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ck0001432353:S000109820Member ck0001432353:ValuationRiskMember 2026-10-13 2026-10-13 pure iso4217:USD 485BPOS 0001432353 false 2026-10-13 N-1A Global X Funds Global X Asia Defense Tech ETF 2026-10-13 INVESTMENT OBJECTIVE <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Global X Asia Defense Tech ETF ("Fund") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Asia Defense Tech Index ("Underlying Index").</span></div> FEES AND EXPENSES <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares (“Shares”) of the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0 0.0000 0.0050 Other Expenses are based on estimated amounts for the current fiscal year. Example: The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling Shares of the Fund in the secondary market. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 51 160 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. This is a new fund and does not yet have a portfolio turnover rate to disclose. PRINCIPAL INVESTMENT STRATEGIES <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund invests at least 80% of its net assets, plus borrowings for investment purposes (if any), in the securities of the Underlying Index. Securities of the Underlying Index may include common stocks, American Depositary Receipts ("ADRs"), and Global Depositary Receipts ("GDRs"). The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Underlying Index is owned and was developed by Global X Management Company LLC (the "Index Provider"), the Fund's investment adviser (the "Adviser") and an affiliate of the Fund. The Underlying Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the "Index Administrator"), an affiliate of the Index Provider and the Fund.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Underlying Index, as presently constituted, is designed to track the performance of companies listed in Asia that are involved in the defense tech ecosystem. "Defense Tech Companies" refer to companies involved in the defense technology industry that are positioned to benefit from cybersecurity, defense technology, or advanced military systems and hardware that cater to the local and/or national security, defense, and military sector. "Asia Defense Tech Companies" are Defense Tech Companies listed in Japan, South Korea, Singapore, Hong Kong, India, Taiwan, Malaysia, Indonesia, the Philippines, or Thailand. In constructing the Underlying Index, the Index Administrator uses specified Level 6 classifications within FactSet's Revere Business Industry Classification System ("RBICS") that the Index Administrator considers to be related to the defense tech sub-themes listed below. The eligible RBICS Level 6 classifications are reviewed by the Index Administrator on a </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">quarterly basis. FactSet is an independent leading financial data provider that maintains a comprehensive structured taxonomy designed to offer precise classification of global companies and their individual business units. The sub-themes are defined as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%;padding-left:14.5pt">Cybersecurity:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> Companies that develop and manage security protocols that prevent intrusion and attacks to systems; networks; applications; computers; and/or infrastructure for local and/or national defense applications. This includes offensive and defensive cyber capabilities; encryption; identity and access management; threat intelligence; cyber monitoring; and cyber resilience solutions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%;padding-left:14.5pt">Defense Technology:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> Companies that develop and provide advanced defense-enabling technologies including artificial intelligence (“AI”); machine learning; internet of things (“IoT”); augmented/virtual reality (“AR/VR”); human-machine collaboration; big data analytics; geospatial intelligence; light detection and ranging (“LiDAR”); advanced sensing, biometrics; credential authentication; security screening; and mission-critical software solutions for defense, intelligence, aerospace, homeland security, and space applications. This theme also includes companies delivering mission support systems utilizing command, control, communications, computers, cyber-defense (C5), combat systems (C6); intelligence, surveillance, reconnaissance (“ISR”); electronic warfare; avionics; electromagnetic technologies; autonomous systems integration; and decision-support platforms.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:115%;padding-left:14.5pt">Advanced Military Systems and Hardware:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> Companies that manufacture, develop, integrate, or supply advanced military systems, platforms, hardware, materials, and components including robotics; autonomous systems; drones/unmanned aerial vehicles (“UAVs”); advanced weapon systems; military and naval munitions; defense-specific power and fuel systems; sensor arrays; networking and communications equipment; radar systems; satellites and space-launch systems; military aircraft; naval vessels; armored vehicles; and ballistic protection solutions for defense and national security applications. This also includes companies engaged in the production of high-energy materials, propellants, explosives, energetic compounds, and related technologies for defense and space applications, as well as companies providing engineering services, simulation, technical training, sustainment, and testing solutions for such systems.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">After identifying the eligible RBICS Level 6 classifications, the Index Administrator screens securities based on revenue attributable to those classifications. To be considered for inclusion in the Underlying Index as an Asia Defense Tech Company, companies must generate at least 50% of their revenues from the identified RBICS Level 6 classifications, in the aggregate, and the companies’ relevant business activities must also have exposure to the defense tech sub-themes described above relating to defense, military, and national security. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">To be part of the initial universe, companies must meet certain minimum market capitalization and liquidity criteria, as determined by the Index Administrator. As of September 28, 2026, companies must have a minimum market capitalization of $200 million and an average daily traded value over the prior 6 months greater than or equal to $2 million for inclusion in the initial universe. Companies listed in one of the following countries are considered "Asian" companies eligible for inclusion in the initial universe: Japan, South Korea, Singapore, Hong Kong, India, Taiwan, Malaysia, Indonesia, the Philippines, or Thailand. Listings in China (A-Shares and B-Shares) are not eligible for inclusion. ADRs and GDRs of companies listed in the countries listed above are also eligible for inclusion. Where a company has more than one share class or listing, the most liquid share class or listing (based on 6-month average daily traded value) is considered for inclusion, and the share class or listing already in the Underlying Index is retained if it continues to satisfy all eligibility requirements. As of September 28, 2026, companies must have a minimum of 10% of their outstanding shares available for public investment.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Underlying Index is weighted according to a modified capitalization weighting methodology and is reconstituted and rebalanced on a quarterly basis. The modified capitalization weighting seeks to weight constituents based on their "free float" market capitalization and subject to a cap on the weights of each individual security. Free float market capitalization measures a company's market capitalization discounted by the percentage of its shares readily available to be traded by the general public in the open market ("free float"). At each rebalance, the maximum weight of an individual security will not exceed 10%. Additionally, securities listed in each individual Developed Asian country, and ADRs or GDRs of these securities, are subject to an aggregate cap of 40%, and securities listed in each individual Emerging Asian country and ADRs or GDRs of these securities, are subject to an aggregate cap of 30%. The Underlying Index includes the top 50 companies that satisfy the eligibility and revenue criteria described above, ranked by market capitalization.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">Modified capitalization weighting is expected to limit the Fund's exposure to the largest market capitalization companies in the Underlying Index. The Underlying Index may include large-, mid- or small- capitalization companies; however, the Underlying Index is not required to reflect any one or all market capitalizations. As of September 28, 2026, the Underlying Index had 38 constituents. The Fund's investment objective and Underlying Index may be changed without shareholder approval.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Underlying Index is created and sponsored by the Index Provider. Any determinations related to the constituents of the Underlying Index are made by the Index Administrator and are independent of the Fund's portfolio managers. The Index Administrator determines the composition and relative weightings of the securities in the Underlying Index.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Adviser uses an indexing approach to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund generally will use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. However, the Fund may utilize a representative sampling strategy with respect to the Underlying Index when a replication strategy might be detrimental or disadvantageous to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index, in instances in which a security in the Underlying Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Underlying Index.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Adviser expects that, over time, the correlation between the Fund's performance and that of the Underlying Index, before fees and expenses, will exceed 95%. A correlation percentage of 100% would indicate perfect correlation. If the Fund uses a replication strategy, it can be expected to have greater correlation to the Underlying Index than if it uses a representative sampling strategy.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund concentrates its investments (i.e., holds 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of September 28, 2026, the Underlying Index was concentrated in the aerospace &amp; defense and machinery industries and had significant exposure to the industrials sector.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.</span></div> The Fund invests at least 80% of its net assets, plus borrowings for investment purposes (if any), in the securities of the Underlying Index. Securities of the Underlying Index may include common stocks, American Depositary Receipts ("ADRs"), and Global Depositary Receipts ("GDRs"). The Fund concentrates its investments (i.e., holds 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of September 28, 2026, the Underlying Index was concentrated in the aerospace & defense and machinery industries and had significant exposure to the industrials sector.The Fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, the Adviser or any of its affiliates. <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Affiliated Index Provider Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser also serves as the Fund’s Index Provider, which may present a potential conflict of interest. For example, a potential conflict could arise if the Adviser were to exercise undue influence with respect to regular and/or extraordinary updates to the methodology or composition of the Underlying Index, including in a manner that might improve the apparent performance of the Fund relative to the performance of the Underlying Index. Additionally, potential conflicts could arise to the extent that portfolio managers of the Adviser become aware of contemplated methodology changes or rebalance activity prior to disclosure to the public, which could facilitate “front running” on behalf of other funds managed by the Adviser with similar exposure. Although the Adviser has taken steps designed to ensure that these potential conflicts are mitigated (e.g., via the adoption of policies and procedures that are designed to minimize potential conflicts of interest and ensure independence with respect to the operation of the Underlying Index, as well as the implementation of informational barriers designed to minimize the potential for the misuse of information about the Underlying Index), there can be no assurance that such measures will be successful.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Asset Class Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities and other assets in the Underlying Index or otherwise held in the Fund's portfolio may underperform in comparison to the general securities markets, a particular securities market or other asset classes. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Depositary Receipts Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in depositary receipts, such as ADRs and GDRs. Depositary receipts are receipts listed on U.S. or foreign exchanges issued by banks or trust companies that entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Depositary receipts are generally subject to the same risks associated with direct investments in the securities of foreign companies. A holder of depositary receipts may also be subject to fees and the credit risk of the financial institution acting as depositary. Unsponsored depositary receipts may involve higher expenses, fewer shareholder rights, and may be less liquid.</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Equity securities are subject to changes in value, and their values may be more volatile than other asset classes, as a result of a company’s business performance, investor perceptions, stock market trends and general economic conditions.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Depositary Receipts Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in depositary receipts, such as ADRs and GDRs. Depositary receipts are receipts listed on U.S. or foreign exchanges issued by banks or trust companies that entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Depositary receipts are generally subject to the same risks associated with direct investments in the securities of foreign companies. A holder of depositary receipts may also be subject to fees and the credit risk of the financial institution acting as depositary. Unsponsored depositary receipts may involve higher expenses, fewer shareholder rights, and may be less liquid.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Equity securities are subject to changes in value, and their values may be more volatile than other asset classes, as a result of a company’s business performance, investor perceptions, stock market trends and general economic conditions.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Associated Risks Related to Investing in Defense Tech Companies</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">: Defense Tech companies are primarily exposed to the risks specific to the technology and defense markets. Defense Tech companies typically engage in significant amounts of spending on research and development and could face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Defense Tech companies may be significantly affected by aerospace and defense regulation and spending policies, as companies involved in this industry rely to a significant extent on government defense spending policies and budgets for their products and services. These companies could also be subject to sanctions and/or investment restrictions imposed by other countries, which could have an adverse effect on companies that are impacted. Defense Tech companies may be concentrated in a particular country or region, and any adverse event affecting one of these countries or regions could have a negative impact on Defense Tech companies.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Capitalization Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Large-Capitalization Companies Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large-capitalization companies may adapt more slowly to new competitive challenges and changing market conditions than smaller capitalization companies. In addition, large-capitalization companies may be more mature and subject to more limited growth potential and consequently may underperform other segments of the equity market or the market as a whole.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Mid-Capitalization Companies Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Mid-capitalization companies may have greater price volatility, lower trading volume and less liquidity than large-capitalization companies. In addition, mid-capitalization companies may have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources and less competitive strength than large-capitalization companies. These securities may have returns that vary, sometimes significantly, from the overall securities market.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Small-Capitalization Companies Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid than large- and mid-capitalization companies. In addition, small-capitalization companies may have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and shorter operating histories than large- and mid-capitalization companies. These securities may have returns that vary, sometimes significantly, from the overall securities market.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Large-Capitalization Companies Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large-capitalization companies may adapt more slowly to new competitive challenges and changing market conditions than smaller capitalization companies. In addition, large-capitalization companies may be more mature and subject to more limited growth potential and consequently may underperform other segments of the equity market or the market as a whole.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Mid-Capitalization Companies Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Mid-capitalization companies may have greater price volatility, lower trading volume and less liquidity than large-capitalization companies. In addition, mid-capitalization companies may have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources and less competitive strength than large-capitalization companies. These securities may have returns that vary, sometimes significantly, from the overall securities market.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Small-Capitalization Companies Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid than large- and mid-capitalization companies. In addition, small-capitalization companies may have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and shorter operating histories than large- and mid-capitalization companies. These securities may have returns that vary, sometimes significantly, from the overall securities market.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Cash Transaction Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unlike most exchange-traded funds ("ETFs"), the Fund intends to effect a significant portion of creations and redemptions for cash, rather than through in-kind delivery of portfolio securities, which may cause the Fund to incur certain costs it might not otherwise incur if the Fund effected its creations and redemptions primarily in-kind. As such, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve the Fund recognizing a capital gain and/or incurring considerable brokerage fees and taxes that the Fund would not have incurred if it had made its redemptions in-kind. These factors may result in wider spreads between the bid and the offered prices of the Fund’s Shares than would be the case for more conventional ETFs. To the extent that these brokerage costs or taxable gains or losses are not offset by the transaction fee payable by an Authorized Participant in connection with the purchase or redemption of Creation Units, such costs will be borne by the Fund and could decrease the Fund’s net asset value.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Currency Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in securities denominated in foreign currencies. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if currencies of the underlying securities depreciate against the U.S. dollar or if there are delays or limits on repatriation of such currencies. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's NAV. Exchange rates may be volatile and may change quickly and without warning, which could have a significant negative impact on the Fund.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Cybersecurity Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">With the increased use of technologies such as the Internet to conduct business, the Fund, like all companies, may be susceptible to operational, information security and related risks. Cybersecurity incidents involving the </span></div>Fund and its service providers (including, without limitation, the Adviser, fund accountant, custodian, transfer agent and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Focus Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may from time to time have a significant amount of its assets invested in a particular industry, group of industries, or one or more sectors to approximately the same extent that the Underlying Index focuses in investments related to a particular industry, group of industries, and/or one or more sectors. In such event, the Fund’s performance will depend to a greater extent on the overall condition of such industry(ies) or sector(s), and an economic, business, political, regulatory, or other occurrence affecting such industry(ies) or sector(s) will have an increased impact on the value of the Fund’s shares compared to the value of shares of a fund that invests in a broader range of industries or sectors.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks Related to Investing in the Aerospace and Defense Industry: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Companies in the Aerospace &amp; Defense industry are subject to government defense budgets, geopolitical tensions, and regulatory changes, which can significantly impact revenues and profitability. Many Aerospace &amp; Defense companies rely heavily on government contracts, making them vulnerable to shifts in defense spending policies, political cycles, and procurement cycles. Additionally, these companies face risks from supply chain disruptions, cost overruns, and technological obsolescence, particularly as advancements in defense technology evolve rapidly. Global political instability, trade restrictions, and changes in international alliances can also affect the demand for aerospace and defense products. Regulatory scrutiny over budgets, safety standards, procurement practices, and military applications may impose additional costs and operational constraints on companies in this industry.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks Related to Investing in the Industrials Sector: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Companies in the industrials sector are subject to fluctuations in supply and demand for their specific product or service. The products of manufacturing companies may face product obsolescence due to rapid technological developments. Government regulation, world events and economic conditions affect the performance of companies in the industrials sector. Companies also may be adversely affected by environmental damage and product liability claims. Also, commodity price volatility, changes in exchange rates, imposition of import controls or tariffs, increased competition, depletion of resources, technological developments and labor relations could adversely affect the companies in this sector. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks Related to Investing in the Machinery Industry: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The machinery industry is capital-intensive. Working capital and cash flow management can be crucial to a company's success, as investments in research and development and acquisitions may be important to maintain sales and earnings. A long capital investment cycle can add challenges to management decisions regarding the expansion of capacity, which may limit a company’s ability to grow during periods of increasing demand and may result in overcapacity during periods of decreasing demand. The performance of the machinery industry may therefore be highly dependent on the business cycle and highly correlated with the performance of the broader equity market. Machinery industry companies with large barriers to entry based on proprietary technology may face potentially rapid product obsolescence. Conversely, machine industry companies that produce commodity-like offerings are likely to face thin margins and must maintain expansive distribution and support networks in order to maintain adequate volume.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks Related to Investing in the Aerospace and Defense Industry: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Companies in the Aerospace &amp; Defense industry are subject to government defense budgets, geopolitical tensions, and regulatory changes, which can significantly impact revenues and profitability. Many Aerospace &amp; Defense companies rely heavily on government contracts, making them vulnerable to shifts in defense spending policies, political cycles, and procurement cycles. Additionally, these companies face risks from supply chain disruptions, cost overruns, and technological obsolescence, particularly as advancements in defense technology evolve rapidly. Global political instability, trade restrictions, and changes in international alliances can also affect the demand for aerospace and defense products. Regulatory scrutiny over budgets, safety standards, procurement practices, and military applications may impose additional costs and operational constraints on companies in this industry.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks Related to Investing in the Industrials Sector: </span>Companies in the industrials sector are subject to fluctuations in supply and demand for their specific product or service. The products of manufacturing companies may face product obsolescence due to rapid technological developments. Government regulation, world events and economic conditions affect the performance of companies in the industrials sector. Companies also may be adversely affected by environmental damage and product liability claims. Also, commodity price volatility, changes in exchange rates, imposition of import controls or tariffs, increased competition, depletion of resources, technological developments and labor relations could adversely affect the companies in this sector. <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks Related to Investing in the Machinery Industry: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The machinery industry is capital-intensive. Working capital and cash flow management can be crucial to a company's success, as investments in research and development and acquisitions may be important to maintain sales and earnings. A long capital investment cycle can add challenges to management decisions regarding the expansion of capacity, which may limit a company’s ability to grow during periods of increasing demand and may result in overcapacity during periods of decreasing demand. The performance of the machinery industry may therefore be highly dependent on the business cycle and highly correlated with the performance of the broader equity market. Machinery industry companies with large barriers to entry based on proprietary technology may face potentially rapid product obsolescence. Conversely, machine industry companies that produce commodity-like offerings are likely to face thin margins and must maintain expansive distribution and support networks in order to maintain adequate volume.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in foreign securities can be riskier than U.S. securities investments. Investments in the securities of foreign issuers (including investments in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)) are subject to additional risks, including lower levels of liquidity and market efficiency; greater securities price volatility; exchange rate fluctuations and exchange controls; less availability of public information about issuers; limitations on foreign ownership of securities; imposition of withholding or other taxes; imposition of restrictions on the expatriation of the assets of the Fund; restrictions placed on U.S. investors by U.S. regulations governing foreign investments; higher transaction and custody costs and delays in settlement procedures; difficulties in enforcing contractual obligations; lower levels of regulation of the securities market; weaker accounting, disclosure and reporting requirements; and legal principles relating to corporate governance and directors’ fiduciary duties and liabilities. The countries in which the Fund invests may also be subject to structural risks, including economic, political and social instability. Additionally, certain securities held by the Fund, while traded on U.S. exchanges, may be issued by foreign financial institutions and as such, may be subject to the risks of investing in securities issued by foreign companies, which may not be subject to the same regulations as companies domiciled in the U.S. Where all or a portion of the Fund's securities trade in a market that is closed when the market in which the Fund's Shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Fund’s domestic trading day. This, in turn, could lead to differences between the market price of the Fund’s Shares and the underlying value of those shares.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Geographic Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s investments in securities of issuers located in a particular country or geographic region may subject the Fund to certain risks to a greater extent than if its investments were less focused, including: natural, biological or other disasters and the spread of infectious diseases; economic, political and social instability; security concerns; and trade disputes with key trading partners. The securities in which the Fund invests and, consequently, the Fund is also subject to specific risks as a result of their business operations in a particular country or region, including, but not limited to:</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in Developed Markets:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Investments in a developed country’s issuer may subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in Emerging Markets: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may be subject to a greater risk of loss than investments in developed markets. Securities markets of emerging market countries are less liquid, subject to greater price volatility, have smaller market capitalizations, have less government regulation, and are not subject to as extensive and frequent accounting, financial, and other reporting requirements as the securities markets of more developed countries, and there may be greater risk associated with the custody of securities in emerging markets. It may be difficult or impossible for the Fund to pursue claims against an emerging market issuer in the courts of an emerging market country. There may be significant obstacles to obtaining information necessary for investigations into or litigation against emerging market companies and shareholders may have limited legal rights and remedies. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets may also face other significant internal or external risks, including the risk of war, terrorism, or other social or political conflicts. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in Hong Kong: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in Hong Kong securities may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Hong Kong. Hong Kong’s economy and political environment are closely tied to those of China, which is Hong Kong’s largest trading partner for exports and imports. Changes in China’s economy, market or policies, or a tightening of China’s control over Hong Kong, may have an adverse impact on Hong Kong’s economy.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in India: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in Indian issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to India. Strained relations with neighboring countries may escalate to conflict, which may adversely affect the Indian economy. Additionally, the Reserve Bank of India has, at times, limited foreign investment in certain Indian securities, which could limit the Fund’s investments in Indian issuers. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, relatively underdeveloped securities markets and the risk of nationalization or expropriation of assets may result in higher potential for losses for investments in Indian securities. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in South Korea: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in South Korean issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to South Korea. In addition, economic and political developments of South Korea’s neighbors, or potential hostilities with North Korea may have an adverse effect on the South Korean economy. The South Korean economy is heavily reliant on trading exports, especially with other Asian countries and the U.S. Conditions that weaken demand for key South Korean exports, and disruptions or decreases in trade activity could lead to declines in economic growth.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in Taiwan: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in Taiwanese issuers involve risks that are specific to Taiwan, including legal, regulatory, political and economic risks. Political and economic developments of Taiwan’s neighbors may have an adverse effect on Taiwan’s economy. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions, which may materially affect the Taiwanese economy and its securities market.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in Developed Markets:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Investments in a developed country’s issuer may subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in Emerging Markets: </span>Investments in emerging markets may be subject to a greater risk of loss than investments in developed markets. Securities markets of emerging market countries are less liquid, subject to greater price volatility, have smaller market capitalizations, have less government regulation, and are not subject to as extensive and frequent accounting, financial, and other reporting requirements as the securities markets of more developed countries, and there may be greater risk associated with the custody of securities in emerging markets. It may be difficult or impossible for the Fund to pursue claims against an emerging market issuer in the courts of an emerging market country. There may be significant obstacles to obtaining information necessary for investigations into or litigation against emerging market companies and shareholders may have limited legal rights and remedies. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets may also face other significant internal or external risks, including the risk of war, terrorism, or other social or political conflicts. <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in Hong Kong: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in Hong Kong securities may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Hong Kong. Hong Kong’s economy and political environment are closely tied to those of China, which is Hong Kong’s largest trading partner for exports and imports. Changes in China’s economy, market or policies, or a tightening of China’s control over Hong Kong, may have an adverse impact on Hong Kong’s economy.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in India: </span>Investments in Indian issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to India. Strained relations with neighboring countries may escalate to conflict, which may adversely affect the Indian economy. Additionally, the Reserve Bank of India has, at times, limited foreign investment in certain Indian securities, which could limit the Fund’s investments in Indian issuers. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, relatively underdeveloped securities markets and the risk of nationalization or expropriation of assets may result in higher potential for losses for investments in Indian securities. <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in South Korea: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in South Korean issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to South Korea. In addition, economic and political developments of South Korea’s neighbors, or potential hostilities with North Korea may have an adverse effect on the South Korean economy. The South Korean economy is heavily reliant on trading exports, especially with other Asian countries and the U.S. Conditions that weaken demand for key South Korean exports, and disruptions or decreases in trade activity could lead to declines in economic growth.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risk of Investing in Taiwan: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments in Taiwanese issuers involve risks that are specific to Taiwan, including legal, regulatory, political and economic risks. Political and economic developments of Taiwan’s neighbors may have an adverse effect on Taiwan’s economy. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions, which may materially affect the Taiwanese economy and its securities market.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Indexing Strategy Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is not actively managed, and the Adviser does not attempt to take defensive positions in declining markets or seek to outperform its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Underlying Index, even if that security generally is underperforming. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund’s return to be lower than if the Fund employed an active strategy.</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Index-Related Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations and/or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Management Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may not fully replicate its Underlying Index and may hold securities not included in its Underlying Index. The Adviser’s investment strategy, the implementation of which is subject to a number of constraints, may cause the Fund to underperform the market or its relevant benchmark or adversely affect the ability of the Fund to achieve its investment objective.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Tracking Error Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Tracking error may occur because of differences between the instruments held in the Fund's portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund's holding of uninvested cash, size of the Fund, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. ETFs that track indices with significant weight in emerging markets issuers may experience higher tracking error than other ETFs that do not track such indices.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Index-Related Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations and/or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Management Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may not fully replicate its Underlying Index and may hold securities not included in its Underlying Index. The Adviser’s investment strategy, the implementation of which is subject to a number of constraints, may cause the Fund to underperform the market or its relevant benchmark or adversely affect the ability of the Fund to achieve its investment objective.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Tracking Error Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Tracking error may occur because of differences between the instruments held in the Fund's portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund's holding of uninvested cash, size of the Fund, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. ETFs that track indices with significant weight in emerging markets issuers may experience higher tracking error than other ETFs that do not track such indices.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">International Closed Market Trading Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">To the extent that the underlying investments held by the Fund trade on foreign exchanges that may be closed when the securities exchange on which the Fund’s Shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other exchange-traded funds ("ETFs").</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Investable Universe of Companies Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The investable universe of companies in which the Fund may invest may be limited. If a company no longer meets the Index Provider’s criteria for inclusion in the Underlying Index, the Fund may need to reduce or eliminate its holdings in that company. The reduction or elimination of the Fund’s holdings in the company may have an adverse impact on the liquidity of the Fund’s overall portfolio holdings and on Fund performance.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Issuer Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund performance depends on the performance of individual companies in which the Fund invests. Changes to the financial condition of any of those companies may cause the value of such company's securities to decline.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Market Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on the Fund and its investments. The Fund’s NAV could decline over short periods due to short-term market movements and over longer periods during market downturns. Trade policy, including the imposition of tariffs, may dampen consumer spending and result in decreased confidence in the markets. Additionally, political uncertainty regarding U.S. policy, including the U.S. government’s approach to trade, may also impact the markets. Furthermore, local, regional or global events such as war, acts of terrorism, the spread of infectious diseases, inflation and recessions, changes in interest or exchange rates, or other events could have a significant impact on the Fund and its investments and trading of its Shares. Market risk factors may result in increased volatility and/or decreased liquidity in the securities markets.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">New Fund Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is a new fund, with limited or no operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders. New funds are also subject to Large Shareholder Risk.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Non-Diversification Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 ("1940 Act"), which means that the Fund may invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment may have a greater impact on the Fund’s NAV and may make the Fund more volatile than more diversified funds.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Operational Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund is exposed to operational risk arising from a number of factors, including but not limited to human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes, cyber security incidents, and technology or systems failures. The Fund and the Adviser seek to </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate for those risks that they are intended to address.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Outbound Investment Restrictions Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> In addition to economic sanctions and tariffs, the U.S. Department of the Treasury's Outbound Investment Security Program and related laws such as the COINS Act restrict or require notification (or will when they are fully implemented) of certain U.S. person investments in entities linked to the People's Republic of China, Hong Kong, Macau, Cuba, Iran, North Korea, Russia, and Venezuela under the regime of Nicolas Maduro (each, a "country of concern") that are engaged in specified activities involving semiconductors and microelectronics, quantum information technologies, certain artificial intelligence systems, high-performance computing and supercomputing and hypersonic systems. Some transactions, including certain transactions in publicly traded securities and cash settled derivatives, are excepted from these requirements, subject to conditions. While these restrictions are presently focused on a limited number of countries and industries, new regulations or laws may expand the restrictions or notifications, cover additional sectors, countries, or types of transactions, or could limit or eliminate exclusions from these provisions. In addition, the United States has imposed sanctions on certain Chinese companies, including those identified as part of the Chinese Military-Industrial Complex (“CMIC”). These sanctions generally prohibit U.S. persons from purchasing or selling publicly traded securities of designated CMIC entities. The CMIC list has evolved over time and may continue to expand, which could affect companies in technology, telecommunications, and defense-related sectors. Changes in these regulations, laws, and sanctions in the U.S. and elsewhere could affect the ability of the Fund to invest in certain companies or industries, adversely affect the Fund’s value or liquidity, or could require divestment of existing holdings and may require the Fund to notify the U.S. Treasury and/or take other steps. The scope and impact of these rules are evolving, and it is not possible to predict how they may develop or how they may affect the Fund. These and similar developments could negatively affect Fund performance and may increase diligence and reporting costs for the Fund.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Risks Associated with Exchange-Traded Funds:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> As an ETF, the Fund is subject to the following risks:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Authorized Participants Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund has a limited number of financial institutions that may act as Authorized Participants and engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, such as in times of market stress, Shares may be more likely to trade at a premium or discount to NAV and/or at wider intraday bid-ask spreads, and possibly face trading halts and/or delisting from an exchange. Authorized Participants Concentration Risk may be heightened because the Fund invests in non-U.S. securities.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Large Shareholder Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain shareholders, including an Authorized Participant, the Adviser, an affiliate of the Adviser, or funds managed by the Adviser, may own a substantial amount of the Fund’s Shares. Redemptions by large shareholders could have a significant negative impact on the Fund. If a large shareholder were to redeem all, or a large portion, of its Shares, there is no guarantee that the Fund will be able to maintain sufficient assets to continue operations in which case the Board of Trustees may determine to liquidate the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on a national securities exchange and may, therefore, have a material upward or downward effect on the market price of the Shares.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Listing Standards Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is required to comply with listing requirements adopted by the listing exchange. Non-compliance with such requirements may result in the Fund's shares being delisted by the listing exchange. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs and could result in negative tax consequences for its shareholders.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Market Trading Risks and Premium/Discount Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shares of the Fund are publicly traded on a national securities exchange, which may subject shareholders to numerous market trading risks. In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares, as well as disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of assets in the Fund or an active trading market for Shares may result in Shares trading at a significant premium or discount to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates, in some cases materially, throughout trading hours in response to changes in the Fund’s NAV.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Authorized Participants Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund has a limited number of financial institutions that may act as Authorized Participants and engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, such as in times of market stress, Shares may be more likely to trade at a premium or discount to NAV and/or at wider intraday bid-ask spreads, and possibly face trading halts and/or delisting from an exchange. Authorized Participants Concentration Risk may be heightened because the Fund invests in non-U.S. securities.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Large Shareholder Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain shareholders, including an Authorized Participant, the Adviser, an affiliate of the Adviser, or funds managed by the Adviser, may own a substantial amount of the Fund’s Shares. Redemptions by large shareholders could have a significant negative impact on the Fund. If a large shareholder were to redeem all, or a large portion, of its Shares, there is no guarantee that the Fund will be able to maintain sufficient assets to continue operations in which case the Board of Trustees may determine to liquidate the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on a national securities exchange and may, therefore, have a material upward or downward effect on the market price of the Shares.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Listing Standards Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is required to comply with listing requirements adopted by the listing exchange. Non-compliance with such requirements may result in the Fund's shares being delisted by the listing exchange. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs and could result in negative tax consequences for its shareholders.</span></div> <div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Market Trading Risks and Premium/Discount Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shares of the Fund are publicly traded on a national securities exchange, which may subject shareholders to numerous market trading risks. In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares, as well as disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of assets in the Fund or an active trading market for Shares may result in Shares trading at a significant premium or discount to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates, in some cases materially, throughout trading hours in response to changes in the Fund’s NAV.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Trading Halt Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Valuation Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The sales price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the Underlying Index, particularly for securities that trade in low value or volatile markets or that are valued using a fair value methodology (such as during trading halts). The value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares.</span></div> PERFORMANCE INFORMATION The Fund does not have a full calendar year of performance. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to a broad-based benchmark index and the Underlying Index. The Fund's performance is not necessarily indicative of how the Fund will perform in the future. The Fund does not have a full calendar year of performance. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to a broad-based benchmark index and the Underlying Index. The Fund's performance is not necessarily indicative of how the Fund will perform in the future. Other Expenses are based on estimated amounts for the current fiscal year.