REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
|
x
|
Pre‑Effective Amendment No.
|
¨
|
Post‑Effective Amendment No. 618
|
x
|
and
|
|
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
|
x
|
Amendment No. 619
|
x
|
¨
|
immediately upon filing pursuant to paragraph (b)
|
x
|
on April 30, 2020 pursuant to paragraph (b)
|
¨
|
60 days after filing pursuant to paragraph (a)(1)
|
¨
|
on ______________ pursuant to paragraph (a)(1)
|
¨
|
75 days after filing pursuant to paragraph (a)(2)
|
¨
|
on pursuant to paragraph (a)(2) of Rule 485.
|
U.S. Global Jets ETF Summary
|
|
U.S. Global GO GOLD and Precious Metal Miners ETF Summary
|
|
Additional Information About The Funds
|
|
Investment Objectives
|
|
U.S. Global Jets Index
|
|
U.S. Global Go Gold and Precious Metal Miners Index
|
|
Principal Investment Strategy
|
|
Manager of Managers Structure
|
|
Principal Investment Risks
|
|
Portfolio Holdings Information
|
|
Management
|
|
Investment Adviser
|
|
Portfolio Managers
|
|
How to Buy and Sell Shares
|
|
Book Entry
|
|
Share Trading Prices on the Exchange
|
|
Frequent Purchases and Redemptions of Shares
|
|
Determination of Net Asset Value
|
|
Fair Value Pricing
|
|
Investments by Registered Investment Companies
|
|
Delivery of Shareholder Documents – Householding
|
|
Dividends, Distributions And Taxes
|
|
Dividends and Distributions
|
|
Taxes
|
|
Taxes on Distributions
|
|
Taxes When Shares are Sold on the Exchange
|
|
Taxes on Purchases and Redemptions of Creation Units
|
|
Foreign Investments by the Funds
|
|
Distribution
|
|
Premium/Discount Information
|
|
Additional Notices
|
|
Financial Highlights
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$61
|
$192
|
$335
|
$750
|
•
|
Airline Companies Risk. Airline Companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for air travel. Airline Companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline Companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (e.g., the inability of a supplier to meet aircraft demand or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of Airline Companies.
|
•
|
Concentration Risk. The Index, and consequently the Fund, is expected to concentrate its investments (i.e., hold more than 25% of its total assets) in the securities of passenger airline companies. As a result, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, the airline industry may be out of favor and underperform other industries or groups of industries or the market as a whole.
|
•
|
Currency Exchange Rate Risk. The Fund’s assets may include investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.
|
•
|
Depositary Receipt Risk. Depositary Receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies . Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains
|
•
|
Emerging Markets Risk. The Fund may invest in companies organized in emerging market nations. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in value. Less information may be available about companies in emerging markets than in developed markets because such emerging markets companies may not be subject to accounting, auditing and financial reporting standards or to other regulatory practices required by U.S. companies.
|
•
|
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.
|
•
|
ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
|
◦
|
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
|
◦
|
Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.
|
◦
|
Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.
|
◦
|
Trading. Although Shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.
|
•
|
Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.
|
•
|
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
|
•
|
Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.
|
•
|
Passive Investment Risk. The Fund is not actively managed and the Adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology.
|
•
|
Smaller-Companies Risk. The Fund may invest in the securities of smaller-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of smaller-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Smaller-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.
|
•
|
Tax Risk. To qualify for the favorable tax treatment generally available to a regulated investment company (“RIC”), the Fund must satisfy, among other requirements described in the SAI, certain diversification requirements. Given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could be eligible for relief provisions if the failure is due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If the Fund were to fail to qualify as a RIC for a tax year, and the relief provisions are not available, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In such case, its shareholders would be taxed as if they received ordinary dividends, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.
|
•
|
Tracking Error Risk. As with all index funds, the performance of the Fund and the Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
|
U.S. Global Jets ETF
|
1 Year
|
Since Inception
(4/28/2015) |
Return Before Taxes
|
14.10%
|
6.00%
|
Return After Taxes on Distributions
|
13.77%
|
5.75%
|
Return After Taxes on Distributions and Sale of Shares
|
8.59%
|
4.65%
|
U.S. Global Jets Index (reflects no deduction for fees, expenses, or taxes)
|
14.57%
|
6.54%
|
S&P 500 Total Return Index (reflects no deduction for fees, expenses, or taxes)
|
31.49%
|
11.77%
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$61
|
$192
|
$335
|
$750
|
Tier 1
(30%) |
The three highest-scoring Precious Metals Companies that (i) derive a majority of their revenue from silver or gold, (ii) have their common stock listed on an exchange in the United States or Canada, and (iii) have a market capitalization of at least $1 billion are individually weighted at 10%.
|
Tier 2
(20%) |
The next five highest-scoring Precious Metals Companies that (i)(a) have their common stock listed on an exchange in the United States or Canada or (b) have a U.S.-listed ADR and have their common stock listed on an exchange in Australia, South Africa, or the United Kingdom, and (ii) have a market capitalization of at least $400 million are individually weighted at 4%.
|
Tier 3
(30%) |
The next ten highest-scoring Precious Metals Companies that (i)(a) have their common stock listed on an exchange in the United States or Canada or (b) have a U.S.-listed ADR and have their common stock listed on an exchange in Australia, South Africa, or the United Kingdom, and (ii) have a market capitalization of at least $300 million are individually weighted at 3%.
|
Tier 4
(20%) |
The next ten highest-scoring Precious Metals Companies that (i) have their common stock listed on an exchange outside of the United States or Canada and (ii) have a market capitalization of at least $200 million are individually weighted at 2%.
|
•
|
Concentration Risk. The Index, and consequently the Fund, is expected to concentrate its investments (i.e., hold more than 25% of its total assets) in the securities of the metals and mining industry. As a result, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, the metals and mining industry may be out of favor and underperform other industries or groups of industries or the market as a whole.
|
•
|
Currency Exchange Rate Risk . The Fund invests primarily in investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.
|
•
|
Depositary Receipt Risk. Depositary Receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies . Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares.
|
•
|
Emerging Markets Risk. The Fund may invest in companies organized in emerging market nations. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in value. Less information may be available about companies in emerging markets than in developed markets because such emerging markets companies may not be subject to accounting, auditing and financial reporting standards or to other regulatory practices required by U.S. companies.
|
•
|
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.
|
•
|
ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
|
◦
|
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
|
◦
|
Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.
|
◦
|
Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.
|
◦
|
Trading. Although Shares are listed for trading on the NYSE Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.
|
•
|
Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.
|
•
|
Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.
|
◦
|
Africa-Specific Risk. Because investments in the metals and mining industry may be geographically concentrated in companies that have a significant presence in Africa, investment results could be dependent on the financial, political, and social climate of the African countries in which these companies operate. The African economy is diverse, and certain African markets are in the early stages of development, with less liquidity and more capital market restrictions compared to developed markets. In addition, many countries in Africa have long histories of political, social, and economic instability and, as a result, have suffered from expropriation and/or nationalization of assets, confiscatory taxation, authoritarian and/or military involvement in governmental decision-making, armed conflict, negative impacts on the economy as a result of civil war, and religious, ethnic and/or socioeconomic unrest and, in certain countries, genocidal warfare. Because African markets are heavily dependent on the exportation of natural resources, they may be negatively impacted by changes in commodity prices. Changes in spending on African products by the economies of other countries or changes in any of these economies may cause a significant impact on the African economy.
|
◦
|
Australia-Specific Risk. Because investments in the metals and mining industry may be geographically concentrated in Australian companies or companies that have a significant presence in Australia, investment results could be dependent on the financial condition of the Australian economy. Investments in Australian issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to Australia. The Australian economy is heavily dependent on exports from the agricultural and mining sectors. This makes the Australian economy susceptible to fluctuations in the commodity markets. Australia is also dependent on trading with key trading partners.
|
◦
|
Canada-Specific Risk. Because investments in the metals and mining industry may be geographically concentrated in Canadian companies or companies that have a significant presence in Canada, investment results could be dependent on the financial condition of the Canadian economy. The Canadian economy is reliant on the sale of natural resources and commodities, which can pose risks such as the fluctuation of prices and the variability of demand for exportation of such products. Changes in spending on Canadian products by the economies of other countries or changes in any of these economies may cause a significant impact on the Canadian economy.
|
•
|
Gold and Precious Metals Risk. The Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the metals and mining industry. Competitive pressures may have a significant effect on the financial condition of companies in such industry. Also, such companies are highly dependent on the price of certain precious metals. These prices may fluctuate substantially over short periods of time, so the Fund’s Share price may be more volatile than other types of investments. The prices of precious metals rise and fall in response to many factors, including: economic cycles; changes in inflation or expectations about inflation in various countries; interest rates; currency fluctuations; metal sales by governments, central banks, or international agencies; investment speculation; resource availability; fluctuations in industrial and commercial supply and demand; government regulation of the metals and materials industries; and government prohibitions or restrictions on the private ownership of certain precious and rare metals. The Index measures the performance of equity securities of Precious Metals Companies and does not measure the performance of direct investment in precious metals. Consequently, the Fund’s Share price may not move in the same direction and to the same extent as the spot prices of precious metals.
|
•
|
Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.
|
•
|
Passive Investment Risk. The Fund is not actively managed and the Adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology.
|
•
|
Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.
|
•
|
Smaller-Companies Risk. The Fund may invest in the securities of smaller-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of smaller-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Smaller-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.
|
•
|
Tax Risk. To qualify for the favorable tax treatment generally available to a regulated investment company (“RIC”), the Fund must satisfy, among other requirements described in the SAI, certain diversification requirements. Given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could be eligible for relief provisions if the failure is due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If the Fund were to fail to qualify as a RIC for a tax year, and the relief provisions are not available, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In such case, its shareholders would be taxed as if they received ordinary dividends, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.
|
•
|
Tracking Error Risk. As with all index funds, the performance of the Fund and the Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.
|
U.S. Global GO GOLD and Precious Metal Miners ETF
|
1 Year |
|
Since Inception
(6/27/2017) |
Return Before Taxes
|
53.37%
|
|
16.44%
|
Return After Taxes on Distributions
|
53.38%
|
|
16.41%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
31.70%
|
|
12.89%
|
U.S. Global Go Gold and Precious Metal Miners Index (reflects no deduction for fees, expenses, or taxes)
|
56.85%
|
|
18.42%
|
S&P 500 Total Return Index (reflects no deduction for fees, expenses, or taxes)
|
31.49%
|
|
14.45%
|
Glossary
Passenger Load Factor: The percentage of aircraft seats filled with paying passengers for the average mile flown.
Cash Flow Return On Invested Capital (CFROIC): A company’s net cash flow from operations divided by average invested capital.
Sales Per Share Growth: A company’s last 12 months percent change in sales per share.
Gross Margin: A company’s sales revenue minus its cost of goods sold and depreciation, divided by sales revenue.
Sales Yield: A company’s sales per share divided by its price per share.
|
||
•
|
Airline Companies Risk (U.S. Global Jets ETF (the “Jets ETF”) only). Airline Companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for air travel. Due to the discretionary nature of business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline Companies may also be significantly affected by changes in fuel prices, which may be very volatile. Due to the competitive nature of the airline industry, Airline Companies may not be able to pass on increased fuel prices to customers by increasing fares. Airline Companies may also be significantly affected by the imposition of tariffs and/or changes in labor relations, insurance costs, and the imposition by the United States or other countries of taxes or tariffs applicable to airline travel, aircraft manufacturing, or aircraft sales. The trend in the United States has been to deregulate transportation companies, which could have a favorable long-term effect, but future government decisions could adversely affect Airline Companies. Airline Companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (e.g., the inability of a supplier to meet aircraft demand or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of Airline Companies.
|
•
|
Concentration Risk. Each Fund may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Fund more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. In addition, at times, a Fund may concentrate in an industry that is out of favor and underperforms other industries or groups of industries or the market as a whole.
|
•
|
Currency Exchange Rate Risk. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Funds’ investments and the value of your Shares. Because the Funds’ NAV is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in the Funds may go down if the value of the local currency of the non-U.S. markets in which the Funds invest depreciates against the U.S. dollar. This is true even if the local currency value of securities in the Funds’ holdings goes up. Conversely, the dollar value of your investment in the Funds may go up if the value of the local currency appreciates against the U.S. dollar. The value of the U.S. dollar measured against other currencies is influenced by a variety of factors. These factors include: national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, and global energy prices. Political instability, the possibility of government intervention and restrictive or opaque business and investment policies may also reduce the value of a country’s currency. Government monetary policies and the buying or selling of currency by a country’s government may also influence exchange rates. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Funds may change quickly and without warning, and you may lose money.
|
•
|
Depositary Receipt Risk. The Funds may hold the securities of non-U.S. companies in the form of ADRs and Global Depositary Receipts (“GDRs”). ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange, such as the New York Stock Exchange (“NYSE”). Sponsored ADRs are issued with the support of the issuer of the foreign stock underlying the ADRs and carry all of the rights of common shares, including voting rights. GDRs are similar to ADRs, but may be issued in bearer form and are typically offered for sale globally and held by a foreign branch of an international bank. The underlying issuers of certain depositary receipts,
|
•
|
Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv) governmental controls on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Funds to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Funds to decline in value.
|
◦
|
Capital Controls and Sanctions Risk. Economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to government intervention (including intervention by the U.S. government with respect to foreign governments, economic sectors, foreign companies and related securities and interests) and the imposition of capital controls and/or sanctions, which may also include retaliatory actions of one government against another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Levies may be placed on profits repatriated by foreign entities (such as the Funds). Capital controls and/or sanctions may also impact the ability of the Funds to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Shares, and cause the Funds to decline in value.
|
◦
|
Geopolitical Risk. Some countries and regions in which the Funds invest have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Such geopolitical and other events may also disrupt securities markets and, during such market disruptions, the Funds’ exposure to the other risks described herein will likely increase. Each of the foregoing may negatively impact the Funds’ investments.
|
•
|
Equity Market Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic, public health, and banking crises. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.
|
•
|
ETF Risks. Each Fund is an ETF, and, as a result of an ETF’s structure, is exposed to the following risks:
|
◦
|
APs, Market Makers, and Liquidity Providers Concentration Risk. Each Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
|
◦
|
Costs of Buying or Selling Shares. Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy Shares (the “bid” price) and the price at which an investor is willing to sell Shares (the “ask” price). This difference in bid and ask prices is often referred to as the “spread” or “bid/ask spread.” The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in a Fund, asset swings in a Fund and/or increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling Shares, including bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.
|
◦
|
Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate a Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Funds may trade on foreign exchanges that are closed when such Fund’s primary listing exchange is open, each such Fund is likely to experience premiums and discounts greater than those of domestic ETFs.
|
◦
|
Trading . Although Shares are listed for trading on the Exchange and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchange, there can be no assurance that an active trading market for such Shares will develop or be maintained. Trading in Shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Exchange “circuit breaker” rules, which temporarily halt trading on the Exchange when a decline in the S&P 500® Index during a single day reaches certain thresholds ( e.g. , 7%, 13%, and 20%). Additional rules applicable to the Exchange may halt trading in Shares when extraordinary volatility causes sudden, significant swings in the market price of Shares. There can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of a Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.
|
•
|
Foreign Securities Risk . Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. With respect to certain countries, there is the possibility of government intervention and expropriation or nationalization of assets. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in certain countries. Since foreign exchanges may be open on days when a Fund does not price its Shares, the value of the securities in a Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Each of these factors can make investments in a Fund more volatile and potentially less liquid than other types of investments.
|
•
|
Geographic Investment Risk. To the extent that a Fund’s Index invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund’s performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility.
|
◦
|
Africa-Specific Risk (Miners ETF only). Because investments in the metals and mining industry may be geographically concentrated in companies that have a significant presence in Africa, investment results could be dependent on the financial, political, and social climate of the African countries in which these companies operate. The African economy is diverse, and certain African markets are in the early stages of development, with less liquidity and more capital market restrictions compared to developed markets. In addition, many countries in Africa have long histories of political, social, and economic instability and, as a result, have suffered from expropriation and/or nationalization of assets, confiscatory taxation, authoritarian and/or military involvement in governmental decision-making, armed conflict, negative impacts on the economy as a result of civil war, and religious, ethnic and/or socioeconomic unrest and, in certain countries, genocidal warfare. Because African markets are heavily dependent on the exportation of natural resources, they may be negatively impacted by changes in commodity prices. Changes in spending on African products by the economies of other countries or changes in any of these economies may cause a significant impact on the African economy.
|
◦
|
Australia-Specific Risk (Miners ETF only). Because investments in the metals and mining industry may be geographically concentrated in Australian companies or companies that have a significant presence in Australia, the Fund may be subject to regulatory, political, currency, security, and economic risk specific to Australia. The Australian economy is heavily dependent on exports from the agricultural and mining sectors. As a result, the Australian economy is susceptible to fluctuations in the commodity markets. The Australian economy is also becoming increasingly dependent on its growing services industry. The Australian economy is dependent on trading with key trading partners, including the United States, China, Japan, Singapore, and certain European countries. Reduction in spending on Australian products and services, or changes in any of the economies, may cause an adverse impact on the Australian economy. The agricultural and mining sectors of Australia’s economy account for the majority of its exports. Australia is susceptible to fluctuations in the commodity markets and, in particular, in the price and demand for agricultural products and natural resources. Any negative changes in these sectors could have an adverse impact on the Australian economy. Additionally, Australia is located in a part of the world that has historically been prone to natural disasters, such as hurricanes and droughts, and is economically sensitive to environmental events. Any such event may adversely impact the Australian economy, causing an adverse impact on the value of the Fund’s Australian securities.
|
◦
|
Canada-Specific Risk (Miners ETF only). Because investments in the metals and mining industry may be geographically concentrated in Canadian companies or companies that have a significant presence in Canada, investment results could be dependent on the financial condition of the Canadian economy. The Canadian economy is reliant on the sale of natural resources and commodities, which can pose risks such as the fluctuation of prices and the variability of demand for exportation of such products. Changes in spending on Canadian products by the economies of other countries or changes in any of these economies may cause a significant impact on the Canadian economy.
|
•
|
Gold and Precious Metals Risk (Miners ETF only) . The Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the metals and mining industry. Competitive pressures may have a significant effect on the financial condition of companies in such industry. Also, such companies are highly dependent on the price of certain precious metals. These prices may fluctuate substantially over short periods of time, so the Fund’s Share price may be more volatile than other types of investments. The prices of precious metals rise and fall in response to many factors, including: economic cycles; changes in inflation or expectations about inflation in various countries; interest rates; currency fluctuations; metal sales by governments, central banks, or international agencies; investment speculation; resource availability; fluctuations in industrial and commercial supply and demand; government regulation of the metals and materials industries; and government prohibitions or restrictions on the private ownership of certain precious and rare metals. The Index measures the performance of equity securities of Precious Metals Companies and does not measure the performance of direct investment in precious metals. Consequently, the Fund’s Share price may not move in the same direction and to the same extent as the spot prices of precious metals.
|
•
|
Market Capitalization Risk
|
◦
|
Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.
|
◦
|
Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole. Some medium capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.
|
◦
|
Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.
|
•
|
Non-Diversification Risk. Each Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, a Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase a Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on such Fund’s performance.
|
•
|
Passive Investment Risk. Each Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. Each Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, a Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index. The returns from the types of securities in which a Fund invests may underperform returns from the various general securities markets or different asset classes. This may cause a Fund to underperform other investment vehicles that invest in different asset classes. Different types of securities (for example, large-, mid- and small-capitalization stocks) tend to go through cycles of doing better – or worse – than the general securities markets. In the past, these periods have lasted for as long as several years.
|
•
|
Portfolio Turnover Risk (Miners ETF only). The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.
|
•
|
Tax Risk. To qualify for the favorable tax treatment generally available to RICs, the Funds must satisfy, among other requirements described in the SAI, certain diversification requirements. In particular, at the close of each quarter of a Fund’s taxable year: (A) at least 50% of the value of its total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of the Fund’s total assets and that does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that the Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships. While the weighting of the Index is not inconsistent with these rules, given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Funds to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Funds’ efforts to satisfy the diversification requirements may affect a Fund’s execution of their investment strategy and may cause the Fund’s return to deviate from that of the Index, and the Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If a Fund were to fail to satisfy the diversification requirements, it could be eligible for relief provisions if the failure is due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund were to fail to qualify as a RIC for a tax year, and the relief provisions
|
•
|
Tracking Error Risk. As with all index funds, the performance of each Fund and its respective Index may differ from each other for a variety of reasons. For example, the Funds incur operating expenses and portfolio transaction costs not incurred by an Index. In addition, the Funds may not be fully invested in the securities of their respective Index at all times or may hold securities not included in the Index. A Fund may use a representative sampling strategy to achieve its investment objective, if the Fund’s Adviser believes it is in the best interest of the Fund, which generally can be expected to produce a greater non-correlation risk.
|
|
(1)
|
Commencement of operations on April 28, 2015.
|
(2)
|
Calculated based on average shares outstanding during the period.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
(5)
|
Excludes the impact of in-kind transactions.
|
(6)
|
Represents less than $0.005.
|
|
|
Year Ended December 31,
|
|
Year Ended December 31,
|
|
Period Ended December 31,
|
|
||||||
|
2019
|
|
2018
|
|
2017(1)
|
|
||||||
Net asset value, beginning of year/period
|
$
|
11.40
|
|
|
$
|
12.81
|
|
|
$
|
12.00
|
|
|
|
|
|
|
|
|
|
||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS
|
|
|
|
|
|
|
||||||
Net investment income (loss) (2)
|
0.06
|
|
|
0.06
|
|
|
0.03
|
|
|
|||
Net realized and unrealized gain (loss) on investments and foreign currency
|
6.02
|
|
|
(1.42
|
)
|
|
0.80
|
|
|
|||
Total from investment operations
|
6.08
|
|
|
(1.36
|
)
|
|
0.83
|
|
|
|||
|
|
|
|
|
|
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
|
|
|
|
||||||
Distributions from:
|
|
|
|
|
|
|
||||||
Net investment income
|
(0.03
|
)
|
|
(0.05
|
)
|
|
(0.02
|
)
|
|
|||
Total distributions
|
(0.03
|
)
|
|
(0.05
|
)
|
|
(0.02
|
)
|
|
|||
Net asset value, end of year/period
|
$
|
17.45
|
|
|
$
|
11.40
|
|
|
$
|
12.81
|
|
|
|
|
|
|
|
|
|
||||||
Total return
|
53.37
|
%
|
|
-10.60
|
%
|
|
6.89
|
%
|
(3)
|
|||
|
|
|
|
|
|
|
||||||
SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
||||||
Net assets at end of year/period (000’s)
|
$
|
50,610
|
|
|
$
|
11,398
|
|
|
$
|
10,886
|
|
|
|
|
|
|
|
|
|
||||||
RATIOS TO AVERAGE NET ASSETS
|
|
|
|
|
|
|
||||||
Expenses to average net assets
|
0.60
|
%
|
|
0.60
|
%
|
|
0.60
|
%
|
(4)
|
|||
Net investment income (loss) to average net assets
|
0.40
|
%
|
|
0.49
|
%
|
|
0.43
|
%
|
(4)
|
|||
Portfolio turnover rate (5)
|
158
|
%
|
|
130
|
%
|
|
70
|
%
|
(3)
|
(1)
|
Commencement of operations on June 27, 2017.
|
(2)
|
Calculated based on average shares outstanding during the period.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
(5)
|
Excludes the impact of in-kind transactions.
|
Adviser
|
U.S. Global Investors, Inc.
7900 Callaghan Road
San Antonio, Texas 78229
|
Distributor
|
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 1250 Milwaukee, Wisconsin 53202
|
Index Provider
|
U.S. Global Indices, LLC
7900 Callaghan Road
San Antonio, Texas 78229
|
Index Calculation Agent
|
Indxx, LLC
470 Park Avenue South, Suite 8S
New York, NY 10016
|
Custodian
|
U.S. Bank National Association
1555 North Rivercenter Drive, Suite 302
Milwaukee, Wisconsin 53212
|
Transfer Agent, Fund Accountant and Administrator
|
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
|
Legal Counsel
|
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue NW
Washington, DC 20004-2541
|
Independent Registered Public Accounting Firm
|
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202
|
•
|
Free of charge from the SEC’s EDGAR database on the SEC’s website at http://www.sec.gov; or
|
•
|
Free of charge from the Funds’ Internet website at www.usglobaletfs.com; or
|
•
|
For a fee, by e-mail request to publicinfo@sec.gov.
|
1.
|
Concentrate its investments (i.e., hold more than 25 percent of its total assets) in any industry or group of related industries, except that each Fund will concentrate to approximately the same extent that its Index concentrates in the stocks of such particular industry or group of related industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.
|
2.
|
Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act.
|
3.
|
Make loans, except to the extent permitted under the 1940 Act.
|
4.
|
Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent a Fund from investing in securities or other instruments backed by real estate, real estate investment trusts or securities of companies engaged in the real estate business.
|
5.
|
Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent a Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities.
|
6.
|
Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act.
|
1.
|
Each Fund will not invest in illiquid investments if, as a result of such investment, more than 15 percent of its net assets would be invested in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.
|
2.
|
Each Fund invests, under normal circumstances, at least 80 percent of its total assets (exclusive of collateral held from securities lending) in the component securities of its Index and depositary receipts representing component securities of its Index.
|
Name and
Year of Birth |
Position Held with the Trust
|
Term of Office and Length of Time Served
|
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee
|
Other Directorships Held by Trustee During Past 5 Years
|
Independent Trustees
|
|||||
Leonard M. Rush, CPA
Born: 1946 |
Lead Independent Trustee and Audit Committee Chairman
|
Indefinite term;
since 2012 |
Retired; formerly Chief Financial Officer, Robert W. Baird & Co. Incorporated (wealth management firm) (2000–2011).
|
49
|
Independent Trustee, Managed Portfolio Series (39 portfolios) (since 2011).
|
David A. Massart
Born: 1967 |
Trustee
|
Indefinite term;
since 2012 |
Co-Founder, President, and Chief Investment Strategist, Next Generation Wealth Management, Inc. (since 2005).
|
49
|
Independent Trustee, Managed Portfolio Series (39 portfolios) (since 2011).
|
Janet D. Olsen
Born: 1956 |
Trustee
|
Indefinite term;
since 2018 |
Retired; formerly Managing Director and General Counsel, Artisan Partners Limited Partnership (investment adviser) (2000–2013); Executive Vice President and General Counsel, Artisan Partners Asset Management Inc. (2012–2013); Vice President and General Counsel, Artisan Funds, Inc. (investment company) (2001–2012).
|
49
|
Independent Trustee, PPM Funds (9 portfolios) (since 2018).
|
Interested Trustee
|
|||||
Michael A. Castino
Born: 1967 |
Trustee and Chairman
|
Indefinite term; Trustee
since 2014; Chairman since 2013 |
Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2013); Managing Director of Index Services, Zacks Investment Management (2011–2013).
|
49
|
None
|
Name and
Year of Birth |
Position(s) Held with the Trust
|
Term of Office and Length of Time Served
|
Principal Occupation(s)
During Past 5 Years |
Kristina R. Nelson
Born: 1982 |
President
|
Indefinite term;
since 2019 |
Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2020); Vice President, U.S. Bancorp Fund Services, LLC (2014–2020); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2013–2014).
|
Michael D. Barolsky
Born: 1981 |
Vice President and Secretary
|
Indefinite term;
since 2014 (other roles since 2013) |
Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2019); Vice President, U.S. Bancorp Fund Services, LLC (2012–2019); Associate, Thompson Hine LLP (law firm) (2008–2012).
|
James R. Butz
Born: 1982 |
Chief Compliance Officer
|
Indefinite term;
since 2015 |
Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2015); Vice President, U.S. Bancorp Fund Services, LLC (2014–2015); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011–2014).
|
Kristen M. Weitzel, CPA
Born: 1977 |
Treasurer
|
Indefinite term;
since 2014 (other roles since 2013) |
Vice President, U.S. Bancorp Fund Services, LLC (since 2015); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011–2015); Manager, PricewaterhouseCoopers LLP (accounting firm) (2005–2011).
|
Brett M. Wickmann
Born: 1982 |
Assistant Treasurer
|
Indefinite term;
since 2017 |
Vice President, U.S. Bancorp Fund Services, LLC (since 2017); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2012–2017).
|
Elizabeth A. Winske
Born: 1983 |
Assistant Treasurer
|
Indefinite term;
since 2017 |
Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2016); Officer, U.S. Bancorp Fund Services, LLC (2012–2016).
|
Jason E. Shlensky
Born: 1987 |
Assistant Treasurer
|
Indefinite term;
since 2019 |
Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2019); Officer, U.S. Bancorp Fund Services, LLC (2014–2019).
|
Isabella K. Gentile
Born: 1994 |
Assistant Secretary
|
Indefinite term;
since 2020 |
Regulatory Administration Attorney, U.S. Bancorp Fund Services, LLC (since 2019); Regulatory Administration Intern, U.S. Bancorp Fund Services, LLC (2018–2019); Law Student (2016–2019).
|
Name
|
Aggregate Compensation
From the Funds
|
Total Compensation From Fund Complex
Paid to Trustees
|
Interested Trustee
|
||
Michael A. Castino
|
$0
|
$0
|
Independent Trustees
|
||
Leonard M. Rush, CPA
|
$0
|
$162,875
|
David A. Massart
|
$0
|
$146,000
|
Janet D. Olsen
|
$0
|
$146,000
|
Jets ETF
|
||
Name and Address
|
% Ownership
|
Type of Ownership
|
National Financial Services, LLC
200 Liberty Street
New York, NY 10281
|
21.69%
|
Record
|
Charles Schwab & Co., Inc.
211 Main Street
San Francisco, CA 94105-1905
|
17.62%
|
Record
|
TD Ameritrade, Inc.
200 South 108th Avenue
Omaha, NE 68103-2226
|
15.24%
|
Record
|
Pershing LLC
One Pershing Plaza
Jersey City, NJ 07399
|
5.83%
|
Record
|
Vanguard Brokerage Services
P.O. Box 1110
Valley Forge, PA 19482-1110
|
5.40%
|
Record
|
E*TRADE Securities LLC
Harborside 2
200 Hudson Street, Suite 501
Jersey City, NJ 07311
|
5.38%
|
Record
|
Miners ETF
|
||
Name and Address
|
% Ownership
|
Type of Ownership
|
Charles Schwab & Co., Inc.
211 Main Street
San Francisco, CA 94105-1905
|
15.96%
|
Record
|
National Financial Services, LLC
200 Liberty Street
New York, NY 10281
|
14.47%
|
Record
|
TD Ameritrade, Inc.
200 South 108th Avenue
Omaha, NE 68103-2226
|
13.67%
|
Record
|
J.P. Morgan Chase Clearing Corporation
3 Chase Metrotech Center, 7th Floor
Brooklyn, NY 11245-0001
|
9.52%
|
Record
|
Vanguard Brokerage Services
P.O. Box 1110
Valley Forge, PA 19482-1110
|
7.51%
|
Record
|
RBC Capital Markets
200 Vesey Street, 9th Floor
New York, NY 10281
|
5.08%
|
Record
|
|
2019
|
2018
|
2017
|
Jets ETF
|
$393,094
|
$585,753
|
$564,218
|
Miners ETF
|
$130,522
|
$66,318
|
$20,546(1)
|
Number and Assets of Other Accounts
|
Number and Assets of Accounts for which Advisory Fee is Performance Based
|
||||
Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other
Accounts
|
Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other Accounts
|
9
$441 million
|
None
|
1
$11.8 million
|
7
$398 million
|
None
|
None
|
Number and Assets of Other Accounts
|
Number and Assets of Accounts for which Advisory Fee is Performance Based
|
||||
Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other
Accounts
|
Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other Accounts
|
9
$441 million
|
None
|
None
|
7
$398 million
|
None
|
None
|
|
2019
|
2018
|
2017
|
Jets ETF
|
$75,062
|
$75,684
|
$72,834
|
Miners ETF
|
$70,609
|
$71,163
|
$31,981(1)
|
|
2019
|
2018
|
2017
|
Jets ETF
|
$44,679
|
$66,798
|
$68,559
|
Miners ETF
|
$188,874
|
$81,842
|
$22,331(1)
|
|
2019
|
2018
|
Jets ETF
|
31%
|
33%
|
Miners ETF
|
158%
|
130%
|
Name of Fund
|
Fixed Creation Transaction Fee
|
Maximum Variable Transaction Fee
|
Jets ETF
|
$300
|
2%
|
Miners ETF
|
$300
|
2%
|
Name of Fund
|
Fixed Redemption Transaction Fee
|
Maximum Variable Transaction Fee
|
Jets ETF
|
$300
|
2%
|
Miners ETF
|
$300
|
2%
|
CHINA
|
|
|
|
January 1
|
January 29
|
May 1
|
October 5
|
January 14
|
January 30
|
June 25
|
October 6
|
January 25
|
January 31
|
October 1
|
October 7
|
January 26
|
April 4
|
October 2
|
|
January 27
|
April 5
|
October 3
|
|
January 28
|
April 6
|
October 4
|
|
COLOMBIA
|
|
|
|
January 1
|
May 1
|
July 20
|
November 16
|
January 6
|
May 25
|
August 7
|
December 8
|
March 19
|
June 15
|
August 17
|
December 25
|
April 9
|
June 22
|
October 12
|
|
April 10
|
June 29
|
November 2
|
|
CZECH REPUBLIC
|
|
|
|
January 1
|
May 8
|
October 28
|
December 26
|
April 10
|
July 5
|
November 17
|
|
April 13
|
July 6
|
December 24
|
|
May 1
|
September 28
|
December 25
|
|
DENMARK
|
|
|
|
January 1
|
April 12
|
May 21
|
December 24
|
April 9
|
April 13
|
May 31
|
December 25
|
April 10
|
May 8
|
June 1
|
December 26
|
DOMINICAN REPUBLIC
|
|
|
|
January 1
|
February 27
|
June 11
|
December 25
|
January 6
|
April 10
|
August 16
|
|
January 21
|
April 12
|
September 24
|
|
January 26
|
May 1
|
November 6
|
|
FINLAND
|
|
|
|
January 1
|
May 1
|
November 1
|
|
January 6
|
May 21
|
December 6
|
|
April 10
|
June 19
|
December 24
|
|
April 13
|
June 20
|
December 25
|
|
FRANCE
|
|
|
|
January 1
|
May 21
|
November 1
|
|
April 13
|
June 1
|
November 11
|
|
May 1
|
July 14
|
December 25
|
|
May 8
|
August 15
|
|
|
GERMANY
|
|
|
|
January 1
|
May 1
|
October 3
|
|
April 10
|
May 21
|
December 25
|
|
April 13
|
June 1
|
December 26
|
|
GREECE
|
|
|
|
January 1
|
April 10
|
May 1
|
December 25
|
January 6
|
April 13
|
June 8
|
December 31
|
March 2
|
April 17
|
October 28
|
|
March 25
|
April 20
|
December 24
|
|
HONG KONG
|
|
|
|
January 1
|
April 30
|
October 2
|
|
January 27
|
May 1
|
October 26
|
|
January 28
|
June 25
|
December 25
|
|
April 10
|
July 1
|
|
|
April 13
|
October 1
|
|
|
HUNGARY
|
|
|
|
January 1
|
April 13
|
August 20
|
December 25
|
March 15
|
May 1
|
August 21
|
December 26
|
April 10
|
May 31
|
October 23
|
|
April 12
|
June 1
|
November 1
|
|
INDIA
|
|
|
|
January 26
|
April 14
|
August 15
|
October 29
|
February 21
|
May 7
|
August 29
|
November 14
|
April 6
|
July 31
|
October 2
|
November 30
|
April 10
|
August 12
|
October 25
|
December 25
|
INDONESIA
|
|
|
|
January 1
|
May 1
|
June 1
|
December 25
|
January 25
|
May 7
|
July 31
|
|
March 22
|
May 21
|
August 17
|
|
March 25
|
May 24
|
August 20
|
|
April 10
|
May 26
|
October 29
|
|
IRELAND
|
|
|
|
January 1
|
May 4
|
October 26
|
December 28
|
March 17
|
June 1
|
December 25
|
|
April 13
|
August 3
|
December 26
|
|
ISRAEL
|
|
|
|
March 10
|
April 16
|
July 30
|
September 28
|
March 11
|
April 29
|
August 19
|
October 3
|
April 4
|
May 8
|
August 20
|
October 10
|
April 9
|
May 29
|
September 19
|
October 11
|
April 15
|
May 31
|
September 20
|
|
ITALY
|
|
|
|
January 1
|
April 25
|
August 15
|
December 25
|
January 6
|
May 1
|
November 1
|
December 26
|
April 13
|
June 2
|
December 8
|
|
JAPAN
|
|
|
|
January 1
|
May 3
|
August 11
|
November 23
|
January 13
|
May 4
|
September 21
|
December 23
|
February 11
|
May 5
|
September 22
|
|
March 20
|
May 6
|
October 12
|
|
April 29
|
July 20
|
November 3
|
|
KAZAKHSTAN
|
|
|
|
January 1
|
March 21
|
May 7
|
December 16
|
January 2
|
March 22
|
May 11
|
December 17
|
January 7
|
March 23
|
July 6
|
|
March 9
|
March 24
|
July 31
|
|
March 20
|
May 1
|
December 1
|
|
LUXEMBOURG
|
|
|
|
January 1
|
May 1
|
June 10
|
November 1
|
April 19
|
May 9
|
June 23
|
December 25
|
April 22
|
May 30
|
August 15
|
December 26
|
MALAYSIA
|
|
|
|
January 25
|
May 7
|
July 31
|
September 16
|
January 26
|
May 24
|
August 20
|
October 29
|
January 27
|
May 25
|
August 31
|
December 25
|
May 1
|
May 26
|
September 9
|
|
MEXICO
|
|
|
|
January 1
|
April 9
|
September 16
|
November 16
|
February 3
|
April 10
|
October 12
|
November 20
|
March 16
|
May 1
|
November 2
|
December 25
|
NETHERLANDS
|
|
|
|
January 1
|
April 27
|
May 31
|
December 26
|
April 12
|
May 5
|
June 1
|
|
April 13
|
May 21
|
December 25
|
|
NORWAY
|
|
|
|
January 1
|
April 13
|
May 21
|
December 26
|
April 9
|
May 1
|
June 1
|
|
April 10
|
May 17
|
December 25
|
|
OMAN
|
|
|
|
January 1
|
May 26
|
July 31
|
August 20
|
March 22
|
May 27
|
August 1
|
October 29
|
May 24
|
July 23
|
August 2
|
November 18
|
May 25
|
July 30
|
August 3
|
November 19
|
PERU
|
|
|
|
January 1
|
June 29
|
August 30
|
December 25
|
April 9
|
July 27
|
October 8
|
|
April 10
|
July 28
|
November 1
|
|
May 1
|
July 29
|
December 8
|
|
PHILIPPINES
|
|
|
|
January 1
|
May 1
|
August 31
|
December 25
|
January 25
|
May 24
|
November 1
|
December 30
|
April 9
|
June 12
|
November 30
|
December 31
|
April 10
|
July 31
|
December 8
|
|
April 11
|
August 21
|
December 24
|
|
POLAND
|
|
|
|
January 1
|
May 1
|
August 15
|
December 26
|
January 6
|
May 3
|
November 1
|
|
April 12
|
May 31
|
November 11
|
|
April 13
|
June 11
|
December 25
|
|
PORTUGAL
|
|
|
|
January 1
|
May 1
|
December 31
|
|
April 10
|
December 24
|
|
|
April 13
|
December 25
|
|
|
QATAR
|
|
|
|
February 11
|
May 26
|
July 31
|
August 4
|
March 11
|
May 27
|
August 1
|
December 18
|
May 24
|
May 28
|
August 2
|
|
May 25
|
July 30
|
August 3
|
|
*The Qatari market is closed every Friday.
|
|
|
|
REPUBLIC OF KOREA
|
|
|
|
January 1
|
January 27
|
May 1
|
October 1
|
January 24
|
March 1
|
May 5
|
October 3
|
January 25
|
April 15
|
June 6
|
October 9
|
January 26
|
April 30
|
August 15
|
December 25
|
|
|
September 30
|
|
ROMANIA
|
|
|
|
January 1
|
April 20
|
June 8
|
December 25
|
January 2
|
May 1
|
August 15
|
December 26
|
January 24
|
June 1
|
November 30
|
|
April 17
|
June 7
|
December 1
|
|
RUSSIA
|
|
|
|
January 1
|
January 7
|
May 1
|
May 12
|
January 2
|
February 23
|
May 4
|
November4
|
January 3
|
February 24
|
May 9
|
|
January 6
|
March 9
|
May 11
|
|
SAUDI ARABIA
|
|
|
|
May 24
|
July 16
|
July 31
|
August 5
|
May 25
|
July 17
|
August 1
|
September 23
|
May 26
|
July 28
|
August 2
|
|
May 27
|
July 29
|
August 3
|
|
May 28
|
July 30
|
August 4
|
|
*The Saudi market is closed every Friday.
|
|
|
|
SINGAPORE
|
|
|
|
January 1
|
May 1
|
August 9
|
October 28
|
February 5
|
May 19
|
August 11
|
December 25
|
February 6
|
May 20
|
August 12
|
|
April 19
|
June 5
|
October 27
|
|
SOUTH AFRICA
|
|
|
|
January 1
|
April 27
|
September 24
|
|
March 21
|
May 1
|
December 16
|
|
April 10
|
June 16
|
December 25
|
|
April 13
|
August 9
|
December 26
|
|
SOUTH KOREA
|
|
|
|
January 1
|
May 1
|
October 2
|
|
January 24
|
May 5
|
October 9
|
|
January 27
|
September 30
|
December 25
|
|
April 30
|
October 1
|
December 31
|
|
SPAIN
|
|
|
|
January 1
|
May 1
|
November 1
|
December 25
|
January 6
|
August 15
|
December 6
|
|
April 19
|
October 12
|
December 8
|
|
ZAMBIA
|
|
|
|
January 1
|
April 11
|
July 6
|
October 24
|
March 9
|
April 13
|
July 7
|
December 25
|
March 12
|
May 1
|
August 3
|
|
April 10
|
May 25
|
October 19
|
|
SETTLEMENT PERIODS
|
Beginning of
|
|
End of
|
|
Number of Days in
|
|
|||||||
GREATER THAN
|
Settlement
|
|
Settlement
|
|
Settlement
|
|
|||||||
SEVEN DAYS FOR YEAR 2020
|
Period
|
|
Period
|
|
Period
|
|
|||||||
Australia
|
|
4/6/2020
|
|
4/14/2020
|
|
8
|
|||||||
|
|
4/7/2020
|
|
4/15/2020
|
|
8
|
|||||||
|
|
4/8/2020
|
|
4/16/2020
|
|
8
|
|||||||
|
|
4/9/2020
|
|
4/17/2020
|
|
8
|
|||||||
|
|
12/21/2020
|
|
12/29/2020
|
|
8
|
|||||||
|
|
12/22/2020
|
|
12/30/2020
|
|
8
|
|||||||
|
|
12/23/2020
|
|
12/31/2020
|
|
8
|
|||||||
|
|
12/24/2020
|
|
1/2/2021
|
|
11
|
|||||||
|
|
|
|
|
|
|
|||||||
China
|
|
1/22/2020
|
|
2/3/2020
|
|
12
|
|||||||
|
|
1/23/2020
|
|
2/3/2020
|
|
12
|
|||||||
|
|
1/24/2020
|
|
2/5/2020
|
|
12
|
|||||||
|
|
1/27/2020
|
|
2/5/2020
|
|
9
|
|||||||
|
|
1/28/2020
|
|
2/5/2020
|
|
8
|
|||||||
|
|
9/28/20
|
|
10/8/20
|
|
10
|
|||||||
|
|
9/29/20
|
|
10/9/20
|
|
10
|
|||||||
|
|
9/30/20
|
|
10/12/20
|
|
12
|
|||||||
|
|
|
|
|
|
|
|||||||
Israel
|
|
3/3/2020
|
|
3/12/2020
|
|
9
|
|||||||
|
|
3/4/2020
|
|
3/16/2020
|
|
12
|
|||||||
|
|
3/5/2020
|
|
3/17/2020
|
|
12
|
|||||||
|
|
3/9/2020
|
|
3/18/2020
|
|
9
|
|||||||
|
|
4/2/2020
|
|
4/13/2020
|
|
11
|
|||||||
|
|
4/6/2020
|
|
4/14/2020
|
|
8
|
|||||||
|
|
4/7/2020
|
|
4/20/2020
|
|
13
|
|||||||
|
|
4/8/2020
|
|
4/21/2020
|
|
13
|
|||||||
|
|
|
|
|
|
|
|||||||
Japan
|
|
1/10/2020
|
|
1/20/2020
|
|
9
|
|||||||
|
|
4/28/2020
|
|
5/7/2020
|
|
8
|
|||||||
|
|
4/29/2020
|
|
5/8/2020
|
|
8
|
|||||||
|
|
4/30/2020
|
|
5/11/2020
|
|
10
|
|||||||
|
|
5/1/2020
|
|
5/12/2020
|
|
11
|
|||||||
|
|
|
|
|
|
|
|||||||
Mexico
|
|
1/31/2020
|
|
2/11/2020
|
|
10
|
|||||||
|
|
4/3/2020
|
|
4/13/2020
|
|
10
|
|||||||
|
|
4/6/2020
|
|
4/14/2020
|
|
8
|
|||||||
|
|
4/7/2020
|
|
4/15/2020
|
|
8
|
|||||||
|
|
4/8/2020
|
|
4/16/2020
|
|
8
|
|||||||
|
|
|
|
|
|
|
|||||||
Oman
|
|
5/19/2020
|
|
6/1/2020
|
|
12
|
|||||||
|
|
5/20/2020
|
|
6/2/2020
|
|
12
|
|||||||
|
|
5/21/2020
|
|
6/3/2020
|
|
12
|
Peru
|
|
7/24/2020
|
|
8/3/2020
|
|
9
|
|||||||
|
|
|
|
|
|
|
|||||||
Qatar
|
|
5/19/2020
|
|
5/28/2020
|
|
9
|
|||||||
|
|
5/20/2020
|
|
6/1/2020
|
|
12
|
|||||||
|
|
5/21/2020
|
|
6/2/2020
|
|
12
|
|||||||
|
|
|
|
|
|
|
|||||||
Russia
|
|
1/2/2020
|
|
1/14/2020
|
|
12
|
|||||||
|
|
1/3/2020
|
|
1/14/2020
|
|
11
|
|||||||
|
|
1/6/2020
|
|
1/14/2020
|
|
8
|
|||||||
|
|
|
|
|
|
|
|||||||
Saudi Arabia
|
|
5/13/2020
|
|
6/2/2020
|
|
19
|
|||||||
|
|
5/14/2020
|
|
6/3/2020
|
|
19
|
|||||||
|
|
5/18/2020
|
|
6/4/2020
|
|
16
|
|||||||
|
|
5/19/2020
|
|
6/8/2020
|
|
19
|
|||||||
|
|
5/20/2020
|
|
6/9/2020
|
|
19
|
|||||||
|
|
5/21/2020
|
|
6/10/2020
|
|
19
|
|||||||
|
|
7/7/2020
|
|
7/20/2020
|
|
13
|
|||||||
|
|
7/8/2020
|
|
7/21/2020
|
|
13
|
|||||||
|
|
7/9/2020
|
|
7/22/2020
|
|
13
|
|||||||
|
|
7/13/2020
|
|
7/23/2020
|
|
13
|
|||||||
|
|
7/14/2020
|
|
7/27/2020
|
|
13
|
|||||||
|
|
7/15/2020
|
|
8/6/2020
|
|
22
|
|||||||
|
|
7/20/2020
|
|
8/10/2020
|
|
22
|
|||||||
|
|
7/21/2020
|
|
8/11/2020
|
|
22
|
|||||||
|
|
7/22/2020
|
|
8/12/2020
|
|
22
|
|||||||
|
|
7/23/2020
|
|
8/13/2020
|
|
22
|
|||||||
|
|
7/27/2020
|
|
8/17/2020
|
|
21
|
|||||||
|
|
|
|
|
|
|
|||||||
Spain
|
|
1/2/2020
|
|
1/14/2020
|
|
13
|
|||||||
|
|
1/3/2020
|
|
1/15/2020
|
|
12
|
|||||||
|
|
1/3/2020
|
|
1/16/2020
|
|
12
|
|||||||
|
|
4/22/2020
|
|
5/4/2020
|
|
11
|
|||||||
|
|
4/23/2020
|
|
5/5/2020
|
|
11
|
|||||||
|
|
4/24/2020
|
|
5/6/2020
|
|
11
|
|||||||
|
|
4/27/2020
|
|
5/7/2020
|
|
9
|
|||||||
|
|
4/28/2020
|
|
5/8/2020
|
|
9
|
|||||||
|
|
4/29/2020
|
|
5/11/2020
|
|
11
|
|||||||
|
|
4/30/2020
|
|
5/12/2020
|
|
11
|
|||||||
|
|
10/1/2020
|
|
10/13/2020
|
|
11
|
|||||||
|
|
10/2/2020
|
|
10/14/2020
|
|
11
|
|||||||
|
|
10/5/2020
|
|
10/15/2020
|
|
9
|
|||||||
|
|
10/6/2020
|
|
10/16/2020
|
|
9
|
|||||||
|
|
10/7/2020
|
|
10/19/2020
|
|
11
|
|||||||
|
|
10/8/2020
|
|
10/20/2020
|
|
11
|
|||||||
|
|
10/9/2020
|
|
10/21/2020
|
|
11
|
|||||||
|
|
11/27/2020
|
|
12/9/2020
|
|
11
|
|||||||
|
|
11/30/2020
|
|
12/10/2020
|
|
9
|
|||||||
|
|
12/1/2020
|
|
12/11/2020
|
|
9
|
|
|
12/2/2020
|
|
12/14/2020
|
|
9
|
|||||||
|
|
12/3/2020
|
|
12/15/2020
|
|
9
|
|||||||
|
|
12/4/2020
|
|
12/16/2020
|
|
9
|
|||||||
|
|
12/7/2020
|
|
12/17/2020
|
|
9
|
|||||||
|
|
12/16/2020
|
|
12/28/2020
|
|
11
|
|||||||
|
|
12/17/2020
|
|
12/29/2020
|
|
11
|
|||||||
|
|
12/18/2020
|
|
12/30/2020
|
|
11
|
|||||||
|
|
12/21/2020
|
|
12/31/2020
|
|
10
|
|||||||
|
|
12/22/2020
|
|
1/4/2021
|
|
12
|
|||||||
|
|
12/23/2020
|
|
1/5/2021
|
|
12
|
|||||||
|
|
12/24/2020
|
|
1/6/2021
|
|
12
|
|||||||
|
|
|
|
|
|
|
|||||||
Switzerland
|
|
4/3/2020
|
|
4/15/2020
|
|
11
|
|||||||
|
|
4/6/2020
|
|
4/16/2020
|
|
9
|
|||||||
|
|
4/7/2020
|
|
4/17/2020
|
|
9
|
|||||||
|
|
4/8/2020
|
|
4/20/2020
|
|
11
|
|||||||
|
|
4/9/2020
|
|
4/21/2020
|
|
11
|
•
|
These worst-case redemption cycles are based on information regarding regular holidays, which may be out of date. Based on changes in holidays, longer (worse) redemption cycles are possible.
|
I.
|
Standard Vote
|
II.
|
Override Vote
|
III.
|
Refer Vote
|
IV.
|
Share Blocking
|
V.
|
Securities Not Covered by the Proxy Voting Firm
|
(a)
|
(i)
|
|
|
|
(ii)
|
|
|
(b)
|
|
|
|
(c)
|
|
|
Not applicable.
|
(d)
|
(i)
|
(A)
|
|
|
|
(B)
|
|
(e)
|
(i)
|
(A)
|
|
|
|
(B)
|
|
|
|
(C)
|
|
|
(ii)
|
|
|
(f)
|
|
|
Not applicable.
|
(g)
|
(i)
|
(A)
|
|
|
|
(B)
|
|
|
|
(C)
|
|
(h)
|
(i)
|
(A)
|
|
|
|
(B)
|
|
|
|
(C)
|
|
|
(ii)
|
(A)
|
|
|
|
(B)
|
|
|
|
(C)
|
Investment Adviser
|
SEC File No.
|
U.S. Global Investors, Inc.
|
801-4868
|
Advisors Series Trust
|
Majority Shares ETF Trust
|
Aegis Funds
|
Managed Portfolio Series
|
Allied Asset Advisors Funds
|
Manager Directed Portfolios
|
Alpha Architect ETF Trust
|
Matrix Advisors Fund Trust
|
Angel Oak Funds Trust
|
Matrix Advisors Value Fund, Inc.
|
Barrett Opportunity Fund, Inc.
|
Monetta Trust
|
BMT Investment Funds
|
Nicholas Equity Income Fund, Inc.
|
Bridges Investment Fund, Inc.
|
Nicholas Fund, Inc.
|
Brookfield Investment Funds
|
Nicholas High Income Fund, Inc.
|
Buffalo Funds
|
Nicholas II, Inc.
|
Chestnut Street Fund
|
Nicholas Ltd Edition, Inc.
|
Cushing® Mutual Funds Trust
|
North Capital Funds Trust
|
DoubleLine Funds Trust
|
Permanent Portfolio Family of Funds
|
ETF Series Solutions
|
Perritt Funds, Inc.
|
First American Funds, Inc.
|
PRIMECAP Odyssey Funds
|
FundX Investment Trust
|
Procure ETF Trust I
|
Glenmede Fund, Inc.
|
Procure ETF Trust II
|
Glenmede Portfolios
|
Professionally Managed Portfolios
|
GoodHaven Funds Trust
|
Prospector Funds, Inc.
|
Greenspring Fund, Inc.
|
Provident Mutual Funds, Inc.
|
Harding Loevner Funds, Inc.
|
RBB Fund, Inc.
|
Hennessy Funds Trust
|
RBC Funds Trust
|
Horizon Funds
|
Series Portfolios Trust
|
Hotchkis & Wiley Funds
|
Thompson IM Funds, Inc.
|
Intrepid Capital Management Funds Trust
|
TIGERSHARES Trust
|
Jacob Funds, Inc.
|
TrimTabs ETF Trust
|
Jensen Quality Growth Fund Inc.
|
Trust for Professional Managers
|
Kirr Marbach Partners Funds, Inc.
|
Trust for Advised Portfolios
|
Listed Funds Trust
|
USCA Fund Trust
|
LKCM Funds
|
USQ Core Real Estate Fund
|
LoCorr Investment Trust
|
Wall Street EWM Funds Trust
|
Lord Asset Management Trust
|
Wisconsin Capital Funds, Inc.
|
MainGate Trust
|
YCG Funds
|
Records Relating to:
|
Are located at:
|
Registrant’s Fund Administrator, Fund Accountant and Transfer Agent
|
U.S. Bancorp Fund Services, LLC
615 East Michigan Street, 3rd Floor
Milwaukee, Wisconsin 53202
|
|
|
Registrant’s Custodian
|
U.S. Bank, National Association
1555 N. Rivercenter Drive, Suite 302
Milwaukee, Wisconsin 53212
|
|
|
Registrant’s Principal Underwriter
|
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 1250
Milwaukee, Wisconsin 53202
|
|
|
Registrant’s Investment Advisers
|
U.S. Global Investors, Inc.
7900 Callaghan Road
San Antonio, Texas 78229
|
Signature
|
Title
|
|
|
*/s/ David A. Massart
|
Trustee
|
David A. Massart
|
|
|
|
*/s/ Janet D. Olsen
|
Trustee
|
Janet D. Olsen
|
|
|
|
*/s/ Leonard M. Rush
|
Trustee
|
Leonard M. Rush
|
|
|
|
*/s/ Michael A. Castino
|
Trustee
|
Michael A. Castino
|
|
|
|
*/s/ Kristina R. Nelson
|
President
|
Kristina R. Nelson
|
|
|
|
*/s/ Kristen M. Weitzel
|
Treasurer
|
Kristen M. Weitzel
|
|
|
|
*By: /s/ Michael D. Barolsky
Michael D. Barolsky, Attorney-in-Fact
pursuant to Powers of Attorney
|
Exhibit Number
|
Description
|
(e)(i)(A)
|
|
(j)
|
|
(p)(iii)
|
QUASAR DISTRIBUTORS, LLC
|
|
ETF Series Solutions
|
|
|
|
By: /s/ Richard J. Berthy
|
|
By: /s/ Michael D. Barolsky
|
Name: Richard J. Berthy
|
|
Name: Michael D. Barolsky
|
Title: President
|
|
Title: Vice President & Secretary
|
|
|
|
|
|
|
|
|
U.S. Global Investors, Inc.
|
|
|
|
|
|
By: /s/ Lisa Callicotte
|
|
|
Name: Lisa Callicotte
|
|
|
Title: CFO
|
•
|
USGI Employees and Directors (except that an outside director does not need to comply with the preclearance and holding requirements of paragraphs 8 through 12 or the reporting requirements of paragraphs 27 through 30 unless he or she participates in or obtains information regarding the purchase or sale of securities or is involved in making securities recommendations or has access to such recommendations that are non-public. An outside director must comply with the acknowledgement provision of paragraph 30).
|
•
|
Consultants, interns and temporary workers, if USGI has decided to make you subject to the Code based on your contract length, job duties, work location and other factors.
|
•
|
The Access Person is a Portfolio Manager, Research Analyst or Research Assistant. They otherwise participate in making recommendations or decisions concerning the purchase or sale of securities in any Advised Account or Portfolio.
|
•
|
The Access Person has been designated an Investment Person by the CCO of USGI.
|
•
|
USGI CCO: Monica Blanco
|
•
|
USGI Compliance Department: 210-308-1239
|
•
|
Securities Act of 1933.
|
•
|
Securities Exchange Act of 1934.
|
•
|
Investment Company Act of 1940.
|
•
|
Investment Advisers Act of 1940.
|
•
|
Sarbanes-Oxley Act of 2002.
|
•
|
Title V of the Gramm-Leach-Bliley Act.
|
•
|
The Bank Secrecy Act.
|
•
|
Spouse or Domestic Partner.
|
•
|
Sibling.
|
•
|
Child, stepchild, grandchild.
|
•
|
Parent, stepparent, grandparent.
|
•
|
In-laws, (mother, father, son, daughter, brother, sister).
|
•
|
All Managed Accounts.
|
•
|
Any USGI 401(k) plan account.
|
•
|
Any 401(k) plan account from a previous employer that permits the purchase of any Reportable Security.
|
•
|
Any direct holding in an Affiliated Fund (as earlier defined, this includes ETFs sponsored or advised by USGI).
|
•
|
Any retirement account or health savings account (HSA) that permits the purchase of any Reportable Security, and any 529 college savings plan that permits the purchase of Affiliated Funds.
|
•
|
Any account holding cryptocurrencies that may be a security (anything other than bitcoin and ethereum).
|
•
|
Charitable giving accounts.
|
•
|
Accounts held directly with a mutual fund complex in which non-Affiliated Funds are the only possible investment.
|
•
|
Direct obligations of the U.S. government (indirect obligations, such as Fannie Mae and Freddie Mac securities, are reportable).
|
•
|
Certificates of deposit, bankers’ acceptances, commercial paper, and high quality short-term debt (including repurchase agreements).
|
•
|
Money market funds.
|
•
|
Open-end funds that are not Affiliated Funds.
|
•
|
Cryptocurrencies other than bitcoin and ethereum.
|
•
|
Transactions in Managed Accounts.
|
•
|
Transactions occurring under an Automatic Investment Plan (this includes Automated Payroll Deductions).
|
•
|
Engage in any plan or action, or use any device, that would defraud or deceive a client.
|
•
|
Make any material statements of fact that are incorrect or misleading, either as to what they include or omit.
|
•
|
Engage in any manipulative practice.
|
•
|
Use your position (including any knowledge or access to opportunities you have gained by virtue of your position) to personal advantage or to a client’s disadvantage. This would include, for example, front- running or tailgating (trading directly before or after the execution of a large client trade order), or any attempt to influence a client’s trading to enhance the value of your personal holdings.
|
•
|
Conduct personal trading in any way that could be inconsistent with your fiduciary duties to a client (even if it does not technically violate the Code).
|
•
|
Any Advised Account or Portfolio and any other financial product offered or serviced by USGI.
|
•
|
New products, product changes, or business initiatives.
|
•
|
Past, current, and prospective clients, including their identities, investments, and account activity.
|
•
|
Making sure no confidential information is visible on your computer screen and desk when you are not there.
|
•
|
Not sharing passwords with others.
|
•
|
Using caution when discussing business in any location where your conversation could be overheard. Confidential information may be released only as required by law or as permitted under the applicable privacy policy. Consult the CCO of USGI before releasing any confidential information.
|
•
|
Request pre-clearance on the same trading day you want to trade. Be sure your pre-clearance request is accurate as to security and direction of trade.
|
•
|
Wait for approval before trading. If you receive approval, you may only trade that same trading day, and only within the scope of approval. If you do not receive approval, do not trade.
|
o
|
Trades of up to $10,000 on any day in a security that is part of a Broad-Based Securities Market Index may be pre-cleared for up to five business days where the transaction order is based on a rule established at the outset, i.e., purchase IBM each day that it opens at $100 or less.
|
•
|
Place day orders only. Do not place good-til-canceled orders. You may place orders for an after-hours trading session using that day’s preclearance approval, but you must not place any order that could remain open into the next regular trading session.
|
•
|
All actively initiated trades in Reportable Securities, except those listed here under “No pre-clearance required.”
|
•
|
Note that closed-end funds and ETFs are Reportable Securities, but certain ETFs do not need to be pre-cleared. These ETFs are listed here under “No pre-clearance required.”
|
•
|
Shares of any open-end mutual-fund (including Affiliated Funds).
|
•
|
ETFs that are not Affiliated Funds and are based on approved BroadBased Securities Market indices.
|
•
|
CDs and commercial paper.
|
•
|
Securities acquired or disposed of through actions outside your control or issued pro rata to all holders of the same class of investment, such as automatic dividend reinvestments, stock splits, mergers, spin-offs, or rights subscriptions.
|
•
|
Sales pursuant to a bona fide tender offer.
|
•
|
Trades made through an Automatic Investment Plan that has been disclosed to the CCO of USGI.
|
•
|
Trades in a Managed Account (except that you must pre-clear any trades that involve your influence, any initial purchases of private placements, and any sales or redemptions of private placements that are branded, sponsored, advised or sub-advised by USGI).
|
•
|
Foreign currency futures (any foreign exchange swap or foreign currency forward except for an instrument traded on a national securities exchange relating to foreign currency) and permitted financial futures (See Section 15).
|
•
|
You already have equity in the company and are offered shares.
|
•
|
You are a policy holder or depositor in a company that is demutualizing.
|
•
|
A family member has been offered shares as an employee.
|
•
|
A reasonable investor would likely consider it important when making an investment decision.
|
•
|
Public release of the information would likely affect the price of a security.
|
•
|
Until you receive further instructions from the CCO of USGI, do not take any action in relation to the information, including trading or recommending the relevant securities or communicating the information to anyone else.
|
•
|
Never make decisions on your own regarding potential Material Non-Public Information, including whether such information is actually Material Non-Public Information or what steps should be taken.
|
•
|
If the CCO of USGI determines that you have Material Non-Public Information:
|
o
|
Do not buy, sell, gift, or otherwise dispose of the securities, whether on behalf of an Advised Account or Portfolio, yourself, or anyone else.
|
o
|
Do not in any way recommend, encourage, or influence others to transact in the issuer’s securities, even if you do not specifically disclose or reference the Material Non- Public Information.
|