The Merlyn.AI Bull-Rider Bear-Fighter ETF seeks to track the total return performance, before fees and expenses, of the MAI Bull-Rider Bear-Fighter Index. The Index uses a proprietary Bull/Bear market risk indicator that seeks to determine whether U.S. equity markets appear to be in an advancing market (a “Bull” indicator) or appear to have an elevated risk of market decline (a “Bear” indicator). When the Bull/Bear Indicator signals a “Bull” market, the Index identifies a portfolio of eight ETFs, one selected from each of the eight ETF categories: Sectors-1, Sectors-2, StyleMix, Factors, Global/Regions, Bonds-1 and Bonds-2. For each category, the Index identifies the ETF having the highest recent return performance relative to other ETFs in the category (the “Momentum Leader”). The Index’s Bull portfolio will generally reflect a classic growth portfolio having approximately 80/20 stocks/bonds allocation weights. In contrast, when the Bull/Bear Indicator signals a “Bear” market, the Index identifies a portfolio of four or more ETFs, each a Momentum Leader, selected from a generally more conservative Bear Universe of ETFs.

Fee Disclosures

• Other Expenses are estimated for the current fiscal year.
• Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, and are estimated for the current fiscal year.
• The Fund’s investment adviser has contractually agreed to waive up to 35 basis points (0.35%) of its management fee to offset all or a portion of acquired fund fees and expenses. The waiver will remain in effect at least until October 15, 2020. This waiver agreement may be terminated early only by, or with the consent of, the Fund’s Board of Trustees.

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

Short term performance, in particular, is not a good indication of the ETF’s future performance and an investment should not be made based solely on returns.

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.