ADVISORSHARES TRUST 2 Bethesda Metro Center Suite 1330 Bethesda, Maryland THE.ETF1

Size: px
Start display at page:

Download "ADVISORSHARES TRUST 2 Bethesda Metro Center Suite 1330 Bethesda, Maryland THE.ETF1"

Transcription

1 AdvisorShares YieldPro ETF NASDAQ Stock Market LLC Ticker: YPRO Sub-advised by: The Elements Financial Group, LLC ADVISORSHARES TRUST 2 Bethesda Metro Center Suite 1330 Bethesda, Maryland THE.ETF1 THE FUND WILL NOT COMMENCE OPERATIONS, AND SHARES OF THE FUND WILL NOT BE OFFERED OR SOLD, UNTIL THE SHARES ARE LISTED ON THE NASDAQ STOCK MARKET LLC Prospectus dated October 21, 2013 This Prospectus provides important information about the AdvisorShares YieldPro ETF, a series of AdvisorShares Trust. Before you invest, please read this Prospectus and the Fund s Statement of Additional Information carefully and keep it for future reference. The shares of the Fund have not been approved or disapproved by the U.S. Securities and Exchange Commission nor has the U.S. Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

2 TABLE OF CONTENTS FUND SUMMARY INFORMATION... 1 INVESTMENT OBJECTIVE... 1 FUND FEES AND EXPENSES... 1 PORTFOLIO TURNOVER... 2 PRINCIPAL INVESTMENT STRATEGIES... 2 PRINCIPAL RISKS OF INVESTING IN THE FUND... 2 FUND PERFORMANCE... 5 MANAGEMENT... 5 PURCHASE AND SALE OF FUND SHARES... 5 TAX INFORMATION... 6 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES... 6 MORE INFORMATION ABOUT THE TRUST AND THE FUND... 7 MORE INFORMATION ABOUT THE FUND S INVESTMENT OBJECTIVE... 7 MORE INFORMATION ABOUT THE FUND S PRINCIPAL INVESTMENT STRATEGIES... 7 MORE INFORMATION ABOUT THE PRINCIPAL RISKS OF INVESTING IN THE FUND... 8 OVERVIEW OF THE PRINCIPAL RISKS OF ETPs OTHER INVESTMENT PRACTICES AND STRATEGIES PORTFOLIO HOLDINGS MANAGEMENT OF THE FUND SHAREHOLDER INFORMATION DISTRIBUTION PLAN ADDITIONAL TAX INFORMATION FINANCIAL HIGHLIGHTS ADDITIONAL INFORMATION i A/

3 AdvisorShares YieldPro ETF (NASDAQ Stock Market LLC Ticker: YPRO) FUND SUMMARY INFORMATION INVESTMENT OBJECTIVE The AdvisorShares YieldPro ETF (the Fund ) seeks to provide current income and capital appreciation. FUND FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. SHAREHOLDER FEES (fees paid directly from your investment) None ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) MANAGEMENT FEES 0.80% DISTRIBUTION (12b-1) FEES 0.00% OTHER EXPENSES(a) 0.22% ACQUIRED FUND FEES AND EXPENSES(a)(b) 0.40% TOTAL ANNUAL FUND OPERATING EXPENSES(c) 1.42% (a) Because the Fund is new, Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. (b) As a shareholder in certain exchange-traded funds (the Acquired Funds ), the Fund will indirectly bear its proportionate share of the fees and expenses of the Acquired Funds. Acquired Fund Fees and Expenses do not reflect the operating expenses of exchange-traded products in which the Fund invests that are not investment companies, including exchange-traded notes and exchange traded pooled investment vehicles not registered pursuant to the Investment Company Act of 1940, as amended (the 1940 Act ). (c) Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund s financial highlights (and the Fund s financial statements) because the financial highlights include only the Fund s direct operating expenses and do not include Acquired Fund Fees and Expenses. EXAMPLE This Example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other funds. This Example does not take into account creation or redemption transaction fees, or the brokerage commissions that you pay when purchasing or selling shares of the Fund. If the commissions were included, your costs would be higher. 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1

4 1 YEAR 3 YEARS AdvisorShares YieldPro ETF $144 $449 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover 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 Total Annual Fund Operating Expenses or in the Example, affect the Fund s performance. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund s shares. PRINCIPAL INVESTMENT STRATEGIES The Fund is considered a fund of funds that seeks to achieve its investment objective by primarily investing in both long and short positions in other affiliated and unaffiliated exchange traded funds ( ETFs ) that offer diversified exposure to fixed income and other income producing securities. The Fund s investments may, at various times, represent all available segments of the fixed income market, including, but not limited to, bonds and instruments issued by the U.S. government, foreign government bonds, U.S or foreign investment grade corporate debt, high yield bonds, municipal bonds, mortgage-backed securities, and emerging market debt. The Fund may also invest in equity, inverse or other types of ETFs to supplement its fixed income ETF positions. The Fund intends to invest the majority of its assets in investments that provide a competitive yield on a risk-adjusted basis. The Fund will also allocate its investments to instruments that provide little or no yield for diversification or risk management purposes. In seeking to achieve its investment objective, the Fund may also invest directly in U.S.-traded fixed income and equity securities, certain derivatives, such as options, futures, and structured notes, and other exchangetraded products (together with ETFs, ETPs ). On a day-to-day basis, the Fund may hold money market instruments, cash, other cash equivalents, and ETPs that invest in these and other highly liquid instruments to collateralize its derivative or short positions. PRINCIPAL RISKS OF INVESTING IN THE FUND The Fund is subject to a number of risks that may affect the value of its shares, including: Allocation Risk. The Fund s particular allocations may have a significant effect on the Fund s performance. Allocation risk is the risk that the selection of ETPs and the allocation of assets among such ETPs will cause the Fund to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. Counterparty Risk. The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund s use of such financial instruments, including swap agreements and structured notes, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease. Credit Risk. The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. 2

5 Derivatives Risk. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund s original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&P 500 Index). Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk. Early Closing Risk. An unanticipated early closing of the NASDAQ Stock Market LLC (the Exchange ) may result in a shareholder s inability to buy or sell shares of the Fund on that day. Equity Securities Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Fixed Income Securities Risk. The market value of fixed income investments may be impacted by credit risk, interest rate risk, income risk and counterparty risk and other factors. Income Risk. The income from the Fund s investments may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the Fund portfolio s current earnings rate. Interest Rate Risk. During periods of falling interest rates, the value of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the value of fixed income securities generally decline. Issuer Risk. The value of a security may increase for a number of reasons which directly relate to the issuer, such as management performance, improved financial condition and increased demand of the issuer s goods or services. An increase in the value of the securities of an issuer or guarantor of a debt instrument may cause the value of your investment in the Fund to decrease. Liquidity Risk. Liquidity risk exists when particular Fund investments are difficult to purchase or sell. This can reduce the Fund s returns because the Fund may be unable to transact at advantageous times or prices. Management Risk. The Sub-Advisor continuously evaluates the Fund s holdings, purchases and sales with a view to achieving the Fund s investment objective. However, the achievement of the stated investment objective cannot be guaranteed over short- or long-term market cycles. The Sub-Advisor s judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. Market Risk. Due to market conditions, the value of the Fund s investments may fluctuate significantly from day to day. This volatility may cause the value of your investment in the Fund to decrease. Mortgage-Backed Securities Risk. The Fund may invest in mortgage-backed securities, which are subject to the risk that the impairment of the value of collateral underlying a mortgage-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security. Portfolio Turnover Risk. The Fund may experience relatively high portfolio turnover, which may result in increased transaction costs and lower Fund performance. 3

6 Premium-Discount Risk. The Fund s shares may trade above or below their NAV. The trading price of the Fund s shares may deviate significantly from their NAV during periods of market volatility. Prepayment Risk. The Fund may invest in mortgage related securities, which, like other debt securities, may be paid off early when the issuer of a debt security can repay the principal prior to a security s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund s income. Trading Risk. Shares of the Fund may trade below their net asset value ( NAV ). The NAV of shares will fluctuate with changes in the market value of the Fund s holdings. In addition, although the Fund s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. U.S. Government Securities Risk. The Fund may invest in U.S. government securities, which are subject to price fluctuations and to default in the event that an agency or instrumentality defaults on an obligation not backed by the full faith and credit of the United States. ETP Investment Risk. Through its investments in ETPs, the Fund will be subject to the risks associated with such investment vehicles investments, including the possibility that the value of the securities or instruments held or tracked by an ETP could decrease. These risks include any combination of the risks described below, as well as the risks described above. The Fund s exposure to a particular risk will be proportionate to the Fund s overall allocation to ETPs and their exposure to various security types, currencies, market sectors and geographic regions. Commodity Risk. Because certain of the ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs. An ETP s investment in commodities or commodity-linked derivative instruments may subject the ETP (and indirectly the Fund) to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Emerging Markets Risk. There is an increased risk of price volatility associated with an ETP s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Foreign Currency Risk. Currency movements may negatively impact the value of an ETP portfolio security even when there is no change in the value of the security in the issuer s home country. Certain of the ETPs may not hedge against the risk of currency exchange rate fluctuations, while other ETPs may if there is volatility in currency exchange rates. Foreign Securities Risk. An ETP s investments in or exposure to foreign issuers involve certain risks including, but not limited to, risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the 4

7 United States. In addition, the securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. Investment Risk. The Fund may experience losses with respect to its investment in an ETP. Further, there is no guarantee that an ETP will achieve its objective. Real Estate Investment Trusts (REITs) Risk. Certain of the ETPs invest in REITs. An ETP s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. REITs are more dependent upon specialized management skills, have limited diversification and are, therefore, generally dependent on their ability to generate cash flow to make distributions to shareholders. In addition, REITs have their own expenses, and the ETP will bear a proportionate share of those expenses. As with any fund, there is no guarantee that the Fund will achieve its investment objective. FUND PERFORMANCE A comparison of the Fund s performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund s website at MANAGEMENT Name AdvisorShares Investments, LLC The Elements Financial Group, LLC Title Advisor Sub-Advisor PORTFOLIO MANAGER Name and Title Length of Service with Sub-Advisor Joshua Emanuel, CFA, Chief Investment Officer since 2010 PURCHASE AND SALE OF FUND SHARES The Fund issues and redeems shares on a continuous basis at their NAV only in a large specified number of shares called a Creation Unit. The shares of the Fund that trade on the Exchange are created at their NAV by market makers, large investors and institutions only in block-size Creation Units of at least 25,000 shares. A creator enters into an authorized participant agreement ( Participant Agreement ) with the Distributor or uses a Depository Trust Company ( DTC ) participant who has executed a Participant Agreement (an Authorized Participant ), and deposits into the Fund a basket of shares of specific ETPs and a specified amount of cash, together totaling the NAV of the Creation Unit(s), in exchange for 25,000 shares of the Fund (or multiples thereof). 5

8 Individual Fund shares may only be purchased and sold in secondary market transactions through brokers. The shares of the Fund are listed on the Exchange, and because shares trade at market prices rather than at NAV, shares may trade at a value greater than or less than their NAV. TAX INFORMATION The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income or capital gains (or a combination thereof), unless you are investing through a tax deferred arrangement such as a 401(k) plan or an individual retirement account ( IRA ). PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Investors purchasing shares in the secondary market through a brokerage account or with the assistance of a broker may be subject to brokerage commissions and charges. If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, AdvisorShares Investments, LLC (the Advisor ) or the Sub-Advisor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing broker-dealers or other intermediaries and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 6

9 MORE INFORMATION ABOUT THE TRUST AND THE FUND AdvisorShares Trust (the Trust ) is a Delaware statutory trust offering a number of professionally managed investment portfolios or funds. This Prospectus describes the AdvisorShares YieldPro ETF. Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies, including shares of the Fund or an ETF. However, under certain circumstances and subject to certain terms and conditions, an investment company may invest in other investment companies ( underlying investment companies ) beyond the limits set forth in Section 12(d)(1). In particular, if an underlying investment company has obtained a Section 12(d)(1) exemptive order from the U.S. Securities and Exchange Commission (the SEC ), the Fund may enter into an agreement with the underlying investment company pursuant to which the Fund may invest in the underlying investment company beyond the Section 12(d)(1) limits subject to the terms and conditions of the underlying investment company s exemptive order. The Fund may enter into such agreements with certain ETFs to permit the Fund to invest in ETFs to an unlimited extent. Creation Units of the Fund are issued and redeemed principally in-kind for shares of specific ETPs and a specific cash payment. EXCEPT WHEN AGGREGATED IN CREATION UNITS, SHARES OF THE FUND ARE NOT REDEEMABLE SECURITIES. MORE INFORMATION ABOUT THE FUND S INVESTMENT OBJECTIVE The investment objective of the Fund is non-fundamental and may be changed by the Board of Trustees of the Trust (the Board ) without a shareholder vote. MORE INFORMATION ABOUT THE FUND S PRINCIPAL INVESTMENT STRATEGIES The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified passive index of securities. Instead, it uses an active investment strategy to seek to meet its investment objective. The Sub-Advisor, subject to the oversight of the Advisor and the Board, has discretion on a daily basis to manage the Fund s portfolio in accordance with the Fund s investment objective and investment policies. Investment Process. The Sub-Advisor constructs the Fund s portfolio through the implementation of a unique, proprietary methodology. The investment process is guided by progressive principals in risk management, complemented with quantitative assessments of market opportunities and risk, and governed through qualitative interpretation and implementation. Investment Selection. Investment opportunities are sourced through quantitative screens on a variety of factors, including but not limited to yield, size, volume, volatility, and a Relative Strength Index (RSI). The objective of the screening process is to identify the securities that provide the most attractive yield per level of volatility. The resulting screen serves as a preliminary list of investable options for the portfolio construction process. Final investment selection will be influenced by the Sub-Advisor s assessment of market related risk factors, risk adjusted risk premiums, and other objective and subjective measures of risk and return opportunities, all of which are integrated into the portfolio construction process. Portfolio Construction and Risk Management. The primary objective of the Fund portfolio construction process is to construct a portfolio that exhibits the maximum amount of yield per level of portfolio volatility, within a variety of risk constraints. Specifically, the portfolio is constrained to exhibit a low quantitative 7

10 relationship to broad equity market risk and a variable relationship to bond market risk. The Fund s portfolio is also constructed to exhibit a diversified risk budget, as measured by the contribution of each investment to the volatility of the total portfolio. The Sub-Advisor believes that traditional asset allocation methodologies misrepresent actual portfolio risk, and understate risk in most cases. Risk is evaluated in the portfolio based on the quantitative relationship between each security and implied volatility, which provides a different perspective of downside risk in the portfolio. Attribution and Enhancements. The Sub-Advisor reviews portfolio performance and risk attribution daily, monthly, quarterly, and annually to ensure consistency with portfolio objectives. Enhancements to the investment process are made gradually over time, to address changes in market conditions and innovation. MORE INFORMATION ABOUT THE PRINCIPAL RISKS OF INVESTING IN THE FUND An investment in the Fund may be appropriate for investors who are willing to accept the risks and uncertainties of investing in a Fund that provides diversified exposure to fixed income investments. The Fund is subject to a number of risks that may affect the value of its shares. The degree to which the risks described below apply to the Fund varies according to its investment allocation. Each investor should review the complete description of the principal risks prior to investing in the Fund. The ETFs in which the Fund invests are themselves investment companies registered under the 1940 Act, the shares of which trade on a national securities exchange. Such ETFs primarily will seek to track the performance of securities indices that correspond generally to the price and yield performance, before fees and expenses, of specific indices representing global regions, countries, styles or sectors. However, the Advisor also may invest in ETFs that are actively managed to achieve similar exposure. The ETFs may be managed by a third-party investment adviser not affiliated with the Advisor or Sub-Advisor or by the Advisor, Sub-Advisor or an affiliated party of either. Under normal market conditions, the Fund will purchase shares of the ETPs in the secondary market. When the Fund invests in an ETP in addition to directly bearing the expenses associated with its own operations, it will also bear a pro rata portion of the ETP s expenses (including operating costs and management fees). Consequently, an investment in the Fund entails more direct and indirect expenses than a direct investment in the ETP. Through its investments in the ETPs, the Fund will be subject to the risks associated with the ETPs investments. Please see Overview of the Principal Risks of ETPs section for a description of these risks. Along with the risks associated with the ETPs, the Fund is subject to a number of other risks that may affect the value of its shares, including: Allocation Risk. The Fund s particular allocations may have a significant effect on the Fund s performance. Allocation risk is the risk that the selection of ETPs and the allocation of assets among such ETPs will cause the Fund to underperform other funds with a similar investment objective that seek to achieve their investment objectives by investing directly in the securities or instruments held by ETPs, by investing in a different selection of ETPs, or by pursuing a different allocation of assets among such ETPs. Because the risks and returns of different ETPs can vary widely over any given time period, the Fund s performance could suffer if a particular ETP does not perform as expected. Counterparty Risk. The Fund may invest in financial instruments involving counterparties for the purpose of attempting to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. Such financial instruments may include, among others, total return, index, interest rate, and credit default swap agreements. The use of swap 8

11 agreements and similar instruments exposes the Fund to risks that are different than those associated with ordinary portfolio securities transactions. For example, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund s exposure to counterparty credit risk. Similarly, if the credit quality of an issuer or guarantor of a debt instrument improves, this change may adversely affect the value of the Fund s investment. Credit Risk. Credit risk is the risk that the Fund could lose money if an issuer or guarantor of a debt instrument becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations. The Fund is also subject to the risk that its investment in a debt instrument could decline because of concerns about the issuer s credit quality or perceived financial condition. Fixed income securities are subject to varying degrees of credit risk, which are sometimes reflected in credit ratings. Derivatives Risk. The Fund may invest in derivatives to gain market exposure, enhance returns or hedge against market declines. Examples of derivatives are options, futures, options on futures and swaps. The Fund s use of derivative instruments involves risks different from or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. These risks could cause the Fund to lose more than the principal amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately larger impact on the Fund. Early Closing Risk. The normal close of trading of securities listed on the Exchange is 4:00 p.m., Eastern Time. An unanticipated early closing of the Exchange may result in a shareholder s inability to buy or sell shares of the Fund on that day. If the Exchange closes early on a day when a shareholder needs to execute trades late in a trading day, the shareholder might incur trading losses. Equity Securities Risk. The prices of equity securities in which the Fund invests rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the equity market tends to move in cycles which may cause stock prices to fall over short or extended periods of time. Fixed Income Securities Risk. Fixed income securities are debt obligations issued by corporations, municipalities and other borrowers. Coupons may be fixed or adjustable, based on a pre-set formula. The market value of fixed income investments may change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the value of such securities generally decline. The prices of high-yield bonds, unlike those of investment grade bonds, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates. Changes by recognized agencies in the rating of any fixed income security and in the ability of an issuer to make payments of interest and principal will also affect the value of 9

12 these investments. Changes in the value of portfolio securities will not affect cash income derived from these securities but will affect a fund s net asset value. Income Risk. The market value of fixed income investments changes in response to interest rate changes and other factors. The Fund s income could decline due to falling market interest rates. This is because, in a falling interest rate environment, a fund generally will have to invest the proceeds from sales of fund shares, as well as the proceeds from maturing portfolio securities in lower-yielding securities. During periods of falling interest rates, the values of outstanding fixed income securities generally rise. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or called ) by the issuer prior to maturity. Interest Rate Risk. The values of debt securities usually rise and fall in response to changes in interest rates. Declining interest rates generally increase the value of existing debt instruments, and rising interest rates generally decrease the value of existing debt instruments. Changes in a debt instrument s value usually will not affect the amount of interest income paid to the Fund, but will affect the value of the Fund s shares. Interest rate risk is generally greater for investments with longer maturities. Certain securities pay interest at variable or floating rates. Variable rate securities reset at specified intervals, while floating rate securities reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the effect of changes in market interest rates on the value of the security. However, some securities do not track the underlying index directly, but reset based on formulas that can produce an effect similar to leveraging; others may also provide for interest payments that vary inversely with market rates. The market prices of these securities may fluctuate significantly when interest rates change. Some investments give the issuer the option to call or redeem an investment before its maturity date. If an issuer calls or redeems an investment during a time of declining interest rates, the Fund might have to reinvest the proceeds in an investment offering a lower yield, and therefore it might not benefit from any increase in value as a result of declining interest rates. Issuer Risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security s or instrument s credit quality or value. Entities providing credit support or a maturity-shortening structure also can be affected by these types of changes. If the structure of a security fails to function as intended, the security could decline in value. Lower-quality debt securities (those of less than investment-grade quality) tend to be particularly sensitive to these changes. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the taxation supporting the project or assets or the inability to collect revenues for the project or from the assets. If it is determined that an issuer of a municipal security has not complied with applicable requirements, the security could decline significantly in value. Lower-quality debt securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities often fluctuates in response to company, political, or economic developments and can decline significantly over short as well as long periods of time or during periods of general or regional economic difficulty. Liquidity Risk. In certain circumstances, it may be difficult for the Fund to purchase and sell particular portfolio investments due to infrequent trading in such investments. The prices of such securities may experience significant volatility, make it more difficult for the Fund to transact significant amounts of such 10

13 securities without an unfavorable impact on prevailing market prices, or make it difficult for the Sub- Advisor to dispose of such securities at a fair price at the time the Sub-Advisor believes it is desirable to do so. In addition, the Fund s investments in certain ETPs may be subject to restrictions on the amount and timing of any redemptions. The Fund s investments in such securities may restrict the Fund s ability to take advantage of other market opportunities and adversely affect the value of the Fund s portfolio holdings. The Fund s investments in certain ETPs also may be subject to trading halts caused by extraordinary market volatility pursuant to circuit breaker rules. Management Risk. The Sub-Advisor continuously evaluates the Fund s holdings, purchases and sales with a view to achieving the Fund s investment objective. However, the achievement of the stated investment objective cannot be guaranteed. Various legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Advisor and a portfolio manager in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective. The Sub-Advisor s judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good a job the Sub- Advisor does, you could lose money on your investment in the Fund, just as you could with other investments. If the Sub- Advisor is incorrect in its assessment of the income, growth or price realization potential of the Fund s holdings or incorrect in its assessment of general market or economic conditions, then the value of the Fund s shares may decline. Market Risk. Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. The Fund s investments may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic conditions or changes in interest or currency rates, or particular countries, segments, economic sectors, industries or companies within those markets. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of securities and financial instruments in which the Fund invests will cause the NAV of the Fund to fluctuate. Historically, the markets have moved in cycles, and the value of the Fund s securities may fluctuate drastically from day to day. Because of its link to the markets, an investment in the Fund may be more suitable for long-term investors who can bear the risk of short-term principal fluctuations, which at times may be significant. Mortgage-Backed Securities Risk. Mortgage-backed securities represent interests in pools of residential mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders. The impairment of the value of collateral or other assets underlying a mortgage-backed security, such as that resulting from non-payment of loans, may result in a reduction in the value of such security and losses to the Fund. Early payoffs in the loans underlying such securities may result in the Fund receiving less income than originally anticipated. The variability in prepayments will tend to limit price gains when interest rates drop and exaggerate price declines when interest rates rise. In the event of high prepayments, the Fund may be required to invest proceeds at lower interest rates, causing the Fund to earn less than if the prepayments had not occurred. Conversely, rising interest rates may cause prepayments to occur at a slower than expected rate, which may effectively change a security that was considered short- or intermediate-term into a longterm security. Long-term securities tend to fluctuate in value more widely in response to changes in interest rates than shorter-term securities. Portfolio Turnover Risk. The Fund s strategy may frequently involve buying and selling securities, which may lead to relatively high portfolio turnover. Higher portfolio turnover may result in the Fund paying 11

14 increased transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover also may cause the Fund s performance to be less than you expect. Premium-Discount Risk. The Fund s shares may trade above or below their net asset value. The market prices of the Fund s shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, the Fund s shares on the Exchange. The trading price of the Fund s shares may deviate significantly from their NAV during periods of market volatility. Prepayment Risk. The Fund may invest in mortgage related securities, which, like other debt securities, may be paid off early if the issuer of a security can repay principal prior to the maturity date. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund s income. If interest rates are rising, the duration of fixed rate mortgage-related securities may be extended, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility. This is known as extension risk. Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares will fluctuate with changes in the market value of the Fund s holdings. The trading prices of shares will fluctuate in accordance with changes in NAV as well as market supply and demand. However, given that shares can be created and redeemed only in Creation Units at NAV (unlike shares of many closed-end mutual funds, which frequently trade at appreciable discounts from, and sometimes premiums to, their NAVs), the Advisor does not believe that large discounts or premiums to NAV will exist for extended periods of time. U.S. Government Securities Risk. Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities and backed by the full faith and credit of the United States only guarantee principal and interest will be timely paid to holders of the securities. The entities do not guarantee that the value of the securities will increase and, in fact, the market values of such obligations may fluctuate. In addition, not all U.S. government securities are backed by the full faith and credit of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. As with investing in other securities whose prices increase or decrease in market value, you may lose money by investing in the Fund. OVERVIEW OF THE PRINCIPAL RISKS OF ETPs The value of your investment in the Fund is based primarily on the prices of the ETPs that the Fund purchases. In turn, the price of each ETP is based on the value of its holdings. The prices of these securities change daily and each ETP s performance reflects the risks of investing in a particular asset class or classes. A general overview of certain of the principal risks of the ETPs is provided below and many of the risks described above also apply to the ETPs. The degree to which the risks described below apply to the Fund varies according to its asset allocation. A complete list of each ETP in which the Fund invests can be found daily on the Trust s website. Each investor should review the complete description of the principal risks of each ETP prior to investing in the Fund. Commodity Risk. Because certain of the ETPs may have a significant portion of their assets concentrated in or exposed to commodities and commodity-linked securities, developments affecting the commodities market may have a disproportionate impact on such ETPs. An ETP s investment in commodities or commodity-linked derivative instruments may subject the ETP (and indirectly the Fund) 12

15 to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss (including the likelihood of greater volatility of the ETP s NAV), and there can be no assurance that the ETP s use of leverage will be successful. Emerging Markets Risk. An ETP s investments in or exposure to emerging markets investments may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with an ETP s investments in or exposure to emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Foreign Currency Risk. The Fund may invest in ETPs that invest in or have exposure to foreign currencies or securities denominated in foreign currency. The value of such currencies or securities denominated in such currencies can change when foreign currencies strengthen or weaken relative to the value of the U.S. dollar. These currency movements may negatively affect the value of the Fund s investment in an ETP even when there is no change in the value of the security or currency in the issuer s home country. Certain ETPs may not hedge against the risk of currency exchange rate fluctuations. Foreign Securities Risk. An ETP s investments in or exposure to securities of foreign issuers involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. An ETP with exposure to foreign investments may also experience more rapid or extreme changes in value than a fund that invests solely in securities of U.S. companies because the securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Foreign withholding taxes may be imposed on income earned by an ETP s investment in or exposure to foreign securities, which may reduce the return on such investments. There is also a risk that the cost of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions. Investment Risk. Similar to an investment in the Fund, an investment in an ETP is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund may experience losses with respect to its investment in an ETP. Further, there is no guarantee that an ETP will be able to achieve its objective. Real Estate Investment Trusts (REITs) Risk. Certain of the ETPs invest in REITs. An ETP s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks 13

16 commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. REITs are more dependent upon specialized management skills, have limited diversification and are, therefore, generally dependent on their ability to generate cash flow to make distributions to shareholders. In addition, REITs have their own expenses, and the ETP will bear a proportionate share of those expenses. OTHER INVESTMENT PRACTICES AND STRATEGIES Temporary Defensive Positions. To respond to adverse market, economic, political or other conditions, the Fund may invest up to 100% of its total assets, without limitation, in debt securities and money market instruments, either directly or through ETPs. The Fund may be invested in this manner for extended periods, depending on the Sub-Advisor s assessment of market conditions. Debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers acceptances, U.S. government securities, repurchase agreements and bonds that are rated BBB or higher. While the Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. Furthermore, to the extent that the Fund invests in money market mutual funds, the Fund would bear its pro rata portion of each such money market fund s advisory fees and operational expenses. Please see the Fund s Statement of Additional Information ( SAI ) for a more complete list of portfolio investment strategies, permitted investments and related risks. PORTFOLIO HOLDINGS A description of the Fund s policies and procedures with respect to the disclosure of Fund portfolio securities is available (i) in the SAI and (ii) on the Trust s website at The Fund s portfolio holdings will be disclosed on the Trust s website daily after the close of trading on the Exchange and prior to the opening of trading on the Exchange the following day. MANAGEMENT OF THE FUND INVESTMENT ADVISOR AdvisorShares Investments, LLC, located at 2 Bethesda Metro Center, Suite 1330, Bethesda, Maryland 20814, serves as investment adviser of the Fund. The Advisor continuously reviews, supervises, and administers the Fund s investment program. In particular, the Advisor provides investment and operational oversight of the Sub-Advisor. The Board supervises the Advisor and establishes policies that the Advisor must follow in its day-to-day management activities. Pursuant to an investment advisory agreement between the Trust and the Advisor, the Advisor shall receive 0.80% of the NAV of the Fund, and such fees do not include breakpoints. The investment advisory agreement may be terminated: (i) by the Board, for any reason at any time; (ii) with respect to the Fund, upon the affirmative vote of a majority of the outstanding voting securities of the Fund; or (iii) by the Advisor upon thirty (30) days prior written notice to the Trust. As of October 17, 2013, the Advisor had approximately $983million in assets under management. The Advisor bears all of its own costs associated with providing these advisory services and the expenses of the members of the Board who are affiliated with the Advisor. The Advisor may make payments from its own resources to broker-dealers and other financial institutions in connection with the sale of Fund shares. The Advisor has contractually agreed to reduce its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, Acquired Fund Fees and Expenses, other expenditures which are 14

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF (NYSE Arca Ticker: FLRT) SUMMARY PROSPECTUS November 1, 2018

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF (NYSE Arca Ticker: FLRT) SUMMARY PROSPECTUS November 1, 2018 ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF (NYSE Arca Ticker: FLRT) SUMMARY PROSPECTUS November 1, 2018 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus

More information

Hull Tactical US ETF EXCHANGE TRADED CONCEPTS TRUST. Prospectus. March 30, 2018

Hull Tactical US ETF EXCHANGE TRADED CONCEPTS TRUST. Prospectus. March 30, 2018 EXCHANGE TRADED CONCEPTS TRUST Prospectus March 30, 2018 Hull Tactical US ETF Principal Listing Exchange for the Fund: NYSE Arca, Inc. ( NYSE Arca ) Ticker Symbol: HTUS Neither the Securities and Exchange

More information

ADVISORSHARES TRUST. ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF NASDAQ Ticker: DWMC ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWSH

ADVISORSHARES TRUST. ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF NASDAQ Ticker: DWMC ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWSH ADVISORSHARES TRUST ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF NASDAQ Ticker: DWMC ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWSH Supplement dated June 12, 2018 to the Prospectus and Statement

More information

Wealthfront Risk Parity Fund

Wealthfront Risk Parity Fund Wealthfront Risk Parity Fund Class W WFRPX A Series of Two Roads Shared Trust Supplement dated April 18, 2018 to the Prospectus and SAI dated January 15, 2018 At a meeting held on April 6, 2018, the Board

More information

West Shore Real Return Income Fund

West Shore Real Return Income Fund West Shore Real Return Income Fund PROSPECTUS November 1, 2013 Class A AWSFX Class I IWSFX Class N NWSFX Class R RWSFX www.westshorefunds.com 1-855-WSFUNDS (973-8637) This Prospectus provides important

More information

RESQ Absolute Income Fund Class A Shares (RQIAX) Class I Shares (RQIIX) RESQ Absolute Equity Fund Class A Shares (RQEAX) Class I Shares (RQEIX)

RESQ Absolute Income Fund Class A Shares (RQIAX) Class I Shares (RQIIX) RESQ Absolute Equity Fund Class A Shares (RQEAX) Class I Shares (RQEIX) RESQ Absolute Income Fund Class A Shares (RQIAX) Class I Shares (RQIIX) RESQ Absolute Equity Fund Class A Shares (RQEAX) Class I Shares (RQEIX) PROSPECTUS December 13, 2013 Adviser: RESQ Investment Partners,

More information

WEALTHFRONT RISK PARITY FUND

WEALTHFRONT RISK PARITY FUND WEALTHFRONT RISK PARITY FUND SUMMARY PROSPECTUS January 15, 2018, as amended on April 18, 2018 Class W WFRPX a series of Two Roads Shared Trust Before you invest, you may want to review the Fund s Prospectus,

More information

Hull Tactical US ETF EXCHANGE TRADED CONCEPTS TRUST. Prospectus. April 1, 2019

Hull Tactical US ETF EXCHANGE TRADED CONCEPTS TRUST. Prospectus. April 1, 2019 EXCHANGE TRADED CONCEPTS TRUST Prospectus April 1, 2019 Hull Tactical US ETF Principal Listing Exchange for the Fund: NYSE Arca, Inc. Ticker Symbol: HTUS Neither the U.S. Securities and Exchange Commission

More information

DWMC DWSH. ADVISORSHARES TRUST 4800 Montgomery Lane Suite 150 Bethesda, Maryland

DWMC DWSH. ADVISORSHARES TRUST 4800 Montgomery Lane Suite 150 Bethesda, Maryland DWMC ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF DWSH ADVISORSHARES DORSEY WRIGHT SHORT ETF NASDAQ Ticker: DWMC NASDAQ Ticker: DWSH Sub-advised by: Dorsey, Wright & Associates, LLC ADVISORSHARES TRUST 4800

More information

COLUMBIA VARIABLE PORTFOLIO ASSET ALLOCATION FUND

COLUMBIA VARIABLE PORTFOLIO ASSET ALLOCATION FUND PROSPECTUS May 1, 2017 COLUMBIA VARIABLE PORTFOLIO ASSET ALLOCATION FUND The Fund may offer Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance

More information

Holbrook Income Fund

Holbrook Income Fund Holbrook Income Fund PROSPECTUS August 28, 2017 Class I HOBIX Investor Class HOBEX www.holbrookholdings.com 1-877-345-8646 This Prospectus provides important information about the Fund that you should

More information

REX GOLD HEDGED S&P 500 ETF Ticker Symbol: GHS

REX GOLD HEDGED S&P 500 ETF Ticker Symbol: GHS EXCHANGE TRADED CONCEPTS TRUST Prospectus July 31, 2017 REX GOLD HEDGED S&P 500 ETF Ticker Symbol: GHS Principal Listing Exchange for the Fund: NYSE Arca, Inc. The shares of the Fund have not been approved

More information

FlexShares Trust Prospectus

FlexShares Trust Prospectus FlexShares Trust Prospectus Fund Ticker Stock Exchange FlexShares Ready Access Variable Income Fund RAVI NYSE Arca FlexShares Core Select Bond Fund BNDC NYSE Arca Prospectus dated March 1, 2018. An investment

More information

Columbia Large Cap Growth ETF

Columbia Large Cap Growth ETF Prospectus March 1, 2015 Columbia Large Cap Growth ETF Ticker Symbol RPX This prospectus provides important information about the Columbia Large Cap Growth ETF (the Fund), an exchangetraded fund (ETF)

More information

AQR Style Premia Alternative Fund

AQR Style Premia Alternative Fund AQR Style Premia Alternative Fund Fund Summary May 1, 2015 Ticker: Class I/QSPIX Class N/QSPNX Before you invest, you may want to review the Fund s prospectus, which contains more information about the

More information

Hanlon Managed Income Fund Hanlon Tactical Dividend and Momentum Fund

Hanlon Managed Income Fund Hanlon Tactical Dividend and Momentum Fund Hanlon Managed Income Fund Hanlon Tactical Dividend and Momentum Fund PROSPECTUS August 12, 2015 Hanlon Managed Income Fund Class A HANAX Class C HANCX Class I HANIX Class R HANRX Hanlon Tactical Dividend

More information

IMS Capital Management, Inc.

IMS Capital Management, Inc. IMS Capital Management, Inc. IMS Capital Value Fund Institutional Class Shares (Ticker Symbol: IMSCX) IMS Strategic Income Fund Institutional Class Shares (Ticker Symbol: IMSIX) IMS Dividend Growth Fund

More information

Columbia Select Large Cap Value ETF

Columbia Select Large Cap Value ETF Prospectus March 1, 2015 Columbia Select Large Cap Value ETF Ticker Symbol GVT This prospectus provides important information about the Columbia Select Large Cap Value ETF (the Fund), an exchange-traded

More information

PRINCIPAL FUNDS, INC. ( PFI )

PRINCIPAL FUNDS, INC. ( PFI ) PRINCIPAL FUNDS, INC. ( PFI ) Institutional Class Shares Class R-1 Shares Class R-2 Shares Class R-3 Shares Class R-4 Shares Class R-5 Shares Class R-6 Shares The date of this Prospectus is September 6,

More information

WSTCM SECTOR SELECT RISK-MANAGED FUND

WSTCM SECTOR SELECT RISK-MANAGED FUND Prospectus December 31, 2017 WSTCM SECTOR SELECT RISK-MANAGED FUND Investor Shares (Ticker Symbol: WSTEX) Institutional Shares (Ticker Symbol: WSTIX) WSTCM CREDIT SELECT RISK-MANAGED FUND Investor Shares

More information

Summary Prospectus Innovator IBD ETF Leaders ETF

Summary Prospectus Innovator IBD ETF Leaders ETF Summary Prospectus Innovator IBD ETF Leaders ETF (NYSE Arca LDRS) March 13, 2018 Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

EXCHANGE TRADED CONCEPTS TRUST. REX VolMAXX TM Long VIX Futures Strategy ETF. Summary Prospectus March 30, 2018, as revised April 25, 2018

EXCHANGE TRADED CONCEPTS TRUST. REX VolMAXX TM Long VIX Futures Strategy ETF. Summary Prospectus March 30, 2018, as revised April 25, 2018 EXCHANGE TRADED CONCEPTS TRUST REX VolMAXX TM Long VIX Futures Strategy ETF Summary Prospectus March 30, 2018, as revised April 25, 2018 Principal Listing Exchange for the Fund: Cboe BZX Exchange, Inc.

More information

EXCHANGE LISTED FUNDS TRUST. Prospectus. April 1, Saba Closed-End Funds ETF Ticker Symbol: CEFS

EXCHANGE LISTED FUNDS TRUST. Prospectus. April 1, Saba Closed-End Funds ETF Ticker Symbol: CEFS EXCHANGE LISTED FUNDS TRUST Prospectus April 1, 2019 Saba Closed-End Funds ETF Ticker Symbol: CEFS Principal Listing Exchange for the Fund: Cboe BZX Exchange, Inc. Neither the U.S. Securities and Exchange

More information

Multi-Strategy Total Return Fund A fund seeking attractive risk adjusted returns through a global portfolio of stocks, bonds, and other investments.

Multi-Strategy Total Return Fund A fund seeking attractive risk adjusted returns through a global portfolio of stocks, bonds, and other investments. SUMMARY PROSPECTUS TMSRX TMSSX TMSAX Investor Class I Class Advisor Class March 1, 2018 T. Rowe Price Multi-Strategy Total Return Fund A fund seeking attractive risk adjusted returns through a global portfolio

More information

TOPS Managed Risk Balanced ETF Portfolio TOPS Managed Risk Moderate Growth ETF Portfolio TOPS Managed Risk Growth ETF Portfolio

TOPS Managed Risk Balanced ETF Portfolio TOPS Managed Risk Moderate Growth ETF Portfolio TOPS Managed Risk Growth ETF Portfolio TOPS Managed Risk Balanced ETF Portfolio TOPS Managed Risk Moderate Growth ETF Portfolio TOPS Managed Risk Growth ETF Portfolio Class 3 shares Class 4 shares PROSPECTUS May 1, 2017 1-855-572-5945 This

More information

2016 SUMMARY PROSPECTUS

2016 SUMMARY PROSPECTUS MARCH 1, 2016 2016 SUMMARY PROSPECTUS ishares ibonds Mar 2016 Corporate ETF* IBDA NYSE ARCA Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund

More information

Prospectus May 1, 2014

Prospectus May 1, 2014 Prospectus May 1, 2014 Class Z Fund Forward Commodity Long/Short Strategy Fund Forward Floating NAV Short Duration Fund Forward Frontier Strategy Fund Forward High Yield Bond Fund Forward Investment Grade

More information

COLUMBIA VARIABLE PORTFOLIO SMALL CAP VALUE FUND

COLUMBIA VARIABLE PORTFOLIO SMALL CAP VALUE FUND PROSPECTUS May 1, 2018 COLUMBIA VARIABLE PORTFOLIO SMALL CAP VALUE FUND The Fund may offer Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance

More information

Columbia Select Large Cap Growth ETF

Columbia Select Large Cap Growth ETF Prospectus March 1, 2015 Columbia Select Large Cap Growth ETF Ticker Symbol RWG This prospectus provides important information about the Columbia Select Large Cap Growth ETF (the Fund), an exchange-traded

More information

STRATEGY SHARES NASDAQ 7 HANDL Index ETF NASDAQ Ticker: HNDL

STRATEGY SHARES NASDAQ 7 HANDL Index ETF NASDAQ Ticker: HNDL STRATEGY SHARES NASDAQ 7 HANDL Index ETF NASDAQ Ticker: HNDL SUMMARY PROSPECTUS JANUARY 12, 2018 Before you invest, you may want to review the Fund s complete prospectus, which contains more information

More information

ETF INVESTMENTS. Prospectus. O Shares FTSE Europe Quality Dividend Hedged ETF (OEUH) O Shares FTSE Asia Pacific Quality Dividend ETF (OASI)

ETF INVESTMENTS. Prospectus. O Shares FTSE Europe Quality Dividend Hedged ETF (OEUH) O Shares FTSE Asia Pacific Quality Dividend ETF (OASI) O SHARES ETF INVESTMENTS Prospectus O Shares FTSE U.S. Quality Dividend ETF (OUSA) O Shares FTSE Europe Quality Dividend ETF (OEUR) O Shares FTSE Europe Quality Dividend Hedged ETF (OEUH) O Shares FTSE

More information

Principal Listing Exchange for each Fund: Cboe BZX Exchange, Inc.

Principal Listing Exchange for each Fund: Cboe BZX Exchange, Inc. EXCHANGE TRADED CONCEPTS TRUST Prospectus March 30, 2018 REX VolMAXX TM LONG VIX WEEKLY FUTURES STRATEGY ETF (VMAX) REX VolMAXX TM SHORT VIX WEEKLY FUTURES STRATEGY ETF (VMIN) Principal Listing Exchange

More information

Prospectus April 30, 2018

Prospectus April 30, 2018 PIMCO Variable Insurance Trust Prospectus April 30, 2018 Share Class: Administrative STRATEGIC ASSET ALLOCATION PORTFOLIO WITH DYNAMIC RISK MANAGEMENT PIMCO Global Diversified Allocation Portfolio This

More information

Prospectus. May 1, Natixis ETFs Natixis Loomis Sayles Short Duration Income ETF

Prospectus. May 1, Natixis ETFs Natixis Loomis Sayles Short Duration Income ETF Prospectus May 1, 2018 Natixis ETFs Natixis Loomis Sayles Short Duration Income ETF NYSE Arca: LSST The Securities and Exchange Commission ( SEC ) has not approved or disapproved the Fund s shares or determined

More information

JPMorgan Insurance Trust

JPMorgan Insurance Trust Prospectus JPMorgan Insurance Trust Class 1 Shares May 1, 2017 JPMorgan Insurance Trust Small Cap Core Portfolio* * The Portfolio does not have an exchange ticker symbol. The Securities and Exchange Commission

More information

Summary Prospectus. FlexShares Disciplined Duration MBS Index Fund. March 1, 2018 Ticker: MBSD Stock Exchange: NASDAQ. Example. Investment Objective

Summary Prospectus. FlexShares Disciplined Duration MBS Index Fund. March 1, 2018 Ticker: MBSD Stock Exchange: NASDAQ. Example. Investment Objective Summary Prospectus FlexShares Disciplined Duration MBS Index Fund March 1, 2018 Ticker: MBSD Stock Exchange: NASDAQ Before you invest, you may want to review the Fund s complete Prospectus, which contains

More information

SUMMARY PROSPECTUS May 1, 2018

SUMMARY PROSPECTUS May 1, 2018 Rational/ReSolve Adaptive Asset Allocation Fund (formerly, Rational Dynamic Momentum Fund) Class A : RDMAX Class C : RDMCX Institutional : RDMIX SUMMARY PROSPECTUS May 1, 2018 Before you invest, you may

More information

Arrow Dow Jones Global Yield ETF

Arrow Dow Jones Global Yield ETF ArrowShares EXCHANGE TRADED SOLUTIONS Arrow Dow Jones Global Yield ETF GYLD 1-877-277-6933 1-877-ARROW-FD www.arrowshares.com Summary Prospectus June 1, 2017 Before you invest, you may want to review the

More information

O SHARES ETF INVESTMENTS. FQF Trust. Summary Prospectus October 31, O Shares FTSE Europe Quality Dividend ETF

O SHARES ETF INVESTMENTS. FQF Trust. Summary Prospectus October 31, O Shares FTSE Europe Quality Dividend ETF O SHARES ETF INVESTMENTS FQF Trust O Shares FTSE Europe Quality Dividend ETF NYSE Arca OEUR Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund

More information

EXCHANGE LISTED FUNDS TRUST. Saba Closed-End Funds ETF (the Fund ) Supplement dated November 13, 2017 to the Fund s currently effective Prospectus

EXCHANGE LISTED FUNDS TRUST. Saba Closed-End Funds ETF (the Fund ) Supplement dated November 13, 2017 to the Fund s currently effective Prospectus EXCHANGE LISTED FUNDS TRUST Saba Closed-End Funds ETF (the Fund ) Supplement dated November 13, 2017 to the Fund s currently effective Prospectus This supplement provides new and additional information

More information

PIMCO TRENDS Managed Futures Strategy Fund

PIMCO TRENDS Managed Futures Strategy Fund PIMCO TRENDS Managed Futures Strategy Fund SUMMARY PROSPECTUS July 30, 2018 Share Class: Inst I-2 I-3 A C Ticker: PQTIX PQTPX PQTNX PQTAX PQTCX Before you invest, you may want to review the Fund s prospectus,

More information

Centaur Total Return Fund

Centaur Total Return Fund Centaur Total Return Fund Ticker Symbol TILDX Centaur Total Return Fund PROSPECTUS February 28, 2018 Investment Advisor Centaur Capital Partners, L.P. Southlake Town Square 1460 Main Street, Suite 234

More information

LVIP PIMCO Low Duration Bond Fund. Summary Prospectus May 1, (Standard and Service Class) Investment Objective.

LVIP PIMCO Low Duration Bond Fund. Summary Prospectus May 1, (Standard and Service Class) Investment Objective. LVIP PIMCO Low Duration Bond Fund (Standard and Service Class) Summary Prospectus May 1, 2017 Before you invest, you may want to review the Fund s Prospectus, which contains more information about the

More information

PIMCO CommoditiesPLUS Strategy Fund

PIMCO CommoditiesPLUS Strategy Fund PIMCO CommoditiesPLUS Strategy Fund SUMMARY PROSPECTUS July 30, 2018 Share Class: Inst I-2 I-3 Admin A C Ticker: PCLIX PCLPX PCLNX PCPSX PCLAX PCPCX Before you invest, you may want to review the Fund s

More information

O SHARES ETF INVESTMENTS. OSI ETF Trust. Summary Prospectus October 31, O Shares FTSE Russell Small Cap Quality Dividend ETF

O SHARES ETF INVESTMENTS. OSI ETF Trust. Summary Prospectus October 31, O Shares FTSE Russell Small Cap Quality Dividend ETF O SHARES ETF INVESTMENTS OSI ETF Trust O Shares FTSE Russell Small Cap Quality Dividend ETF NYSE Arca OUSM Before you invest, you may want to review the Fund s Prospectus, which contains more information

More information

Franklin Liberty Short Duration U.S. Government ETF

Franklin Liberty Short Duration U.S. Government ETF Franklin Liberty Short Duration U.S. Government ETF Prospectus October 1, 2016 Franklin ETF Trust TICKER: EXCHANGE: formerly, Franklin Short Duration U.S. Government ETF FTSD NYSE Arca, Inc. The U.S. Securities

More information

INFRACAP MLP ETF (TICKER: AMZA)

INFRACAP MLP ETF (TICKER: AMZA) PROSPECTUS February 28, 2018 INFRACAP MLP ETF (TICKER: AMZA) a series of the ETFIS SERIES TRUST I The InfraCap MLP ETF (the Fund ) is an actively managed exchange-traded fund ( ETF ). Shares of the Fund

More information

2018 SUMMARY PROSPECTUS

2018 SUMMARY PROSPECTUS MARCH 1, 2018 2018 SUMMARY PROSPECTUS ishares Ultra Short-Term Bond ETF ICSH CBOE BZX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and

More information

PIMCO REALPATH Blend 2035 Fund

PIMCO REALPATH Blend 2035 Fund SUMMARY PROSPECTUS October 27, 2017 (as supplemented July 30, 2018) Share Class Inst Admin A R Ticker PDGZX PDGDX PDGAX Before you invest, you may want to review the Fund s prospectus, which, as supplemented,

More information

Class 1 Shares Class 2 Shares Investor Class Shares. Class 1 shares Class 2 shares Class 3 shares Class 4 shares Investor Class shares

Class 1 Shares Class 2 Shares Investor Class Shares. Class 1 shares Class 2 shares Class 3 shares Class 4 shares Investor Class shares TOPS Conservative ETF Portfolio TOPS Balanced ETF Portfolio TOPS Moderate Growth ETF Portfolio TOPS Growth ETF Portfolio TOPS Aggressive Growth ETF Portfolio Class 1 Shares Class 2 Shares Investor Class

More information

The Fund s investment objective is to seek long-term total return.

The Fund s investment objective is to seek long-term total return. SUMMARY PROSPECTUS July 31, 2017 DoubleLine Strategic Commodity Fund DoubleLine F U N D S Share Class (Ticker): Class I (DBCMX) Class N (DLCMX) Before you invest, you may wish to review the Fund s Prospectus,

More information

Prospectus. Access VP High Yield Fund SM

Prospectus. Access VP High Yield Fund SM Prospectus MAY 1, 2018 Access VP High Yield Fund SM Like shares of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities

More information

The Universal Institutional Funds, Inc.

The Universal Institutional Funds, Inc. Class II Prospectus August 26, 2016 The Universal Institutional Funds, Inc. Global Strategist Portfolio Total return. Adviser Morgan Stanley Investment Management Inc. The Universal Institutional Funds,

More information

(each, a Fund and collectively, the Funds )

(each, a Fund and collectively, the Funds ) BLACKROCK FUNDS V BlackRock Core Bond Portfolio BlackRock Credit Strategies Income Fund BlackRock Emerging Markets Bond Fund BlackRock Emerging Markets Flexible Dynamic Bond Portfolio BlackRock Emerging

More information

Prospectus. Innovator IBD 50 ETF (formerly Innovator IBD 50 Fund)

Prospectus. Innovator IBD 50 ETF (formerly Innovator IBD 50 Fund) Prospectus Innovator IBD 50 ETF (formerly Innovator IBD 50 Fund) (NYSE Arca FFTY) November 20, 2017 Innovator IBD 50 ETF (the Fund ) is a series of Innovator ETFs Trust (the Trust ) and an exchange-traded

More information

Guggenheim Variable Insurance Funds Summary Prospectus

Guggenheim Variable Insurance Funds Summary Prospectus 5.1.2017 Guggenheim Variable Insurance Funds Summary Prospectus Rydex Domestic Equity Broad Market Fund Inverse S&P 500 Strategy Fund The Fund is very different from most mutual funds in that it seeks

More information

HIGHLAND FUNDS I INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE. HFI-SUP-4/13/17

HIGHLAND FUNDS I INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE. HFI-SUP-4/13/17 HIGHLAND FUNDS I Supplement dated April 13, 2017 to the Summary Prospectus for Highland Opportunistic Credit Fund and the Highland Funds I Prospectus and Statement of Additional Information, each dated

More information

JPMorgan Insurance Trust Class 1 Shares

JPMorgan Insurance Trust Class 1 Shares Prospectus JPMorgan Insurance Trust Class 1 Shares May 1, 2017 JPMorgan Insurance Trust Core Bond Portfolio* * The Portfolio does not have an exchange ticker symbol. The Securities and Exchange Commission

More information

Prospectus. Access VP High Yield Fund SM

Prospectus. Access VP High Yield Fund SM Prospectus MAY 1, 2018 as supplemented April 5, 2019 Access VP High Yield Fund SM Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies

More information

Semper MBS Total Return Fund. Semper Short Duration Fund. Prospectus March 30, 2018

Semper MBS Total Return Fund. Semper Short Duration Fund. Prospectus March 30, 2018 Semper MBS Total Return Fund Class A Institutional Class Investor Class SEMOX SEMMX SEMPX Semper Short Duration Fund Institutional Class Investor Class SEMIX SEMRX (Each a Fund, together the Funds ) Each

More information

PIMCO REALPATH Blend Income Fund

PIMCO REALPATH Blend Income Fund PIMCO REALPATH Blend Income Fund SUMMARY PROSPECTUS October 27, 2017 Share Class Inst Admin D A R Ticker PBRNX PBRDX PBRAX Before you invest, you may want to review the Fund s prospectus, which, as supplemented,

More information

(each, a Fund and collectively, the Funds )

(each, a Fund and collectively, the Funds ) BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Funds II BlackRock International Bond Portfolio BlackRock Multi-State Municipal Series

More information

Investment Grade Floating Rate ETF

Investment Grade Floating Rate ETF FLTR APRIL 19, 2011 Investment Grade Floating Rate ETF Principal U.S. Listing Exchange: NYSE Arca, Inc. The U.S. Securities and Exchange Commission ( SEC ) has not approved or disapproved these securities

More information

DIREXION SHARES ETF TRUST

DIREXION SHARES ETF TRUST DIREXION SHARES ETF TRUST DIREXION DAILY MID CAP BULL 3X SHARES (MIDU) DIREXION DAILY INDIA BULL 3X SHARES (INDL) DIREXION DAILY HEALTHCARE BULL 3X SHARES (CURE) DIREXION DAILY RETAIL BULL 3X SHARES (RETL)

More information

YieldShares High Income ETF. Summary Prospectus May 1, Principal Listing Exchange for the Fund: NYSE Arca, Inc. Ticker Symbol: YYY

YieldShares High Income ETF. Summary Prospectus May 1, Principal Listing Exchange for the Fund: NYSE Arca, Inc. Ticker Symbol: YYY EXCHANGE TRADED CONCEPTS TRUST YieldShares High Income ETF Summary Prospectus May 1, 2017 Principal Listing Exchange for the Fund: NYSE Arca, Inc. Ticker Symbol: YYY Before you invest, you may want to

More information

Summary Prospectus. FlexShares Real Assets Allocation Index Fund. March 1, 2018 Ticker: ASET Stock Exchange: NASDAQ. Investment Objective.

Summary Prospectus. FlexShares Real Assets Allocation Index Fund. March 1, 2018 Ticker: ASET Stock Exchange: NASDAQ. Investment Objective. Summary Prospectus FlexShares Real Assets Allocation Index Fund March 1, 2018 Ticker: ASET Stock Exchange: NASDAQ Before you invest, you may want to review the Fund s complete Prospectus, which contains

More information

O SHARES ETF INVESTMENTS. OSI ETF Trust. Summary Prospectus October 31, O Shares FTSE U.S. Quality Dividend ETF

O SHARES ETF INVESTMENTS. OSI ETF Trust. Summary Prospectus October 31, O Shares FTSE U.S. Quality Dividend ETF O SHARES ETF INVESTMENTS OSI ETF Trust O Shares FTSE U.S. Quality Dividend ETF NYSE Arca OUSA Before you invest, you may want to review the Fund s Prospectus, which contains more information about the

More information

FUND SUMMARY: NAVIGATOR TACTICAL FIXED INCOME FUND. 1 FUND SUMMARY: NAVIGATOR DURATION NEUTRAL BOND FUND.

FUND SUMMARY: NAVIGATOR TACTICAL FIXED INCOME FUND. 1 FUND SUMMARY: NAVIGATOR DURATION NEUTRAL BOND FUND. TABLE OF CONTENTS FUND SUMMARY: NAVIGATOR TACTICAL FIXED INCOME FUND... 1 FUND SUMMARY: NAVIGATOR DURATION NEUTRAL BOND FUND... 6 FUND SUMMARY: NAVIGATOR EQUITY HEDGED FUND... 10 FUND SUMMARY: NAVIGATOR

More information

SunAmerica Focused Asset Allocation Strategies

SunAmerica Focused Asset Allocation Strategies SunAmerica Focused Asset Allocation Strategies Prospectus 2016 www.safunds.com SUNAMERICA SERIES, INC. Focused Balanced Strategy Portfolio Focused Multi-Asset Strategy Portfolio (each, a Portfolio, and

More information

SunAmerica Focused Asset Allocation Strategies

SunAmerica Focused Asset Allocation Strategies SunAmerica Focused Asset Allocation Strategies Prospectus 2014 www.safunds.com THIS IS A PRIVACY STATEMENT AND NOT PART OF THE PROSPECTUS. Privacy Statement SunAmerica collects nonpublic personal information

More information

CTIVP SM AQR MANAGED FUTURES STRATEGY FUND

CTIVP SM AQR MANAGED FUTURES STRATEGY FUND PROSPECTUS May 1, 2018 (FORMERLY KNOWN AS VARIABLE PORTFOLIO AQR MANAGED FUTURES STRATEGY FUND) The Fund may offer Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and

More information

Prospectus Investor and Service Class Shares

Prospectus Investor and Service Class Shares Prospectus Investor and Service Class Shares FEBRUARY 28, 2019 Access One Trust INVESTOR CLASS SERVICE CLASS Access Flex Bear High Yield Fund SM AFBIX AFBSX Access Flex High Yield Fund SM FYAIX FYASX Beginning

More information

INCOME FUND THE BDC INCOME FUND. PROSPECTUS November 24, Advised by: Full Circle Advisors, LLC

INCOME FUND THE BDC INCOME FUND. PROSPECTUS November 24, Advised by: Full Circle Advisors, LLC BDC INCOME FUND THE BDC INCOME FUND INSTITUTIONAL SHARES (IBDCX) A SHARES (ABDCX) C SHARES (NBDCX) PROSPECTUS November 24, 2014 Advised by: Full Circle Advisors, LLC www.bdcincomefund.com The Securities

More information

O SHARES ETF INVESTMENTS. OSI ETF Trust. Summary Prospectus October 31, O Shares FTSE Russell International Quality Dividend ETF

O SHARES ETF INVESTMENTS. OSI ETF Trust. Summary Prospectus October 31, O Shares FTSE Russell International Quality Dividend ETF O SHARES ETF INVESTMENTS OSI ETF Trust O Shares FTSE Russell International Quality Dividend ETF NYSE Arca ONTL Before you invest, you may want to review the Fund s Prospectus, which contains more information

More information

RENAISSANCE CAPITAL GREENWICH FUNDS

RENAISSANCE CAPITAL GREENWICH FUNDS RENAISSANCE CAPITAL GREENWICH FUNDS ETF SERIES Prospectus January 31, 2018 Fund Principal U.S. Listing Exchange Ticker Renaissance IPO ETF NYSE Arca, Inc. IPO Renaissance International IPO ETF NYSE Arca,

More information

PRINCIPAL FUNDS, INC. ( PFI )

PRINCIPAL FUNDS, INC. ( PFI ) PRINCIPAL FUNDS, INC. ( PFI ) Class Institutional Shares The date of this Prospectus is March 10, 2015. Fund Opportunistic Municipal Ticker Symbol by Share Class Institutional POMFX The Securities and

More information

COLUMBIA VARIABLE PORTFOLIO SELECT SMALLER- CAP VALUE FUND

COLUMBIA VARIABLE PORTFOLIO SELECT SMALLER- CAP VALUE FUND PROSPECTUS May 1, 2018 COLUMBIA VARIABLE PORTFOLIO SELECT SMALLER- CAP VALUE FUND The Fund may offer Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable

More information

O SHARES ETF INVESTMENTS. OSI ETF Trust. Summary Prospectus October 31, O Shares FTSE Russell Small Cap Quality Dividend ETF

O SHARES ETF INVESTMENTS. OSI ETF Trust. Summary Prospectus October 31, O Shares FTSE Russell Small Cap Quality Dividend ETF O SHARES ETF INVESTMENTS OSI ETF Trust O Shares FTSE Russell Small Cap Quality Dividend ETF NYSE Arca OUSM Before you invest, you may want to review the Fund s Prospectus, which contains more information

More information

ADVISORSHARES TRUST. ADVISORSHARES KIM KOREA EQUITY ETF NYSE Arca Ticker: KOR

ADVISORSHARES TRUST. ADVISORSHARES KIM KOREA EQUITY ETF NYSE Arca Ticker: KOR ADVISORSHARES TRUST ADVISORSHARES KIM KOREA EQUITY ETF NYSE Arca Ticker: KOR Supplement dated April 26, 2018 to the Summary Prospectus, Prospectus, and Statement of Additional Information dated November

More information

Swan Defined Risk Fund. Swan Defined Risk Emerging Markets Fund

Swan Defined Risk Fund. Swan Defined Risk Emerging Markets Fund Swan Defined Risk Fund Class A Shares SDRAX Class C Shares SDRCX Class I Shares SDRIX Swan Defined Risk Emerging Markets Fund Class A Shares SDFAX Class C Shares SDFCX Class I Shares SDFIX PROSPECTUS December

More information

2018 SUMMARY PROSPECTUS

2018 SUMMARY PROSPECTUS JUNE 29, 2018 2018 SUMMARY PROSPECTUS ishares National Muni Bond ETF MUB NYSE ARCA Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

2018 SUMMARY PROSPECTUS

2018 SUMMARY PROSPECTUS MARCH 1, 2018 2018 SUMMARY PROSPECTUS ishares ibonds Dec 2023 Term Muni Bond ETF* IBML CBOE BZX Before you invest, you may want to review the Fund s prospectus, which contains more information about the

More information

Guggenheim Variable Insurance Funds Summary Prospectus

Guggenheim Variable Insurance Funds Summary Prospectus 5.1.2018 Guggenheim Variable Insurance Funds Summary Prospectus Rydex Domestic Equity Broad Market Fund NASDAQ-100 Fund Before you invest, you may wish to review the Fund s Prospectus, which contains more

More information

SUMMARY PROSPECTUS SIMT Dynamic Asset Allocation Fund (SDYYX) Class Y

SUMMARY PROSPECTUS SIMT Dynamic Asset Allocation Fund (SDYYX) Class Y January 31, 2018 SUMMARY PROSPECTUS SIMT Dynamic Asset Allocation Fund (SDYYX) Class Y Before you invest, you may want to review the Fund s prospectus, which contains information about the Fund and its

More information

Eaton Vance Short Duration Strategic Income Fund

Eaton Vance Short Duration Strategic Income Fund Click here to view the Fund s Prospectus Click here to view the Fund s Statement of Additional Information Summary Prospectus dated March 1, 2018 Eaton Vance Short Duration Strategic Income Fund Class

More information

PIMCO Variable Insurance Trust

PIMCO Variable Insurance Trust PIMCO Variable Insurance Trust Supplement Dated May 1, 2017 to the Administrative Class Prospectus, Institutional Class Prospectus, and Advisor Class and Class M Prospectus, each dated April 28, 2017,

More information

SUMMARY PROSPECTUS. TCW Global Real Estate Fund FEBRUARY 28 I SHARE: TGREX N SHARE: TGRYX

SUMMARY PROSPECTUS. TCW Global Real Estate Fund FEBRUARY 28 I SHARE: TGREX N SHARE: TGRYX TCW Global Real Estate Fund I SHARE: TGREX N SHARE: TGRYX 20 8 FEBRUARY 28 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contains more information about the Fund

More information

The Aspiration Funds

The Aspiration Funds The Aspiration Funds Aspiration Flagship Fund Ticker Symbol: ASPFX Aspiration Redwood Fund Ticker Symbol: REDWX Each a series of the Aspiration Funds PROSPECTUS January 30, 2017 This prospectus contains

More information

PROSPECTUS October 1, 2016

PROSPECTUS October 1, 2016 PROSPECTUS October 1, 2016 VALIC COMPANY I Dynamic Allocation Fund (Ticker Symbol: VDAFX) This Prospectus contains information you should know before investing, including information about risks. Please

More information

BLACKROCK FUNDS II BlackRock Low Duration Bond Portfolio (the Fund ) Class K Shares

BLACKROCK FUNDS II BlackRock Low Duration Bond Portfolio (the Fund ) Class K Shares BLACKROCK FUNDS II BlackRock Low Duration Bond Portfolio (the Fund ) Class K Shares Supplement dated March 28, 2018 to the Summary Prospectus and Prospectus, each dated January 26, 2018, as supplemented

More information

PIMCO Equity Series. Disclosure Related to the Distribution and Servicing Plans

PIMCO Equity Series. Disclosure Related to the Distribution and Servicing Plans PIMCO Equity Series Supplement Dated April 1, 2012 to the PIMCO Emerging Multi-Asset Fund, PIMCO EqS Emerging Markets Fund and PIMCO EqS Pathfinder Fund - Institutional Class, Class P, Administrative Class

More information

Retail Money Market Funds

Retail Money Market Funds Prospectus June 1, 2017 Retail Money Market Funds Wells Fargo Fund Wells Fargo Money Market Fund Wells Fargo National Tax-Free Money Market Fund Premier Class WMPXX WFNXX As with all mutual funds, the

More information

PIMCO Multi-Strategy Alternative Fund

PIMCO Multi-Strategy Alternative Fund SUMMARY PROSPECTUS July 30, 2018 Share Class: Inst I-2 A Ticker: PXAIX PXAPX PXAAX Before you invest, you may want to review the Fund s prospectus, which, as supplemented, contains more information about

More information

COLUMBIA VARIABLE PORTFOLIO DIVIDEND OPPORTUNITY FUND

COLUMBIA VARIABLE PORTFOLIO DIVIDEND OPPORTUNITY FUND PROSPECTUS May 1, 2018 COLUMBIA VARIABLE PORTFOLIO DIVIDEND OPPORTUNITY FUND The Fund may offer Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable

More information

PIMCO CommodityRealReturn Strategy Fund

PIMCO CommodityRealReturn Strategy Fund Your Global Investment Authority PIMCO CommodityRealReturn Strategy Fund SUMMARY PROSPECTUS July 31, 2015 Share Class: Inst P Admin D A C R Ticker: PCRIX PCRPX PCRRX PCRDX PCRAX PCRCX PCSRX Total Annual

More information

Institutional Class. Wells Fargo Adjustable Rate Government Fund. Wells Fargo Conservative Income Fund. Wells Fargo Core Plus Bond Fund

Institutional Class. Wells Fargo Adjustable Rate Government Fund. Wells Fargo Conservative Income Fund. Wells Fargo Core Plus Bond Fund Prospectus January 1, 2018 Fixed Income Funds Fund Wells Fargo Adjustable Rate Government Fund Wells Fargo Conservative Income Fund Wells Fargo Core Plus Bond Fund Wells Fargo Government Securities Fund

More information

Federated Managed Tail Risk Fund II

Federated Managed Tail Risk Fund II Summary Prospectus April 30, 2016 Share Class Primary Federated Managed Tail Risk Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which

More information

ULTIMUS MANAGERS TRUST. Blue Current Global Dividend Fund

ULTIMUS MANAGERS TRUST. Blue Current Global Dividend Fund August 13, 2018 ULTIMUS MANAGERS TRUST Blue Current Global Dividend Fund Supplement to the Prospectus and Statement of Additional Information, each dated December 29, 2017 Investment Adviser Change in

More information

Aristotle Small Cap Equity Fund Class I Shares (Ticker Symbol: ARSBX)

Aristotle Small Cap Equity Fund Class I Shares (Ticker Symbol: ARSBX) Aristotle Small Cap Equity Fund Class I Shares (Ticker Symbol: ARSBX) A series of Investment Managers Series Trust Supplement dated August 31, 2017, to the Prospectus and the Statement of Additional Information

More information

SUNAMERICA SERIES TRUST

SUNAMERICA SERIES TRUST PROSPECTUS May 1, 2016 SUNAMERICA SERIES TRUST SunAmerica Dynamic Strategy (Class 1 and Class 3 Shares) This Prospectus contains information you should know before investing, including information about

More information