Investing involves risk. Principal loss is possible.

Please click here for TTAC and TTAI standardized performance.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (toll free 800-617-0004).

Free Cash Flow (FCF) represents the cash that a company is able to generate after accounting for capital expenditures.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the statutory and summary prospectuses, a copy of which may be obtained by visiting the Fund’s website at www.trimtabsfunds.com/ttac, www.trimtabsfunds.com/ttai. Please read the prospectus carefully before you invest.

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Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the entire market or a benchmark.

Diversification does not assure a profit nor protect against loss in a declining market.

Debt-asset ratio: The debt to total assets ratio is calculated by dividing a corporation’s total liabilities by its total assets.

Return on equity: Return on equity (ROE) is a measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders’ equity. The formula for ROE is: ROE = Net Income/Shareholders’ Equity.

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.

The small business optimism index is compiled from a survey that is conducted each month by the National Federation of Independent Business (NFIB) of its members. The index is a composite of 10 seasonally adjusted components based on the following questions: plans to increase employment, plans to make capital outlays, plans to increase inventories, expect economy to improve, expect real sales higher, current inventory, current job openings, expected credit conditions, now a good time to expand, and earnings trend.

The price/earnings ratio (often shortened to the P/E ratio or the PER) is the ratio of a company’s stock price to the company’s earnings per share.

CapEx: Capital expenditure, or CapEx, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment.

Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company’s profitability.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Click here for TTAC and TTAI fund holdings.

References to other funds should not be interpreted as an offer of these securities.

The Russell 3000® Index measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The Index measures the performance of approximately 98% of the total market capitalization of the publicly traded U.S. equity market. The Standard & Poor’s Stock Index (S&P 500) is an unmanaged index generally representative of the U.S. stock market, without regard to company size. It is not possible to invest directly in an index.

There is no guarantee that TTAC will achieve its investment objective. Investing involves risk, including the possible loss of principal. Because the Fund is an ETF (rather than a mutual fund), shares are bought and sold at market price (not NAV), may trade at a discount or premium to NAV, and are not individually redeemable. Owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in Creation Unit aggregations only, consisting of 25,000 shares. Brokerage commissions will reduce returns. Investments in the Fund include risks associated with small-and mid-cap securities, which involve limited liquidity and greater volatility than large-cap securities.

There is no guarantee that TTAI will achieve its investment objective. Investing involves risk, including the possible loss of principal. Because the Fund is an ETF (rather than a mutual fund), shares are bought and sold at market price (not NAV), may trade at a discount or premium to NAV, and are not individually redeemable. Owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in Creation Unit aggregations only, consisting of 25,000 shares. Brokerage commissions will reduce returns. Investments in the Fund include risks associated with small-and mid-cap securities, which involve limited liquidity and greater volatility than large-cap securities. Returns on investments in foreign securities could be more volatile than investments in domestic securities.

The S&P Developed Ex-U.S. BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in developed countries outside the U.S. The Developed Index is float adjusted, meaning that only those shares publicly available to investors are included in the Developed Index calculation.

Alpha is a measure of performance on a risk-adjusted basis.

Active investing has higher management fees because of the manager’s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

A put is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a set price within a specified time.

A call is an option contract giving the owner the right, but not the obligation, to buy a specified amount of an underlying security at a specified price within a specified time.

The put-call ratio is an indicator ratio that provides information about the relative trading volumes of an underlying security’s put options to its call options.

Implied volatility is the estimated volatility, or gyrations, of a security’s price and is most commonly used when pricing options.

Chicago Board Options Exchange (CBOE) VIX of VIX (VVIX) is a measure of the volatility of the Chicago Board Options Exchange (CBOE) Volatility Index (VIX).

The Dow Jones Industrial Average (DJIA) is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange (NYSE) and the NASDAQ.

Earnings growth is not representative of the fund’s future performance.

Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.

The NASDAQ US Buyback Achievers™ Index is comprised of United States (US) securities issued by corporations that have effected a net reduction in shares outstanding of 5% or more in the trailing 12 months. Please click here for standardized performance.

The S&P Composite 1500 combines three leading indices, the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600 to cover approximately 90% of the U.S. market capitalization.

The Standard & Poor’s 500, often abbreviated as the S&P 500, or just the S&P, is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. Please click here for standardized performance.

The various debt instruments sold by the U.S. Treasury come with different maturities of up to 30 years. Treasury bills are short-term bonds that mature within a year, while the Treasury notes have maturity dates of 10 years or less. The longest-term instruments are Treasury bonds, which offer maturities of 20 and 30 years.

Wealthmanagement.com 20 best performing active ETFs was published on 11/6/2018. Active ETFs are defined as those ETFs that do not track an underlying index or commodity price.

The Russell 2000 Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index.

The Purchasing Managers’ Index (PMI) is an indicator of economic health for manufacturing and service sectors.

The STOXX Europe 600, also called STOXX 600, SXXP, is a stock index of European stocks designed by STOXX Ltd.. This index has a fixed number of 600 components representing large, mid and small capitalization companies among 17 European countries, covering approximately 90% of the free-float market capitalization of the European stock market (not limited to the Eurozone).

Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.

Active Share: 86.87%