Disclosures

Risk Disclosure

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk and sector risk as well as risks associated with fixed-income securities, real estate investments, and commodities, to name a few. Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups, and other transaction costs and may result in taxable capital gains.

In general, the price of a fixed income security falls when interest rates rise. Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments. Investments in foreign securities could subject the Fund to greater risks, including currency fluctuation, economic conditions, and different governmental and accounting standards. In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

Prospectus Disclosure

Investors should carefully consider the investment objectives, risks, charges and expenses of the Day Hagan/Ned Davis Research Smart Sector® ETFs. This and other important information about the Funds are contained in the Prospectus, which can be obtained at https://dhfunds.com or by calling 800-594-7930. The Prospectus should be read carefully before investing.

The Day Hagan/Ned Davis Research Smart Sector® ETFs are distributed by Foreside Fund Services, LLC.