0001506213 2025-10-30 2025-10-30 0001506213 hss:S000096521Member 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:ADRsRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:AuthorizedParticipantRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:CurrencyRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:EmergingMarketRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:EquitySecuritiesRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:EthicalInvestmentRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:ETFStructureRisksMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:NotIndividuallyRedeemableMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:TradingIssuesMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:MarketPriceVarianceRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:ForeignInvestmentRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:IndustryConcentrationRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:InvestmentStyleRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:IssuerSpecificRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:LargeCapitalizationCompanyRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:LimitedHistoryOfOperationsRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:ManagementRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:MarketRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:MediumMidCapitalizationCompanyRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:RegulatoryRiskMember 2025-10-30 2025-10-30 0001506213 hss:S000096521Member hss:C000265401Member 2025-10-30 2025-10-30 iso4217:USD shares iso4217:USD shares pure false 485BPOS 0001506213 2025-10-30 N-1A STRATEGY SHARES 2025-11-03 2025-11-03 Fund Summary: Eventide International ETF Investment Objective: <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zn1TtuCBEIm9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund’s investment objective is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Fees and Expenses: <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zZbDIw7P3q2d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zirxUXtzxgR3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z8OmDy3z0SIa" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0.5in; padding-left: 5.4pt"></td> <td id="xdx_498_20251030__20251030__dei--LegalEntityAxis__custom--S000096521Member__oef--ClassAxis__custom--C000265401Member_zX9xVNxjS5h2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"></td></tr> <tr id="xdx_40B_eoef--ShareholderFeeOther_dn_zMSy6QtcCDzk" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 85%; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder Fees <br/> (fees paid directly from your investment)</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each yea as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zpDTGEx1U4s3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zIPhx2R57NE4" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt; width: 85%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_498_20251030__20251030__dei--LegalEntityAxis__custom--S000096521Member__oef--ClassAxis__custom--C000265401Member_zCim1GZrFtu3" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_z2CdmkdiPXHc" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Fee<sup id="xdx_F46_zaP5r7Yq2Yf3">(1)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.59%</span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zij20QwTkhXh" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution and/or Service Fee (12b-1) Fees</span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z4kAeh4k7VG8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Expenses<sup id="xdx_F48_zfDO0z9GwwV3">(2)</sup></span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zNBjaCPzhtwd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.59%</span></td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.25pt; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 0.25pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F09_zcyPdl8mLtWl">(1)</sup></span></td><td><span id="xdx_F13_zeFUFBZJYMod" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund.</span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F0F_zyvwuF4l9aRd">(2)</sup></span></td><td><span id="xdx_F1D_z5taBgfdoZ6b" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20251030__20251030__dei--LegalEntityAxis__custom--S000096521Member_zLDxwSo3PjN9">Estimated for the current fiscal year.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> 0.0059 0.0000 0.0000 0.0059 Estimated for the current fiscal year. Example: <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_z7BmF5Ya8Qtk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then either hold or sell all of your shares at the end of those periods. This Example does not reflect the effect of brokerage commissions or other transaction costs you pay in connection with the purchase or sale of Fund shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxdmMsOGyNkg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_ze1v9HUAe7s8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="width: 0%"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zVXOR8bOhvjk" style="border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>1 Year</i></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zmHnzods7Irl" style="border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>3 Years</i></span></td></tr> <tr id="xdx_416_20251030__20251030__dei--LegalEntityAxis__custom--S000096521Member__oef--ClassAxis__custom--C000265401Member_ztBMhvLkNRT6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td> </td> <td style="border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$60</span></span></td> <td style="border-bottom: Black 0.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$189</span></span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"> </p> 60 189 Portfolio Turnover: <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zM7w1rKVKER2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund has not commenced operations as of the date of this Prospectus, the Fund has not yet had any portfolio turnover. In the future, the portfolio turnover rate for the most recent fiscal year will be provided here.</span></p> Principal Investment Strategy: <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zegEvHhjOQs9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="font-weight: normal">The Fund seeks to achieve its investment objective by investing primarily in the equity securities of companies domiciled outside of the United States, (“Non-U.S. Companies”), identified by Eventide Asset Management, LLC, the Fund’s investment adviser (the “Adviser” ), as creating value for stakeholders (customers, employees, supply chain, community, environment, and society) using the Adviser’s values-based screening criteria as more fully described below under “Values-Based Screening.” The Adviser actively manages the Fund using a long-only investment approach, and seeks to achieve its objective while generating performance that is similar to the performance of the Bloomberg World ex US Large &amp; Mid Cap Total Return Index (the “Strategy Benchmark”) before Fund fees and expenses</span>. <span style="font-weight: normal">The Strategy Benchmark is a float market-cap-weighted equity benchmark that covers the top 85% of market capitlalization of the measured market. The Fund is not an index fund and the Adviser is not required to purchase any specific securities or amount of securities included in the Fund’s Strategy Benchmark.</span></span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; text-align: left"><span style="-sec-ix-redline: true"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">Under normal market conditions, the Fund invests primarily in the equity securities of Non-U.S. Companies that have an average market capitalization that typically falls within the range of companies included in the Strategy Benchmark. The market capitalization range of companies within the Fund’s Strategy Benchmark is $60 million to $1.6 trillion as of September 30, 2025. The equity securities that the Fund may invest in include common stock traded on U.S. and foreign exchanges and American Depository Receipts (“ADRs”). The Fund is not required to allocate its investments in set percentages in particular countries; however, the Fund expects to be invested in companies from at least three different countries outside the U.S., including emerging market countries, at any given time. The Fund may increase or decrease exposures to countries, or concentrate in certain sectors, to the extent necessary to reduce active risk compared with its Strategy Benchmark. The Fund may not invest more than 25% of its total assets in a particular industry or group of industries, except that the Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock selection is supported by the Adviser’s fundamental research, including the values-based screening criteria described below. The Adviser effects portfolio changes for the Fund on an ongoing basis as it deems necessary and appropriate, and may consider overall market conditions and trading volumes when making investment decisions. The Fund will seek to maintain at least 50 issuers in its portfolio in normal market conditions. The Adviser monitors the portfolio and uses research and quantitative modeling and risk tools to reasonably adjust the active weight of portfolio securities in order to improve the Fund’s ability to meet its investment objective and reduce active risk compared with its Strategy Benchmark. While actively managing the portfolio, the Adviser will utilize quantitative tools as an input to the management of position sizes on a forward-looking basis, including to help mitigate the impact of individual sectors, industries, and stylistic factors (e.g., quantitative factors such as growth, momentum, quality and value) on active risk and the Fund’s ability to perform in a manner that is similar to the performance of the Strategy Benchmark before Fund fees and expenses. </span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Values-Based Screening</b>. The Adviser uses its proprietary values-based screening methodology to analyze all potential investments for the company’s ability to operate with integrity and to create value for customers, employees, and other stakeholders by reflecting the values described below. The values assessed in the Adviser’s values-based screening process are inspired by the Christian faith and rooted in a biblical worldview. While few companies may reach these ideals in every area of their business, these principles articulate the Adviser’s highest expectations for the companies in which the Fund invests. The Adviser uses its values-based screening processes in connection with other fundamental research processes to establish the Fund’s eligible investment universe. Securities are generally ineligible within the Fund’s portfolio unless the Adviser believes that the values-based screens are met. If the Adviser’s research identifies events and/or business changes suggesting that a portfolio company no longer meets the values-based criteria, the Fund may hold the company’s securities while the Adviser performs additional research, including possible direct engagement with the company to assess values-based practices. The Adviser’s screening process for potential investments does not apply relative weights between values-based factors and financial factors. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with the following principles which help to guide the Adviser’s research and investment framework. Specifically, the Adviser seeks to invest in companies that reflect the following values:</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Respecting the value and freedom of all people: this includes the right to life at all stages and freedom from addictive behaviors caused by gambling, pornography, tobacco, and alcohol.</span></span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Demonstrating a concern for justice and peace: this includes fair and ethical relationships with customers, suppliers, and business partners and avoiding products and services that promote weapons production and proliferation.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promoting family and community: this includes protecting children from violent forms of entertainment and serving low-income communities.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exhibiting responsible management practices: this includes fair dealing with employees, communities, competitors, suppliers, and customers as demonstrated by a company’s record regarding litigation, regulatory actions against the company, and its record of providing products and services that improve the lives of people.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Practicing environmental stewardship: this includes practices considered more sustainable than those of industry peers, reduction in environmental impact when compared to previous periods, and/or the use of more efficient and cleaner energy sources.</span></span></td> </tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or serve the Fund’s principal investment strategy to generate performance that is similar to the performance of the Strategy Benchmark before Fund fees and expenses, or when the Adviser believes the underlying company is no longer consistent with the Adviser’s values.</span></span></p> <p id="xdx_A8C_eoef--RiskTextBlock_gRBRTB-YWEAMJY_zWJKhJbDBdbe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As with any ETF, there is no guarantee that the Fund will achieve its objective. Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund’s net asset value (“NAV”), market price and returns will vary, and you could lose money on your investment in the Fund and those losses could be significant. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following identifies the principal risks of investing in the Fund. These risks could adversely affect the NAV, market price, total return and the value of the Fund and your investment.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zv67nj1BQKz" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zuewRaXhHFpi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p><p id="xdx_A92_zIexPpcK9b8e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"> </p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zK0o1D33SmR2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency Risk.</b> If the Fund invests in securities that trade in, and receive revenues in, foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar<span style="-sec-ix-redline: true">.</span> As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_z7wzbZy2paV2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Emerging Market Risk. </b>Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets, and more governmental limitations on foreign investment than are more developed markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid, and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zTMqz5gQP2if" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_ztAa1HmMuPZ5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-OFOA_zutjxdr5ez2g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zmSGxquR5Su5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></span></td></tr></table></div><p id="xdx_A9A_zQ3okdHFQc56" style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zwof0EFxsuz5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z73iJeskUxm3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zsglXSaeVKY2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zqNBlYa0pQPi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></span></p><p id="xdx_A9C_zXBo8o0M3kvd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"> </p><p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zxv28CKIsLk3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zB4CNhVPZuta" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile, and can perform differently from, the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zYe3FTuWwdSl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zzr3rtAGkz38" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zBxZBeQPvLti" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zg87Q0toXHni" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, exchange rates, trading and tariff events and political events may adversely affect the securities markets.</span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zybt0amaC4D9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk.</b> To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zAnSqabERnz2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Regulatory Risk.</b> Regulatory authorities in the United States or other countries may adopt rules that restrict the ability of the Fund to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund’s ability to fully implement its investment strategies. Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential. Regulators may interpret rules differently than the Fund or the securities industry generally, and disputes over such interpretations can increase legal and/or tax expenses incurred by the Fund.</span></span></p><p id="xdx_A9D_zpq471Xz4yNk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>For more information, please see the section of the Fund’s Prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies and Related Risks.”</i></span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRsRiskMember_zv67nj1BQKz" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADRs Risk.</b> ADRs, which are typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing foreign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign companies and involve risks that are not found in investments in U.S. companies. Although an ADR is priced in the U.S. dollar, movements in the exchange rate of the local currency versus the U.S. dollar are automatically reflected in the price of the ADR in U.S. dollars. Therefore, even if the price of the foreign security does not change on its market, if the exchange rate of the local currency relative to the U.S. dollar declines, the ADR price would decline by a similar measure.</span></p><div id="xdx_C09_gRBRTB-YWEAMJY_zgHLQvIyJ6q2"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zuewRaXhHFpi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized Participant Risk.</b> The Fund has a limited number of financial institutions that may act as Authorized Participants. An “Authorized Participant” is a participant in the Continuous Net Settlement System of the National Securities Clearing Corporation or the Depository Trust Company (“DTC”) and that has executed a Participant Agreement with the Fund’s distributor (“Distributor”). To the extent these Authorized Participants exit the business or are unable to process creation and/or redemption orders and no other Authorized Participant is able to step forward to process creation and/or redemption orders, in either of these cases, shares of the Fund may trade like closed-end fund shares at a discount to the Fund’s NAV per share and possibly face delisting by NYSE Arca, Inc. (the “Exchange”). These risks could cause intra-day bid/ask spreads for the Fund’s shares to widen.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zK0o1D33SmR2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency Risk.</b> If the Fund invests in securities that trade in, and receive revenues in, foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar<span style="-sec-ix-redline: true">.</span> As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns.</span></p><div id="xdx_C07_gRBRTB-YWEAMJY_z3H5EtkIGgSe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_z7wzbZy2paV2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Emerging Market Risk. </b>Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets, and more governmental limitations on foreign investment than are more developed markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid, and the prices of such securities tend to be more volatile than the securities of issuers located in developed markets. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></p><div id="xdx_C05_gRBRTB-YWEAMJY_zxtidsRghFq7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zTMqz5gQP2if" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The NAV and market price of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</span></p><div id="xdx_C0E_gRBRTB-YWEAMJY_zOaHBRNrhuvb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthicalInvestmentRiskMember_ztAa1HmMuPZ5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ethical Investment Risk.</b> The Fund’s ethical values screening criteria could cause it to underperform similar funds that do not have such screening criteria. This could be due to ethically acceptable companies falling out of favor with investors or failing to perform as well as companies that do not meet the Fund’s ethical screening guidelines.</span></p><div id="xdx_C02_gRBRTB-YWEAMJY_znpPFDmYw9O6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C03_gRBRTB-YWEAMJY_z84BzzEfrIh1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To supplement its efforts in ethical investing, the Adviser may engage with portfolio companies to encourage consideration of corporate strategies aligned with the Adviser’s values, including pricing and/or business practices that may be beneficial within particular industries. The Adviser believes these activities will help promote ethical and effective corporate governance and long-term strategy for companies, and potentially create a positive effect on the particular businesses and/or industries, their consumers, and the Fund. There is no guarantee that the Adviser’s corporate engagements and related activities will achieve their intended results. There is a risk that the Adviser’s activities in this regard could limit the Fund’s investment universe and reduce the amount of profits that could be realized by affected companies, limiting the Fund’s investment returns. Furthermore, the U.S. government or any agency thereof, may enact rules or legislation that, directly or indirectly, materially impacts the Adviser’s activities in this regard, or materially affects the value of companies or opportunities for investment within particular industries.</span></p></div> <div id="xdx_C0D_gRBRTB-YWEAMJY_zFgQMVoDZeba"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-OFOA_zutjxdr5ez2g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ETF Structure Risks.</b> The Fund, and any ETFs the Fund may invest in, are structured as ETFs and as a result are subject to special risks, including:</span></p><div id="xdx_C03_gRBRTB-YWEAMJY_zRdmsTFL4lSe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0F_gRBRTB-YWEAMJY_zXImjPZfntAd"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zmSGxquR5Su5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-YWEAMJY_z2PfmE0UJuM6"><p id="xdx_A9A_zQ3okdHFQc56" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C08_gRBRTB-YWEAMJY_zzL9ROx13hVl"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zwof0EFxsuz5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></span></td></tr></table></div></div><div id="xdx_C08_gRBRTB-YWEAMJY_zIOLCxOeMTOc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0A_gRBRTB-YWEAMJY_zULyRv4iKAme"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z73iJeskUxm3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></span></td></tr></table></div></div><div id="xdx_C0B_gRBRTB-YWEAMJY_zahKbpMXtw42"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C01_gRBRTB-YWEAMJY_zumXJtSp3Unl"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div></div><div id="xdx_C09_gRBRTB-YWEAMJY_z8GiKWufy2Uh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-YWEAMJY_zrzm0muF2B06"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></span></td></tr></table></div></div><div id="xdx_C0D_gRBRTB-YWEAMJY_zQg2b3WBbRZ9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C01_gRBRTB-YWEAMJY_zhrQTPlrSdL3"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div></div><div id="xdx_C02_gRBRTB-YWEAMJY_z3XbB7633Aj8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0D_gRBRTB-YWEAMJY_zmjy01NG0R62"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zmSGxquR5Su5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Not Individually Redeemable.</b> Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Fund shares are typically bought and sold in the secondary market and investors typically pay brokerage commissions or other charges on these transactions.</span></span></td></tr></table></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zwof0EFxsuz5"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Issues.</b> Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></span></td></tr></table></div><div id="xdx_C0E_gRBRTB-OFOA_zSb8Jj3b42Sb"><div id="xdx_C08_gRBRTB-YWEAMJY_zIOLCxOeMTOc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z73iJeskUxm3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Price Variance Risk.</b> The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and intra-day bid/ask spreads may widen.</span></span></td></tr></table></div><div id="xdx_C00_gRBRTB-OFOA_z55O20HnxvK"><div id="xdx_C0B_gRBRTB-YWEAMJY_zahKbpMXtw42"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C01_gRBRTB-OFOA_zi7eJ6JH1bqf"><div id="xdx_C01_gRBRTB-YWEAMJY_zumXJtSp3Unl"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div></div></div> <div id="xdx_C02_gRBRTB-OFOA_zZ88p69Ez4gl"><div id="xdx_C09_gRBRTB-YWEAMJY_z8GiKWufy2Uh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0F_gRBRTB-OFOA_zRHB5hggiQLk"><div id="xdx_C0F_gRBRTB-YWEAMJY_zrzm0muF2B06"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The market price for the Fund’s shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></span></td></tr></table></div></div></div> <div id="xdx_C0C_gRBRTB-OFOA_zR39pSQDJHWa"><div id="xdx_C0D_gRBRTB-YWEAMJY_zQg2b3WBbRZ9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C05_gRBRTB-OFOA_zCY0eEgUGQte"><div id="xdx_C01_gRBRTB-YWEAMJY_zhrQTPlrSdL3"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div></div></div> <div id="xdx_C01_gRBRTB-OFOA_zyvyzXoxUXo"><div id="xdx_C02_gRBRTB-YWEAMJY_z3XbB7633Aj8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C00_gRBRTB-OFOA_zs3yFnbiZAG5"><div id="xdx_C0D_gRBRTB-YWEAMJY_zmjy01NG0R62"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 34.6pt"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></span></td><td><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV, which could cause the intra-day bid/ask spread of the Fund to widen.</span></span></td></tr></table></div></div></div> <div id="xdx_C0C_gRBRTB-YWEAMJY_zJNaRQfpIeu3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zsglXSaeVKY2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign Investment Risk.</b> Investments in foreign securities tend to be more volatile and less liquid than investments in U.S. securities because, among other things, they involve risks relating to political, social and economic developments abroad, including economic sanctions, as well as risks resulting from differences between the regulations and reporting standards and practices to which U.S. and foreign issuers are subject. Investing in foreign securities includes trading related risks (e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers maybe less than in the U.S., and foreign securities may be subject to foreign governmental restrictions such as exchange controls). The risks of investing in foreign securities are typically increased by investing in emerging market countries. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</span></p><div id="xdx_C01_gRBRTB-YWEAMJY_za9Pb7GSIkOa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zqNBlYa0pQPi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industry Concentration Risk.</b> The Fund may concentrate 25% to 35% of its total assets in a particular industry or group of industries to the extent that such industry or group of industries represents 20% or more of the Fund’s Strategy Benchmark. A fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.</span></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zxv28CKIsLk3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Style Risk.</b> The type of securities in which the Fund focuses may underperform other assets or the overall market.</span></p><div id="xdx_C03_gRBRTB-YWEAMJY_zHSRBCJc0msa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zB4CNhVPZuta" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Issuer Specific Risk.</b> The performance of the Fund depends on the performance of the issuers of the individual securities in which the Fund invests. Poor performance by any issuer may cause the value of its securities, and the value of the Fund’s Shares, to decline. The value of a specific security can be more volatile, and can perform differently from, the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, lack of earnings, failure to meet the market’s expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.</span></span></p><div id="xdx_C0B_gRBRTB-YWEAMJY_zlvFoVBY9t1e"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zYe3FTuWwdSl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Large Capitalization Company Risk. </b>The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion; and may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></p><div id="xdx_C0F_gRBRTB-YWEAMJY_z5v2UKFUcREh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zzr3rtAGkz38" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Limited History of Operations Risk.</b> The Fund has a limited history of operations for investors to evaluate.</span></p><div id="xdx_C04_gRBRTB-YWEAMJY_zDaJe8sfnH18"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zBxZBeQPvLti" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Risk.</b> The Adviser’s reliance on its sector allocation and risk management strategies and related judgments about the value and potential appreciation of securities in which the Fund invests may prove to be incorrect. The Adviser may not successfully implement the Fund’s investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.</span></p><div id="xdx_C0C_gRBRTB-YWEAMJY_zN6eYqAwbAfc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zg87Q0toXHni" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Market Risk.</b> The value of securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s NAV or market price per share may decline suddenly or over a sustained period of time. Factors such as domestic and foreign economic growth rates and market conditions, interest rate levels, exchange rates, trading and tariff events and political events may adversely affect the securities markets.</span></span></p><div id="xdx_C03_gRBRTB-YWEAMJY_zGdjtPodckvg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumMidCapitalizationCompanyRiskMember_zybt0amaC4D9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Medium (Mid) Capitalization Company Risk.</b> To the extent the Fund invests in the stocks of mid-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. These companies may experience higher failure rates than larger companies. Mid- sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Mid-sized companies may also have limited markets, product lines or financial resources and may lack management experience.</span></p><div id="xdx_C0A_gRBRTB-YWEAMJY_zrWGuCn11jp6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zAnSqabERnz2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Regulatory Risk.</b> Regulatory authorities in the United States or other countries may adopt rules that restrict the ability of the Fund to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund’s ability to fully implement its investment strategies. Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential. Regulators may interpret rules differently than the Fund or the securities industry generally, and disputes over such interpretations can increase legal and/or tax expenses incurred by the Fund.</span></span></p> Performance: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zeTzBLJQHTRa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20251030__20251030__dei--LegalEntityAxis__custom--S000096521Member_z9QvsHKbfP4g">Because the Fund is a new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time.</span> In the future, performance information will be presented in this section of this Prospectus. Updated performance information will be available at no cost by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20251030__20251030__dei--LegalEntityAxis__custom--S000096521Member_zu1bS4F43qX4">1-877-771-3836</span> and on the Fund’s website at <span style="background-color: white"><span style="text-decoration: underline"><span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20251030__20251030__dei--LegalEntityAxis__custom--S000096521Member_zlUhv2xdZ99b">www.EventideETFs.com</span></span></span>.</span></p> Because the Fund is a new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-877-771-3836 www.EventideETFs.com The management fee is structured as a “unified fee,” from which the Fund’s adviser pays all routine expenses of the Fund, except for the Fund’s management fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. Estimated for the current fiscal year.