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Actively Managed Exchange Traded Funds

ETF Mechanics

Fund Shareholders
Investors can buy and sell ETF shares with the help of broker/dealers throughout the day.
Can be shorted and bought on margin.
Brokerages hold shares in Street name, like individual stocks.
Secondary Market Participants
Market makers facilitate ETF trading:
Create initial ETF shares and hold in inventory to allow trading to commence.
Maintain trading at NAV, by increasing or decreasing liquidity on the market in equilibrium with demand.
Full transparency of index-based portfoilio allows market participants to exploit arbitrage opportunities when shares trade away from NAV.
ETF Share Creation/Redemption
ETF shares are created and redeemed through in-kind trading between the fund and market makers.
The ETF portfolio itself rarely needs to trade securities directly because of this in-kind exchange mechanism.

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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