HECA

Hedgeye Capital Allocation ETF seeks to meet its objective by actively managing and allocating its assets in investments that provide exposure across various asset classes (including equities, bonds and other debt instruments, commodities, and currencies), with a focus on maximizing returns over rolling 12-month horizons while seeking to avoid drawdowns or peak-to-trough declines in the Fund's net asset value exceeding 15%. The Fund will invest primarily in exchange-traded funds ("ETFs") but may also invest directly in the equity and debt securities of individual issuers. The Fund will also use options for hedging and investment purposes. The Fund will gain exposure to non-U.S. markets primarily through U.S listed ETFs with exposure to the desired foreign market or markets. The Fund may use derivatives, such as options, to manage exposure to various asset classes and markets based on actual or expected cash inflows to or outflows from the Fund. The Fund's options overlay strategy seeks to hedge against downside risk, to gain exposure to certain asset classes or economic regions, or to enhance returns.