FundVest® ETF

Please note that ETFs are subject to market fluctuation and the risks of their underlying investment. ETFs and even no-transaction-fee ETFs are subject to management fees and other expenses. Unlike mutual funds, ETFs are bought and sold at market price, which may be higher or lower than their net asset value (NAV), and are not individually redeemed from the fund.

Exchange-traded products (ETPs) are subject to market volatility and the risks of their underlying securities, which may include the risks associated with investing in smaller companies, foreign securities, commodities and fixed income investments. Foreign securities are subject to interest rate, currency exchange rate, economic and political risks, all of which are magnified in emerging markets. ETPs that target a small universe of securities, such as a specific region or market sector, are generally subject to greater market volatility, as well as to the specific risks associated with that sector, region, or other focus. ETPs that use derivatives, leverage or complex investment strategies are subject to additional risks. The return of an index ETP is usually different from that of the index it tracks because of fees, expenses, and tracking error. An ETP may trade at a premium or discount to its NAV (or indicative value in the case of exchange-traded notes). The degree of liquidity can vary significantly from one ETP to another and losses may be magnified if no liquid market exists for the ETP’s shares when attempting to sell them. Each ETP has a unique risk profile, detailed in its prospectus, offering circular or similar material, which should be considered carefully when making investment decisions.

Pershing may receive compensation from third parties or their affiliates for marketing, educational training programs, back-office accounting, the development and maintenance of technology platforms and reporting systems, and certain other services (Services) related to its securities trading platform (the Platform). Pershing is entitled to receive payments in connection with such Services. The payment for such Services may create incentives for Pershing to encourage customers to transact through the Platform and as a result Pershing may make decisions about which investment options it makes available or the level of Services it provides to its customers based on the payments or other financial incentives it is eligible to receive.

Additional information about the sources, amounts, and terms of compensation is in each fund’s prospectus and related documents.

iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates.

SPDR^® is a registered trademark of Standard & Poor’s Financial Services LLC (S&P) and has been licensed for use by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by S&P, S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.