THE SPAC AND ISSUE ETF ETF

In pursuing the fund's investment objective, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in units and shares of Special Purpose Acquisitions Companies (“SPACs”) that have a minimum capitalization of $100 million and companies that completed an initial public offering (“IPO”) within the last two years. The fund may also invest in depositary receipts for cash management purposes or due to a lack of suitable investment opportunities, the fund may hold up to 20% of its net assets in cash or similar short-term, high-quality debt securities.