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Important Information

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Click here for the BDOG Prospectus, SAI, and Summary Prospectus. A free hardcopy of any prospectus may be obtained by calling +1.215.882.9983. Read carefully before investing.

* Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

** Basis Points (bps): A unit of measure used in quoting yields, changes in yields or differences between yields. One basis point is equal to 0.01%, or one one-hundredth of a percent of yield and 100 basis points equals 1%.

Quantitative Security Selection and Model Risk. Data for some securities may be less available and/or less current than data for securities in other markets. The Sub-Adviser uses quantitative models, and its processes could be adversely affected if erroneous or outdated data is utilized. 

Risk of Investing in Other ETFs. Because the Fund may invest in other ETFs, the Fund’s investment performance is impacted by the investment performance of the selected underlying ETFs. An investment in the Fund is subject to the risks associated with the ETFs that then-currently comprise the Fund’s portfolio. 

Large-Capitalization Companies Risk. Large-capitalization companies may trail the returns of the overall stock market. Large- capitalization stocks tend to go through cycles of doing better – or worse – than the stock market in general. These periods have, in the past, lasted for as long as several years.

Hedging Transactions Risk. For a variety of reasons, the Sub-Adviser is not seeking to establish commonly used hedging instruments (i.e., options, derivatives, futures contracts) as they come with their own degrees of risks, intended as a perfect correlation between such hedging instruments and the portfolio holdings being hedged. The Sub-Adviser only employs two general hedging techniques for the Fund—(1) asset allocation and (2) increasing cash positions. The success of the Fund’s hedging strategy will be subject to the Sub-Adviser’s risk management strategy and the SHEP® platform’s algorithmic ability to correctly assess the timing of Model changes meant to alter the asset allocation to and from cash positions. 

The Securities and Exchange Commission (SEC) does not approve or disapprove of any investment. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. References to other funds should not be interpreted as an offer of these securities.

The Fund is distributed by Quasar Distributors, LLC. The Fund’s investment advisor is Empowered Funds, LLC which is doing business as ETF Architect.

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