Important Risk Information

The Gavekal Asian Pacific Government Bond ETF involves risks including the possible loss of principal and may not be suitable for all investors. No level of diversification or non-correlation can ensure profits or guarantee against losses. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging or frontier markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments. Investments in currency involve additional special risks, such as credit risk and interest rate fluctuations.

The Fund can have a high concentration of investments in a small number of issuers or in a single country or region, the Fund can be adversely impacted by changes affecting those issuers and regions. The ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio manager. Bond Connect is a mutual market access scheme and represents an exception to Chinese laws that generally restrict foreign investment in Chinese bonds. There is a risk that Chinese regulators may alter the structure and terms of, as well as the Fund’s access to, Bond Connect in the future, which may limit or prevent the Fund from investing directly in or selling Chinese bonds. Please read the Fund’s prospectus for specific details regarding the Fund’s risk profile.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Gavekal Asian Pacific Government Bond ETF. This and other important information about the Fund is contained in the prospectus, which can be obtained at www.agovetf.com. The prospectus should be read carefully before investing.

The Gavekal Asian Pacific Government Bond ETF is distributed by Foreside Fund Services, LLC