Mar. 07, 2017

WBI Power FactorTM High Dividend ETF

WBI Power FactorTM High Dividend ETF

WBI Power Factor^TM High Dividend ETF (WBIY)

Supplement dated March 7, 2017

to the Summary Prospectus and Prospectus each dated December 6, 2016

The “Principal Investment Strategies” sections on page 3 of the Summary Prospectus and Prospectus are modified by replacing the second paragraph thereof with the following:

In particular, the Underlying Index is designed to select equity securities from the Parent Index with an above-average forecasted dividend yield, scored on the basis of three fundamental value characteristics (the “Power Factors^TM”): Trailing 12-month diluted earnings from continuing operations to price ratio (E/P); Trailing 12-month free cash flow to price ratio (CF/P); and Trailing 12-month sales to price ratio (S/P).

Please retain this Supplement with your Summary Prospectus and Prospectus.