The iShares Factors US Growth Style ETF seeks to track the investment results of an index composed of US large and mid-capitalization stocks with favorable exposure to target style factors subject to constraints. The Underlying Index is designed to select equity securities from the Russell 1000 Growth Index (the  Parent Index ), which in turn is a subset of the Russell 1000 Index (the  Russell 1000 ). The Underlying Index is designed to select equity securities from the Parent Index with exposure to five equity style factors (momentum, quality, value, size,and low volatility) while maintaining a level of risk similar to that of the Parent Index.

The First Trust Merger Arbitrage ETFs investment objective is to seek to provide investors with capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective by establishing long and short positions in the equity securities of companies that are involved in a publicly-announced significant corporate event, such as a merger or acquisition.

The Fund seeks to provide investment results that track, before fees and expenses, the performance of the CP High Yield Trend Index (the  Index). The Fund seeks to achieve its investment objective by investing at least 80% of its net assets in securities included in the Index. The rules-based index is comprised of a blend of allocations to two asset classes: U.S. high yield corporate bond exchange-traded funds (ETFs) and U.S. 3-7 year Treasury ETFs.

The Absolute Core Strategy ETF (the  Fund) seeks positive absolute returns. The Fund s investment sub-adviser (the  Subadviser), seeks to achieve the Fund s objective by investing primarily in equity securities of U.S. companies that the Subadviser believes are priced at a substantial discount to the Subadviser s estimate of fair value. The Fund may invest in companies of any market capitalization and in any economic sector. The Subadviser, which actively manages the Fund, uses a five-stage process to identify, purchase, and sell companies that it believes are fundamentally attractive and will yield positive absolute returns, meaning it seeks positive returns in all market conditions, over complete market cycles, net of feesand expenses, and not returns that outperform a specific benchmark.

The iShares ESG MSCI EM Leaders ETF (the "Fund") seeks to track the investment results of an index composed of emerging market large and mid-capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider. The Fund seeks to track the investment results of the MSCI EM Extended ESG Leaders 5% Issuer Capped Index (the Underlying Index), which has been developed by MSCI Inc. (the  IndexProvider  or  MSCI). The Underlying Index is a free float-adjusted market capitalization-weighted index designed to reflect the equity performance of emerging market companies with favorable environmental, social and governance (ESG) characteristics (as determined by MSCI ESG Research LLC (MSCI ESG Research).

The Innovator S&P 500 Buffer ETF seeks to track the return of the S&P 500 Price Return Index, up to a predetermined cap, while buffering investors against the first 9% of losses over the outcome period. The ETF can be held indefinitely, resetting at the end of each outcome period, approximately annually.

The Innovator S&P 500 Ultra Buffer ETF seeks to track the return of the S&P 500 Price Return Index, up to a predetermined cap, while buffering investors against losses from -5% to -35% over the outcome period. The ETF can be held indefinitely, resetting at the end of each outcome period, approximately annually.

The Direxion MSCI USA ESG   Leaders vs. Laggards ETF aims to deliver a unique approach to ESG investing that is long and overweight companies with high ESG ratings and is short those with low ESG ratings. This approach allows investors to express a more complete view on both the leaders and laggards in ESG issues within the MSCI USA universe. MSCI USA ESG Universal Top - Bottom 150/50 Return Spread Index (the "Index") seeks to provide long exposure to companies with high environmental, social, and governance ("ESG") ratings and trend relative to their sector peers and short exposure to companies with low ESG performance relative to their sector peers as determined by MSCI, the "Index Provider". To this end, the Index consists of a portfolio that has 150% long exposure to the MSCI USA ESG Universal Top 100 5% Issuer Capped Index (the "Long Component") and 50% short (or inverse) exposure to the MSCI USA ESG Universal Bottom 100 5% Issuer Capped Index (the "Short Component"). The Index, and both the Long and Short Components are reviewed, reconstituted, and rebalanced on a quarterly basis.

The Direxion S&P 500 High minus Low Quality ETF aims to deliver a more complete solution to gaining exposure to the quality factor. By extending the scope of quality scores across the U.S. large cap universe to both high and low quality companies, the ETF seeks to deliver a robust profile of quality exposure. The S&P 500 150/50 Quality 0.30% Decrement Index (the "Index") seeks to measure the performance of a portfolio of long positions in high quality stocks and short positions in low quality stocks, as determined by S&P Dow Jones Indices, LLC, the "Index Provider." To this end, the Index consists of a portfolio that has 150% long exposure to the S&P 500 Quality Index (the "Long Component") and 50% short (or inverse) exposure to the S&P 500 Quality   Lowest Quintile Index (the "Short Component"). The Long Component is comprised of stocks selected from the S&P 500 based on their quality score as defined by the Index Provider. The Short Component is comprised of stocks selected from the S&P 500 with the lowest quality scores.

The iShares Factors US Value Style ETF seeks to track the investment results of an index composed of US large and mid-capitalization stocks with favorable exposure to target style factors subject to constraints. The Underlying Index is designed to select equity securities from the Russell 1000 Value Index (the  Parent Index ), which in turn is a subset of the Russell 1000 Index (the  Russell 1000 ). The Underlying Index is designed to select equity securities from the Parent Index with exposure to five equity style factors (momentum, quality, value, size, and low volatility) while maintaining a levelof risk similar to that of the Parent Index.

The Syntax Stratified MidCap ETF (the  Fund ) seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies comprising the Syntax Stratified MidCap Index (the  Index ). The Index, which was created by Syntax LLC, an affiliate of the Fund s investment adviser, is the stratified-weight version of the widely used S&P MidCap 400 Index and holds the same constituents as the S&P MidCap 400 Index. The S&P MidCap 400 Index may include some constituent stocks of companies that may be considered small, medium and large capitalization companies.  Stratified-weight  refers to the weighting methodology of the Index and is the method by which Syntax diversifies its indices by hierarchically grouping and distributing the weight of the Index constituent companies that share  Related Business Risks.  Related Business Risk occurs when two or more companies  earnings are affected by the same fundamental drivers (e.g. the product/services the company makes/provides, the customers or end users the company sells to, or the inputs that it utilizes to make its product or service). The process of identifying, grouping, and diversifying across related business risk is called  stratification.

The Fund's investment objective is to seek long-term capital appreciation and preservation of capital. The Fund s investment advisor, Day Hagan Asset Management, LLC (the  Advisor ), actively manages the Fund s portfolio using proprietary investment models co-developed with Ned Davis Research ( NDR ). The Fund is considered a  fund of funds  that, under normal market conditions, seeks to achieve its investment objective by principally investing in unaffiliated equity exchange traded funds ( ETFs ) that track the performance of the individual sectors ( Sectors ) of the S&P 500 Index ( Index ). The Fund will attempt to enhance returns relative to the Index by overweighting and underweighting its exposure to the Sectors relative to the Index and may reduce its overall exposure to ETFs as determined by its risk management model. The Fund utilizes the NDR U.S. Sector Model to determine its allocation to each Sector. The model combines price-based, economic, fundamental and behavioral indicators to form a composite for each Sector. By combining multiple indicators, which historically have been shown to add value in Sector allocation decisions, the model seeks to objectively assess the weight of the evidence and generate sector allocation recommendations.

The Direxion Flight to Safety Strategy ETF aims to deliver a simple, yet robust, approach to portfolio risk mitigation from equity market drawdowns while also providing long-term appreciation potential. By combining long-term U.S. treasury bonds, utility stocks, and gold bullion, the ETF may act as a diversified ballast for portfolios while also acting as a source of uncorrelated returns. The Solactive Flight to Safety Index (the "Index") measures the performance of a volatility-weighted basket of gold, U.S. listed large-capitalization utility stocks, and U.S. treasury bonds with remaining maturities of greater than 20 years. The Index rebalances on a quarterly basis such that the weight of each component (U.S. treasury bonds, utility stocks, and gold) will be based on the contribution of the volatility of each component to the overall Index. The least volatile component of the Index, based on each components trailing 5 year volatility measure, will receive the largest weighting.

The Innovator S&P 500 Power Buffer ETF seeks to track the return of the S&P 500 Price Return Index, up to a predetermined cap, while buffering investors against the first 15% of losses over the outcome period. The ETF can be held indefinitely, resetting at the end of each outcome period, approximately annually.

The iPath Series B US Treasury 10-year Bear ETN is designed to provide investors with inverse exposure to the Barclays 10Y US Treasury Futures Targeted Exposure Index. The Barclays 10Y US Treasury Futures Targeted Exposure Index (the "Index") is designed to decrease in response to an increase in the 10-year Treasury note yields and to increase in response to a decrease in 10-year Treasury note yields. The Index targets a fixed level of sensitivity to changes in the yield of the current "cheapest-to-deliver" note underlying the relevant 10-year Treasury futures contract at a given point in time. The Index seeks to achieve its target sensitivity through the allocation of a weighting to the relevant 10-year Treasury futures contract, as traded on the Chicago Board of Trade, underlying the Index. Owning the ETNs is not the same as owning interests in the futures contracts comprising the Index or a security directly linked to the performance of the Index.