Summary Prospectus November 16, 2018

Transcription

1 Gadsden Dynamic Multi-Asset ETF Trading Symbl: GDMA Listed n NYSE Arca, Inc. Summary Prspectus Nvember 16, Befre yu invest, yu may want t review the Fund s prspectus and statement f additinal infrmatin ( SAI ), which cntain mre infrmatin abut the Fund and its risks. The current prspectus and SAI, each dated Nvember 16, 2018, are incrprated by reference int this Summary Prspectus. Yu can find the Fund s prspectus, SAI, 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 Gadsden Dynamic Multi-Asset ETF (the Fund r the Multi-Asset Fund ) seeks ttal return. 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 0.59% Distributin and/r Service (12b-1) Fees 0.00% Other Expenses % Acquired Fund Fees and Expenses % Ttal Annual Fund Operating Expenses 0.71% 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 $73 $227 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 investment bjective by investing (i) apprximately 80% f its ttal assets with expsure t a variety f asset classes, gegraphies, and market capitalizatins generally based n a lng-term view f macrecnmic factrs (the strategic sleeve ) and (ii) apprximately 20% f its ttal assets t add r reduce expsure t ne r mre asset classes generally based n a shrt-term view f the market (the tactical sleeve ). The Fund s investment adviser, Gadsden, LLC (the Adviser ), selects the asset classes t be included in the strategic and tactical sleeves, rather than individual securities r ther instruments. Fr each asset class in which the Fund invests, the Fund s sub-adviser will determine whether the Fund will invest directly in securities r ther instruments f such asset class r indirectly thrugh ne r mre pled vehicles (e.g., ther ETFs) that primarily invest in such securities r ther instruments. Cnsequently, the Fund s investments in ther investment cmpanies may range frm 0% t 100% f the Fund s prtfli. The Fund s strategic sleeve invests in a variety f asset classes (e.g., currencies, equities, fixed incme instruments, real assets, cmmdities), gegraphies (including emerging markets), and market capitalizatins based n the Adviser s assessment f the lngterm (typically mre than three years) crrelatin f such segments t each ther and their crrelatin and sensitivity t macrecnmic factrs (e.g., inflatin, emplyment, interest rates). The Adviser cnsiders such crrelatins in seeking t create a blend f investments acrss multiple asset classes that will grw in value acrss rising and falling markets. The Fund may fcus its investments in certain asset classes, sectrs, regins, r cuntries, and in cmpanies f any market capitalizatin, which allcatins may change ver time. Additinally, the Fund may invest in assets classes that are cnsidered lwer-risk (e.g., inflatin-linked bnds 1

2 r fixed incme securities), higher-risk (e.g., equities r real estate investment trusts ( REITs ), r a mix f bth grups. Frm time t time, the Fund s strategic sleeve may be cmprised f significantly mre r less than 80% f the Fund s ttal assets (e.g., when the Adviser believes that the Fund s strategic sleeve is mre r less likely t achieve greater ttal return than the tactical sleeve). The Fund s tactical sleeve is expected t be apprximately 20% f the Fund s ttal assets, which may increase r decrease depending n the market envirnment and investment pprtunities perceived by the Adviser. The Fund s tactical sleeve emplys a shrterterm (typically less than three years) view f market pprtunities and threats than the Fund s strategic sleeve and is designed t adjust the verall prtfli risk/reward prfile either higher r lwer. The Adviser makes allcatin decisins within the tactical sleeve based n its judgment f the prjected investment envirnment fr particular asset classes, the attractiveness f each asset class, and expected future returns f each asset class. Within the tactical sleeve, the Fund may invest glbally in any asset class and may at times have significant expsure t a single asset class. The Fund s prtfli cnstructin blends fundamental and quantitative methds t select investments acrss a variety f glbal asset classes, including crprate, gvernment (U.S. r freign), inflatin-linked, and high-yield debt instruments (als knwn as junk bnds); cash and cash equivalents; cmmdity interests (including freign currencies, precius metals, and ther physical r nnphysical cmmdities); and REITs. The Fund s investments in fixed incme instruments may include thse f any maturity r credit quality. The Fund s prtfli may als utilize inverse, leveraged, and inverse leveraged ETVs (defined belw) t btain expsure t ne r mre asset classes. The Fund may gain expsure t an asset class selected by the Adviser by investing directly in securities r ther instruments f such asset class r in a pled vehicle that seeks t track the perfrmance f such asset class (including ETFs, exchange-traded ntes ( ETNs ), r exchange-traded cmmdities ( ETCs ) (cllectively, exchange-traded vehicles ( ETVs )). The Fund may invest in futures cntracts t gain lng r shrt expsure t ne r mre asset classes. Investments in derivative instruments, such as futures, have the ecnmic effect f creating financial leverage in the Fund s prtfli because such investments may give rise t lsses that exceed the amunt the Fund has invested in thse instruments. Financial leverage will magnify, smetimes significantly, the Fund s expsure t any increase r decrease in prices assciated with a particular reference asset resulting in increased vlatility in the value f the Fund s prtfli. T the extent the Fund invests in such derivative instruments, the value f the Fund s prtfli is likely t experience greater vlatility ver shrt-term perids. While such financial leverage has the ptential t prduce greater gains, it als may result in greater lsses, which in sme cases may cause the Fund t liquidate ther prtfli investments at a lss t cmply with limits n leverage and asset segregatin requirements impsed by the Investment Cmpany Act f 1940 (the 1940 Act ) r t meet redemptin requests. The Fund will generally sell securities r ther instruments when better pprtunities becme available r when seeking t adjust the weighting f the tw sleeves in the Fund s prtfli r the weighting f individual assets classes within a particular sleeve. Principal Investment Risks Yu can lse mney n yur investment in the Fund. The Fund is subject t the risks described 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. Fr mre infrmatin abut the risks f investing in the Fund, see the sectin in the Fund s Prspectus, titled Additinal Infrmatin Abut the Fund s Principal Investment Risks. Cash and Cash Equivalents Risk. Hlding cash r cash equivalents rather than securities r ther instruments in which the Fund primarily invests, even strategically, may cause the Fund t risk lsing pprtunities t participate in market appreciatin, and may cause the Fund t experience ptentially lwer returns than the Fund s benchmark r ther funds that remain fully invested. In rising markets, hlding cash r cash equivalents will negatively affect the Fund s perfrmance relative t its benchmark. Cash Redemptin Risk. The Fund s investment strategy may require it t redeem Shares fr cash r t therwise include cash as part f its redemptin prceeds. The Fund may be required t sell r unwind prtfli investments t btain the cash needed t distribute redemptin prceeds. This may cause the Fund t recgnize a capital gain that it might nt have recgnized if it had made a redemptin in-kind. As a result, the Fund may pay ut higher annual capital gain distributins than if the in-kind redemptin prcess was used. Cmmdities Risk. The Fund s expsure t investments in physical cmmdities subjects the Fund t greater vlatility than investments in traditinal securities, such as stcks and bnds. Investing in physical cmmdities, including thrugh ETCs r cmmdity-linked derivative instruments, such as cmmdity-linked futures, frwards and swaps, is speculative and can be extremely vlatile. The cmmdities markets may fluctuate rapidly based n a variety f factrs, including verall market mvements; ecnmic events and plicies; changes in interest rates r inflatin rates; changes in mnetary and exchange cntrl prgrams; war; acts f terrrism; natural disasters; and technlgical develpments. Variables such as disease, drught, flds, weather, trade, embarges, tariffs and ther plitical events, in particular, may have a larger impact n cmmdity prices than n traditinal securities. The prices f cmmdities can als fluctuate widely due t supply and demand disruptins in majr prducing r cnsuming regins. Because certain cmmdities may be prduced in a limited number f cuntries and may be cntrlled by a small number f prducers, plitical, ecnmic and supply-related events in such cuntries culd have a 2

3 disprprtinate impact n the prices f such cmmdities. These factrs may affect the value f the Fund in varying ways, and different factrs may cause the value and the vlatility f the Fund t mve in incnsistent directins at incnsistent rates. The current r spt prices f physical cmmdities may als affect, in a vlatile and incnsistent manner, the prices f futures cntracts in respect f the relevant cmmdity. Cmmdity-Linked Derivatives Tax Risk. The tax treatment f cmmdity-linked derivative instruments may be adversely affected by changes in legislatin, regulatins, r ther legally binding authrity. As a RIC, the Fund must derive at least 90% f its grss incme each taxable year frm certain qualifying surces f incme under the Cde. If, as a result f any adverse future legislatin, U.S. Treasury regulatins, and/r guidance issued by the Internal Revenue Service (the IRS ), the incme f the Fund frm certain cmmdity-linked derivatives were treated as nn-qualifying incme, the Fund may fail t qualify as RIC and/r be subject t federal incme tax at the Fund level. The uncertainty surrunding the treatment f certain derivative instruments under the qualificatin tests fr a RIC may limit the Fund s use f such derivative instruments. Currency Risk. Changes in currency exchange rates and the relative value f nn-u.s. currencies may affect the value f the Underlying ETFs and the value f yur Shares. Currency exchange rates can be very vlatile and can change quickly and unpredictably. As a result, the value f an investment in the Fund may change quickly and withut warning and yu may lse mney. Derivatives Risk. The Fund s derivative investments have risks, including the imperfect crrelatin between the value f such instruments and the underlying assets r index; the lss f principal, including the ptential lss f amunts greater than the initial amunt invested in the derivative instrument; the pssible default f the ther party t the transactin; and illiquidity f the derivative investments. If a cunterparty becmes bankrupt r therwise fails t perfrm its bligatins under a derivative cntract due t financial difficulties, the Fund may experience significant delays in btaining any recvery under the derivative cntract in a bankruptcy r ther rerganizatin prceeding. The derivatives used by the Fund may give rise t a frm f leverage. The use f leverage may exaggerate any increase r decrease in the net asset value, causing the Fund t be mre vlatile. The use f leverage may als increase expenses and increase the impact f the Fund s ther risks. The use f leverage may cause the Fund t liquidate prtfli psitins t satisfy its bligatins r t meet cllateral segregatin requirements r regulatry requirements when it may nt be advantageus t liquidate such psitins, resulting in increased vlatility f returns. Certain f the Fund s transactins in derivatives culd als affect the amunt, timing, and character f distributins t sharehlders, which may result in the Fund realizing mre shrt-term capital gain and rdinary incme subject t tax at rdinary incme tax rates than it wuld if it did nt engage in such transactins, which may adversely impact the Fund s after-tax returns. Emerging Markets Risk. The Fund s investments in securities f issuers in emerging market cuntries are subject t all f the risks f freign investing generally, and have additinal heightened risks due t a lack f established legal, plitical, business, and scial framewrks t supprt securities markets, including: delays in settling prtfli securities transactins; currency and capital cntrls; greater sensitivity t interest rate changes; pervasiveness f crruptin and crime; currency exchange rate vlatility; and inflatin, deflatin, r currency devaluatin. Equity Market Risk. The equity securities held in the Fund s prtfli 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. 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. ETF Risks. Authrized Participants ( APs ), 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. Because securities held by the Fund may trade n 3

4 freign exchanges that are clsed when the Fund s primary listing exchange is pen, the Fund is likely t experience premiums and discunts greater than thse f dmestic ETFs. Trading. Althugh Shares are listed fr trading n a natinal securities exchange, such as NYSE Arca, 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. ETVs Risk. The risks f wning interests f an ETV generally reflect the same risks as wning the underlying securities r ther instruments that the ETV is designed t track. The shares f certain ETVs may trade at a premium r discunt t their intrinsic value (i.e., the market value may differ frm the net asset value f an ETV s shares). Fr example, supply and demand fr shares f an ETF r market disruptins may cause the market price f the ETF t deviate frm the value f the ETF s investments, which may be emphasized in less liquid markets. The value f an ETN may drp due t a dwngrade in the issuer s credit rating. By investing in an ETV, the Fund indirectly bears the prprtinate share f any fees and expenses f the ETV in additin t Fund s direct fees and expenses. Additinally, trading in an ETV may be halted by the exchange n which it trades. Fixed Incme Securities Risk. The value f the Fund s investments in fixed incme securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value f fixed incme securities wned indirectly by the Fund. On the ther hand, if rates fall, the value f the fixed incme securities generally increases. The Fund may be subject t a greater risk f rising interest rates due t the current perid f histrically lw rates and the effect f ptential gvernment fiscal plicy initiatives and resulting market reactin t thse initiatives. Belw are several specific risks assciated with investments in fixed incme securities. Call Risk. During perids f falling interest rates, an issuer f a callable bnd held by the Fund may call r repay the security prir t its stated maturity, and the Fund may have t reinvest the prceeds at lwer interest rates, resulting in a decline in the Fund s incme. 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. Maturity Risk. The value f the Fund s fixed incme investments is als dependent n their maturity. Generally, the lnger the maturity f a fixed incme security, the greater its sensitivity t changes in interest rates. 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. 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 freign currency fluctuatins r t plitical r ecnmic instability. There may be less infrmatin publicly available abut a nn-u.s. issuer than a U.S. issuer. Nn-U.S. issuers may be subject t different accunting, auditing, financial reprting and investr prtectin standards than U.S. issuers. The securities markets f freign cuntries may be substantially smaller, less develped, less liquid and mre vlatile than the majr securities markets in the United States and ther develped natins. With respect t certain cuntries, there is the pssibility f gvernment interventin and exprpriatin r natinalizatin f assets. 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. These risks may be enhanced fr securities f cmpanies rganized in emerging market natins. Gegraphic Investment Risk. T the extent the Fund invests a significant prtin f its assets in the securities f cmpanies f a single cuntry r regin, it is mre likely t be impacted by events r cnditins affecting that cuntry r regin. High-Yield Securities Risk. High-yield securities (als knwn as junk bnds ) carry a greater degree f risk and are cnsidered speculative by the majr credit rating agencies. High-yield securities may be issued by cmpanies that are restructuring, are smaller and less creditwrthy, r are mre highly indebted than ther cmpanies. This means that they may have mre difficulty 4

5 making scheduled payments f principal and interest. Changes in the value f high-yield securities are influenced mre by changes in the financial and business psitin f the issuing cmpany than by changes in interest rates when cmpared t investment grade securities. High-yield securities have greater vlatility because there is less certainty that principal and interest payments will be made as scheduled. The Fund's investments in high-yield securities expse it t a substantial degree f credit risk. These investments are cnsidered speculative under traditinal investment standards. Prices f high-yield securities will rise and fall primarily in respnse t actual r perceived changes in the issuer's financial health, althugh changes in market interest rates als will affect prices. High-yield securities may experience reduced liquidity and sudden and substantial decreases in price. Inflatin-Linked Securities Risk. Inflatin-linked securities have a tendency t react t changes in real interest rates. Real interest rates represent nminal (stated) interest rates lwered by the anticipated effect f inflatin. In general, the price f an inflatin-linked security decreases when real interest rates increase, and increases when real interest rates decrease. The Fund s incme frm its investments in these securities is likely t fluctuate mre than the incme distributins f its investments in mre traditinal fixed incme securities. Leveraged, Inverse, and Inverse-Leveraged ETF Risk. Leveraged, inverse, and inverse-leveraged ETFs expse a Fund t all f the risks that traditinal ETFs present (see ETF Risks abve). Leveraged ETFs seek t prvide investment results that match a multiple f the perfrmance f an underlying index (e.g., three times the perfrmance). Inverse ETFs seek t prvide investment results that match a negative (i.e., the ppsite) f the perfrmance f an underlying index. Leveraged inverse ETFs seek t prvide investment results that match a negative multiple f the perfrmance f an underlying index. All such ETFs rely t sme degree, ften extensively, n derivatives t achieve their bjectives and, thus, the Fund is indirectly expsed t derivatives risk thrugh its investments in these ETFs. Further, investments in leveraged, inverse, r inverse-leveraged ETFs are subject t the risk that the perfrmance f such ETF will nt crrelate with the underlying index as intended. Leveraged, inverse, and inverse-leveraged ETFs ften reset daily, meaning that they are designed t achieve their stated bjectives n a daily basis. Due t the effect f cmpunding, their perfrmance ver lnger perids f time can differ significantly frm the perfrmance (r inverse f the perfrmance) f their underlying index r benchmark during the same perid f time. This effect can be magnified in vlatile markets. Cnsequently, these investment vehicles may be extremely vlatile and can ptentially expse a Fund t cmplete lss f its investment. Management Risk. The Fund is actively-managed and may nt meet its investment bjective based n the Adviser s r Sub- Adviser s success r failure t implement investment strategies fr the Fund. The Adviser s evaluatins and assumptins regarding asset classes and direct investments may nt successfully achieve the Fund s investment bjective given actual market trends. The Adviser has nt previusly managed an ETF, which may increase the risks f investments in the Fund. Mdels and Data Risk. The Adviser may utilize prprietary quantitative mdels as well as infrmatin and data supplied by third parties ( Mdels and Data ) in implementing the Fund s principal investment strategies. When Mdels and Data prve t be incrrect r incmplete, any decisins made in reliance theren may lead t the inclusin r exclusin f securities that wuld have been excluded r included had the Mdels and Data been crrect and cmplete. 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. REIT Risk. A REIT is a cmpany that wns r finances incme-prducing real estate. Thrugh its investments in REITs, the Fund is subject t the risks f investing in the real estate market, including decreases in prperty revenues, increases in interest rates, increases in prperty taxes and perating expenses, legal and regulatry changes, a lack f credit r capital, defaults by brrwers r tenants, envirnmental prblems and natural disasters. REITs are subject t additinal risks, including thse related t adverse gvernmental actins; declines in prperty value and the real estate market; the ptential failure t qualify fr tax-free pass thrugh f incme; and exemptin frm registratin as an investment cmpany. REITs are dependent upn specialized management skills and may invest in relatively few prperties, a small gegraphic area, r a small number f prperty types. As a result, investments in REITs may be vlatile. T the extent the Fund invests in REITs cncentrated in specific gegraphic areas r prperty types, the Fund may be subject t a greater lss as a result f adverse develpments affecting such area r prperty types. REITs are pled investment vehicles with their wn fees and expenses and the Fund will indirectly bear a prprtinate share f thse fees and expenses. Small- and Mid-Capitalizatin Cmpanies Risk. The Fund may invest in the securities f small- and mid-capitalizatin cmpanies. As a result, the Fund may be mre vlatile than funds that invest in larger, mre established cmpanies. The securities f small-and mid-capitalizatin cmpanies generally trade in lwer vlumes and are subject t greater and mre unpredictable price changes than larger capitalizatin stcks r the stck market as a whle. Small- and mid-capitalizatin cmpanies may be particularly sensitive t changes in interest rates, gvernment regulatin, brrwing csts and earnings. Svereign Debt Securities Risk. Svereign debt securities are subject t varius risks in additin t thse relating t debt securities and freign securities generally, including, but nt limited t, the risk that a gvernmental entity may be unwilling r unable t repay principal r interest n its svereign debt, r therwise meet its bligatins when due, and the Fund may have limited recurse in the event f a default against the defaulting gvernment. If a svereign debtr defaults (r threatens t 5

6 default) n its svereign debt bligatins, the indebtedness may be restructured. Sme svereign debtrs have in the past been able t restructure their debt payments withut the apprval f sme r all debt hlders r t declare mratria n payments. U.S. Gvernment Obligatins Risk. Obligatins f U.S. Gvernment agencies and authrities receive varying levels f supprt and may nt be backed by the full faith and credit f the U.S. Gvernment, which culd affect the Fund s ability t recver shuld they default. N assurance can be given that the U.S. Gvernment will prvide financial supprt t its agencies and authrities if it is nt bligated by law t d s. Additinally, market prices and yields f securities supprted by the full faith and credit f the U.S. gvernment r ther cuntries may decline r be negative fr shrt r lng perids f time. Perfrmance Perfrmance infrmatin fr the Internatinal Fund is nt included because the Fund did nt have a full calendar year f perfrmance prir t the date f this Prspectus. In the future, perfrmance infrmatin fr the Fund will be presented in this sectin. Updated perfrmance infrmatin is available n the Fund s website at Management Investment Adviser Investment Sub-Adviser Prtfli Managers Purchase and Sale f Shares Gadsden, LLC (the Adviser ) Vident Investment Advisry, LLC ( VIA r the Sub-Adviser ) Kevin R. Harper, MBA, Chief Investment Officer and Prtfli Manager f the Adviser; and James W. Judge, MBA, CFA, Senir Directr and Prtfli Manager f the Adviser, are primarily and jintly respnsible fr the day-t-day management f the Fund since its inceptin in 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 25,000 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. 6