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers, and to economic, political, market or regulatory events affecting any one of those issuers.</span></p><div id="xdx_C02_gRBRTB-AJQE_zAl1C0egXNKd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreciousMetalsSectorRiskMember_zZhIWx0Wp3F1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Precious Metals Sector Risk. </b>Prices of precious metals and of precious metal-related securities have historically been volatile. Economic, financial and political factors can cause periods of volatility. Because precious metals and other commodities do not generate investment income, the return on such investments will be derived solely from the appreciation or depreciation of such investments. Changes in the production and sale of precious metals by governments or central banks, or other large holders, can be unpredictable and may also have a significant impact on the prices of precious metals.</span></p><div id="xdx_C09_gRBRTB-AJQE_z0r9MeBopkmi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zRP51KDA9yz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory Risk. </b>Changes in the laws or regulations of the United States, Cayman Islands, or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective, and could increase the operating expenses of the Fund. The Fund and the Subsidiary are “commodity pools” under the U.S. Commodity Exchange Act (the “CEA”), and the Advisor is a “commodity pool operator” registered with and regulated by the CFTC.</span></p><div id="xdx_C02_gRBRTB-AJQE_z835rsMIwjD2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144ASecuritiesRiskMember_zdUPrKn2eJ95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rule 144A Securities Risk. </b>The Fund may invest in securities that are normally purchased or resold pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). Rule 144A securities are restricted securities that are not publicly traded and may be subject to legal restrictions on resale. Rule 144A securities are generally not traded on established markets, and the market for such securities is typically less active than the market for publicly traded securities. As a result, Rule 144A securities may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p><div id="xdx_C0A_gRBRTB-AJQE_z6prkiQhsSvf"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zBYiPQdgHCy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default.</span></p><div id="xdx_C03_gRBRTB-AJQE_zlGduVr7yp51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zu9aH25eAqLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Risk.</b> The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value and market price per share to experience significant increases or declines in value over short periods of time; however, all investments, whether long- or short-term, are subject to risk of loss.</span></p><div id="xdx_C0D_gRBRTB-AJQE_zW70mBODuFt4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyOwnedSubsidiaryRiskMember_zT8bmLXEOO43" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Wholly Owned Subsidiary Risk.</b> By investing in the Subsidiary, the Fund is indirectly exposed to the commodities risks associated with the Subsidiary’s investments in commodity-related instruments. There can be no assurance that the Subsidiary’s investments will contribute to the Fund’s returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus, and could adversely affect the Fund, such as by reducing the Fund’s investment returns.</span></p> Performance: <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zXxFSOgsUtLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zYvOpIP7LZFg">The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index, as well as an additional index.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zPI4pRZz0Le">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zObhNXgT1mP4">www.strategysharesetfs.com</span> or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zsLj2G106Fpc">(855) 4SS-ETFS or (855) 477-3837</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to January 5, 2025, the Fund was a passively managed ETF and sought to track the performance of its underlying index, which was designed to provide broad exposure to gold and corporate bonds. Effective January 5, 2025, the Fund changed its investment strategy and its name to Strategy Shares Gold Enhanced Yield ETF (formerly, Strategy Shares Gold-Hedged Bond ETF). Performance information for periods prior to January 5, 2025, does not reflect the Fund’s current investment strategy; consequently, such performance information may be less pertinent for investors considering whether to purchase shares of the Fund, as the Fund’s performance may have been different if the Fund’s portfolio was managed under the current investment objective, strategies, and policies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The bar chart and accompanying table shown below provide an indication of the risks of investing in the Fund by showing the total return of its shares for each full calendar year, and by showing how its average annual returns compare over time with those of a broad-based market index, as well as an additional index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.strategysharesetfs.com (855) 4SS-ETFS or (855) 477-3837 Annual Total Returns <div id="xdx_A85_eoef--BarChartTableTextBlock_zqlYRyxhIwFk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zPiYlVXdszg9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 20%"> </td> <td id="xdx_492_20220101__20221231_zvn6dex0t47k" style="width: 20%">2022</td> <td id="xdx_492_20230101__20231231_zaaDVALl2W3f" style="width: 20%">2023</td> <td id="xdx_492_20240101__20241231_zpicWPLRY9j5" style="width: 20%">2024</td> <td id="xdx_492_20250101__20251231_zSRLrk1ijZnf" style="width: 20%">2025</td></tr> <tr id="xdx_405_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zOrIkoS0brv5" style="vertical-align: top; text-align: left"> <td> </td> <td>-19.80%</td> <td>12.50%</td> <td>19.92%</td> <td>57.44%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="(BAR CHAT)" src="st005_v1.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -0.1980 0.1250 0.1992 0.5744 <p id="xdx_A82_eoef--BarChartClosingTextBlock_zH31RcpcdOph" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period shown in the bar chart, <span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zdjwnrBPPwv9">the highest return for a quarter was</span> <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zASiqchznkSf">17.97%</span> (quarter ended <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zKMGavhqRzfi">December 31, 2023</span>), and <span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_z23UUjzyvvhk">the lowest return for a quarter was</span> <span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zekCo7U5HHMl">(14.70)%</span> (quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zD8dKX8oolib">June 30, 2022</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--YearToDateReturnLabel_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zr5tMzULp8O4">The Fund’s year-to-date return</span> as of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_z3Fzj4EANi9j">June 30, 2026</span> was <span id="xdx_905_eoef--BarChartYearToDateReturn_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zfRnKoseMjJ7">(25.56)%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> the highest return for a quarter was 0.1797 2023-12-31 the lowest return for a quarter was -0.1470 2022-06-30 The Fund’s year-to-date return 2026-06-30 -0.2556 Average Annual Total Returns (For fiscal year or period ended December 31, 2025) <div id="xdx_A80_eoef--PerformanceTableTextBlock_z7RE2zJmhCI6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zEV2uMegw678" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: top; width: 62%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20250101__20251231_zNbml7uHSML8" style="border-top: black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; width: 18%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49E_20210517__20251231_zt1BJO447JK3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding: 1pt 5pt; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception (<span id="xdx_904_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zeSmoDxcFopd">May 17, 2021</span>)</b></span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_z1YD6mD3XAJd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member_zMfUxLo6nJEl">Return Before Taxes</span></span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57.44%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.88%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zu1gTR4x7Lth" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.25%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--ClassAxis__custom--C000223943Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zeU3uYQ1S6F7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt 1pt 0.25in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.54%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.43%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zq5KeQjfQjPh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bloomberg U.S. Aggregate Bond Index<span id="xdx_F44_zOtH1wlvzCZj">*</span> (<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_ziWYIVmvbxCk">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.21%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000070448Member__oef--PerformanceMeasureAxis__custom--BloombergUSCorporateTRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zeXIQyQvfW37" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bloomberg U.S. Corporate TR Index<span id="xdx_F47_zEbAEIti2U7i">*</span> (<span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zGxaJNOkK5Zc">reflects no deduction for fees, expenses or taxes</span>)</b></span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.77%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F08_zCHjxKeQuE25" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F1E_zr4EssymCOnk" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Fund has changed its primary benchmark from the Bloomberg U.S. Corporate TR Index to the Bloomberg U.S. Aggregate Bond Index to comply with new regulatory requirements.</span></td> </tr></table> 2021-05-17 Return Before Taxes 0.5744 0.1188 0.5225 0.1011 0.3354 0.0843 reflects no deduction for fees, expenses or taxes 0.0730 0.0021 reflects no deduction for fees, expenses or taxes 0.0777 0.0070 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zA8dFOit7aug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_z3FkZ8nG11Pb">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</span> <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260904__20260904__dei--LegalEntityAxis__custom--S000070448Member_zCSERXJHahb">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities.</span></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold Fund shares in tax-advantaged accounts or to shares held by non-taxable entities. FUND SUMMARY – MONOPOLY ETF Investment Objective: <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zvz50XII6A7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to provide long-term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zvnwRkYfHEt6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zp3ezEeWjGya"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z32LLbg2ZAh8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 95%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"></td> <td id="xdx_491_20260904__20260904__dei--LegalEntityAxis__custom--S000092393Member__oef--ClassAxis__custom--C000260368Member_zgxleI8cBPw9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding: 1pt 5pt; text-align: center"></td></tr> <tr id="xdx_40C_eoef--ShareholderFeeOther_dn_z864Szw8pH9j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees<br/> (fees paid directly from your investment)</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td colspan="2" style="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zbtSAJLthYhj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_ztVkyjY0tWHg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 95%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_491_20260904__20260904__dei--LegalEntityAxis__custom--S000092393Member__oef--ClassAxis__custom--C000260368Member_zQpOlSr66D76" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zAOC8ZhDmMXk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee<sup id="xdx_F4F_zqErPwGfmR6k">(1)</sup></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWnwVrm66Pk7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zRctbjo6PTfl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z5IxDDrvROB5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; padding: 1pt 5pt; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Operating Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 95%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F00_zMEuk3R2asKl" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1B_zCWRnL9ZOnBd" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The management fee is structured as a “unified fee,” out of which the Fund’s advisor pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0079 0.0000 0.0000 0.0079 Example: <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zYgju5kaUcNj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5p4fZ0tKC6b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z27krOnYjwka" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="width: 2%"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear01_zMnVBnu5KyCf" style="font: 10pt Times New Roman, Times, Serif; width: 24.5%; padding-right: 31pt; padding-left: 1.95pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zvy8kNLd7im7" style="font: 10pt Times New Roman, Times, Serif; width: 24.5%; padding-right: 30.5pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zkx0TY3cFT3h" style="font: 10pt Times New Roman, Times, Serif; width: 24.5%; padding-right: 30.5pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">5 Years</span></b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zhC15WPOfsmd" style="font: 10pt Times New Roman, Times, Serif; width: 24.5%; padding-right: 30.5pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">10 Years</span></b></span></td></tr> <tr id="xdx_41D_20260904__20260904__dei--LegalEntityAxis__custom--S000092393Member__oef--ClassAxis__custom--C000260368Member_ztMuLrnCxGKa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 30.85pt; padding-left: 1.95pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$81</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 30.3pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$252</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 30.3pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$439</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 30.3pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$978</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 30.85pt; padding-left: 1.95pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 30.3pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 30.3pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 30.3pt; padding-left: 30.9pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 81 252 439 978 Portfolio Turnover: <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zqamXpJM3a34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal period from May 15, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_dp_c20260904__20260904__dei--LegalEntityAxis__custom--S000092393Member_zluKmzEDinsh">9%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.09 Principal Investment Strategy <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zcyP9lpntjBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to achieve its investment objective by investing in the common stock of companies that demonstrate “Monopolistic Attributes.” Such companies may possess Monopolistic Attributes either: (1) individually, by dominating a market with limited to no competition for its products or services from other companies (a monopoly); or (2) collectively, by dominating a market with one or more other companies that sell similar products or services with limited to no competition from others (an oligopoly). Such characteristics typically allow these companies to earn substantial economic rents (i.e., charge higher prices or incur lower costs than competitors), maintain robust pricing power, and sustain strong revenue and earnings growth over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal market conditions, the Fund invests in U.S. and non-U.S. companies with market capitalizations of at least $2 billion and that are traded on U.S. exchanges, including American depository receipts (“ADRs”). The Fund’s portfolio is predominantly market cap weighted, meaning investments in the Fund are allocated based on the size of the companies. However, the Fund’s investment sub-advisor, Rareview Capital LLC (the “Sub-Advisor”), uses its discretion to determine final portfolio weightings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies are selected for investment by the Sub-Advisor based on qualitative analysis of the Monopolistic Attributes of a company, as well as quantitative analysis of various financial performance metrics, such as revenue growth, profit margin, return on investment, return on equity, debt-to-equity ratio and earnings per share. Monopolistic Attributes of a company include, but are not limited to: (i) brand dominance; (ii) regulatory exclusivity (i.e., when a company gets special protection from the government that prevents other companies from competing with it for a certain period of time); (iii) industry concentration (i.e., possession of a substantial share of the market); (iv) historical antitrust reviews (i.e., previous government accusations of antitrust law violations); (v) monopolistic or oligopolistic economic rents; (vi) high barriers of market entry; (vii) pricing power (i.e., a company’s ability to increase prices without losing customers); (viii) vertically integrated and control of the supply chain (i.e., the company owns or directly manages all the steps needed to make and sell its product); (ix) benefits from network effects (i.e., a product or service that becomes more valuable as more people use it); and (x) protected intellectual property or patents. To be considered for investment by the Fund, companies must possess one or more of these attributes. The Sub-Advisor has broad discretion to invest in companies that it believes possess one or more of these Monopolistic Attributes and exhibit strong financial performance metrics, and will sell companies that it believes no longer possess or exhibit these Monopolistic Attributes and/or attractive financial performance metrics. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the securities of companies that demonstrate Monopolistic Attributes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund expects to typically hold approximately 75 to 125 companies. The Fund may have significant exposures to specific sectors, such as information technology. The Fund will not invest in federal or state regulated utilities that have price controls.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest a high percentage of its assets in a limited number of issuers.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_gRBRTB-KSVIJW_z5v2O2dXQDj5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with any Exchange-Traded Fund (“ETF”), there is no guarantee that the Fund will achieve its investment objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary and you could lose money on your investment in the Fund, and those losses could be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following summarizes the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return, and the value of the Fund and your investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You could lose money by investing in the Fund. The Fund is subject to the risks summarized below. Any of these risks could adversely affect the Fund’s NAV, trading price, yield, total return, or ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRRiskMember_zIxvAal8xyR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. To establish a value for the shares, the issuer establishes a “conversion rate” equal to one share of an ADR for a certain number of shares of the stock of a foreign company. As a result, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the US Dollar declines, the ADR price would decline by a similar measure. Certain ADRs are not listed on an exchange and therefore may be considered to be illiquid.</span></p><p id="xdx_A9C_zX0uzzwSz885" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zJOunAbslSDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”), and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV and possibly face delisting. These risks could cause intraday bid/ask spreads for the Fund’s shares to widen.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zPQ0bUIvIDIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The price of common stock in the Fund’s portfolio will fluctuate based on actual or perceived changes in a company’s financial condition and on market and economic conditions. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-AYGN_zQNApxvcntr" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund is structured as an ETF and as a result is subject to special risks, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C00_gRBRTB-AYGN_zlwvawxAAjC6"><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zCmITEX11VGd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0F_gRBRTB-AYGN_zbFVkRyQnJa2"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zQ0uKH6plEu2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C0E_gRBRTB-AYGN_zW2p3diLeOh2"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zHStmzSIP5F4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td> </tr></table></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid/ask price for Fund shares or in the closing price.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s trading day, which can lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which can cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zlkBSxkD4lRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk. </b>Since the Fund’s investments may include ADRs, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies. </span></p><p id="xdx_A92_zUvC1mHtNPz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zSUr5JLUGFl8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> Investments in larger, more established companies are subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in consumer tastes or innovative smaller competitors, potentially resulting in lower markets for their common stock. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zYmlmi7gz9j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The investment strategies and models employed by the Sub-Advisor in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies. In addition, the Sub-Advisor’s judgment about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests may prove to be incorrect, and there is no guarantee that the Sub-Advisor’s judgment will produce the desired result. The measures that the Advisor, Sub-Advisor or portfolio manager use to monitor and manage the risks of the Fund may not accomplish the intended results and the Fund may experience losses significantly greater than expected.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zlg0CVzTR671" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s share price may decline suddenly or over a sustained period of time. Overall market risks may also affect the value of the Fund. Factors such as economic growth and market conditions, trading and tariff events, geopolitical conflicts, interest rate levels and political events affect the securities markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zrA8V3y8mHCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies tend to be more volatile than larger companies. These companies may experience higher failure rates than larger companies. Midsized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources, and may lack management experience.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z5NOEetCUc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a relatively new fund with limited history of operations as an ETF for investors to evaluate. If the Fund is unable to achieve an economic size, expenses will be higher than expected and the Fund might close, which could produce adverse tax consequences for shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwZ5lvaRQ2x2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk</b>. The Fund is classified as a “non-diversified” fund under the 1940 Act. Accordingly, the Fund may invest a high percentage of its assets in a limited number of issuers. To the extent that the Fund holds securities of a smaller number of issuers or invests a larger percentage of its assets in a single issuer than would a diversified portfolio, the value of the Fund, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers, as well as to economic, political, market or regulatory events affecting any one of those issuers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_gRBRTB-ROFSTL_z0qultHTzhy4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Risk.</b> Companies with high market dominance can be susceptible to sector-specific downturns or sudden valuation corrections if regulatory or competitive landscapes shift. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is subject to the following specific sector risks:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_C05_gRBRTB-ROFSTL_zR6y7KDxdd1j"><p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zrGLovCKcwSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information Technology Sector Risk.</i> Information technology companies face intense competition and may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence. Companies in the information technology sector are heavily dependent on patent and intellectual property rights.</span></p></div><p id="xdx_A95_z3SGCLpfJ2B5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.”</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRRiskMember_zIxvAal8xyR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. To establish a value for the shares, the issuer establishes a “conversion rate” equal to one share of an ADR for a certain number of shares of the stock of a foreign company. As a result, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the US Dollar declines, the ADR price would decline by a similar measure. Certain ADRs are not listed on an exchange and therefore may be considered to be illiquid.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zJOunAbslSDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized Participant Risk. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”), and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to NAV and possibly face delisting. These risks could cause intraday bid/ask spreads for the Fund’s shares to widen.</span></p><div id="xdx_C0E_gRBRTB-KSVIJW_zEglTdMykb3i"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zPQ0bUIvIDIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The price of common stock in the Fund’s portfolio will fluctuate based on actual or perceived changes in a company’s financial condition and on market and economic conditions. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.</span></p><div id="xdx_C07_gRBRTB-KSVIJW_zSaEr85k3jM7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-AYGN_zQNApxvcntr" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund is structured as an ETF and as a result is subject to special risks, including:</span></p><div id="xdx_C0F_gRBRTB-KSVIJW_z93rCV3d2U46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zCmITEX11VGd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C04_gRBRTB-KSVIJW_zlkEtYV17T3b"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zQ0uKH6plEu2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td> </tr></table></div><div id="xdx_C0B_gRBRTB-KSVIJW_zKBP7gwcOzzj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zHStmzSIP5F4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C09_gRBRTB-KSVIJW_zGJWTD45dRZ9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C0A_gRBRTB-KSVIJW_z7vQgUHBJTp8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid/ask price for Fund shares or in the closing price.</span></td> </tr></table></div><div id="xdx_C0C_gRBRTB-KSVIJW_zpFafIQdBHtj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s trading day, which can lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div><div id="xdx_C07_gRBRTB-KSVIJW_zTuLNB46Psm6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which can cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zCmITEX11VGd"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. Fund shares are typically bought and sold in the secondary market, and investors typically pay brokerage commissions or other charges on these transactions.</span></td> </tr></table></div><div id="xdx_C0B_gRBRTB-AYGN_zqmwfH2XuJxe"><div id="xdx_C04_gRBRTB-KSVIJW_zlkEtYV17T3b"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zQ0uKH6plEu2"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td> </tr></table></div><div id="xdx_C05_gRBRTB-AYGN_zLQ2S0325mce"><div id="xdx_C0B_gRBRTB-KSVIJW_zKBP7gwcOzzj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zHStmzSIP5F4"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></td> </tr></table></div><div id="xdx_C06_gRBRTB-AYGN_zhUOXiqEKRR3"><div id="xdx_C09_gRBRTB-KSVIJW_zGJWTD45dRZ9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C04_gRBRTB-AYGN_zm3N4nXFdhId"><div id="xdx_C0A_gRBRTB-KSVIJW_z7vQgUHBJTp8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid/ask price for Fund shares or in the closing price.</span></td> </tr></table></div></div> <div id="xdx_C08_gRBRTB-AYGN_zyNjc56IiQK3"><div id="xdx_C0C_gRBRTB-KSVIJW_zpFafIQdBHtj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s trading day, which can lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C0E_gRBRTB-AYGN_zw19dtZUROD5"><div id="xdx_C07_gRBRTB-KSVIJW_zTuLNB46Psm6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which can cause the intra-day bid/ask spread of the Fund to widen.</span></td> </tr></table></div></div> <div id="xdx_C09_gRBRTB-KSVIJW_zuZC8R90CYQd"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zlkBSxkD4lRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk. </b>Since the Fund’s investments may include ADRs, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies. </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zSUr5JLUGFl8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> Investments in larger, more established companies are subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in consumer tastes or innovative smaller competitors, potentially resulting in lower markets for their common stock. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</span></p><div id="xdx_C05_gRBRTB-KSVIJW_zqRcIpLyd0o3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zYmlmi7gz9j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The investment strategies and models employed by the Sub-Advisor in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies. In addition, the Sub-Advisor’s judgment about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests may prove to be incorrect, and there is no guarantee that the Sub-Advisor’s judgment will produce the desired result. The measures that the Advisor, Sub-Advisor or portfolio manager use to monitor and manage the risks of the Fund may not accomplish the intended results and the Fund may experience losses significantly greater than expected.</span></p><div id="xdx_C0F_gRBRTB-KSVIJW_z8WUzcuPqRh3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zlg0CVzTR671" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s share price may decline suddenly or over a sustained period of time. Overall market risks may also affect the value of the Fund. Factors such as economic growth and market conditions, trading and tariff events, geopolitical conflicts, interest rate levels and political events affect the securities markets.</span></p><div id="xdx_C0A_gRBRTB-KSVIJW_z9Hz1jLzfewe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zrA8V3y8mHCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk</b>. To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies tend to be more volatile than larger companies. These companies may experience higher failure rates than larger companies. Midsized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources, and may lack management experience.</span></p><div id="xdx_C05_gRBRTB-KSVIJW_z1pgpPKUqMIk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z5NOEetCUc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a relatively new fund with limited history of operations as an ETF for investors to evaluate. If the Fund is unable to achieve an economic size, expenses will be higher than expected and the Fund might close, which could produce adverse tax consequences for shareholders.</span></p><div id="xdx_C05_gRBRTB-KSVIJW_zprPsWnA2cG5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwZ5lvaRQ2x2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk</b>. The Fund is classified as a “non-diversified” fund under the 1940 Act. Accordingly, the Fund may invest a high percentage of its assets in a limited number of issuers. To the extent that the Fund holds securities of a smaller number of issuers or invests a larger percentage of its assets in a single issuer than would a diversified portfolio, the value of the Fund, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers, as well as to economic, political, market or regulatory events affecting any one of those issuers.</span></p><div id="xdx_C0E_gRBRTB-KSVIJW_zQ5UBfXjlLBi"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_gRBRTB-ROFSTL_z0qultHTzhy4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector Risk.</b> Companies with high market dominance can be susceptible to sector-specific downturns or sudden valuation corrections if regulatory or competitive landscapes shift. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund’s NAV to fluctuate more than that of a fund that does not focus in a particular sector.</span></p><div id="xdx_C0D_gRBRTB-KSVIJW_zt8V3QBuUMMj"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0B_gRBRTB-KSVIJW_zajKHl6sKxw3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is subject to the following specific sector risks:</span></p></div> <div id="xdx_C09_gRBRTB-KSVIJW_zFkwhAb3zpk4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zrGLovCKcwSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information Technology Sector Risk.</i> Information technology companies face intense competition and may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence. Companies in the information technology sector are heavily dependent on patent and intellectual property rights.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zrGLovCKcwSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information Technology Sector Risk.</i> Information technology companies face intense competition and may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence. Companies in the information technology sector are heavily dependent on patent and intellectual property rights.</span></p> Performance: <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zPZ2F6J27Ix8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20260904__20260904__dei--LegalEntityAxis__custom--S000092393Member_zBAvM9PZwrW8">Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260904__20260904__dei--LegalEntityAxis__custom--S000092393Member_zL4bxk0SRWw4">(855) 4SS-ETFS or (855) 477-3837</span> and on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260904__20260904__dei--LegalEntityAxis__custom--S000092393Member_zTPUJhMxbWB8">www.strategysharesetfs.com</span></span>.</span></p> Because the Fund does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. (855) 4SS-ETFS or (855) 477-3837 www.strategysharesetfs.com The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. Estimated for the current fiscal year. The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The management fee is structured as a “unified fee,” out of which the Fund’s investment adviser, Rational Advisors, Inc. (the “Advisor”), pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Estimated for the current fiscal year. The Fund has changed its primary benchmark from the Bloomberg U.S. Corporate TR Index to the Bloomberg U.S. Aggregate Bond Index to comply with new regulatory requirements. The management fee is structured as a “unified fee,” out of which the Fund’s advisor pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.