INNOVATION ALPHA TRADE WAR ETF (TWAR) 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. Martin Global Innovation Equity (MGIE) Trade War Index The Index uses an objective, rules-based methodology to track the returns of a portfolio of 120 global exchange-listed equity securities of predominantly large-cap and mid-cap companies based on the following: 1.The Innovation ability, or “Innovation α®”, of a company is determined by assessing the economic strength of a company’s intellectual property (e.g., patents, trademarks, and copyrights) and other intangible assets (e.g., contracts, licenses, designs, and permits) (collectively, “IP”); and 2.The ability of a company to outperform its competitors during an international trade war as a result of its government patronage (e.g., government contracts with the company and subsidies) (“Government Patronage”). The Index was developed in 2016 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 (the “M‑CAM Data”). The 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®.” Next, M-CAM will identify the extent to which each company is expected to be affected by a trade war. M-CAM has assembled data on state-sponsored enterprises, technology transfer, and joint ventures sourced from the U.S. Departments of the Treasury and Commerce, the Office of the United States Trade Representative, and their international equivalents (“M-CAM Trade War Data”). The M-CAM Trade War Data is analyzed to quantify each company’s Government Patronage. The Index uses a company’s Government Patronage as the key indication to select companies that will outperform their competitors in an international trade dispute. 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, Quantitative Analysis, and Government Patronage 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 twelve Index constituents may be replaced during each annual reconstitution of the Index. Additionally, the 120 companies in the Index must be exchange-listed for a minimum of three years and must have a market capitalization in the range of the MSCI World Index, which consists of over 1,500 large-cap and mid-cap companies across 23 developed markets. 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. In addition, there is a total weight constraint for each geographical market location based on the typical MSCI World Index distribution. As of May 20, 2019, the three largest companies in the Index and their respective weightings were General Electric Company (2.18%), Cisco Systems Inc. (1.64%), and International Business Machines Corporation (1.36%). As of January 31, 2019, the market capitalization range of the MSCI World Index was $1.2 billion to $803.9 billion. A company is considered to be involved in an international trade war when it is subject to trade restrictions, impositions of sanctions, or the filing of trade protests, disputes or complaints within the Dispute Settlement Bodies of the World Trade Organization. In addition, to qualify as a “trade war” these disputes must impact more than two disputing companies and must involve public statements or filings made by governments of two or more countries. 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 Fund 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 will generally invest in all of the component securities of the Index in the same approximate 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.