Performance

As of 7/31/20

Fund NameSince Inception (12/27/19)1 MonthQ2 2020YTD1 Year5 Year10 Year
Global Beta Smart Income ETF NAV-22.722.8016.58-22.69
Global Beta Smart Income ETF Market Price-22.562.9616.53-22.70
Global Beta Smart Income Index-22.882.8116.53-22.87
S&P 900 Index1.415.5820.741.67

As of 6/30/20

Fund NameSince Inception (12/27/19)1 MonthQ2 2020YTD1 Year5 Year10 Year
Global Beta Smart Income ETF NAV-22.722.8016.58-22.69
Global Beta Smart Income ETF Market Price-22.562.9616.53-22.70
Global Beta Smart Income Index-22.882.8116.53-22.87
S&P 900 Index1.415.5820.741.67

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (833) 933-2083.

Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds (“ETFs”) in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance data quoted. Shares are bought and sold at market price (not NAV) and are not individually redeemable from the fund. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to the fund first trading day. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. They do not represent the returns you would receive if you traded shares at other times. Index performance does not represent Global Beta Smart Income ETF performance. It is not possible to invest directly in an index.

As of

Fund NameTicker1 mo.3 mo.6 mo.YTDSince InceptionInception Date
S&P 900SP900

As of 12/27/19

Fund NameTicker135Since Inception

As of 12/27/19

Fund135Since Inception
Global Beta Smart Income

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 215-531-8234.

The gross expense ratio is 2.59% and the net expense ratio is .29%. Global Beta Advisors LLC (“Adviser”), has agreed to reimburse the Fund during the Fund’s initial six months of operation ending June 27, 2020, for the (i) compensation and expenses of the Independent Trustees, and (ii) fees and expenses of counsel to the Independent Trustees, except for any (a) litigation expenses, and (b) extraordinary or non-routine fees or expenses. Performance would have been lower without the fee reimbursement in effect.

Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds (“ETFs”) in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance data quoted. Shares are bought and sold at market price (not NAV) and are not individually redeemable from the fund. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to the fund first trading on an exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. They do not represent the returns you would receive if you traded shares at other times. Index performance does not represent Global Beta Smart Income ETF performance. It is not possible to invest directly in an index.

Distributor: Compass Distributors

Global Beta Smart Income Index: composed of stocks in the S&P 900 with the highest average 12-month trailing dividend yield over the prior 4 quarters on a diversified basis.

The S&P 900 combines the S&P 500® and the S&P MidCap 400® to form an investable benchmark for the mid- to large-cap segment of the U.S. equity market.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus or summary prospectus. A copy may be obtained by visiting www.globalbetaetfs.com or calling (833) 933-2083. Please read the prospectus or summary prospectus carefully before investing.

The fund’s primary risks:

Mid-Capitalization Securities Risk
The securities of mid-capitalization companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of securities during market downturns. Compared to larger companies, mid-capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.

Concentration Risk
To the extent that the Target Index is concentrated in a particular industry, group of industries or sector, the Fund is also expected to be concentrated in that industry, group of industries or sector, which may subject the Fund to a greater loss as a result of adverse economic, business or other developments affecting that industry, group of industries or sector.

Dividend-Paying Securities Risk
The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend after the Fund’s purchase of such a company’s securities.

Large Capitalization Securities Risk
The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.