0000919160 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:C000280460Member 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:ThematicInvestingRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:GeographicConcentrationSouthKoreaRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:CurrencyRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:ForeignCustodyAndSettlementRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:InternationalClosedMarketTradingAndPremiumDiscountRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:CashTransactionsRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:IndustryConcentrationRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:ConsumerAndPersonalCareIndustryRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:AestheticsAndDermatologyHealthCareIndustryRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:NonDiversificationRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:SmallAndMidCapitalizationCompanyRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:LiquidityRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:PassiveStrategyIndexTrackingRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:IndexProviderAndIndexMethodologyRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:PortfolioTurnoverRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:NewFundRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:MarketAndGlobalRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:FundCybersecurityRiskMember 2026-10-28 2026-10-28 0000919160 ck0000919160:S000109351Member ck0000919160:RisksOfInvestingInETFsMember 2026-10-28 2026-10-28 pure iso4217:USD GUINNESS ATKINSON FUNDS 2026-10-28 Guinness Atkinson™ K-Beauty ETF Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Guinness Atkinson™ K<span class="nobreak">-Beauty</span> ETF (the “K<span class="nobreak">-Beauty</span> ETF” or the “Fund”) seeks to track the performance, before fees and expenses, of the Indxx K<span class="nobreak">-Beauty</span> Index (the “Index”).</p> Fees and Expenses of the Fund <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the K<span class="nobreak">-Beauty</span> ETF. 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.</p> Shareholder Fees (fees paid directly from your investment): None <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-3" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-top-width:1pt;padding-left:0pt;width: 82.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;"><span class="Bold" style="font-style:normal;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments)</span></p> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-right:9pt;width: 17.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-4"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dedfe0;border-bottom-width:1pt;border-left-width:1pt;border-top-width:1pt;padding-left:0pt;width: 82.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Management Fees<span class="Superscript" style="vertical-align:super;font-size:58%;">1</span></p> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dedfe0;border-bottom-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-right:4pt;width: 17.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-left:1pt;">0.55%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-4"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-top-width:1pt;padding-left:0pt;width: 82.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Distribution (12b-1) Fees</p> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-right:9pt;width: 17.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">None</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-4"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dedfe0;border-bottom-width:1pt;border-left-width:1pt;border-top-width:1pt;padding-left:0pt;width: 82.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Other Expenses</p> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dedfe0;border-bottom-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-right:4pt;width: 17.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-left:1pt;">0.00%</p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-4"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-top-width:1pt;padding-left:0pt;width: 82.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:3pt;text-indent:0;">Total Annual Fund Operating Expenses</p> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;padding-right:2pt;width: 17.50%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-left:3pt;">0.55%</p> </td> </tr> </table> <p class="Tablefootnote_m2" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:10pt;"><span class="Superscript" style="vertical-align:super;font-size:58%;">1<span style="width: 18px;display: inline-block;">   </span></span>Under the Fund’s advisory agreement, in exchange for a unitary management fee, the Adviser pays all routine and ordinary operating expenses of the Fund, except for: the management fee, interest expenses, taxes, fees related to the reclamation or collection of foreign taxes withheld, acquired fund fees and expenses (if any), brokerage and other transaction expenses, and extraordinary expenses (including litigation).</p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments) 0.0055 0 0 0.0055 Example <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">This Example is intended to help you compare the cost of investing in the K<span class="nobreak">-Beauty</span> ETF with the cost of investing in other investment companies. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">This Example does not include brokerage commissions that you may pay to buy and sell shares. Although your actual costs may be higher or lower, under these assumptions, your costs would be:</p> <table class="NOGUTTER _idGenTablePara-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-6" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;width: 25.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:1pt;border-right-color:#2b5496;border-top-color:#000000;border-top-width:1pt;padding-left:0pt;width: 25.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:5pt;text-align:center;"><span class="CharOverride-5" style="font-size:10pt;font-style:normal;font-weight:bold;">1 Year</span></p> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:1pt;border-left-color:#2b5496;border-top-color:#000000;border-top-width:1pt;width: 25.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="CharOverride-5" style="font-size:10pt;font-style:normal;font-weight:bold;">3 Years</span></p> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;width: 25.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-7" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;width: 25.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dedfe0;border-bottom-width:1pt;border-top-color:#000000;border-top-width:1pt;padding-left:0pt;width: 25.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-left:5pt;"><span class="CharOverride-6" style="font-size:10pt;">$56</span></p> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;background-color:#dedfe0;border-bottom-width:1pt;border-top-color:#000000;border-top-width:1pt;width: 25.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="CharOverride-6" style="font-size:10pt;">$176</span></p> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;width: 25.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table> 56 176 Portfolio Turnover <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top: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 the Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund has no operating history and therefore has no portfolio turnover information.</p> Principal Investment Strategies <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The K<span class="nobreak">-Beauty</span> ETF is an index fund. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowing for investment purposes) in securities of companies in the Indxx K<span class="nobreak">-Beauty</span> Index (the “Index”).</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Adviser believes that Korean beauty and personal<span class="nobreak">-care</span> companies (“K<span class="nobreak">-Beauty</span> Companies”) have become a significant and lasting presence in the global cosmetics industry. In 2025, South Korea was the world’s second<span class="nobreak">-largest</span> exporter of cosmetics. Korean brands, the original<span class="nobreak">-design</span> and contract manufacturers that produce a substantial share of the beauty products sold worldwide, and the distributors that bring those products to market together form an increasingly influential part of the global beauty value chain. The Adviser believes this segment is supported by sustained consumer demand, both within South Korea and internationally, reflecting the broad global interest in Korean culture and continued consumer focus on skincare and anti<span class="nobreak">-aging</span> products.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Adviser further believes that U.S. investors have historically had limited means to gain targeted exposure to this segment, because the relevant companies are listed primarily on South Korean exchanges, relatively few are available as U.S.<span class="nobreak">-listed</span> securities, and broad South Korea or emerging<span class="nobreak">-market</span> funds typically allocate little to the beauty and personal<span class="nobreak">-care</span> sector. The Fund, an exchange<span class="nobreak">-traded</span> fund, seeks to provide targeted exposure to this segment, companies in the K<span class="nobreak">-Beauty</span> value chain.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Indxx K<span class="nobreak">-Beauty</span> Index is built around four sub<span class="nobreak">-groups</span> of the K<span class="nobreak">-Beauty</span> beauty value chain:</p> <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;">(1)<span style="width: 15px;display: inline-block;">    </span>brand owners — Korean beauty, personal care, cosmetics, aesthetic or dermatological product companies with a connection to South Korea;</p> <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;">(2)<span style="width: 15px;display: inline-block;">    </span>manufacturers — both original design and contract manufacturers as well as component and ingredient suppliers that produce beauty products for brands worldwide;</p> <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;">(3)<span style="width: 15px;display: inline-block;">    </span>distribution and retail — companies that distribute and sell Korean beauty products globally; and</p> <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;">(4)<span style="width: 15px;display: inline-block;">    </span>aesthetics and dermatology — providers of aesthetic and dermatological products, skin boosters, injectables, and devices.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">Most of the companies included in the Index will be organized, headquartered, or principally listed on a securities exchange in, or otherwise economically tied to, South Korea. For purposes of the Index and the Fund, K<span class="nobreak">-Beauty</span> companies are companies that derive a substantial portion (25% or more) of their revenue, income, or operating profit from, or devote a substantial portion (25% or more) of their assets to, operating a business that conducts the following types of activities in the Korean beauty industry, as a principal business activity:</p> <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;"><span class="bullet" style="font-size:10pt;">•<span style="width: 27px;display: inline-block;">        </span></span>Development of cosmetics or beauty products, including research or technological development, formulation, development or cultivation of ingredients used in beauty products;</p> <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;"><span class="bullet" style="font-size:10pt;">•<span style="width: 27px;display: inline-block;">        </span></span>Manufacture (including original development manufacturing (ODM), original equipment manufacturing (OEM), design or contract production);</p> <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;"><span class="bullet" style="font-size:10pt;">•<span style="width: 27px;display: inline-block;">        </span></span>Distribution and delivery, including direct<span class="nobreak">-to-consumer</span>, commercial or retail sales, through specialized e<span class="nobreak">-commerce</span>, platforms or intermediaries that focus on or sale of beauty, personal<span class="nobreak">-care</span>, cosmetics, or aesthetic and dermatological products, or their associated tools or equipment, as well as companies that develop or formulate specific methods or technology for delivery of beauty or aesthetic products, such as microencapsulation, shelf stability or other technologies;</p> <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;list-style-type:none;margin-top:10pt;"><span class="bullet" style="font-size:10pt;">•<span style="width: 27px;display: inline-block;">        </span></span>Design or creation of packaging for containment, delivery devices or use of beauty products, such as masks, compacts and other methods for containment or use;</p><p style="margin:0;padding:0;border-width:0;"></p><p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;list-style-type:none;margin-top:10pt;"><span class="bullet" style="font-size:10pt;">•<span style="width: 27px;display: inline-block;">        </span></span>Identification, development, extraction, cultivation, fermentation or production of ingredients (which may be chemical, artificial, natural, botanical or secretion filtrates (which may include animal secretions (such as mucin) or botanical products)), used in beauty products; and</p> <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;"><span class="bullet" style="font-size:10pt;">•<span style="width: 27px;display: inline-block;">        </span></span>Aesthetics and dermatological solutions, which can include beauty products, such as skin or sub<span class="nobreak">-dermal</span> products, as well as injectables and devices.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">For purposes of the Index, “beauty products” are products intended principally to enhance appearance, including without limitation cosmetics, skincare, color cosmetics, haircare and scalp care, sun care, baby care, medical recovery or hygiene care, fragrance, nail and lash products, beauty tools and accessories, product delivery technologies (internal or external and including cellular or microscopic delivery innovations), at<span class="nobreak">-home</span> and professional beauty technologies or devices, ingestible products marketed principally for their effect on appearance, and medical aesthetics products such as injectables, dermal fillers, skin boosters, and energy<span class="nobreak">-based</span> aesthetic devices.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Index also includes, within the scope of K<span class="nobreak">-Beauty</span> Companies, any company that focuses on the creation, synthesis, distribution, research or development, delivery methodology or use of peptides, exosomes, spicules, biomimetic formulations, anti<span class="nobreak">-oxidants</span>, nicotinamide nucleotides (including but not limited to nicotinamide adenine dinucleotide (NAD) and nicotinamide mononucleotide (NMN)) and polydeoxyribonucleotides (PDRN), as well as botulinum toxins, dermal fillers, skin boosters, and energy<span class="nobreak">-based</span> devices supplied for aesthetic use.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">For purposes of the Index composition, a K<span class="nobreak">-Beauty</span> Company may be organized, headquartered, or listed in any country, although generally, most K<span class="nobreak">-Beauty</span> Companies are economically tied to South Korea by either being organized, listed on an exchange or primarily traded in South Korea. The Index may include as a component security a company that operates a principal line of business in the K<span class="nobreak">-Beauty</span> value chain but is not organized, listed or primarily traded in South Korea.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Fund seeks to track the performance, before fees and expenses, of the Index, which is a rules<span class="nobreak">-based</span> index that is owned and administered by Indxx, Inc., (the “Index Provider”). The Index Provider is not affiliated with the Fund, the Adviser, or the Sub<span class="nobreak">-Adviser</span>. The Index is designed to measure the performance of publicly<span class="nobreak">-traded</span> K<span class="nobreak">-Beauty</span> Companies across the Korean beauty value chain. The Index methodology applies revenue, market<span class="nobreak">-capitalization</span>, and liquidity thresholds to select constituents and applies a capped weighting to limit single<span class="nobreak">-name</span> concentration. The Index typically includes between 20 and 35 constituents drawn from an eligible universe of listed companies. The Fund’s policy to invest at least 80% of its net assets in securities of companies in the Index is non<span class="nobreak">-fundamental</span> and may be changed by the Fund’s Board of Trustees without approval upon at least 60 days’ written notice to shareholders.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Fund’s investment objective, to invest in accordance with the Index, is non<span class="nobreak">-fundamental</span> and may be changed by the Board of Trustees without shareholder approval upon at least 60 days’ prior written notice to shareholders.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Fund is passively managed and uses an indexing investment approach. The Fund generally will use a replication strategy, which means it will invest in all of the component securities of the Index in approximately the same proportions as the Index, as adjusted for odd lot or minimum lot size requirements; however, the Fund may use a representative sampling strategy under which it holds a representative sample of the securities in the Index when the Adviser or Sub<span class="nobreak">-Adviser</span> believes it is in the best interest of the Fund. The Fund does not seek to outperform the Index and will not take temporary defensive positions when markets decline or appear overvalued.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Fund will concentrate its investments (that is, invest more than 25% of its assets) in securities economically tied to South Korea to the extent the Index is so concentrated, and the Fund’s investments are likely to be denominated primarily in the South Korean won. The eligible universe is predominantly small- and mid<span class="nobreak">-capitalization</span>, and the majority of companies in the Index are seasoned, revenue<span class="nobreak">-generating</span> companies that are publicly traded. The Fund may invest in companies of any market capitalization to the extent included in the Index. The Fund’s policy to concentrate in companies in the Korean beauty value chain is fundamental, and may not be changed without shareholder approval.</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">The Fund is non<span class="nobreak">-diversified</span>, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than a diversified fund. In addition, because of the Fund’s investment focus, the Fund will concentrate its investments (invest more than 25% of its total assets) in the industries or groups that comprise the Korean Beauty value chain, which is generally companies, as described above, that develop cosmetics, personal care products, and beauty products, as well as medical and aesthetic devices, to approximately the same extent that the Index is so concentrated.</p> Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowing for investment purposes) in securities of companies in the Indxx K<span class="nobreak">-Beauty</span> Index (the “Index”). The Fund will concentrate its investments (that is, invest more than 25% of its assets) in securities economically tied to South Korea to the extent the Index is so concentrated, and the Fund’s investments are likely to be denominated primarily in the South Korean won. The eligible universe is predominantly small- and mid-capitalization, and the majority of companies in the Index are seasoned, revenue-generating companies that are publicly traded. The Fund may invest in companies of any market capitalization to the extent included in the Index. You can lose money by investing in shares of the K<span class="nobreak">-Beauty</span> ETF. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Thematic Investing Risk. </span>The Fund’s strategy is based on the Korean Beauty (“K<span class="nobreak">-Beauty</span>”) theme, which is driven by consumer and fashion trends. There is no assurance that the theme will develop or persist as anticipated. Consumer preferences in beauty can shift rapidly, particular product categories or aesthetics can fall out of favor, and the K<span class="nobreak">-Beauty</span> theme may prove faddish. If the theme falls out of favor with consumers or investors, the securities of the companies in the Index and held by the Fund could decline in value together, regardless of the fundamentals of any individual company, and the Fund may underperform funds that do not apply a thematic strategy. Because the theme spans the K<span class="nobreak">-Beauty</span> value chain, the Index, and the Fund’s portfolio, will include companies with different business models, including consumer companies and health<span class="nobreak">-care-regulated</span> aesthetics companies, which may respond differently to the same economic, regulatory, or scientific developments.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Geographic Concentration/South Korea Risk. </span>The Fund invests substantially all of its assets in securities economically tied to a single country, South Korea, and is therefore more exposed to the political, economic, regulatory, and market conditions of South Korea than a geographically diversified fund. The South Korean economy is heavily dependent on exports and on trade with a small number of trading partners. The Korean peninsula has an ongoing risk of military conflict and heightened tensions between North and South Korea, and an escalation of hostilities, sanctions, or other geopolitical events could cause sudden and severe declines in the value of the Fund’s investments. Although South Korea is classified by some index providers as a developed market, its securities markets may exhibit traits associated with less<span class="nobreak">-developed</span> markets, including greater volatility and custody, clearing, and settlement risks.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Foreign Securities Risk. </span>Investments in non<span class="nobreak">-U</span>.S. securities involve risks not typically associated with U.S. investments, including less liquidity, greater volatility, less complete financial information, different accounting, auditing, and disclosure standards, the possibility of expropriation or confiscatory taxation, and adverse political, social, or diplomatic developments.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Currency Risk. </span>The Fund’s investments are denominated primarily in the South Korean won, while the Fund’s NAV is determined in U.S. dollars. A decline in the value of the won against the U.S. dollar will reduce the U.S.<span class="nobreak">-dollar</span> value of the Fund’s investments, even if the local<span class="nobreak">-currency</span> value of those investments is unchanged or increases. The Fund does not generally expect to hedge its currency exposure.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Foreign Custody and Settlement Risk. </span>Less<span class="nobreak">-developed</span> securities markets are more likely to experience problems with the clearing and settling of trades and with the holding of securities by local banks, agents, and depositories. Delays in settlement could limit the Fund’s ability to purchase or sell securities and could subject the Fund to losses.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">International Closed</span><span class="nobreak"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">-Market</span></span><span class="BoldItalic" style="font-style:italic;font-weight:bold;"> Trading and Premium/Discount Risk. </span>Because the Fund’s portfolio securities trade on a foreign exchange that is closed when the Fund’s listing exchange is open, the value of those securities used to calculate the Fund’s NAV may differ from their value during U.S. trading hours. As a result, the Fund’s shares may trade at a larger premium or discount to NAV than the shares of ETFs that hold U.S. securities.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Cash Transactions Risk. </span>Unlike many ETFs, the Fund expects to effect a portion of its creations and redemptions for cash rather than in<span class="nobreak">-kind</span> because of the practical difficulties of transacting in foreign portfolio securities in foreign markets. As a result, an investment in the Fund may be less tax<span class="nobreak">-efficient</span> than an investment in an ETF that transacts exclusively in<span class="nobreak">-kind</span>, and the Fund may incur additional brokerage and transaction costs that may be borne by the Fund and its shareholders.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Industry Concentration Risk. </span>Because the Fund concentrates its investments in the industry or group of industries that comprise companies in the cosmetics, beauty, personal<span class="nobreak">-care</span>, and related aesthetic and dermatological businesses, it will be more susceptible to adverse economic, regulatory, political, and other developments affecting those types of businesses than a fund that does not concentrate its investments.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Consumer and Personal</span><span class="nobreak"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">-Care</span></span><span class="BoldItalic" style="font-style:italic;font-weight:bold;"> Industry Risk. </span>Companies in the cosmetics and personal<span class="nobreak">-care</span> industries are subject to changes in consumer tastes and preferences, demographic and disposable<span class="nobreak">-income</span> trends, intense competition, reliance on marketing and brand reputation, product<span class="nobreak">-recall</span> and product<span class="nobreak">-liability</span> risks, and the effects of social<span class="nobreak">-media-driven</span> trends, which can shift quickly and unpredictably.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Aesthetics and Dermatology (Health</span><span class="nobreak"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">-Care</span></span><span class="BoldItalic" style="font-style:italic;font-weight:bold;">) Industry Risk. </span>A portion of the Index consists of companies that develop and sell aesthetic and dermatological products and devices, including injectables, fillers, skin boosters, and energy<span class="nobreak">-based</span> devices. These companies are subject to government regulation and approval requirements, product<span class="nobreak">-liability</span> claims, reimbursement and pricing pressures, and the risk of product obsolescence, which differ from the risks affecting traditional cosmetics companies.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Non</span><span class="nobreak"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">-Diversification</span></span><span class="BoldItalic" style="font-style:italic;font-weight:bold;"> Risk. </span>The Fund is non<span class="nobreak">-diversified</span>, which means that it may invest a larger portion of its assets in the securities of a single issuer, or in a small number of issuers, as compared to a diversified fund. As a result, the Fund’s NAV and total return may be more volatile, and a decline in the value of a single holding may have a greater impact on the Fund than it would on a diversified fund.</p> The Fund is non<span class="nobreak">-diversified</span>, which means that it may invest a larger portion of its assets in the securities of a single issuer, or in a small number of issuers, as compared to a diversified fund. As a result, the Fund’s NAV and total return may be more volatile, and a decline in the value of a single holding may have a greater impact on the Fund than it would on a diversified fund. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Small- and Mid</span><span class="nobreak"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">-Capitalization</span></span><span class="BoldItalic" style="font-style:italic;font-weight:bold;"> Company Risk. </span>The Fund invests in small- and mid<span class="nobreak">-capitalization</span> companies, which may be more volatile and less liquid than larger companies, may have more limited financial resources and product lines, and may be more vulnerable to adverse business or economic developments.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Liquidity Risk. </span>Securities in which the Fund invests, particularly those of smaller companies and those trading in a single foreign market, may become difficult to value or to sell at the time or price the Fund would like. The Fund is a passively managed index fund and does not seek to sell a portfolio position unless it is removed from the Index. The Fund has adopted a liquidity risk management plan to oversee the liquidity of the Fund’s portfolio.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Passive Strategy/Index Tracking Risk. </span>The Fund is not actively managed and does not seek to outperform the Index or to take defensive positions in declining markets. The Fund’s return may not match the return of the Index (“tracking error”) for a number of reasons, including Fund fees and expenses, transaction and currency<span class="nobreak">-conversion</span> costs, the use of a representative sampling strategy, the inability to replicate the Index composition due to odd lot or transaction size limitations, regulatory or tax constraints, and timing differences. The Fund will generally hold securities regardless of their investment merit and will not sell a security because its issuer is in financial trouble unless that security is removed from the Index.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Index Provider and Index Methodology Risk. </span>There is no assurance that the Index Provider or its agents will compile, determine, maintain, calculate, or disseminate the Index accurately. Errors in the Index data or methodology may occur and may not be identified or corrected for a period of time, which could adversely impact on the Fund and its shareholders. The Index Provider does not provide any warranty as to the accuracy or completeness of the Index and has no obligation to take the needs of the Fund or its shareholders into consideration in determining, composing, or calculating the Index.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Portfolio Turnover Risk. </span>The Fund’s investment strategy may result in portfolio turnover that increases the Fund’s transaction costs, including brokerage commissions, currency<span class="nobreak">-conversion</span> costs, and South Korean securities transaction taxes, and may result in higher taxable distributions to shareholders.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">New Fund Risk. </span>The Fund is newly organized and has a limited operating history. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate the Fund.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Equity Securities Risk. </span>The Fund invests in publicly<span class="nobreak">-traded</span> equity securities, the value of which may fluctuate, sometimes rapidly and unpredictably.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Market and Global Risk. </span>General market conditions, including inflation, interest<span class="nobreak">-rate</span> changes, global demand, natural disasters, pandemics, armed conflict, and government actions, can affect the value of the Fund’s holdings, sometimes sharply and unpredictably.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Fund Cybersecurity Risk. </span>The Fund, its service providers, and the companies in which the Fund invests are subject to varying degrees of cybersecurity risk.</p> <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Bold" style="font-style:normal;font-weight:bold;">Risks of Investing in ETFs.</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Shares May Trade at Prices Other Than NAV. </span>The market price of a Share may be higher than the NAV (a premium) or lower than the NAV (a discount). This risk is heightened in times of market volatility or stress and may be more pronounced for the Fund because its portfolio securities trade on a foreign market that is closed during U.S. trading hours.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Costs of Buying, Selling or Holding Fund Shares. </span>Buying and selling Shares in the secondary market may require the payment of brokerage commissions, and frequent trading may detract from investment returns.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Cash Redemption Risk. </span>The Fund may be required to sell portfolio securities to obtain the cash needed to meet redemptions of Creation Units, which may cause the Fund to recognize taxable gains and incur transaction costs it might not otherwise have incurred.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Absence of Active Trading Market Risk. </span>There is no guarantee that an active trading market for the Fund’s shares will develop or be maintained.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Authorized Participant Concentration Risk. </span>Only a limited number of financial institutions may engage in creation or redemption transactions directly with the Fund. If they are unable or unwilling to do so, Shares may trade at a discount to NAV and possibly face delisting.</p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;"><span class="BoldItalic" style="font-style:italic;font-weight:bold;">Small Fund Risk. </span>When the Fund is small or has limited assets, it may experience low trading volume and wider bid/ask spreads, and may be at greater risk of liquidation.</p> Performance Information <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;">No performance information is presented for the Fund because it has not yet been in operation for a full calendar year. When the Fund has a full calendar year of performance, this section will provide some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.gafunds.com.</p> No performance information is presented for the Fund because it has not yet been in operation for a full calendar year. www.gafunds.com 485BPOS N-1A 0000919160 false 2026-10-28 Under the Fund’s advisory agreement, in exchange for a unitary management fee, the Adviser pays all routine and ordinary operating expenses of the Fund, except for: the management fee, interest expenses, taxes, fees related to the reclamation or collection of foreign taxes withheld, acquired fund fees and expenses (if any), brokerage and other transaction expenses, and extraordinary expenses (including litigation).