Risk Considerations

Investing involves risk, including the possible loss of principal. Shares of the ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The prices of securities in the Fund’s portfolio will fluctuate due to market conditions and may affect its value. The fund is subject to the risks of the underlying securities it invests in such as convertible securities in which market value may change based on the issuer’s credit rating or the ability of the issuer to pay interest and dividends. Investments in preferred securities may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock tends to fall. The price of a warrant and rights may not necessarily move parallel to the price of the underlying security and is generally more volatile.

The Fund is a non-diversified portfolio, which means that it can take larger positions in a smaller number of securities than a portfolio that is diversified. This can increase the risk that the value of the Fund could go down because of the poor performance of a limited number of investments. The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision.

Applied Finance IVS International SMID ETF is distributed by Foreside Fund Services, LLC, not an adviser affiliate.

Applied Finance Advisors, LLC is the Adviser to the fund.