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Actively Managed Exchange Traded Funds

Grail McDonnell Intermediate Municipal Bond ETF

Fund Details
Ticker GMMB
IOPV* GMMB.IV
CUSIP 384742706
Inception Date 01/29/2010
Exchange NYSE Arca
Net Expense Ratio 0.35%
Gross Expense Ratio 0.58%
Benchmark Barclays 3-15 Year National
Municipal Bond Index

Objective

High level of current tax-exempt income and higher risk-adjusted returns relative to its benchmark.

Strategy

The ETF typically invests in municipal securities and will invest, under normal market conditions, primarily in tax-exempt general obligation, revenue and private activity bonds and notes, which are issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities.

Investment Style

The McDonnell municipal bond team adheres to a time-tested, total return investment philosophy. The investment team seeks to reduce the Fund’s exposure to interest rate risk by limiting dependence on market timing by controlling the interest rate sensitivity (i.e. duration) of the portfolio relative to the benchmark-- the Barclays 3-15 year Municipal Bond index.

McDonnell employs a conservative approach to actively managed fixed income portfolios. The investment team seeks to outperform the Fund’s stated risk tolerance/benchmark by identifying opportunities among states, sectors, securities, and exploiting the changing shape of the yield curve. Fundamental credit analysis is an integral part of the portfolio strategy. Credit analysts and portfolio managers participate in regular discussions of trends and opportunities in making state, sector, yield curve and security selection decisions.

†Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times.

*A calculation disseminated by the stock exchange that approximates the Fund's NAV every 15 seconds throughout the trading day.

Barclays Capital 3-15 Year Blend Municipal Bond Index, an unmanaged index, is a market value-weighted index of investment grade fixed-rate municipal bonds with maturities of 2-17 years. The index is frequently used as a general performance measure of tax-exempt bonds with intermediate maturities. The index reflects reinvestment of all distributions and changes in market prices. It is not an investment product available for purchase.

There are risks involved with investing in ETFs including the loss of money. Additional information regarding the risks of this investment is available in the disclosure.

The ETFs are new and have limited operating history.

Shares are not individually redeemable. Investors buy and sell shares on a secondary market. Only market makers or “authorized participants” may trade directly with the Fund(s), typically in blocks of 50,000 shares.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. For more complete information about the Grail American Beacon ETFs or to obtain a Prospectus, call (415) 677-5870. For more complete information about the McDonnell ETFs or to obtain a Prospectus, call (415) 677-5870. For more complete information about the RiverPark ETFs or to obtain a Prospectus, call (212) 484-2100. Please read the Prospectus carefully before investing.

Grail American Beacon Large Cap Value ETF, Grail McDonnell Intermediate Municipal Bond ETF, Grail McDonnell Core Taxable Bond ETF, RP Growth ETF, RP Focused Large Cap Growth ETF, RP Technology ETF and RP Financials ETF are distributed by ALPS Distributors, Inc.

ALPS Distributors, Inc. is not affiliated with the Sub-Advisors Brandywine Global Investment Management, LLC, Hotchkis and Wiley Capital Management, LLC, Metropolitan West Capital Management, LLC "MetWest", Wedgewood Partners, RiverPark Capital or McDonnell Investment Management, LLC.

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