VOLSHARES LARGE CAP ETF (VSL) | |
Listed on NYSE Arca, Inc. | |
Summary Prospectus | |
May 31, 2019 |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |
Management Fees | 0.65% |
Distribution and/or Service (12b-1) Fees | 0.00% |
Other Expenses | 0.00% |
Total Annual Fund Operating Expenses | 0.65% |
1 Year | 3 Years | 5 Years | 10 Years |
$66 | $208 | $362 | $810 |
• | Concentration Risk. To the extent the Fund invests more heavily in particular industries, groups of industries, or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries, groups of industries, or sectors of the economy. |
• | Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. |
• | High Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each weekly reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. |
• | Limited Operating History Risk. The Fund is a recently organized, non-diversified management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. Additionally, the Fund’s investment adviser has limited experience managing registered investment company portfolios, which may increase the risks associated with investments in the Fund. |
• | Models and Data Risk. The composition of the Index is heavily dependent on a proprietary quantitative model as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to reflect the errors, too. |
• | New Index Provider Risk. The Index was created by and is owned and maintained by Whitford, which has not previously been an index provider or investment adviser for a registered fund, which may create additional risks for investing in the Fund. |
• | Non-Diversification Risk. The Fund is deemed non-diversified and may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. |
• | Passive Investment Risk. The Fund is not actively managed, and the Fund’s adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry, or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. |
• | REIT Investment Risk. Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. In addition, to the extent the Fund holds interests in REITs, it is expected that investors in the Fund will bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general, including, among others, risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; and shifts in zoning laws, environmental regulations and other governmental action. REITs are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the “Code”), or fail to maintain their exemptions from registration under the Investment Company Act of 1940, as amended (the “1940 Act”). |
• | Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. |
• | Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. |
• | Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. |
Adviser | Whitford Asset Management LLC |
Sub-Adviser | Vident Investment Advisory, LLC (“VIA”) |
Portfolio Managers | Denise M. Krisko, CFA, President of VIA, and Austin Wen, CFA, Senior Analyst of VIA, have been portfolio managers of the Fund since its inception in 2018. |
)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O #P_>'!A
M8VME="!B96=I;CTB[[N_(B!I9#TB5S5-,$UP0V5H:4AZ RN!GGR@9JR _'V<4$Z =W[?-?V 0G_X#6: [(#M
MP2Z#DH3XL!Z"L(/_GJR!U(,OC'N!&X*E>6: <()\91M_T8+(3OA_/H,P-09^
MQ8-J#;E^0(,POHZ"<8XCK<^!AXQYG(Z N(KIBG> !HF9=VM_:HC'8TI^SHA)
M36I^,(>\,^9]>(<@-[YH4MO V!C)>;JXF FY4ZFF5_RY+VB&M_'I#T=7I^
M@8]%879]XXWM2\M]-(QJ,JE\.8K-#D)YW(;GN<^ UZ%0J7%_W9Y#F&M_!IM,
MAH!^5YB6 Q6$^:G96?25N7IY/<.-&5.Y+8)8J399(_"O.3
M0(=G " ( ?BRDW*)&<>6A1I_!9/&=Q9T;5QR::IJ%2#&77YAN-Z>4Z)>5
M)"636Y6?"8Z2%89V " ( ?6JDJJ@I2A.J6 8]2=SZ*A5>>: F@X-%27C&J6+0Z64&R*(Y>6"VWQ%L*7LVY0!^67\F[2 ")^W;T "
M ( " ( .1:7G&Q1,O66 VX@*ZJ4WV^Z(HF4A'#S%I25KG%C!\658W'T
M "'M'G! " ( " ( ."N6+'!I,7^4[W&@*B>3W'+2(4*36'/0%:B4
M-'0I" *2_74J "&D7OH " ( " ( -U>5&G1$,%>4%'4+*.:3"77<
M(#N25':9%.R2X';;!V21 W@= "&%'V* " ( " ( -I:487?6+YF3
M8GAG*!:237CE'X61:'E;%(F1G7F(!W2/4'K1 "#]']Y " ( " (
M-:^4#GKO+_"2?GOA**B1*GQ''[J0.'Q4%+:0-GQ&!\V-SWTD "#CX "
M ( " ( EG-;/4\WB6I= U+\>^U>\U;F;99A*UKE7BMCHU[Q36!F-F,-
M.L1HMF=F) MJ,6L6 OAZ_&W DS55G5?IALA8*EL4>;%:T5Y/:[1=FF&=7*!@
M>&3]3$YC1FB%.F1EVVP_)1YG)&]Y!V)SA'(JD%M0=V#&A%-3N&--=ZU6_F7A
M:=9:-&AR6P1=86LF2QI@96X1.=!C%7$-)=ED7'.L"T=NFW8AC;=+OVG9@>M/
ME&NW=6Q33&V59_-6YV]W64M:47%[2\#K1KFGFQ
MBRU'=G,&?YY+PW1#/Z7BH1F:.MGE7./.-Y7H0*;B-J7J4%N^.^'J2 9Z+
MXGQ_ " ( 96&1_WTR6X"067U?4-".X'V21.^-K7W(-[R,SGX *&B,D7XH
M%5>-T'X* (R*$7[: " ( 8Y"1+8+\6+=(';%#:,A('. "(#( " ( 8AV0:8BZ6%>.VH@03?V-5H=2
M0I2+_8:@-:"*^88,)GB*B(6^$Z2+%84E "%R( " ( 8.*/W8X]5RZ.
M68T_3/F,SHP+0<:+5HK2-1:**HG@)B6)B8F*$P** 8@" "$-X " (
M7_2/9)-_5F6-YI))3#Z,69"W00N*U8\,-&V)D8W&)9R(S8UL$K"(\(I> "#
M/8 " ( 7MN@S&=956*>-&DC2S";\FLW/ZV:.&UH,I*9-6]C(V.9
G(O1S:8
W#[MOO]?$0\BWS3/1M]8_V
MLO?6^/SZ(OM*_'3]G_[.____ ( @ #J+G]8?W/55GZZ?OO <7X]?K>K?7WO
M?KJ6?WW5?Q.!@'WL?\]LAWY1@+E7BG]/@-S[]WYIB=7GG'WAB#[2_GUHAKN^
M)7T/A6VI/WSDA&R4>7SI@\1_V'T;@V9KAGV6@N97M7Z5@9CYEGTID[[EA7RR
MD2;1&WQ-CI&\3WP.C#FG?'O[BC&2Y'P7B'Y^C'Q?ANEJNWSNA/!7VWWQ@C_W
M3'PPG;'C@GO#FB3/57MGEI&ZKGLTDQ6EZGLUD *1@GMBC39]:WNYBD5J#'Q9
MAM-7_'UA@M3T]7MTIZKA<'L'HS;-=GJQGJBY WJ$FB*D3'J,E
GJIYF=Z3BJ2REJ6(0I\ADW!\YIG8D$)QSI3!C1AG.X_0B?9=
MD_V