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TWO ROADS SHARED TRUST
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WLDR
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FUND
SUMMARY- Affinity World Leaders Equity ETF
Investment
Objective:
<p id="xdx_A8C_err--ObjectivePrimaryTextBlock_zmpDPAM21sD4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Affinity World Leaders Equity ETF (the “Fund”) seeks to provide investment results that correspond generally,
before fees and expenses, to the performance of the Thomson Reuters StarMine Affinity World Leaders Index (the “TRSAWL Index”
or the “Index”).</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
Fees
and Expenses of the Fund:
<p id="xdx_A8C_err--ExpenseNarrativeTextBlock_z5wOd6IPvgof" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0047
0.0000
0.0064
0.0111
-0.0044
0.0067
February
28, 2025
Example:
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_zKVyRzdf0lYk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the
same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year).
Although your actual costs may be higher or lower, based upon these assumptions your costs would be:
68
309
569
1312
Portfolio
Turnover:
<p id="xdx_A8D_err--PortfolioTurnoverTextBlock_zEGcUSWu62kd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><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. For the fiscal year ended October 31, 2023, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PortfolioTurnoverRate_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_ze90v7tAY9pe">82%</span> of the average value of its
portfolio.</span></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
0.82
Principal
Investment Strategies:
<p id="xdx_A83_err--StrategyNarrativeTextBlock_zxXfs9QS8Sc2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund seeks to passively replicate the TRSAWL Index. The TRSAWL Index consists of equity securities issued
and traded in the US as well as international countries. The TRSAWL Index is expected to consist of approximately 150 to 250 stocks of
companies located in the U.S. and in at least three countries outside of the U.S., and may invest in up to 20 countries. The TRSAWL Index
will be significantly invested in the securities of international companies in addition to securities of U.S. companies. The Fund normally
invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities included in the Fund’s
TRSAWL Index. The Fund may also invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)
(collectively “Depositary Receipts”) based on the securities in the TRSAWL Index.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Constituents
of the TRSAWL Index are characterized by strong global footprint (measured by market capitalization), rank high on measures of earnings
quality, demonstrate improving fundamentals (positive earnings revisions on earnings estimates, revenue estimates, price targets, and
analyst recommendations), show stock price momentum, and trade at relatively attractive valuations (based on a ranking from various trading
multiples, which are, generally speaking, a ratio of the security’s market price to financial or accounting metrics such as earnings,
book value, etc., as well as a dividend discount model, which attempts to determine the current or future value of a security based in
part on its dividend payments).</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
process of constructing the TRSAWL Index begins with sorting the companies in the Thomson Reuters Global Developed Index (excluding those
in Greece and South Korea) (the “Benchmark Index”) by market capitalization. The next step involves selecting those companies
that comprise the top 85% of cumulative market capitalization, and categorizing them into two regions: US and International. The final
step involves scoring these securities on the above criteria within each region, and then narrowing this universe of companies to approximately
150 to 250 equity securities using a proprietary ranking system of the Fund’s sub-adviser, Affinity. The proprietary ranking system
is known as the “Affinity Score” and is calculated by weighting the above criteria based on the Sub-Adviser’s assessment
of the correlation between the score components and subsequent long-term stock performance. Stocks that rank in the top decile are candidates
for purchase, while those that rank outside the top quartile are typically sold. A risk management overlay is then used to guide portfolio
construction. The overlay calls for neutral business sector weights versus the Benchmark Index, approximately equal active weighting
of each security within a business sector (active weight is the absolute percentage deviation of a security’s weight in the portfolio
from its weight in the Benchmark Index), and limiting the deviation of the TRSAWL Index’s geographical distribution from that of
the Benchmark Index. The TRSAWL Index is reconstituted and rebalanced on a semi-annual basis.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of December 31, 2023, the Index was comprised of 139 issuers with market capitalizations ranging from $9.2 billion to $909.6 billion.
As of December 31, 2023, the countries in the Benchmark Index were: Canada, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan,
Netherlands, Spain, Sweden, United Kingdom, and the United States.</span></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
TRSAWL Index is co-sponsored by the Sub-Adviser and by Thomson Reuters (Markets) LLC (the “Index Provider”), an organization
that is independent of the Fund, the Adviser and the Sub-Adviser. The Sub-Adviser determines the composition and relative weightings
of the securities in the TRSAWL Index and the Index Provider publishes information regarding the market value of the Index.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund uses a “passive” or indexing approach to attempt to approximate the investment performance of the TRSAWL Index by investing
in a portfolio of securities that generally replicates the TRSAWL Index. Unlike many investment companies, the Fund does not try to “beat”
the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund may concentrate
its investments in a particular country, region, industry or group of industries to the extent that the TRSAWL Index concentrates in
a country, region, industry or group of industries.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
Principal
Investment Risks:
<p id="xdx_A83_err--RiskTextBlock_gRBRTB-EATTZ_z2y4tCvyuycb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>As with all funds, there is the risk that you could lose money through your investment in the Fund. The Fund is
not intended to be a complete investment program but rather one component of a diversified investment portfolio. An investment in the
Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value of your investment
in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of
your investment in the Fund or your investment may not perform as well as other similar investments. Many factors affect the Fund’s
net asset value and performance. Each risk summarized below is a principal risk of investing in the Fund and different risks may be more
significant at different times depending upon market conditions or other factors.</i></b></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
with any fund, there is no guarantee that the Fund will achieve its goal.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--ForeignNonUSInvestmentRiskMember_znypUBmJnVRk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
(Non-U.S.) Investment Risk: </i>Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S.
issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about
foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial
reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes
or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S.
issuers. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals may
adversely affect the Fund’s foreign holdings or exposures.</span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-WHBAUL_zc5xldDlobs5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETF
Structure Risks: </i>The Fund is structured as an ETF and as a result is subject to special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--NotIndividuallyRedeemableMember_zwEJ5BxOe03c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Not
Individually Redeemable: </i>Shares are not individually redeemable and may be redeemed by
the Fund at net asset value (“NAV”) only in large blocks known as “Creation
Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation
Unit.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> </p><div id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--TradingIssuesMember_zOUGtAJNDs3g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Trading
Issues: </i>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></td></tr></table></div><p style="margin-top: 0; margin-bottom: 0"> </p><div id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--MarketPriceVarianceRiskMember_zV1GTFsKYzWe" style="margin-top: 0; margin-bottom: 0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Price Variance Risk: </i>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 or premium to NAV. If a shareholder purchases shares
at a time when the market price is at a premium to the NAV or sells shares at a time when
the market price is at a discount to NAV, the shareholder may sustain losses if the shares
are sold at a price that is less than the price paid by the shareholder for the shares.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
times of market stress, such as what was experienced in 2020 with the COVID-19 pandemic,
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
net asset value.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><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 net asset value,
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 net asset value, which is
reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When
all or a portion of an ETFs 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 net asset
value.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><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 net asset value.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zFus6tZQI8A4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk: </i>Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk
that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund’s performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions,
real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions,
inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread of infectious illness or other public health
threats, lack of liquidity in the bond or other markets, volatility in the equities or other securities markets or adverse investor sentiment
affect the securities markets and political events affect the securities markets. U.S. and foreign stock markets have experienced periods
of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of
decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities
markets as a whole. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the
future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can
the value of the Fund’s distributions. When the value of the Fund’s investments goes down, your investment in the Fund decreases
in value and you could lose money.</span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s
net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market
closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’
reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or
indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial
market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance.
A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness
of markets around the world may result in many markets being affected by events or conditions in a single country or region or events
affecting a single or small number of issuers.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--GeographicAndSectorRiskMember_zLczGygoaU99" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Geographic
and Sector Risk: </i>The risk that if the Fund invests a significant portion of its total assets in certain issuers within the same geographic
region or economic sector, an adverse economic, business or political development, natural or other event, including war, terrorism,
natural and environmental disasters, epidemics, pandemics and other public health crisis, affecting that region or sector may affect
the value of the Fund’s investments more than if the Fund’s investments were not so focused.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--CurrencyRiskMember_zd0g4cZ7mIfj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency
Risk: </i>The risk that foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar and adversely affect the value
of the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in foreign (non-U.S.)
currencies.</span></p><p id="xdx_A96_z1IG0dgVwqQ2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--EquityRiskMember_zFCXdvuX0w33" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity
Risk: </i>Equity securities are susceptible to general market fluctuations, volatile increases and decreases in value as market confidence
in and perceptions of their issuers change and unexpected trading activity among retail investors. Factors that may influence the price
of equity securities include developments affecting a specific company or industry, or changing economic, political or market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--MarketCapitalizationRiskMember_z1Z15cqdueaa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Capitalization Risk</i></span><i><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">: </span></i><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="background-color: white">The
Fund’s anticipated weighting towards larger-sized companies subjects the Fund to the risk that larger companies may not be able
to attain the high growth rates of successful smaller companies, especially during strong economic periods, and that they may be less
capable of responding quickly to competitive challenges and industry changes. Because the Fund may invest in companies of any size, its
share price could be more volatile than a fund that invests only in large companies. Small and medium–sized companies typically
have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than
larger companies.</span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8A_err--RiskTextBlock_hrr--RiskAxis__custom--IndexRiskMember_zV8PeEoDMdrg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Index
Risk: </i>Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the TRSAWL
Index. Therefore, the Sub-Adviser would not necessarily sell a security unless that security is removed from the TRSAWL Index, even if
that security generally is underperforming or the security’s issuer was in financial trouble, and the Fund will be negatively affected
by general declines in the securities and asset classes represented in the TRSAWL Index. The Fund does not take defensive positions in
declining markets. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its
exposure to the required levels in order to track the TRSAWL Index. The Index Provider relies on third party data it believes to be reliable
in constructing the TRSAWL Index, but it does not guarantee the accuracy or availability of any such third party data, and there is also
no guarantee with respect to the accuracy, availability or timeliness of the production of the TRSAWL Index.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--IndexTrackingErrorRiskMember_zuLKkuCPkPmi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Index
Tracking Error Risk: </i>As with all index funds, the performance of the Fund and the TRSAWL 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 TRSAWL Index. In addition,
the Fund may not be fully invested in the securities of the TRSAWL Index at all times, may deviate from the relative weightings of the
TRSAWL Index or may hold securities not included in the TRSAWL Index. Tracking error risk may be heightened during times of market volatility
or other unusual market conditions.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z0fZw1AdjOse" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Authorized
Participant Concentration Risk: </i>To the extent that authorized participants are unable or otherwise unavailable to proceed with creation
and/or redemption orders and no other authorized participant is able to create or redeem in their place, shares may trade at a discount
to NAV and may face delisting.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--CalculationMethodologyRiskMember_zddU2qRWVSXd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Calculation
Methodology Risk: </i>The TRSAWL Index relies on various sources of information to assess the criteria of issuers included in the Index,
including information that may be based on assumptions and estimates. Neither the Fund, the Adviser, the Sub-Adviser nor Thomson Reuters
can offer assurances that the TRSAWL Index’s calculation methodology or sources of information will provide an accurate assessment
of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the
TRSAWL Index.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--CybersecurityRiskMember_zPBMTgWX1p57" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk: </i>There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder
information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, investment
sub-adviser, custodian, transfer agent, distributor and other Service Providers and financial intermediaries (“Service Providers”)
to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events
affecting the Fund or its Service Providers may adversely impact the Fund or its shareholders.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--FluctuationOfNetAssetValueRiskMember_zcMwNKxaF18f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Fluctuation
of Net Asset Value Risk: </i>The NAV of the Fund’s shares will generally fluctuate with changes in the market value of the Fund’s
holdings. The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of
and demand for the shares on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price
differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the shares
will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings trading individually
or in the aggregate at any point in time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--GapRiskMember_zGegPDBYPyOb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Gap
Risk: </i>The Fund is subject to the risk that a stock price will change dramatically from one level to another with no trading in between
and/or before the Fund can exit from the investment. Usually such movements occur when there are adverse news announcements, which can
cause a stock price to drop substantially from the previous day’s closing price. Trading halts may lead to gap risk.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--IndustryConcentrationRiskMember_zqPQtijIUTYk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Industry
Concentration Risk: </i>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect
the Fund’s investment more than the market as a whole, to the extent that the Fund’s investments are concentrated in securities
of a particular industry, group of industries or sector.</span></p><p id="xdx_A96_zQnO2hijCQK2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_err--RiskTextBlock_hrr--RiskAxis__custom--ManagementRiskMember_zN2pbz6iF2G" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management
Risk: </i>The Fund’s investment strategies may not result in an increase in the value of your investment or in overall performance
equal to other similar investment vehicles having similar investment strategies to those of the Fund. Management risk includes the risk
that the quantitative model used by the Fund’s investment sub-adviser may not perform as expected, particularly in volatile markets.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--MarketEventsRiskMember_zW6nzMFCox6b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Events Risk: </i>There has been increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial
markets during the past several years, including what was experienced in 2020. These conditions may continue, recur, worsen or spread.
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took steps to support financial
markets, including by lowering interest rates to historically low levels. This and other government intervention may not work as intended,
particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S. government and the
Federal Reserve have recently reduced market support activities, including by increasing interest rates. Such reduction, including interest
rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of
securities in which the Fund invests. Policy and legislative changes in the United States and in other countries may also contribute
to decreased liquidity and increased volatility in the financial markets. The impact of these influences on the markets, and the practical
implications for market participants, may not be fully known for some time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8C_err--RiskTextBlock_hrr--RiskAxis__custom--PortfolioTurnoverRiskMember_zJPX60Qu6Uci" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio
Turnover Risk: </i>The Fund may experience high portfolio turnover, including investments made on a shorter-term basis, which may lead
to increased Fund expenses that may result in lower investment returns. A higher portfolio turnover may result in higher transactional
and brokerage costs. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--VolatilityRiskMember_zdWMZEFy3pFb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Volatility
Risk: </i>The Fund’s investments may appreciate or decrease significantly in value over short periods of time. The value of an investment
in the Fund’s portfolio may fluctuate due to factors that affect markets generally or that affect a particular industry or sector.
The value of an investment in the Fund’s portfolio may also be more volatile than the market as a whole. This volatility may affect
the Fund’s net asset value per share, including by causing it to experience significant increases or declines in value over short
periods of time. Events or financial circumstances affecting individual investments, industries or sectors may increase the volatility
of the Fund.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--ForeignNonUSInvestmentRiskMember_znypUBmJnVRk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
(Non-U.S.) Investment Risk: </i>Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S.
issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about
foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial
reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes
or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S.
issuers. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals may
adversely affect the Fund’s foreign holdings or exposures.</span></span></p><div id="xdx_C09_gRBRTB-EATTZ_zYe2P6GSt4I4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-WHBAUL_zc5xldDlobs5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETF
Structure Risks: </i>The Fund is structured as an ETF and as a result is subject to special risks, including:</span></p><div id="xdx_C0F_gRBRTB-EATTZ_zUDHjXgglhSg"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<div id="xdx_C00_gRBRTB-EATTZ_zvAQsuIztkYh"><div id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--NotIndividuallyRedeemableMember_zwEJ5BxOe03c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Not
Individually Redeemable: </i>Shares are not individually redeemable and may be redeemed by
the Fund at net asset value (“NAV”) only in large blocks known as “Creation
Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation
Unit.</span></td></tr></table></div></div><div id="xdx_C0A_gRBRTB-EATTZ_zqjONFbye0rb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> </p></div><div id="xdx_C0B_gRBRTB-EATTZ_zT01V2wtqgig"><div id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--TradingIssuesMember_zOUGtAJNDs3g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Trading
Issues: </i>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></td></tr></table></div></div><div id="xdx_C0A_gRBRTB-EATTZ_zzzrmLuJd46i"><p style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C06_gRBRTB-EATTZ_zhgN6VGQ6AE5"><div id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--MarketPriceVarianceRiskMember_zV1GTFsKYzWe" style="margin-top: 0; margin-bottom: 0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Price Variance Risk: </i>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 or premium to NAV. If a shareholder purchases shares
at a time when the market price is at a premium to the NAV or sells shares at a time when
the market price is at a discount to NAV, the shareholder may sustain losses if the shares
are sold at a price that is less than the price paid by the shareholder for the shares.</span></td></tr></table></div></div><div id="xdx_C0A_gRBRTB-EATTZ_zFycFprZAVxb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C03_gRBRTB-EATTZ_zkwporq3tUOa"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
times of market stress, such as what was experienced in 2020 with the COVID-19 pandemic,
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
net asset value.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-EATTZ_zr8JTqGBz4D9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0D_gRBRTB-EATTZ_zsB1yHLLQtSj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><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 net asset value,
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 net asset value, which is
reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div><div id="xdx_C00_gRBRTB-EATTZ_zcOAp60ndz9g"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-EATTZ_ziUrMYTn8Zyc"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When
all or a portion of an ETFs 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 net asset
value.</span></td></tr></table></div></div><div id="xdx_C08_gRBRTB-EATTZ_ziPtenLrOtG8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C09_gRBRTB-EATTZ_zbQj9AbVY2cb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><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 net asset value.</span></td></tr></table></div></div>
<div id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--NotIndividuallyRedeemableMember_zwEJ5BxOe03c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Not
Individually Redeemable: </i>Shares are not individually redeemable and may be redeemed by
the Fund at net asset value (“NAV”) only in large blocks known as “Creation
Units.” You may incur brokerage costs purchasing enough shares to constitute a Creation
Unit.</span></td></tr></table></div><div id="xdx_C07_gRBRTB-WHBAUL_zRES2xKyJcZ1"><div id="xdx_C0A_gRBRTB-EATTZ_zqjONFbye0rb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> </p></div></div>
<div id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--TradingIssuesMember_zOUGtAJNDs3g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Trading
Issues: </i>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></td></tr></table></div><div id="xdx_C07_gRBRTB-WHBAUL_zeGTAFmVVkyb"><div id="xdx_C0A_gRBRTB-EATTZ_zzzrmLuJd46i"><p style="margin-top: 0; margin-bottom: 0"> </p></div></div>
<div id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--MarketPriceVarianceRiskMember_zV1GTFsKYzWe" style="margin-top: 0; margin-bottom: 0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Price Variance Risk: </i>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 or premium to NAV. If a shareholder purchases shares
at a time when the market price is at a premium to the NAV or sells shares at a time when
the market price is at a discount to NAV, the shareholder may sustain losses if the shares
are sold at a price that is less than the price paid by the shareholder for the shares.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-WHBAUL_z5bdXaeyRWdl"><div id="xdx_C0A_gRBRTB-EATTZ_zFycFprZAVxb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div>
<div id="xdx_C02_gRBRTB-WHBAUL_znFR9JwnQDZc"><div id="xdx_C03_gRBRTB-EATTZ_zkwporq3tUOa"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
times of market stress, such as what was experienced in 2020 with the COVID-19 pandemic,
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
net asset value.</span></td></tr></table></div></div></div>
<div id="xdx_C08_gRBRTB-WHBAUL_zxRpc8H85syf"><div id="xdx_C05_gRBRTB-EATTZ_zr8JTqGBz4D9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div>
<div id="xdx_C06_gRBRTB-WHBAUL_zF7fhHsGmyf2"><div id="xdx_C0D_gRBRTB-EATTZ_zsB1yHLLQtSj"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><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 net asset value,
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 net asset value, which is
reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr></table></div></div></div>
<div id="xdx_C03_gRBRTB-WHBAUL_znBQoUlqUdR5"><div id="xdx_C00_gRBRTB-EATTZ_zcOAp60ndz9g"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div>
<div id="xdx_C0E_gRBRTB-WHBAUL_zPq59BWm0Cyf"><div id="xdx_C06_gRBRTB-EATTZ_ziUrMYTn8Zyc"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When
all or a portion of an ETFs 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 net asset
value.</span></td></tr></table></div></div></div>
<div id="xdx_C00_gRBRTB-WHBAUL_zEdgYCyeuiw9"><div id="xdx_C08_gRBRTB-EATTZ_ziPtenLrOtG8"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div>
<div id="xdx_C0D_gRBRTB-WHBAUL_zShas83AmQIb"><div id="xdx_C09_gRBRTB-EATTZ_zbQj9AbVY2cb"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 54pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">■</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><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 net asset value.</span></td></tr></table></div></div></div>
<div id="xdx_C0E_gRBRTB-EATTZ_zgIufiuNaz84"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zFus6tZQI8A4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk: </i>Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk
that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund’s performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions,
real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions,
inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread of infectious illness or other public health
threats, lack of liquidity in the bond or other markets, volatility in the equities or other securities markets or adverse investor sentiment
affect the securities markets and political events affect the securities markets. U.S. and foreign stock markets have experienced periods
of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of
decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities
markets as a whole. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the
future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can
the value of the Fund’s distributions. When the value of the Fund’s investments goes down, your investment in the Fund decreases
in value and you could lose money.</span></span></p><div id="xdx_C02_gRBRTB-EATTZ_zW7NUk8wScr1"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<div id="xdx_C0A_gRBRTB-EATTZ_zSZXE0nu7DLi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s
net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market
closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’
reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or
indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial
market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance.
A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness
of markets around the world may result in many markets being affected by events or conditions in a single country or region or events
affecting a single or small number of issuers.</span></p></div>
<div id="xdx_C0B_gRBRTB-EATTZ_zeAbE4Kf8ARk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--GeographicAndSectorRiskMember_zLczGygoaU99" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Geographic
and Sector Risk: </i>The risk that if the Fund invests a significant portion of its total assets in certain issuers within the same geographic
region or economic sector, an adverse economic, business or political development, natural or other event, including war, terrorism,
natural and environmental disasters, epidemics, pandemics and other public health crisis, affecting that region or sector may affect
the value of the Fund’s investments more than if the Fund’s investments were not so focused.</span></p><div id="xdx_C07_gRBRTB-EATTZ_z9nZb6BCHnmh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--CurrencyRiskMember_zd0g4cZ7mIfj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Currency
Risk: </i>The risk that foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar and adversely affect the value
of the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in foreign (non-U.S.)
currencies.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--EquityRiskMember_zFCXdvuX0w33" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity
Risk: </i>Equity securities are susceptible to general market fluctuations, volatile increases and decreases in value as market confidence
in and perceptions of their issuers change and unexpected trading activity among retail investors. Factors that may influence the price
of equity securities include developments affecting a specific company or industry, or changing economic, political or market conditions.</span></p><div id="xdx_C03_gRBRTB-EATTZ_zMziVcVshQGk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--MarketCapitalizationRiskMember_z1Z15cqdueaa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Capitalization Risk</i></span><i><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">: </span></i><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="background-color: white">The
Fund’s anticipated weighting towards larger-sized companies subjects the Fund to the risk that larger companies may not be able
to attain the high growth rates of successful smaller companies, especially during strong economic periods, and that they may be less
capable of responding quickly to competitive challenges and industry changes. Because the Fund may invest in companies of any size, its
share price could be more volatile than a fund that invests only in large companies. Small and medium–sized companies typically
have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than
larger companies.</span></span></p><div id="xdx_C01_gRBRTB-EATTZ_zGeUQjKh8xbj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8A_err--RiskTextBlock_hrr--RiskAxis__custom--IndexRiskMember_zV8PeEoDMdrg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Index
Risk: </i>Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the TRSAWL
Index. Therefore, the Sub-Adviser would not necessarily sell a security unless that security is removed from the TRSAWL Index, even if
that security generally is underperforming or the security’s issuer was in financial trouble, and the Fund will be negatively affected
by general declines in the securities and asset classes represented in the TRSAWL Index. The Fund does not take defensive positions in
declining markets. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its
exposure to the required levels in order to track the TRSAWL Index. The Index Provider relies on third party data it believes to be reliable
in constructing the TRSAWL Index, but it does not guarantee the accuracy or availability of any such third party data, and there is also
no guarantee with respect to the accuracy, availability or timeliness of the production of the TRSAWL Index.</span></p><div id="xdx_C08_gRBRTB-EATTZ_zfeNMmVo5iJb"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--IndexTrackingErrorRiskMember_zuLKkuCPkPmi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Index
Tracking Error Risk: </i>As with all index funds, the performance of the Fund and the TRSAWL 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 TRSAWL Index. In addition,
the Fund may not be fully invested in the securities of the TRSAWL Index at all times, may deviate from the relative weightings of the
TRSAWL Index or may hold securities not included in the TRSAWL Index. Tracking error risk may be heightened during times of market volatility
or other unusual market conditions.</span></p><div id="xdx_C09_gRBRTB-EATTZ_zbBEAf8LVCYd"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z0fZw1AdjOse" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Authorized
Participant Concentration Risk: </i>To the extent that authorized participants are unable or otherwise unavailable to proceed with creation
and/or redemption orders and no other authorized participant is able to create or redeem in their place, shares may trade at a discount
to NAV and may face delisting.</span></p><div id="xdx_C0F_gRBRTB-EATTZ_zGInzCPXTxld"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--CalculationMethodologyRiskMember_zddU2qRWVSXd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Calculation
Methodology Risk: </i>The TRSAWL Index relies on various sources of information to assess the criteria of issuers included in the Index,
including information that may be based on assumptions and estimates. Neither the Fund, the Adviser, the Sub-Adviser nor Thomson Reuters
can offer assurances that the TRSAWL Index’s calculation methodology or sources of information will provide an accurate assessment
of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the
TRSAWL Index.</span></p><div id="xdx_C0C_gRBRTB-EATTZ_zErE0JYYBJRa"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--CybersecurityRiskMember_zPBMTgWX1p57" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk: </i>There is risk to the Fund of an unauthorized breach and access to fund assets, customer data (including private shareholder
information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, investment
sub-adviser, custodian, transfer agent, distributor and other Service Providers and financial intermediaries (“Service Providers”)
to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events
affecting the Fund or its Service Providers may adversely impact the Fund or its shareholders.</span></p><div id="xdx_C08_gRBRTB-EATTZ_zvVVBVuWFzRh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--FluctuationOfNetAssetValueRiskMember_zcMwNKxaF18f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Fluctuation
of Net Asset Value Risk: </i>The NAV of the Fund’s shares will generally fluctuate with changes in the market value of the Fund’s
holdings. The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of
and demand for the shares on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price
differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the shares
will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings trading individually
or in the aggregate at any point in time.</span></p><div id="xdx_C07_gRBRTB-EATTZ_zuSzTSTj5H5a"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--GapRiskMember_zGegPDBYPyOb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Gap
Risk: </i>The Fund is subject to the risk that a stock price will change dramatically from one level to another with no trading in between
and/or before the Fund can exit from the investment. Usually such movements occur when there are adverse news announcements, which can
cause a stock price to drop substantially from the previous day’s closing price. Trading halts may lead to gap risk.</span></p><div id="xdx_C00_gRBRTB-EATTZ_zSyRAZzYhlqk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--IndustryConcentrationRiskMember_zqPQtijIUTYk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Industry
Concentration Risk: </i>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect
the Fund’s investment more than the market as a whole, to the extent that the Fund’s investments are concentrated in securities
of a particular industry, group of industries or sector.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--RiskAxis__custom--ManagementRiskMember_zN2pbz6iF2G" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Management
Risk: </i>The Fund’s investment strategies may not result in an increase in the value of your investment or in overall performance
equal to other similar investment vehicles having similar investment strategies to those of the Fund. Management risk includes the risk
that the quantitative model used by the Fund’s investment sub-adviser may not perform as expected, particularly in volatile markets.</span></p><div id="xdx_C05_gRBRTB-EATTZ_zctVykNigW77"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A88_err--RiskTextBlock_hrr--RiskAxis__custom--MarketEventsRiskMember_zW6nzMFCox6b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Events Risk: </i>There has been increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial
markets during the past several years, including what was experienced in 2020. These conditions may continue, recur, worsen or spread.
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took steps to support financial
markets, including by lowering interest rates to historically low levels. This and other government intervention may not work as intended,
particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S. government and the
Federal Reserve have recently reduced market support activities, including by increasing interest rates. Such reduction, including interest
rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of
securities in which the Fund invests. Policy and legislative changes in the United States and in other countries may also contribute
to decreased liquidity and increased volatility in the financial markets. The impact of these influences on the markets, and the practical
implications for market participants, may not be fully known for some time.</span></p><div id="xdx_C0C_gRBRTB-EATTZ_zKHIaPSiqxAk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8C_err--RiskTextBlock_hrr--RiskAxis__custom--PortfolioTurnoverRiskMember_zJPX60Qu6Uci" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Portfolio
Turnover Risk: </i>The Fund may experience high portfolio turnover, including investments made on a shorter-term basis, which may lead
to increased Fund expenses that may result in lower investment returns. A higher portfolio turnover may result in higher transactional
and brokerage costs. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders.</span></p><div id="xdx_C08_gRBRTB-EATTZ_zCD6pe4qgkM9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--VolatilityRiskMember_zdWMZEFy3pFb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Volatility
Risk: </i>The Fund’s investments may appreciate or decrease significantly in value over short periods of time. The value of an investment
in the Fund’s portfolio may fluctuate due to factors that affect markets generally or that affect a particular industry or sector.
The value of an investment in the Fund’s portfolio may also be more volatile than the market as a whole. This volatility may affect
the Fund’s net asset value per share, including by causing it to experience significant increases or declines in value over short
periods of time. Events or financial circumstances affecting individual investments, industries or sectors may increase the volatility
of the Fund.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
Performance:
<p id="xdx_A89_err--PerformanceNarrativeTextBlock_zd2T56wfMX1k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceInformationIllustratesVariabilityOfReturns_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_zfQwHBpd6f01">The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks
of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s one-year
and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the
Fund’s shares for each calendar year since the Fund’s inception.</span> The performance table includes a comparison of the performance
of the Fund over time to the performance of a broad-based securities market index and the TRSAWL Index. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformancePastDoesNotIndicateFuture_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_z0BRTZjYXXnk">You should be aware that the
Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated
performance information will be available at no cost by visiting <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityWebSiteAddress_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_z0HDbwJBpZV1">RegentsParkFunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityPhone_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_z5iEocbqRuJg">1-866-866-4848</span>.</span></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks
of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s one-year
and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the
Fund’s shares for each calendar year since the Fund’s inception.
You should be aware that the
Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
RegentsParkFunds.com
1-866-866-4848
Performance
Bar Chart for Calendar Year Ended December 31st:
0.2132
-0.0220
0.2575
-0.1025
0.1867
<div id="xdx_A8E_err--BarChartClosingTextBlock_zUrp91IGKwu2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_985_err--HighestQuarterlyReturnLabel_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_zqLotfQchxpd" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">Best Quarter</td>
<td class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_984_err--BarChartHighestQuarterlyReturnDate_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_zQPVj2hwNR92" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">06/30/2020</td>
<td class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_984_err--BarChartHighestQuarterlyReturn_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_z5ZVA3NDriJ8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center">15.71%</td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_981_err--LowestQuarterlyReturnLabel_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_zV9NtHlSbvnf" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">Worst Quarter</td>
<td class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_986_err--BarChartLowestQuarterlyReturnDate_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_z1ljfyiouAE2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">03/31/2020</td>
<td class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_989_err--BarChartLowestQuarterlyReturn_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_zvUD6py07uAk" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(28.99)%</td></tr>
</table>
Best Quarter
2020-06-30
0.1571
Worst Quarter
2020-03-31
-0.2899
Performance
Table
Average Annual Total Returns
(For the year ended December 31, 2023)
Return
before taxes
Return
before taxes
0.1867
0.0971
0.0483
0.1752
0.0855
0.0379
0.1102
0.0727
0.0342
reflects no deduction for fees, expenses or taxes
reflects no deduction for fees, expenses or taxes
0.2024
0.1119
0.0609
reflects no deduction for fees, expenses or taxes
reflects no deduction for fees, expenses or taxes
0.2379
0.1280
0.0824
2018-01-16
<p id="xdx_A85_err--PerformanceTableClosingTextBlock_zxnERHnsu4ia" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceTableUsesHighestFederalRate_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_z3Ms0YvDIA12">After-tax
returns are calculated using the historical highest
individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceTableNotRelevantToTaxDeferred_c20240228__20240228__dei--LegalEntityAxis__custom--S000060111Member_zH0noI3KL2R8">Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown above, and after-tax returns shown are not relevant to investors
who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></i></span></p>
After-tax
returns are calculated using the historical highest
individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown above, and after-tax returns shown are not relevant to investors
who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.