TIERRA XP LATIN AMERICA REAL ESTATE ETF (LARE) Exchange: NYSE ARCA

DELISTED - The Fund uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the Index and does not seek temporary defensive positions when markets decline or appear overvalued. The Index tracks the performance of companies actively involved in the Latin American real estate sector that derive the majority of their revenues from the operation of real estate and real estate services in the Latin America region. The Index consists of exchange-listed common shares and depositary receipts of Latin American companies in four categories: · Listed real estate investment trusts (“REITs”) or the locally-listed regulatory equivalent that distribute substantially all of their income to their shareholders pursuant to local laws. These include Mexican “FIBRAs” and Brazilian “FIIs”, which may be organized as closed-end investment companies (“CEFs”). · Real estate developers engaged in the sale of residential, commercial office, retail, industrial, and hospitality real estate or certain real estate-related infrastructure developments (e.g., industrial parks, planned residential communities, airports) (“Infrastructure Developments”). · Companies that own income producing multifamily, commercial office, retail, industrial, and hospitality real estate or Infrastructure Developments. · Service providers that derive a majority of their revenue from activities directly related to real estate or Infrastructure Developments. Companies meeting the above criteria are screened for investibility (e.g., must not be listed on an exchange in a country which employs certain restrictions on foreign capital investment), a minimum market capitalization, and liquidity (i.e., average trading volume). The companies in the Index are weighted based on their market capitalization, liquidity, and dividend yield, such that the larger a company’s market capitalization, the greater its liquidity, and the higher its dividend yield, the larger its weighting in the Index. At the time of each reconstitution, no single Index component will represent more than 20% of the weight of the Index, and the cumulative weight of all components with an individual weight of 5% or greater will not in the aggregate account for more than 50% of the weight of the Index.  As of January 3, 2017, the three largest positions in the Index were Mexico Real Estate Management SA DE CV (3.29%), FII BTG Pactual Corporate Office Fund (3.19%), Kinea Rendimentos Imobiliarios FII (3.10%) and Fibro Uno Administracion SA (3.10%).The Index is owned by Solactive AG (“Solactive”) and calculated and maintained by Solactive. Solactive is responsible for final decisions regarding the composition of the Index as well as any amendments to the Index’s methodology. Although the Index methodology is expected to generally produce the set of Index constituents, Solactive may utilize subjective screening based on fundamental analyses or other factors if it believes that certain companies should be included or excluded from the Index notwithstanding the Index methodology. Solactive is independent of the Fund and its investment adviser, sub-adviser and distributor. The Index is reconstituted quarterly at the close of business on the first Friday of March, June, September, and December. Whenever possible, changes to the Index are announced on Solactive’s website at least one trading day in advance of the actual change. The Index is not limited to a minimum or maximum number of constituents; rather, it includes all companies meeting the eligibility criteria for inclusion in the Index. The Index may include companies of any market capitalization, including small capitalization companies. The Fund will use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Index in approximately the same proportions as in the Index. However, the Fund may utilize a representative sampling strategy with respect to the Index when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow the Index, in instances in which a security in the Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Index. The Fund will invest at least 80% of its total assets in the component securities of the Index and in American Depositary Receipts and Global Depositary Receipts representing the component securities in the Index. As a result, under normal circumstances, the Fund will invest at least 80% of its total assets in securities of real estate related companies in Latin America (the “80% Policy”). Correlation: Correlation is the extent to which the values of different types of investments move in tandem with one another in response to changing economic and market conditions. An index is a theoretical financial calculation, while the Fund is an actual investment portfolio. The performance of the Fund and the Index may vary somewhat due to transaction costs, asset valuations, foreign currency valuations, market impact, corporate actions (such as mergers and spin-offs), legal restrictions or limitations, illiquid or unavailable securities, and timing variances. The Fund’s investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will exceed 95%. A correlation percentage of 100% would indicate perfect correlation. If the Fund uses a replication strategy, it can be expected to have greater correlation to the Index than if it uses a representative sampling strategy. Industry Concentration Policy: The Fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of related industries to approximately the same extent that the Index is concentrated.  As of January 3, 2017, the Index was concentrated in real estate related companies.