The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to provide capital appreciation and, under normal market conditions, invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of companies that the sub‑adviser believes will have a positive impact on the carbon economy through their current and/or planned efforts to reduce global greenhouse gas emissions, which, in turn, will contribute to the overall transition to a net zero economy (“Net Zero Transition Companies”). The “carbon economy” refers to an economy based on low carbon energy sources with minimal greenhouse gas emissions, and “net zero” refers to the goal of either eliminating the production of greenhouse gas emissions or offsetting the production of greenhouse gas emissions with an equal reduction in greenhouse gas emissions. The goal of achieving a net zero carbon economy may be achieved through the decarbonization of economic activity, including, but not limited to, the elimination of high-carbon producing activities or the transition from high-carbon producing activities to activities that produce little to no carbon emissions. The Fund attempts to achieve its investment objective by

investing in a diversified portfolio of global securities comprised of Net Zero Transition Companies, which include companies that (i) are following third-party validated carbon reduction plans, (ii) have publicly expressed their intentions to reduce carbon emissions, or (iii) employ disruptive technology with the intention of supporting climate change mitigation. When selecting Net Zero Transition Companies for inclusion in the Fund’s portfolio, the sub‑adviser conducts an analysis of each company’s balance sheet and considers various fundamental factors, such as a company’s return on capital and free cash flow.

The sub‑adviser will also monitor the decarbonization of the Net Zero Transition Companies in the Fund’s portfolio and determine, on an ongoing basis, based on the third-party data, public disclosure documents, and in some instances engagement, whether a company continues to qualify as a Net Zero Transition Company.

The Fund will not invest in companies that the sub‑adviser determines are involved in the following activities:

The Fund may use third-party data sources to determine if companies are involved in any of the above activities.

The Fund may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. The portion of the Fund’s net assets invested in non‑U.S. securities floats day‑to‑day based on the portion of the Fund’s benchmark, the MSCI ACWI Index (“MSCI ACWI”), that is composed of non‑U.S. securities. Under normal market conditions, the Fund’s investment in non‑U.S. securities will be, at a minimum, equal to 80% of the MSCI ACWI’s non‑U.S. assets, calculated on a daily basis. If, however, market conditions are deemed unfavorable, the minimum portion of the Fund’s net assets invested in non‑U.S. securities will be reduced to 50% of the MSCI ACWI’s non‑U.S. assets. The Fund will invest in securities of issuers in at least three different countries (one of which may be the United States) and may invest up to 25% of its net assets in securities of companies located in emerging markets.

While the sub‑adviser will invest in Net Zero Transition Companies, it is not required to invest in every company that meets the associated criteria. Investing on the basis of carbon emissions criteria is qualitative and subjective by nature. There can be no assurance that every Fund investment will meet carbon emissions criteria, or will do so at all times, or that the carbon emissions criteria or any judgement exercised by the sub‑adviser will reflect the beliefs or values of any particular investor.

As of the date of this prospectus, a significant portion of the Fund’s assets is comprised of companies in the information technology sector.