Securitized Income ETF

TSCZ

Risks: All investments are subject to market risk, including the possible loss of principal. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Securitized assets: A fund investing in securitized assets, including agency and non-agency mortgage-backed securities (including commercial and residential MBS), asset-backed securities, and CLOs may be more adversely affected by changes in interest rates, underperformance of the underlying assets, liquidity, and the creditworthiness of the entities that provide any supporting letters of credit, surety bonds, or other credit or liquidity enhancements. TBAs and dollar rolls: Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. 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. 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/ETPs 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.