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Hybrid funds smooth path between active and passive strategies

www.ft.com

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Prospectus
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This document does not constitute an offer to sell or the solicitation of an offer to buy any security or investment product and should not be construed as such.

Any investment product, strategy, or product design that is described within this website may not be suitable for all types of clients.

Investing involves risk. Principal loss is possible. The Fund is also subject to the following risks: Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the funds. Brokerage commissions will reduce returns. Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies. The exploration of space by private industry and the harvesting of space assets is a business based in future and is witnessing new entrants into the market. Investments in the Fund will be riskier than traditional investments in established industry sectors. The Fund is considered to be concentrated in securities of companies that operate or utilize satellites which are subject to manufacturing delays, launch delays or failures, and operational and environmental risks that could limit their ability to utilize the satellites needed to deliver services to customers. Investing in foreign securities are volatile, harder to price, and less liquid than U.S. securities. Securities of small- and mid-capitalization companies may experience much more price volatility, greater spreads between their bid and ask prices and significantly lower trading volumes than securities issued by large, more established companies. The Fund is not actively managed so it would not take defensive positions in declining markets unless such positions are reflected in the underlying index. Please refer to the summary prospectus for a more detailed explanation of the Funds’ principal risks. It is not possible to invest in an index.

Any investment decision should be based on the individual circumstances of the beneficial owner. Registration with the Securities Exchange Commission (“SEC”) does not imply a certain level of skill, training or endorsement by the SEC, Finra or other government regulatory authority.

Diversification does not guarantee a profit or protect from loss in a declining market.

Distributed by Quasar Distributors LLC.