INNOVATION ALPHA UNITED STATES ETF (INAU) Exchange: NYSE ARCA

DELISTED - The Fund uses a “passive management” (or indexing) approach to seek to track the total return performance, before fees and expenses, of the Index. Innovation α® United States Index The Index uses an objective, rules-based methodology to track the returns of a portfolio of 100 exchange-listed equity securities of predominantly large-cap U.S. companies based on innovation ability. Innovation ability, or “Innovation α®”, of a company is determined by assessing the economic strength of its intellectual property (e.g., patents, trademarks, and copyrights) and other intangible assets (e.g., contracts, licenses, designs, and permits) (collectively, “IP”). Up to 10% of the Index may be comprised of American Depositary Receipts (“ADRs”), which are securities traded on a local stock exchange that represent interests in securities issued by a foreign publicly listed company. The Index was developed in 2015 by M-CAM International LLC, the Fund’s index provider and investment adviser (“M-CAM” or the “Adviser”). The initial identification of companies to be included in the Index is based on the quality of the IP they own and their expected ability to capitalize on that IP, as determined pursuant to the rules-based methodology. M-CAM maintains a large repository of data on state-granted IP from over 160 countries, including the United States (the “M‑CAM Data”). This data is used to assess the qualitative attributes of each eligible company’s IP through analysis of the extent to which a company’s rights in such IP are legally enforceable, the history or likelihood of the company’s IP being used, licensed, referenced, or reverse-engineered by other firms, and the diversity of industries to which the IP is applied (the “Qualitative Analysis”). In implementing the Index’s methodology, M-CAM also objectively measures the quantitative attributes of each eligible company’s IP by comparing them to the IP held by other firms and calculating the expected economic impact of the IP on each firm. Using a patented linguistic analysis process (similar in concept to tools for detecting plagiarism), the quality of each firm’s IP is measured against business transactions reported in financial statements, contracts, bid proposals, trade records, and other publicly available (but hard to find) data (the “Quantitative Analysis”). This analysis provides a measure of each individual company’s innovation ability and use of such ability. It also provides a relative score of how one company’s performance is expected to compare with the performance of others with whom it cooperates or competes. The measured difference between better and worse performers is defined by the Adviser as “Innovation α®.” Annually on the first trading day in January, the M-CAM Data is utilized to identify a set of peer companies with IP involving products, processes, methods, or utilities similar to that of each current Index constituent. The Index then performs the Qualitative Analysis and Quantitative Analysis on each Index constituent and each company in the peer group to determine whether to replace any current Index constituent with a member of its peer group. To reduce turnover, a maximum of ten Index constituents may be replaced during each annual reconstitution of the Index. Additionally, at the time of each reconstitution of the Index, at least 90 of the 100 companies in the Index must have a market capitalization in the range of the Russell 1000® Index, which consists of the 1,000 largest U.S. companies, and no more than 10 of the 100 companies in the Index may be represented by ADRs and/or small- or mid-capitalization companies. Index constituents are rebalanced (but no companies are added to or deleted from the Index) on a quarterly basis on the first trading day of April, July, and October. At the time of each annual reconstitution in January and each quarterly rebalancing of the Index, companies included in the Index are weighted based on a modified equal-weight methodology that more heavily weights the companies that are expected to outperform the other peer companies. As of May 20, 2019, the three largest companies in the Index and their respective weightings were International Business Machines Corporation (7.38%), General Electric Company (6.81%), and Mastercard Inc. (2.44%). The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. The investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund generally 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 Fund’s 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 generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s 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. The Fund is deemed to be “non-diversified,” which means that it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund.