Global Dividend ETF

• Active Management Risk: The fund is actively managed and may underperform its benchmark or other strategies. The adviser’s judgments about markets, sectors, and individual securities may prove incorrect.
• Concentration Risk: To the extent the fund holds a limited number of securities or is concentrated in particular sectors, it will be more susceptible to the risks of those holdings or sectors.
• Depositary Receipts Risk: The fund may hold the securities of non-U.S. companies in the form of depository receipts, including ADRs, EDRs and GDRs. ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange, such as the New York Stock Exchange (“NYSE”). ADRs are U.S. dollar denominated. EDRs and GDRs are similar to ADRs, but are shares of foreign based corporations generally issued by international banks in one or more markets around the world. EDRs and GDRs are typically U.S. dollar denominated but may be denominated in a foreign currency. Depositary receipts may be unregistered and unlisted. Depositary receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries, changes in the exchange rates of foreign currencies, and, because the underlying securities of depositary receipts trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the depositary receipts may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares.
• Dividend-Paying Stock Risk: While the fund may hold securities of companies that have historically paid a dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the fund. Low-priced securities in the fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market.
• Equity Market Risk: The value of the fund’s holdings may decline due to factors affecting the overall equity markets, individual sectors, or specific companies.
• ETF Structure Risks: The fund is an ETF, and, as a result of an ETF’s structure, the fund is exposed to the following risks:
  • Fluctuating Values — an ETF’s shares may trade at a market price that is above or below their NAV.
  • Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk — the fund has a limited number of financial institutions that may act as APs; to the extent APs or MMs exit the business, shares may trade at a material discount to NAV and possibly face delisting.
  • Costs of Buying or Selling Shares — brokerage commissions and bid-ask spreads may significantly reduce investment results.
  • Shares May Trade at Prices Other Than NAV — the market price of Shares may be above or below NAV intra-day due to supply, demand, or market volatility.
  • Trading — there can be no assurance that shares will trade with any volume on any stock exchange.
  • Tax Laws Unfavorable — if tax laws were to change, certain ETF tax benefits could be eliminated.
• New Fund Risk: The fund is newly organized and has a limited operating history for investors to evaluate. There can be no assurance that the fund will grow to or maintain a viable size.

These are not all of the risks of investing in the fund. Please read the full prospectus carefully before investing.