B.A.D. ETF (BAD) Exchange: NYSE ARCA

The Fund uses a “passive management” (or indexing) approach to seek to track the performance, before fees and expenses, of the Index. The Index is owned by Thematic Investments, LLC (dba “The BAD Investment Company”) (the “Adviser”) and administered by EQM Indexes LLC (the “Index Provider”).EQM BAD IndexThe Index is a rules-based index that seeks to provide exposure to a portfolio of (i) betting or gambling companies, (ii) alcohol companies and Canadian cannabis companies (defined by the Fund as cannabis companies listed on a Canadian exchange, domiciled in Canada, and/or located and primarily operating in Canada), and/or (iii) pharmaceutical companies. Construction of the Index begins with a universe of securities of U.S. exchange-listed companies or American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”) of issuers in foreign markets, including emerging market countries. Emerging market countries are those countries with low- to middle-income economies as classified by the World Bank, or included in any of the Morgan Stanley Capital International (MSCI) emerging markets indices. To qualify for inclusion in the Index, companies must have a minimum six-month average daily traded volume of $1 million.The companies in the investment universe are then screened to identify those that meet at least one of the criteria below (each, a “Business Category”). The resulting companies comprise the Index.i.Companies that derive a majority of their operating revenue from casinos, gaming and online gaming operations and have a market capitalization of at least $1 billion;ii.Companies that derive a majority of their operating revenue from the manufacturing and distribution of alcohol and/or cannabis cultivation and have a market capitalization of at least $1 billion; iii.Companies that derive a majority of their operating revenue from pharmaceutical drug and biotechnology product development and manufacturing and have a market capitalization of at least $10 billion. In addition, biotechnology components are limited to the top 10 companies by market capitalization. The Index Provider utilizes issuer financial statements and other public filings and reports, as well as third-party industry research, reports, and analyses, to identify companies that meet the Index’s criteria for inclusion in one of the Business Categories above. The composition of the Index and the constituent weights are determined three business days before the second Thursday of September, December, March and June and component changes are made after the market close on the second Thursday of September, December, March and June and become effective at the market opening on the next trading day. At the time of each reconstitution, each Business Category is equally weighted at 33 1/3%. Within each Business Category the companies are equally weighted, provided, however, that the Fund’s aggregate exposure to cannabis companies will not exceed 10% of the Fund’s assets. The Index is administered by the Index Provider, and the Index is calculated and maintained by Solactive AG. The Index Provider is independent of Solactive AG, the Fund, the Adviser, and Toroso Investments, LLC (the “Sub-Adviser”), the Fund’s investment sub-adviser.The Index will consist of approximately 50 to 65 components. The Fund’s Investment StrategyThe Fund generally will use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index in approximately the same proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Sub-Adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index).The Fund also may invest in securities or other investments not included in the Index, but which the Sub-Adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions).To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of December 1, 2021, the Index was concentrated in the Casinos & Gaming Industry and Pharmaceuticals, Biotechnology & Life Sciences Industry Group.The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).