Summary Prospectus August 3, 2018
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- Brenda Wilkins
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1 Aptus Defined Risk ETF Trading Symbl: DRSK Listed n Cbe BZX Exchange, Inc. Summary Prspectus August 3, Befre yu invest, yu may want t review the Aptus Defined Risk ETF (the Fund ) statutry prspectus and statement f additinal infrmatin, which cntain mre infrmatin abut the Fund and its risks. The current statutry prspectus and statement f additinal infrmatin dated August 3, 2018, are incrprated by reference int this Summary Prspectus. Yu can find the Fund s statutry prspectus, statement f additinal infrmatin and ther infrmatin abut the Fund nline at Yu can als get this infrmatin at n cst by calling r by sending an request t ETF@usbank.cm. Investment Objective The Aptus Defined Risk ETF (the Fund ) seeks current incme and capital appreciatin. Fees and Expenses f the Fund This table describes the fees and expenses that yu may pay if yu buy and hld shares f the Fund ( Shares ). This table and the example belw d nt include the brkerage cmmissins that investrs may pay n their purchases and sales f Shares. Annual Fund Operating Expenses (expenses that yu pay each year as a percentage f the value f yur investment) Management Fees 0.69% Distributin and/r Service (12b-1) Fees 0.00% Other Expenses % Acquired Fund Fees and Expenses % Ttal Annual Fund Operating Expenses 0.78% 1 Estimated fr the current fiscal year. Expense Example This example is intended t help yu cmpare the cst f investing in the Fund with the cst f investing in ther funds. The example assumes that yu invest $10,000 in the Fund fr the time perids indicated and then redeem all f yur Shares at the end f thse perids. The example als assumes that yur investment has a 5% return each year and that the Fund s perating expenses remain the same. Althugh yur actual csts may be higher r lwer, based n these assumptins yur csts wuld be: Prtfli Turnver 1 Year 3 Years $80 $249 The Fund pays transactin csts, such as cmmissins, when it buys and sells securities (r turns ver its prtfli). A higher prtfli turnver rate may indicate higher transactin csts and may result in higher taxes when Shares are held in a taxable accunt. These csts, which are nt reflected in annual fund perating expenses r in the example, affect the Fund s perfrmance. Because the Fund is newly rganized, prtfli turnver infrmatin is nt yet available. Principal Investment Strategies The Fund is an actively-managed exchange-traded fund ( ETF ) that seeks t achieve its bjective thrugh a hybrid fixed incme and equity strategy. The Fund typically invests apprximately 90% t 95% f its assets t btain expsure t investment-grade crprate bnds (the Fixed Incme Strategy ) and invests the remainder f its assets t btain expsure t large capitalizatin U.S. stcks, while limiting dwnside risk (the Equity Strategy ). 1
2 Fixed Incme Strategy The Fund s Fixed Incme Strategy seeks expsure t U.S. dllar-denminated, investment-grade crprate bnds f U.S. and nn-u.s. issuers with maturities rughly evenly spaced acrss each f the next seven t eight years (als knwn as a bnd ladder ). The Fund will primarily btain this expsure thrugh investments in ETFs ( Underlying Bnd ETFs ) that each track the investment results f an index cmpsed f such bnds maturing in a specified year during that perid (e.g., bnds maturing in 2023). The Underlying Bnd ETFs are generally expected t make mnthly distributins f principal and interest received frm their underlying hldings, and each Underlying Bnd ETF is expected t make a liquidating distributin at the end f the calendar year in which its hldings mature. The Fund generally reinvests the prceeds f such liquidating distributins int the Underlying Bnd ETF with the furthest away maturity date in the bnd ladder. While the Fund s Fixed Incme Strategy is expected t btain expsure t a diversified array f crprate bnds regardless f the size f the Fund, a significant prtin f the Underlying Bnd ETFs is generally expected t be represented by securities f cmpanies in the financial sectr. The Fund will typically rebalance its investments in Underlying Bnd ETFs n a quarterly basis. Equity Strategy The Fund s Equity Strategy seeks expsure t large capitalizatin U.S. stcks by purchasing at-the-mney, exchangelisted call ptins n apprximately ten t twenty individual stcks (the Underlying Individual Equities ) r n ne r mre ther ETFs that principally invest in large capitalizatin U.S. equity securities (the Underlying Equity ETFs ). A call ptin gives the purchaser the right t purchase shares f the underlying security at a specified price ( strike price ) prir t a specified date ( expiratin date ). The purchaser pays a cst (premium) t purchase the call ptin. In the event the underlying security appreciates in value, the value f the call ptin will generally increase, and in the event the underlying security declines in value, the call ptin may end up wrthless and the premium may be lst. Aptus Capital Advisrs, LLC, the Fund s investment adviser ( Aptus r the Adviser ), selects the Underlying Individual Equities based primarily n their mmentum (i.e., hw clse a stck is t its 52-week high), ptential fr grwth, and crrelatin t the brader U.S. equity market. Stcks selected as Underlying Individual Equities by the Adviser must als have call ptins available fr purchase that meet the Fund s minimum liquidity threshld fr investibility. The Adviser seeks t select Underlying Individual Equities t diversify expsure acrss a variety f industries and t maximize the Fund s equity expsure given the amunt allcated t the applicable ptins, as described belw. Underlying Equity ETFs may be selected in lieu f r in additin t Underlying Individual Equities t adjust the balance f the Fund s expsure acrss industries r t maintain the Fund s equity expsure when the Adviser believes they present a better risk prfile than Underlying Individual Equities. Call ptins purchased by the Fund typically have a time-t-expiratin f at least six mnths at the time f purchase. The Fund will generally turn ver its ptins hldings t rebalance its Equity Strategy investments n a quarterly basis, at which time the Fund allcates apprximately 0.50% f its net assets t ptins n each f the Underlying Individual Equities and may allcate up t apprximately 5.00% t ptins n each f the Underlying Equity ETFs selected. Each time the Fund rebalances its Equity Strategy, the Fund will typically sell the ptins it hlds and purchase new nes as described abve. T the extent the Fund sells ptins tied t ne individual stck r ETF and purchases new ptins tied t the same individual stck r ETF, the rebalance will generally result in the Fund wning ptins with a later expiratin date than the previus set f ptins. Because the premiums fr call ptins purchased by the Fund will typically be a fractin f the value f the underlying securities, the ptins enable the Fund t gain greater expsure t the underlying securities than the amunt invested in such ptins. Cnsequently, the Fund seeks t have greater participatin in the appreciatin f such underlying securities than it wuld have by investing the same amunts directly in such underlying securities, while limiting the maximum lss frm such ptins t the premiums paid. Principal Risks f Investing in the Fund The principal risks f investing in the Fund, including thse related t the Underlying Bnd ETFs, are summarized belw. Sme r all f these risks may adversely affect the Fund s net asset value per share ( NAV ), trading price, yield, ttal return and/r ability t meet its bjectives. As with any investment, there is a risk that yu culd lse all r a prtin f yur investment in the Fund. The fllwing risks culd affect the value f yur investment in the Fund: 2
3 Equity Market Risk. The equity securities underlying the Fund s call ptins may experience sudden, unpredictable drps in value r lng perids f decline in value. This may ccur because f factrs that affect securities markets generally r factrs affecting specific issuers, industries, r sectrs in which the Fund invests. Cmmn stcks are generally expsed t greater risk than ther types f securities, such as preferred stcks and debt bligatins, because cmmn stckhlders generally have inferir rights t receive payment frm issuers. ETF Risks. The Fund is an ETF, and, as a result f an ETF s structure, it is expsed t the fllwing risks: Authrized Participants, Market Makers, and Liquidity Prviders Cncentratin Risk. The Fund has a limited number f financial institutins that may act as APs. In additin, there may be a limited number f market makers and/r liquidity prviders in the marketplace. T the extent either f the fllwing events ccur, Shares may trade at a material discunt t NAV and pssibly face delisting: (i) APs exit the business r therwise becme unable t prcess creatin and/r redemptin rders and n ther APs step frward t perfrm these services, r (ii) market makers and/r liquidity prviders exit the business r significantly reduce their business activities and n ther entities step frward t perfrm their functins. Csts f Buying r Selling Shares. Due t the csts f buying r selling Shares, including brkerage cmmissins impsed by brkers and bid/ask spreads, frequent trading f Shares may significantly reduce investment results and an investment in Shares may nt be advisable fr investrs wh anticipate regularly making small investments. Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bught and sld in the secndary market at market prices. Althugh it is expected that the market price f Shares will apprximate the Fund s NAV, there may be times when the market price f Shares is mre than the NAV intra-day (premium) r less than the NAV intra-day (discunt) due t supply and demand f Shares r during perids f market vlatility. This risk is heightened in times f market vlatility, perids f steep market declines, and perids when there is limited trading activity fr Shares in the secndary market, in which case such premiums r discunts may be significant. Trading. Althugh Shares are listed fr trading n a natinal securities exchange, such as Cbe BZX Exchange, Inc. (the Exchange ), and may be traded n U.S. exchanges ther than the Exchange, there can be n assurance that Shares will trade with any vlume, r at all, n any stck exchange. In stressed market cnditins, the liquidity f Shares may begin t mirrr the liquidity f the Fund s underlying prtfli hldings, which can be significantly less liquid than Shares. Fixed Incme Securities Risk. The Fund invests indirectly in fixed incme securities thrugh investments in Underlying Bnd ETFs, which invlve certain risks, including: Credit Risk. Credit risk refers t the pssibility that the issuer f a security will nt be able t make payments f interest and principal when due. Changes in an issuer s credit rating r the market s perceptin f an issuer s creditwrthiness may als affect the value f an investment in that issuer. Event Risk. Event risk is the risk that crprate issuers may underg restructurings, such as mergers, leveraged buyuts, takevers, r similar events financed by increased debt. As a result f the added debt, the credit quality and market value f a cmpany s bnds and/r ther debt securities may decline significantly. Extensin Risk. When interest rates rise, certain bligatins will be paid ff by the bligr mre slwly than anticipated, causing the value f these securities t fall. Interest Rate Risk. Generally, the value f fixed incme securities will change inversely with changes in interest rates. As interest rates rise, the market value f fixed incme securities tends t decrease. Cnversely, as interest rates fall, the market value f fixed incme securities tends t increase. This risk will be greater fr lng-term securities than fr shrt-term securities. Changes in gvernment interventin may have adverse effects n investments, vlatility, and illiquidity in debt markets. Prepayment Risk. When interest rates fall, certain bligatins will be paid ff by the bligr mre quickly than riginally anticipated, and the prceeds may have t be invested in securities with lwer yields. Freign Securities Risk. The Fund invests in Underlying Bnd ETFs that may invest in U.S. dllar-denminated, investment-grade crprate bnds f nn-u.s. issuers. Investments in freign securities invlve certain risks that may nt be present with investments in U.S. securities. Fr example, investments in freign securities may be subject t risk f lss due t differences in accunting, auditing, and financial reprting standards, the pssibility 3
4 f exprpriatin r cnfiscatry taxatin, adverse changes in investment r exchange cntrl regulatins, plitical instability, regulatry and ecnmic differences, and ptential restrictins n the flw f internatinal capital. Investments in freign securities als may be subject t withhlding r ther taxes and may be subject t additinal trading, settlement, custdial, and peratinal risks. These and ther factrs can make investments in the Fund mre vlatile and ptentially less liquid than ther types f investments. Investment Cmpany Risk. The risks f investing in investment cmpanies, such as the Underlying Bnd ETFs, typically reflect the risks f the types f instruments in which the investment cmpanies invest. By investing in anther investment cmpany, the Fund becmes a sharehlder f that investment cmpany and bears its prprtinate share f the fees and expenses f the ther investment cmpany. The Fund may be subject t statutry limits with respect t the amunt it can invest in ther ETFs, which may adversely affect the Fund s ability t achieve its investment bjective. Investments in ETFs are als subject t the fllwing risks: (i) an ETF s shares may trade at a market price abve r belw their NAV; (ii) an active trading market fr an ETF s shares may nt develp r be maintained; and (iii) trading f an ETF s shares may be halted fr a number f reasns. Management Risk. The Fund is actively-managed and may nt meet its investment bjective based n the Adviser s success r failure t implement investment strategies fr the Fund. Market Risk. The trading prices f equity securities and ther instruments fluctuate in respnse t a variety f factrs. The Fund s NAV and market price may fluctuate significantly in respnse t these and ther factrs. As a result, an investr culd lse mney ver shrt r lng perids f time. New Fund Risk. The Fund is a recently rganized management investment cmpany with n perating histry. As a result, prspective investrs have n track recrd r histry n which t base their investment decisin. Optins Risk. Optins enable the Fund t purchase expsure that is significantly greater than the premium paid. Cnsequently, the value f such ptins can be vlatile, and a small investment in ptins can have a large impact n the perfrmance f the Fund. The Fund risks lsing all r part f the cash paid (premium) fr purchasing call ptins. Because the Fund nly purchases ptins (as ppsed t writing/selling ptins), the Fund s lsses frm its expsure t ptins are limited t the amunt f premiums paid. Hwever, even a small decline in the value f a security underlying call ptins can result in the entire investment in such ptins being lst. Sectr Risk. T the extent the Fund invests mre heavily in particular sectrs f the ecnmy, its perfrmance will be especially sensitive t develpments that significantly affect thse sectrs. Perfrmance Financial Sectr Risk. The Fund may have significant expsure t issuers in the financial sectr. This sectr can be significantly affected by changes in interest rates, gvernment regulatin, the rate f defaults n crprate, cnsumer and gvernment debt, the availability and cst f capital, and fallut frm the husing and sub-prime mrtgage crisis. Insurance cmpanies, in particular, may be significantly affected by changes in interest rates, catastrphic events, price and market cmpetitin, the impsitin f premium rate caps, r ther changes in gvernment regulatin r tax law and/r rate regulatin, which may have an adverse impact n their prfitability. This sectr has experienced significant lsses in the recent past, and the impact f mre stringent capital requirements and f recent r future regulatin n any individual financial cmpany r n the sectr as a whle cannt be predicted. In recent years, cyber attacks and technlgy malfunctins and failures have becme increasingly frequent in this sectr and have caused significant lsses. The Fund is new and therefre des nt have a perfrmance histry fr a full calendar year. In the future, perfrmance infrmatin fr the Fund will be presented in this sectin. Updated perfrmance infrmatin is als available n the Fund s website at Management Investment Adviser Aptus Capital Advisrs, LLC serves as investment adviser t the Fund. 4
5 Prtfli Managers The Funds prtfli management team cnsists f Jhn D. ( JD ) Gardner, Chief Investment Officer and Managing Member at the Adviser, and Beckham D. Wyrick, Prtfli Manager and Chief Cmpliance Officer at the Adviser, wh are jintly and primarily respnsible fr the day-t-day management f the Fund. Messrs. Gardner and Wyrick have been prtfli managers f the Fund since its inceptin in Purchase and Sale f Shares Shares are listed n a natinal securities exchange, such as the Exchange, and mst investrs will buy and sell Shares thrugh brkers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) r less than NAV (discunt). The Fund issues and redeems Shares at NAV nly in large blcks knwn as Creatin Units, which nly Authrized Participants ( APs ) (typically, brker-dealers) may purchase r redeem. Creatin Units generally cnsist f 50,000 Shares, thugh this may change frm time t time. The Fund generally issues and redeems Creatin Units in exchange fr a prtfli f securities clsely apprximating the hldings f the Fund (the Depsit Securities ) and/r a designated amunt f U.S. cash. Tax Infrmatin Fund distributins are generally taxable as rdinary incme, qualified dividend incme, r capital gains (r a cmbinatin), unless yur investment is in an individual retirement accunt ( IRA ) r ther tax-advantaged accunt. Distributins n investments made thrugh tax-deferred arrangements may be taxed later upn withdrawal f assets frm thse accunts. Financial Intermediary Cmpensatin If yu purchase Shares thrugh a brker-dealer r ther financial intermediary (such as a bank) (an Intermediary ), the Adviser r its affiliates may pay Intermediaries fr certain activities related t the Fund, including participatin in activities that are designed t make Intermediaries mre knwledgeable abut exchange traded prducts, including the Fund, r fr ther activities, such as marketing, educatinal training r ther initiatives related t the sale r prmtin f Shares. These payments may create a cnflict f interest by influencing the Intermediary and yur salespersn t recmmend the Fund ver anther investment. Any such arrangements d nt result in increased Fund expenses. Ask yur salespersn r visit the Intermediary s website fr mre infrmatin. 5
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