Pacific Global Focused High Yield ETF (FJNK) Exchange: NYSE ARCA

Pacific Asset Management LLC (the "Sub-Adviser") seeks to achieve the Fund's investment objective by actively selecting a focused portfolio comprised of approximately 60 to 90 liquid high yield debt securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in high yield debt securities. The Fund is expected to invest primarily in securities that are, at the time of purchase, rated below investment grade (i.e., high yield securities, sometimes called "junk bonds" or non-investment grade securities) or, if unrated, of comparable quality as determined by the Sub-Adviser. Debt securities in which the Fund invests focus on U.S. dollar denominated corporate bonds of domestic and foreign issuers. The Fund is actively managed. In pursuing its investment objective, the Fund seeks to outperform the Bloomberg Barclays US High Yield Very Liquid Index. In seeking to outperform this index, the Fund generally invests in the types of securities that comprise the index, which are publicly issued US dollar denominated, high yield corporate bonds with above-average liquidity. The Fund may invest in securities not included in the index. Individual security selection is generally based on the Sub-Adviser's fundamental research process. Decisions to sell are generally based on the Sub-Adviser's belief that the particular investment has achieved its valuation target, there have been changes in the fundamentals of the issuer, or another opportunity of greater relative value exists. On a day-to-day basis, the Fund may hold senior loans, floating rate notes, investment grade bonds, asset backed securities, and money market instruments, cash, and/or other cash equivalents. The Fund may invest from time to time more heavily in one or more sectors of the economy than other sectors.