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Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s Prospectus and Summary Prospectus, which may be obtained by visiting www.mufgetfs.com/investor-materials. Read the Prospectus and Summary Prospectus carefully before investing.

The MUFG Japan Small Cap Active ETF is distributed by Quasar Distributors, LLC. Clearbrook Investment Consulting, LLC serves as the investment advisor; Mitsubishi UFJ Trust and Banking Corporation and Exchange Traded Concepts, LLC both serve as sub-advisors.

Investing involves risk. Principal loss is possible. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies, including the risks associated with fluctuations in foreign currency exchange rates, more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability. Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign markets. In many less developed markets, there is less governmental supervision and regulation of business and industry practices, stock exchanges, brokers, and listed companies than there is in more developed markets. Because a significant portion of the assets of the Fund are invested in Japanese securities, the Fund’s performance is expected to be closely tied to the political, social and economic conditions within Japan.

Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. Securities of companies with small capitalizations tend to be riskier than securities of companies with large capitalizations. This is because small companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns. The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.

Price to Book (P/B): ratio of stock price to book value. Price to Earnings (P/E): ratio of stock price to earnings. Return on Equity (ROE): net income divided by equity. Alpha: measures an investment’s risk-adjusted excess return compared to a benchmark index. Price-to-Sales (P/S): ratio is a financial metric that compares a company’s stock price to its revenue, showing how much investors are willing to pay for each dollar of sales the company generates. Dividend Yield: is a financial ratio that shows a company’s annual dividend payments relative to its stock’s market price, expressed as a percentage. Tokyo Prime Market: is the top-tier market of the Tokyo Stock Exchange (TSE), requiring companies to meet high standards for market capitalization, financial health, corporate governance, and transparency to attract institutional investors. Payout Ratio: generally, refers to the proportion of a company’s earnings that it pays out to its shareholders, most commonly as dividends.