Capital Appreciation Market Opportunities ETF

TPUT

Risks: All investments are subject to market risk, including the possible loss of principal. Interest rates:  A decline in interest rates may lower the fund’s yield, or a rise in the overall level of interest rates may cause a decline in the prices of fixed income securities held by the fund. Derivatives:  The use of derivatives exposes the fund to additional volatility and potential losses and the fund may not achieve the purpose of using the derivative. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the reference or assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Written put options:  Writing put options on a security or index involves the risk that the fund may be required to buy the underlying security or index (or settle in cash an amount of equal value) at a disadvantageous price or above the market price of such underlying security or index, at the time the option is exercised, resulting in a loss on exercise equal to the amount by which the market price of the underlying security or index is below the exercise price minus the premium received. Stock investing:  Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. See the prospectus for more detail on the fund’s principal risks.

Statement of Additional Information (SAI)

Past performance cannot guarantee future results.

Market value of holdings shown are illustrative and may differ from the values used to calculate the fund’s net asset value (“NAV”). For information on valuation of portfolio assets used to calculate NAV, please see the prospectus.

ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.

Figures may not total due to rounding.