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By Staff , in Retirement Accounts , at January 7, 2022




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AI High quality Development ETF

 a sequence of the
Starboard Funding Belief

SUMMARY PROSPECTUS

(Ticker: AQGX)

November 5, 2021

Earlier than you make investments, you could wish to assessment the AI High quality Development ETF’s (the “Fund”) Prospectus, which accommodates extra info
in regards to the Fund and its dangers.  Yow will discover the Fund’s Prospectus and different details about the Fund on-line at https://etfpages.com/AQGX.

Funding Goal

The AI High quality Development ETF (the “Fund”) seeks capital appreciation.

Charges and Bills of the Fund

This desk describes the charges and bills that you could be pay in the event you purchase, maintain, and promote shares of the Fund (“Shares”). You might pay
different charges, reminiscent of brokerage commissions and different charges to monetary intermediaries, which aren’t mirrored within the desk and instance under.

Annual Fund Working Bills

(ongoing bills that you just pay annually as a share of the worth of your funding)

Administration Charges1

0.90%

Different Bills

0.56%

Acquired Fund Charges and Bills2

0.02%

Complete Annual Fund Working Bills

1.48%

   Much less Payment Waiver and/or Expense Limitation1,3

(0.51)%

   Complete Annual Fund Working Bills After
   Payment Waiver and/or Expense Limitation

0.97%

1 Restated to replicate present contractual charges.

2 “Acquired Fund” means any funding firm by which the Fund invests or has invested throughout the earlier fiscal 12 months.  The “Complete Annual Fund Working Bills” and “Web Annual Fund Working Bills” won’t match the Fund’s gross and
web expense ratios reported within the Monetary Highlights from the Fund’s monetary statements
, which replicate the working bills of the Fund
and don’t embrace Acquired Fund Charges and Bills.

3 Cavalier Investments, LLC d/b/a Adaptive Investments, the funding
advisor to the Fund (the “Advisor”), has entered into an expense limitation settlement with the Fund beneath which it has agreed to waive or scale back its charges and assume different bills of the Fund, if crucial, in an quantity that limits the Fund’s annual
working bills (unique of: (i) any front-end or contingent deferred masses; (ii) brokerage charges and commissions, (iii) acquired fund charges and bills; (iv) charges and bills related to investments in different collective funding autos or
by-product devices (together with for instance possibility and swap charges and bills); (v) borrowing prices (reminiscent of curiosity and dividend expense on securities offered brief); (vi) taxes; and (vii) extraordinary bills, reminiscent of litigation bills (which can
embrace indemnification of Fund officers and Trustees and contractual indemnification of Fund service suppliers (apart from the Adviser)) to no more than 0.95% of the common day by day web belongings of the Fund. Web annual working bills for the Fund might
exceed these limits to the extent that it incurs bills enumerated above as exclusions. The expense limitation settlement runs by way of September 30, 2022, and could also be terminated by the Board at any time. The Advisor can’t recoup from the Fund any
quantities paid by the Advisor beneath the expense limitation settlement.

Instance. This Instance is meant to
provide help to evaluate the price of investing within the Fund with the price of investing in different mutual funds. The Instance assumes that you just make investments $10,000 within the Fund for the time intervals indicated after which redeem (otherwise you maintain) your entire Shares on the finish of
these intervals. The Instance additionally assumes that your funding has a 5% return annually and the Fund’s working bills stay the identical. The Instance consists of the Fund’s contractual expense limitation by way of September 30, 2022.  Though your precise
prices could also be increased or decrease, based mostly on these assumptions your prices can be:

1 Yr

3 Years

5 Years

10 Years

$99

$418

$760

$1,725

Portfolio Turnover. 
The Fund pays transaction prices, reminiscent of commissions, when it buys and sells securities (or “turns over” its portfolio). The next portfolio turnover price might point out increased transaction prices and should end in increased taxes when Shares are held in a
taxable account. These prices, which aren’t mirrored in annual fund working bills or within the instance, have an effect on the Fund’s efficiency.  For the fiscal 12 months ended Might 31, 2021, the Predecessor Fund’s (as outlined in “Efficiency Data” under)
portfolio turnover price was 147.82% of the common worth of its portfolio.

Principal Funding Methods

As an actively managed exchange-traded fund (“ETF”), the Fund won’t search to copy the efficiency of an index. The Advisor
seeks to realize the Fund’s funding goal of capital appreciation by principally investing in home frequent shares that the Advisor believes to have above-average progress potential relative to their friends. The Advisor makes use of a proprietary
screening system that comes with quantitative and basic evaluation in an effort to assemble the Fund’s portfolio.

The Fund invests principally in home frequent shares and isn’t restricted in its investments by market capitalization.  The Fund
invests in different funding firms, together with mutual funds and change traded funds which can be registered beneath the Funding Firm Act of 1940, as amended (the “1940 Act”) and never affiliated with the Fund (“Portfolio Funds”).

The Advisor makes use of a screening and choice course of to construct a portfolio of high quality home progress shares, which features a
choose group of progress shares that the Advisor believes have the potential for income progress charges increased than their friends.

First, the Advisor employs quantitative evaluation of particular person inventory metrics in an effort to choose shares with high quality and/or progress
traits.  High quality metrics embrace earnings variability, return on fairness, and debt to fairness ratio.  Development metrics embrace income progress charges and firms with above common earnings progress.  Second, the Advisor will choose roughly
30-40 shares from this universe with an emphasis on firms that the Advisor believes might have a aggressive benefit (reminiscent of robust merchandise in industries with excessive obstacles to entry), sustainable earnings progress charges, progress of free money circulate,
and/or potential for a excessive return on capital.  This collection of 30-40 holdings is constructed to diversify throughout sectors and industries the place present alternatives are considered as favorable.  The portfolio is usually equally weighted based mostly on the
security’s market worth.

The Fund might make use of a danger administration technique supposed to handle the volatility of the Fund’s returns and scale back the general danger
of investing within the Fund. The chance administration technique displays technical and volatility metrics to gauge intervals the place there’s potential for increased fairness market danger. When intervals of fairness draw back are extra probably, the danger administration technique will
scale back fairness publicity. When using this danger administration technique, the Fund might allocate a major share of its belongings to money and money equivalents. When using the danger administration technique, along with money and money equivalents, the
Fund might make the most of a hedge overlay for draw back safety, which is able to embrace put choices and ETFs which have publicity to adjustments in volatility or supply inverse efficiency to fairness markets (inverse ETFs).  In an effort to successfully execute the hedge
overlay, when the Fund isn’t using the danger administration technique, the Advisor will typically preserve an roughly 10% place in a broad market fairness ETF, and the belongings allotted to this broad market fairness ETF are reallocated to the danger
administration technique investments in occasions of market stress.  The hedge overlay shall be used when the Advisor believes there’s the potential for increased danger of loss in fairness markets.

The Advisor might promote a portfolio security when its reward/danger measures weaken, the basics of the inventory change, to pursue
alternatives that the Advisor believes shall be of larger profit to the Fund, or to rebalance the Fund’s portfolio. The Advisor’s analysis of reward/danger measures are based mostly on a quarterly display of worth momentum and sector evaluation relative to
different fairness securities. The Advisor’s analysis of adjustments in fundamentals features a assessment of worth earnings ratios, earnings progress, income progress and leverage ratios. On account of its technique, the Fund might have a comparatively excessive degree of
portfolio turnover in comparison with different mutual funds, which can have an effect on the Fund’s efficiency on account of increased transactions prices and better taxes. Portfolio turnover won’t be a limiting consider making funding selections.

Principal Dangers of Investing within the Fund

The lack of your cash is a principal danger of investing within the Fund.  Investments within the Fund are topic to funding dangers,
together with the potential lack of some or the whole principal quantity invested.  There could be no assurance that the Fund shall be profitable in assembly its funding goal. An funding within the Fund isn’t a deposit or obligation of any financial institution, isn’t
endorsed or assured by any financial institution, and isn’t insured by the Federal Deposit Insurance coverage Company or every other authorities company. The Fund shall be topic to the next principal dangers:

Widespread Inventory Danger.  The Fund’s
investments in shares of frequent inventory, each straight and not directly by way of the Fund’s funding in shares of different funding firms, might fluctuate in worth response to many elements, together with the actions of the person issuers whose
securities the Fund owns, normal market and financial situations, rates of interest, and particular business adjustments.  Such worth fluctuations topic the Fund to potential losses.  Widespread inventory typically is subordinate to most well-liked inventory and debt
securities with respect to the cost of dividends and upon the liquidation or chapter of the issuing firm.

Management of Portfolio Funds Danger. The Portfolio Funds every have their very own distinctive funding goal, methods, and dangers. There isn’t any assure that the Portfolio Funds will obtain their funding
targets and the Fund has publicity to the funding dangers of the Portfolio Funds in direct proportion to the allocation of belongings among the many funds. The funding insurance policies of the Portfolio Funds might differ from the Fund’s insurance policies.

Though the Fund and the Advisor will consider usually every Portfolio Fund to find out whether or not its funding
program is according to the Fund’s funding goal, the Advisor won’t have any management over the investments made by a Portfolio Fund.  The funding advisor to every Portfolio Fund might change features of its funding methods at any
time.  The Advisor won’t have the flexibility to manage or in any other case affect the composition of the funding portfolio of a Portfolio Fund.

Fairness Securities Danger.  Investments by
the Portfolio Funds in fairness securities might fluctuate in worth response to many elements, together with the actions of the person issuers whose securities the Portfolio Fund owns, normal market and financial situations, rates of interest, and particular
business adjustments. Such worth fluctuations topic the Fund to potential losses. Throughout short-term or prolonged bear markets, the worth of fairness securities will decline, which may additionally end in losses for the Fund.

ETF Investing Danger.  The Fund’s
funding in ETFs might topic the Fund to further dangers than if the Fund would have invested straight within the ETF’s underlying securities. These dangers embrace the likelihood that an ETF might expertise an absence of liquidity that may end up in larger
volatility than its underlying securities, an ETF might commerce at a premium or low cost to its web asset worth, or an ETF might not replicate precisely the efficiency of the benchmark index it seeks to trace. As well as, investing in an ETF may additionally be
costlier than if the Fund had owned the underlying securities straight. The Fund and, not directly, shareholders of the Fund, bear a proportionate share of the ETF’s bills, which embrace administration and advisory charges and different bills. As well as,
the Fund pays brokerage commissions in reference to the acquisition and sale of ETFs within the Fund’s portfolio.

Inverse ETF Danger. Investments in inverse
ETFs will stop the Fund from taking part in market-wide or sector-wide features and should not show to be an efficient hedge. During times of elevated volatility, inverse ETFs might not carry out within the method they’re designed.

Money and Money Equivalents Danger. At any
time, the Fund might have important investments in money or money equivalents. When a considerable portion of a portfolio is held in money or money equivalents, there’s the danger that the worth of the money account, together with curiosity, won’t hold tempo
with inflation, thus decreasing buying energy over time.

Managed Volatility Danger. Strategies used
by Advisor to handle the volatility of the Fund’s investments carry the dangers that such strategies might not shield in opposition to market declines. The strategies may additionally restrict the Fund’s participation in market features, significantly in periods the place market
values are rising however market volatility is excessive. Additional, such strategies might improve portfolio transaction prices, which may end in losses or decreased features. In addition they might not be profitable because the strategies are topic to the Advisor’s
skill to accurately analyze and implement the volatility administration strategies in a well timed method.

Choices Danger.  There are dangers related to the sale and buy of put choices.  As a vendor (author) of a put possibility, the Fund will are likely to lose cash if
the worth of the reference index falls under the strike worth.  As the customer of a put possibility, the Fund dangers dropping the whole premium invested within the possibility if the Fund doesn’t train the choice. If a put possibility bought by the Fund isn’t offered
when it has remaining worth and if the market worth of the underlying security stays equal to or larger than the train worth, the Fund will lose its total funding within the possibility.  Since many elements affect the worth of an possibility, together with
the worth of the underlying security, the train worth, the time to expiration, the rate of interest, and the dividend price of the underlying security, the Advisor’s success in implementing the Fund’s technique might rely on a capability to foretell
actions within the costs of particular person securities, fluctuations in markets, and actions in rates of interest. There isn’t any assurance {that a} liquid market will exist when the Fund seeks to shut out an possibility place.  The place a place in a bought
possibility is used as a hedge in opposition to worth actions in a associated place, the worth of the choice might transfer kind of than the worth of the associated place.

Fund Investing Danger.  Investments in
different funding firms topic the Fund to further working and administration charges and bills. Buyers within the Fund will not directly bear charges and bills charged by the funds by which the Fund invests, along with the Fund’s direct charges and
bills.  The Fund’s efficiency relies upon partly upon the efficiency of the funding advisor to every Portfolio Fund, the methods and devices utilized by the
Portfolio Funds, and the Advisor’s skill to pick Portfolio Funds and successfully allocate fund belongings amongst them
.

Funding Advisor Danger.  The Advisor’s
skill to decide on appropriate investments has a major affect on the flexibility of the Fund to realize its funding targets.

Administration Danger. The Fund is topic to
administration danger as a result of it’s an actively managed portfolio. In managing the Fund’s portfolio securities, the Advisor will apply funding strategies and danger analyses in making funding selections for the Fund, however there could be no assure that
these will produce the specified outcomes.

Giant-Cap Securities Danger.  Shares of
massive firms as a gaggle can fall out of favor with the market, inflicting the Fund to underperform investments which have a larger give attention to mid-cap or small-cap shares.

Market Danger.  Market danger refers back to the
risk that the worth of securities held by the Fund might decline on account of day by day fluctuations available in the market.  Market costs for securities change day by day because of this
of many elements, together with developments affecting the situation of each particular person firms and the market basically.  The value of a security might even be affected by
elements unrelated to the worth or situation of its issuer, together with adjustments in rates of interest, financial and political situations, and normal market situations. 
The Fund’s efficiency per share will change day by day in response to such elements.

Portfolio Turnover Danger.  The Advisor
will promote Portfolio Funds and different securities when it’s in the perfect curiosity of the Fund and its shareholders to take action with out regard to the size of time they’ve been held. As portfolio turnover might contain paying brokerage commissions and different
transaction prices, there may very well be further bills for the Fund.  Excessive charges of portfolio turnover may additionally consequence within the realization of short-term capital features and losses.  Any distributions ensuing from such features shall be thought-about peculiar
earnings for federal earnings tax functions.

Quantitative Danger.  Securities or different
investments chosen utilizing quantitative strategies might carry out in a different way from the market as an entire. There could be no assurance that these methodologies will allow the Fund to realize its goal.

Small-Cap and Mid-Cap Securities Danger. The
Portfolio Funds might put money into securities of small-cap and mid-cap firms, which contain larger volatility than investing in bigger and extra established firms.  Small-cap and mid-cap firms could be topic to extra abrupt or erratic share worth
adjustments than bigger, extra established firms.  Securities of some of these firms have restricted market liquidity, and their costs could also be extra unstable.

COVID-19 Danger. An outbreak of infectious respiratory sickness attributable to a novel coronavirus often called COVID-19 was first detected in China in December 2019 and has now been detected
globally. COVID-19 has resulted in journey restrictions, closed worldwide borders, enhanced well being screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and supply, extended quarantines,
cancellations, provide chain disruptions, and decrease shopper demand, in addition to normal concern and uncertainty. The affect of COVID-19, and different infectious sickness outbreaks which will come up sooner or later, may adversely have an effect on the economies of many
international locations or the whole international economic system, particular person issuers and capital markets in ways in which can’t essentially be foreseen. As well as, the affect of infectious sicknesses in rising market international locations could also be larger on account of typically much less established
healthcare methods. Public well being crises attributable to the COVID-19 outbreak might exacerbate different pre-existing political, social and financial dangers in sure international locations or globally. As such, issuers of debt securities with operations, productions, places of work,
and/or personnel in (or different publicity to) areas affected with the virus might expertise important disruptions to their enterprise and/or holdings.  The potential affect on the credit score markets might embrace market illiquidity, defaults and bankruptcies,
amongst different penalties, significantly on issuers within the airline, journey and leisure and retail sectors.  The extent to which COVID-19 will have an effect on the Fund, the Fund’s service suppliers’ and/or issuer’s operations and outcomes will rely on future
developments, that are extremely unsure and can’t be predicted, together with new info which will emerge in regards to the severity of COVID-19 and the actions taken to comprise COVID-19. Economies and monetary markets all through the world have gotten
more and more interconnected. In consequence, whether or not or not the Fund invests in securities of issuers positioned in or with important publicity to international locations experiencing financial, political and/or monetary difficulties, the worth and liquidity of the
Fund’s investments could also be negatively affected by such occasions. If there’s a important decline within the worth of the Fund’s portfolio, this will likely affect the Fund’s asset protection ranges for sure sorts of derivatives and different portfolio transactions.
The period of the COVID-19 outbreak and its affect on the worldwide economic system can’t be decided with certainty.

Cybersecurity Danger. As
a part of its enterprise, the Advisor processes, shops, and transmits massive quantities of digital info, together with info regarding the transactions of the Fund. The Advisor and the Fund are due to this fact vulnerable to cybersecurity danger.
Cybersecurity failures or breaches of the Fund or its service suppliers have the flexibility to trigger disruptions and affect enterprise operations, doubtlessly leading to monetary losses, the shortcoming of Fund shareholders to transact enterprise, violations
of relevant privateness and different legal guidelines, regulatory fines, penalties, and/or reputational injury. The Fund and its shareholders may very well be negatively impacted because of this.

Approved Participant Danger. Solely a certified participant (“Approved Participant” or “APs”) might interact in creation or redemption transactions straight with the Fund. The
Fund has a restricted variety of establishments which will act as Approved Contributors on an company foundation (i.e., on behalf of different market contributors). Approved Participant focus danger could also be heightened for exchange-traded funds (ETFs), reminiscent of
the Fund, that put money into securities issued by non-U.S. issuers or different securities or devices which have decrease buying and selling volumes.

ETF Construction Dangers. The Fund is
structured as an ETF and because of this is topic to the particular dangers, together with:

o

Not Individually Redeemable.
Shares usually are not individually redeemable and could also be redeemed by the Fund at NAV solely in massive blocks often called “Creation Models.”  You might incur brokerage prices buying sufficient Shares to represent a Creation Unit.

o

Buying and selling Points. An lively buying and selling marketplace for the
Shares might not be developed or maintained. Buying and selling in Shares on the Trade could also be halted on account of market situations or for causes that, within the view of the Trade, make buying and selling in Shares inadvisable, reminiscent of extraordinary market volatility.
There could be no assurance that Shares will proceed to fulfill the itemizing necessities of the Trade. If the Shares are traded outdoors a collateralized settlement system, the variety of monetary establishments that may act as approved
contributors that may publish collateral on an company foundation is proscribed, which can restrict the marketplace for the Shares.

o

Money purchases. To the extent Creation Models are
bought by APs in money as an alternative of in-kind, the Fund will incur sure prices reminiscent of brokerage bills and taxable features and losses. These prices may very well be imposed on the Fund and affect the Fund’s NAV if not absolutely offset by transaction charges
paid by the APs.

o

Market Value Variance Danger. The market costs of
Shares will fluctuate in response to adjustments in NAV and provide and demand for Shares and can embrace a “bid-ask unfold” charged by the change specialists, market makers or different contributors that commerce the actual security. There could also be
occasions when the market worth and the NAV differ considerably. Because of this Shares might commerce at a reduction to NAV.

In occasions of market stress, market makers might step away from their function market making in shares of ETFs and in executing trades, which may
result in variations between the market worth of Shares and the Fund’s web asset worth.

To the extent approved contributors exit the enterprise or are unable to course of creations or redemptions and no different AP can step in to do
so, there could also be a considerably decreased buying and selling market within the Shares, which may result in variations between the market worth of Shares and the Fund’s web asset worth.

The market worth for the Shares might deviate from the Fund’s web asset worth, significantly throughout occasions of market stress, with the consequence
that buyers might pay considerably extra or obtain considerably much less for Shares than the Fund’s web asset worth, which is mirrored within the bid and ask worth for Shares or within the closing worth.

When all or a portion of an ETFs underlying securities commerce in a market that’s closed when the marketplace for the Shares is open, there could also be
adjustments from the final quote of the closed market and the quote from the Fund’s home buying and selling day, which may result in variations between the market worth of the Shares and the Fund’s web asset worth.

In harassed market situations, the marketplace for the Shares might develop into much less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. This antagonistic impact on the liquidity of the Shares might, in flip, result in variations between the market worth of the Shares and the Fund’s web asset worth.

Early Shut/Buying and selling Halt Danger.
An change or market might shut or concern buying and selling halts on particular securities, or the flexibility to purchase or promote sure securities or monetary devices could also be restricted, which can stop the Fund from shopping for or promoting sure securities or
monetary devices. In these circumstances, the Fund could also be unable to rebalance its portfolio, could also be unable to precisely worth its investments and should incur substantial buying and selling losses.

Efficiency Data

The next bar chart and desk present a sign of the dangers of investing within the Fund by displaying adjustments within the Fund’s
efficiency from 12 months to 12 months and by displaying how the common annual whole returns evaluate to that of a broad-based securities market index. The Fund acquired all the belongings and liabilities of the Adaptive Basic Development Fund, a sequence of
Starboard Funding Belief (the “Belief”), (the “Predecessor Fund”) in a tax-free reorganization on November 5, 2021. In reference to this acquisition, shares of the Predecessor Fund’s Institutional Class shares, Class A shares, and Class C shares
have been exchanged for Shares. The Predecessor Fund had an funding goal and techniques that have been, in all materials respects, the identical as these of the Fund, and was managed in a fashion that, in all materials respects, complied with the funding
tips and restrictions of the Fund. Previous to July 31, 2015, the Fund had a unique funding advisor. The Fund modified its funding technique efficient September 7, 2020. The efficiency info set forth under doesn’t replicate the Fund’s
present technique or ETF construction. The efficiency info set forth under displays the historic efficiency of the Predecessor Fund’s Institutional Class shares. The Fund’s previous efficiency isn’t essentially a sign of how the Fund will
carry out sooner or later.  Up to date efficiency info is on the market on-line at https://etfpages.com/AQGX.

Calendar Yr Returns

Throughout the intervals proven within the bar chart above, the Fund’s highest quarterly return was 25.47%  (quarter ended June 30, 2020), and the Fund’s lowest quarterly return was 25.65% (quarter ended December 31, 2018).  The Fund’s year-to-date return as of June 30, 2021, was 10.86%.

Common Annual Complete Returns
Intervals Ended December 31, 2020

Previous 1
Yr

Previous 5
Years

Since
Inception

(10/17/2013)

AI High quality Development ETF
Earlier than taxes
After taxes on distributions
After taxes on distributions and sale of shares

20.32%

18.24%

13.53%

10.82%

9.67%

8.36%

9.82%

9.02%

7.76%

Morningstar Reasonable Aggressive Goal Danger TR Index1

    (displays no deductions for charges and bills)

9.12%

11.23%

8.55%

After-tax returns are calculated utilizing the historic highest particular person federal marginal earnings tax charges and don’t replicate the affect of state and native taxes.  Precise after-tax returns rely on an investor’s tax state of affairs and should differ
from these proven and usually are not relevant to buyers who maintain Shares by way of tax-deferred preparations reminiscent of a 401(ok) plan or a person retirement account (IRA).

Administration

Funding Advisor. Cavalier Investments,
LLC d/b/a Adaptive Investments, serves because the Fund’s funding advisor.

Portfolio Supervisor. The Fund’s portfolio
is managed on a day-to-day foundation by Scott Wetherington with Adaptive Investments. Mr. Wetherington has supplied providers to the Fund since June 2020.

For essential details about Buy and Redemption of Shares, Tax Data, and Funds to Dealer-Sellers and Different
Monetary Intermediaries, please flip to web page 60 of the prospectus.

Buy and Redemption of Shares

The Fund will concern and redeem Shares at NAV solely in massive blocks of 10,000 Shares (every block of Shares is named a “Creation
Unit”). Creation Models are issued and redeemed for money and/or in-kind for securities. Besides when aggregated in Creation Models in transactions with APs, the Shares usually are not redeemable securities of the Fund. 

Particular person Shares might solely be purchased and offered within the secondary market by way of a dealer or seller at a market worth. As a result of ETF
shares commerce at market costs relatively than NAV, Shares might commerce at a worth larger than NAV (premium) or lower than NAV (low cost). An investor might incur prices attributable to the distinction between the best worth a purchaser is keen to pay to
buy Shares (bid) and the bottom worth a vendor is keen to simply accept for Shares (ask) when shopping for or promoting Shares within the secondary market (the “bid-ask unfold”). You might entry current info, together with info on the Fund’s NAV, Market
Value, premiums and reductions, and bid-ask spreads, on the Fund’s web site at https://etfpages.com/Adaptive.

Tax Data

Fund distributions are typically taxable to you as peculiar earnings or capital features, until you’re investing by way of a tax
deferred association, reminiscent of a 401(ok) plan or a person retirement account (IRA). Distributions on investments made by way of tax deferred association will typically be taxed later upon withdrawal of belongings from these accounts.

Funds to Dealer-Sellers and Different Monetary Intermediaries

If you buy Shares by way of a broker-dealer or different monetary middleman (reminiscent of a financial institution) the Fund, and its associated
firms, might pay the middleman for the sale of Shares and associated providers. These funds might create a battle of curiosity by influencing the broker-dealer or different middleman and your salesperson to advocate the Fund over one other funding.
Ask your salesperson or go to your monetary middleman’s web site for extra info.

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