The Approach

A quantitively-driven strategy emphasizing low beta stocks. Stocks are first screened to remove those that score poorly on financial and growth measures. Those stocks that remain are then ranked according to their beta. In 1972, Fischer Black published an academic paper describing how the security market line (the line equating stock performance to systematic risk) was too flat relative to what existing theory (Capital Asset Pricing Model, or CAPM) had proposed. Stocks with low betas performed better than what was predicted by the CAPM and stocks with high betas did not perform well enough to justify their additional risks.

The Features

The investment objective of the fund is capital appreciation. Our research, as well as a large body of academic research, has found that the low beta factor has been associated with superior long-term risk-adjusted performance.

Data as of 07/01/2020

PERFORMANCE

MONTH END AS OF: 05/31/2020
1 Month 3 Month YTD Since Inception 1 Year 3 Years 5 Years
Fund NAV TBD TBD TBD 3.88% TBD TBD TBD
Market Price TBD TBD TBD 3.88% TBD TBD TBD
QUARTER END AS OF: 03/31/2020
1 Month 3 Month YTD Since Inception 1 Year 3 Years 5 Years
Fund NAV TBD TBD TBD TBD TBD TBD TBD
Market Price TBD TBD TBD TBD TBD TBD TBD

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Current performance may be lower or higher than the performance quoted.

SIXL Holdings as of 07/01/2020

COMPANY NAME TICKER CUSIP SHARES MARKET VALUE % OF NET ASSET VALUES
UNITED NATURAL FOODS INC UNFI 911163103 30750 541,507.50 0.663%
LHC GROUP INC LHCG 50187A107 2656 471,200.96 0.577%
MERIDIAN BIOSCIENCE INC VIVO 589584101 19875 453,150.00 0.555%
ALARM.COM HOLDINGS INC ALRM 011642105 6794 453,023.92 0.555%
BJ'S WHOLESALE CLUB HOLDINGS BJ 05550J101 12000 452,760.00 0.554%
STURM RUGER & CO INC RGR 864159108 5895 448,550.55 0.549%
ABIOMED INC ABMD 003654100 1686 430,300.92 0.527%
CORCEPT THERAPEUTICS INC CORT 218352102 25125 429,386.25 0.526%
SPARTANNASH CO SPTN 847215100 20250 419,276.25 0.513%
EBAY INC EBAY 278642103 7814 413,829.44 0.507%
FOSSIL GROUP INC FOSL 34988V106 95125 412,366.88 0.505%
OLYMPIC STEEL INC ZEUS 68162K106 36500 411,355.00 0.504%
NATIONAL BEVERAGE CORP FIZZ 635017106 6444 408,420.72 0.500%
TRACTOR SUPPLY CO TSCO 892356106 3055 405,337.40 0.496%
PERDOCEO EDUCATION CORP PRDO 71363P106 24875 401,233.75 0.491%
UNITED PARCEL SERVICE-CL B UPS 911312106 3500 400,470.00 0.490%
ARCBEST CORP ARCB 03937C105 15625 399,843.75 0.489%
EXPONENT INC EXPO 30214U102 4928 398,970.88 0.488%
INVESTORS REAL ESTATE TRUST IRET 461730509 5500 396,275.00 0.485%
MSC INDUSTRIAL DIRECT CO-A MSM 553530106 5520 395,397.60 0.484%
NEW YORK TIMES CO-A NYT 650111107 9250 394,235.00 0.483%
POOL CORP POOL 73278L105 1442 393,536.22 0.482%
PC CONNECTION INC CNXN 69318J100 8375 393,122.50 0.481%
DOLLAR TREE DLTR 256746108 4193 391,584.27 0.479%
DMC GLOBAL INC BOOM 23291C103 14500 389,760.00 0.477%
AMERICAN PUBLIC EDUCATION APEI 02913V103 12875 388,825.00 0.476%
HMS HOLDINGS CORP HMSY 40425J101 11875 386,887.50 0.474%
B&G FOODS INC BGS 05508R106 15750 380,677.50 0.466%
AMAZON.COM INC AMZN 023135106 132 379,988.40 0.465%
ABBVIE INC ABBV 00287Y109 3816 378,318.24 0.463%
RENAISSANCERE HOLDINGS LTD RNR G7496G103 2153 377,033.36 0.461%
ELECTRONIC ARTS INC EA 285512109 2770 374,559.40 0.458%
EZCORP INC-CL A EZPW 302301106 62500 372,812.50 0.456%
LIFE STORAGE INC LSI 53223X107 3793 372,358.81 0.456%
ALEXION PHARMACEUTICALS INC ALXN 015351109 3313 372,348.07 0.456%
CIENA CORP CIEN 171779309 6938 371,807.42 0.455%
SIMULATIONS PLUS INC SLP 829214105 6074 371,546.58 0.455%
WD-40 CO WDFC 929236107 1881 370,274.85 0.453%
WEST PHARMACEUTICAL SVSC INC WST 955306105 1635 367,858.65 0.450%
BOSTON BEER COMPANY INC-A SAM 100557107 659 366,186.53 0.448%
MERCURY GENERAL CORP MCY 589400100 9125 364,543.75 0.446%
SENSIENT TECHNOLOGIES CORP SXT 81725T100 7050 364,344.00 0.446%
ALTRIA GROUP INC MO 02209S103 9250 362,970.00 0.444%
TAKE-TWO INTERACTIVE SOFTWRE TTWO 874054109 2514 362,292.54 0.443%
GLU MOBILE INC GLUU 379890106 36250 361,775.00 0.443%
MCCORMICK & CO-NON VTG SHRS MKC 579780206 2012 361,154.00 0.442%
ADDUS HOMECARE CORP ADUS 006739106 3900 360,750.00 0.442%
WINGSTOP INC WING 974155103 2514 360,231.06 0.441%
DORMAN PRODUCTS INC DORM 258278100 5416 359,730.72 0.440%
BROWN & BROWN INC BRO 115236101 8750 359,537.50 0.440%
CALAVO GROWERS INC CVGW 128246105 5808 359,340.96 0.440%
WATSCO INC WSO 942622200 2019 359,321.43 0.440%
DOLLAR GENERAL CORP DG 256677105 1875 357,937.50 0.438%
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC KNX 499049104 8678 357,099.70 0.437%
PARAMETRIC TECHNOLOGY CORP PTC 69370C100 4552 357,058.88 0.437%
PS BUSINESS PARKS INC/CA PSB 69360J107 2664 357,029.28 0.437%
LANCASTER COLONY CORP LANC 513847103 2299 356,092.11 0.436%
CH ROBINSON WORLDWIDE INC CHRW 12541W209 4500 355,905.00 0.436%
FIRST SOLAR INC FSLR 336433107 7250 355,902.50 0.436%
CMS ENERGY CORP CMS 125896100 5926 355,322.96 0.435%
EXTRA SPACE STORAGE INC EXR 30225T102 3662 355,067.52 0.435%
HENRY SCHEIN INC HSIC 806407102 6019 354,278.34 0.434%
GROCERY OUTLET HOLDING CORP GO 39874R101 8552 353,967.28 0.433%
AMGEN INC AMGN 031162100 1386 353,596.32 0.433%
AAON INC AAON 000360206 6664 351,126.16 0.430%
PUBLIC STORAGE PSA 74460D109 1763 351,119.08 0.430%
OWENS & MINOR INC OMI 690732102 46375 350,595.00 0.429%
CHEMED CORP CHE 16359R103 761 349,983.90 0.428%
UNITED THERAPEUTICS CORP UTHR 91307C102 2892 349,932.00 0.428%
HAIN CELESTIAL GROUP INC HAIN 405217100 11250 349,875.00 0.428%
HCI GROUP INC HCI 40416E103 7750 349,757.50 0.428%
LANDSTAR SYSTEM INC LSTR 515098101 3143 349,595.89 0.428%
BALCHEM CORP BCPC 057665200 3797 348,374.75 0.426%
CONAGRA BRANDS INC CAG 205887102 9750 347,782.50 0.426%
SMITH (A.O.) CORP AOS 831865209 7500 347,250.00 0.425%
BALL CORP BLL 058498106 4910 347,038.80 0.425%
LILLY (ELI) & CO LLY 532457108 2125 347,012.50 0.425%
HUB GROUP INC-CL A HUBG 443320106 7317 346,972.14 0.425%
NATIONAL PRESTO INDS INC NPK 637215104 4042 346,641.92 0.424%
PROCTER & GAMBLE CO PG 742718109 2889 346,622.22 0.424%
INCYTE CORP INCY 45337C102 3375 346,443.75 0.424%
CHURCH & DWIGHT INC CHD 171340102 4445 346,265.50 0.424%
NETGEAR INC NTGR 64111Q104 14173 345,537.74 0.423%
ACTIVISION BLIZZARD INC ATVI 00507V109 4418 344,736.54 0.422%
CALIFORNIA WATER SERVICE GRP CWT 130788102 7172 344,471.16 0.422%
DANAHER CORP DHR 235851102 1944 344,399.04 0.422%
QUEST DIAGNOSTICS INC DGX 74834L100 3016 343,974.80 0.421%
CLOROX CO/DE CLX 189054109 1566 343,846.62 0.421%
PROGRESSIVE CORP-OHIO PGR 743315103 4303 343,379.40 0.420%
AMERICAN STATES WATER CO AWR 029899101 4375 343,306.25 0.420%
WILEY (JOHN) & SONS-CLASS A JW/A 968223206 8814 343,217.16 0.420%
MAXIMUS INC MMS 577933104 4875 343,151.25 0.420%
APTARGROUP INC ATR 038336103 3049 342,951.52 0.420%
PRICESMART INC PSMT 741511109 5775 342,284.25 0.419%
COLGATE-PALMOLIVE CO CL 194162103 4685 342,145.55 0.419%
HEARTLAND EXPRESS INC HTLD 422347104 16625 341,810.00 0.418%
AMN HEALTHCARE SERVICES INC AMN 001744101 7655 341,795.75 0.418%
KNOWLES CORP KN 49926D109 22750 341,705.00 0.418%
ALLIANT ENERGY CORP LNT 018802108 7000 341,320.00 0.418%
TORO CO TTC 891092108 5147 340,731.40 0.417%
KELLOGG CO K 487836108 5161 340,264.73 0.416%
PERKINELMER INC PKI 714046109 3500 339,815.00 0.416%
COGENT COMMUNICATIONS HOLDIN CCOI 19239V302 4125 339,322.50 0.415%
AKAMAI TECHNOLOGIES INC AKAM 00971T101 3189 339,086.37 0.415%
NETFLIX INC NFLX 64110L106 698 338,976.72 0.415%
WEC ENERGY GROUP INC WEC 92939U106 3791 338,650.03 0.415%
AMERICAN ELECTRIC POWER AEP 025537101 4125 338,250.00 0.414%
HILL-ROM HOLDINGS INC HRC 431475102 3060 338,038.20 0.414%
OGE ENERGY CORP OGE 670837103 11058 337,490.16 0.413%
KIMBERLY-CLARK CORP KMB 494368103 2375 336,988.75 0.412%
CENTRAL GARDEN & PET CO CENT 153527106 9431 336,403.77 0.412%
SERVICE CORP INTERNATIONAL SCI 817565104 8565 336,261.90 0.412%
OSI SYSTEMS INC OSIS 671044105 4566 335,874.96 0.411%
GRAND CANYON EDUCATION INC LOPE 38526M106 3664 335,732.32 0.411%
TARGET CORP TGT 87612E106 2821 335,586.16 0.411%
CORESITE REALTY CORP COR 21870Q105 2674 335,239.38 0.410%
FLOWERS FOODS INC FLO 343498101 15057 335,018.25 0.410%
AON PLC-CLASS A AON G0403H108 1750 334,495.00 0.409%
REGENERON PHARMACEUTICALS REGN 75886F107 549 334,434.33 0.409%
CERNER CORP CERN 156782104 4812 334,385.88 0.409%
MERCK & CO. INC. MRK 58933Y105 4280 334,353.60 0.409%
GENERAL MILLS INC GIS 370334104 5518 333,452.74 0.408%
WASTE MANAGEMENT INC WM 94106L109 3173 333,450.57 0.408%
SPROUTS FARMERS MARKET INC SFM 85208M102 13375 333,438.75 0.408%
GENTEX CORP GNTX 371901109 13057 333,345.21 0.408%
EXPEDITORS INTL WASH INC EXPD 302130109 4375 333,331.25 0.408%
THERMO FISHER SCIENTIFIC INC TMO 883556102 926 333,147.02 0.408%
KROGER CO KR 501044101 9917 332,913.69 0.407%
DAKTRONICS INC DAKT 234264109 77750 332,770.00 0.407%
SUPERNUS PHARMACEUTICALS INC SUPN 868459108 13875 332,583.75 0.407%
WERNER ENTERPRISES INC WERN 950755108 7911 331,945.56 0.406%
WORLD WRESTLING ENTERTAIN-A WWE 98156Q108 7401 331,712.82 0.406%
ROLLINS INC ROL 775711104 7750 331,467.50 0.406%
TYSON FOODS INC-CL A TSN 902494103 5656 331,271.92 0.405%
DOMINOS PIZZA INC DPZ 25754A201 881 331,000.51 0.405%
GLOBUS MEDICAL INC GMED 379577208 6780 329,982.60 0.404%
TEGNA INC TGNA 87901J105 29750 329,332.50 0.403%
HORMEL FOODS CORP HRL 440452100 6936 329,043.84 0.403%
TRUEBLUE INC TBI 89785X101 22500 328,500.00 0.402%
REPLIGEN CORP RGEN 759916109 2645 328,482.55 0.402%
CHARTER COMMUNICATIONS INC CHTR 16119P108 629 328,281.39 0.402%
VALMONT INDUSTRIES VMI 920253101 2940 328,251.00 0.402%
TYLER TECHNOLOGIES INC TYL 902252105 937 328,249.84 0.402%
CINCINNATI BELL INC CBB 171871502 22000 328,240.00 0.402%
EMPLOYERS HOLDINGS INC EIG 292218104 11125 328,187.50 0.402%
POST HOLDINGS INC POST 737446104 3750 328,012.50 0.401%
CASEY'S GENERAL STORES INC CASY 147528103 2185 327,771.85 0.401%
MURPHY USA INC MUSA 626755102 2926 327,624.22 0.401%
WALGREENS BOOTS ALLIANCE INC WBA 931427108 8000 327,040.00 0.400%
IDACORP INC IDA 451107106 3643 326,376.37 0.399%
COCA-COLA CO KO 191216100 7272 325,931.04 0.399%
PROGRESS SOFTWARE CORP PRGS 743312100 8500 325,805.00 0.399%
PENUMBRA INC PEN 70975L107 1758 325,704.66 0.399%
REPUBLIC SERVICES INC RSG 760759100 4000 325,560.00 0.398%
DAVITA INC DVA 23918K108 4033 325,221.12 0.398%
NATIONAL FUEL GAS CO NFG 636180101 7932 324,656.76 0.397%
INGREDION INC INGR 457187102 4000 324,560.00 0.397%
HENRY (JACK) & ASSOCIATES JKHY 426281101 1761 323,724.63 0.396%
LOGMEIN INC LOGM 54142L109 3785 323,276.85 0.396%
LEGG MASON INC LM 524901105 6500 323,115.00 0.396%
NEW YORK COMMUNITY BANCORP NYCB 649445103 32750 320,950.00 0.393%
HEIDRICK & STRUGGLES INTL HSII 422819102 15250 320,860.00 0.393%
HAWAIIAN ELECTRIC INDS HE 419870100 8875 320,742.50 0.393%
SHUTTERSTOCK INC SSTK 825690100 8875 320,742.50 0.393%
COCA-COLA CONSOLIDATED INC COKE 191098102 1396 320,535.56 0.392%
CITRIX SYSTEMS INC CTXS 177376100 2144 320,270.72 0.392%
CONSOLIDATED EDISON INC ED 209115104 4375 319,812.50 0.391%
EL PASO ELECTRIC CO EE 283677854 4750 319,437.50 0.391%
BAXTER INTL. BAX 071813109 3655 319,118.05 0.391%
CBOE GLOBAL MARKETS INC CBOE 12503M108 3301 318,414.46 0.390%
MASIMO CORPORATION MASI 574795100 1386 318,364.20 0.390%
HERSHEY CO HSY 427866108 2445 318,143.40 0.389%
VERIZON COMMUNICATIONS INC VZ 92343V104 5809 317,578.03 0.389%
WALMART INC WMT 931142103 2650 317,178.50 0.388%
CAMPBELL SOUP CO CPB 134429109 6432 317,161.92 0.388%
COSTCO WHOLESALE CORP COST 22160K105 1040 316,940.00 0.388%
BIO-TECHNE CORP TECH 09073M104 1191 316,817.91 0.388%
GILEAD SCIENCES INC GILD 375558103 4163 316,637.78 0.388%
JUNIPER NETWORKS INC JNPR 48203R104 14000 315,700.00 0.386%
UNIVERSAL CORP/VA UVV 913456109 7526 315,339.40 0.386%
NIC INC EGOV 62914B100 13750 315,150.00 0.386%
AMC NETWORKS INC-A AMCX 00164V103 13435 314,513.35 0.385%
MGP INGREDIENTS INC MGPI 55303J106 8815 314,431.05 0.385%
DSP GROUP INC DSPG 23332B106 19875 314,025.00 0.384%
ENCOMPASS HEALTH CORP EHC 29261A100 5000 313,650.00 0.384%
CORE-MARK HOLDING CO INC CORE 218681104 12541 313,525.00 0.384%
HEALTHSTREAM INC HSTM 42222N103 14250 313,357.50 0.384%
TOOTSIE ROLL INDS TR 890516107 9167 313,328.06 0.384%
SILGAN HOLDINGS INC SLGN 827048109 9625 313,293.75 0.383%
FRESH DEL MONTE PRODUCE INC FDP G36738105 13375 312,841.25 0.383%
F5 NETWORKS INC FFIV 315616102 2267 311,281.77 0.381%
JOHN B. SANFILIPPO & SON INC JBSS 800422107 3674 309,607.98 0.379%
MICROSTRATEGY INC-CL A MSTR 594972408 2625 309,225.00 0.378%
WESTAMERICA BANCORPORATION WABC 957090103 5559 308,357.73 0.377%
TIFFANY & CO TIF 886547108 2522 308,264.06 0.377%
NORTHROP GRUMMAN CORP NOC 666807102 1000 308,140.00 0.377%
INTEGRA LIFESCIENCES HOLDING IART 457985208 6311 307,030.15 0.376%
BIO-RAD LABORATORIES INC BIO 090572207 674 306,285.82 0.375%
NEWMARKET CORP NEU 651587107 770 305,620.70 0.374%
NORTHWEST BANCSHARES INC NWBI 667340103 31375 305,592.50 0.374%
JOHNSON & JOHNSON JNJ 478160104 2172 304,905.36 0.373%
BECTON DICKINSON AND CO BDX 075887109 1261 304,569.33 0.373%
SPIRE INC SR 84857L101 4554 303,250.86 0.371%
OMNICELL INC OMCL 68213N109 4420 303,167.80 0.371%
LANNETT CO INC LCI 516012101 42875 303,126.25 0.371%
FTI CONSULTING INC FCN 302941109 2625 302,872.50 0.371%
NORTONLIFELOCK INC NLOK 668771108 15307 302,619.39 0.370%
QUALYS INC QLYS 74758T303 2903 301,941.03 0.370%
PRESTIGE CONSUMER HEALTHCARE PBH 74112D101 8181 301,797.09 0.369%
EXELIXIS INC EXEL 30161Q104 12808 300,988.00 0.368%
PETMED EXPRESS INC PETS 716382106 8625 300,408.75 0.368%
AVISTA CORP AVA 05379B107 8063 296,718.40 0.363%
JM SMUCKER CO/THE SJM 832696405 2818 296,509.96 0.363%
EAGLE PHARMACEUTICALS INC EGRX 269796108 6057 296,187.30 0.363%
ADTALEM GLOBAL EDUCATION INC ATGE 00737L103 9500 295,735.00 0.362%
VECTOR GROUP LTD VGR 92240M108 29750 295,417.50 0.362%
MYLAN NV MYL N59465109 18750 295,406.25 0.362%
PFIZER INC PFE 717081103 8750 295,225.00 0.361%
ROYAL GOLD INC RGLD 780287108 2384 294,209.44 0.360%
COMMVAULT SYSTEMS INC CVLT 204166102 7500 292,462.50 0.358%
CSG SYSTEMS INTL INC CSGS 126349109 7000 291,620.00 0.357%
MESA LABORATORIES INC MLAB 59064R109 1319 283,861.99 0.347%
TAUBMAN CENTERS INC TCO 876664103 7375 283,421.25 0.347%
INOGEN INC INGN 45780L104 7875 282,397.50 0.346%
TERADATA CORP TDC 88076W103 13678 281,630.02 0.345%
HAEMONETICS CORP/MASS HAE 405024100 3125 280,250.00 0.343%
HARMONIC INC HLIT 413160102 58625 278,468.75 0.341%
TREEHOUSE FOODS INC THS 89469A104 6420 277,087.20 0.339%
CABOT OIL & GAS CORP COG 127097103 16250 276,250.00 0.338%
PARK AEROSPACE CORP PKE 70014A104 25375 273,796.25 0.335%
CNX RESOURCES CORP CNX 12653C108 32250 271,222.50 0.332%
LUMINEX CORP LMNX 55027E102 8375 268,167.50 0.328%
SPOK HOLDINGS INC SPOK 84863T106 29625 265,291.88 0.325%
ICU MEDICAL INC ICUI 44930G107 1448 264,332.40 0.324%
CARDIOVASCULAR SYSTEMS INC CSII 141619106 8435 264,015.50 0.323%
PILGRIM'S PRIDE CORP PPC 72147K108 15750 261,607.50 0.320%
J2 GLOBAL INC JCOM 48123V102 4068 260,758.80 0.319%
SANDERSON FARMS INC SAFM 800013104 2261 251,219.71 0.307%
FIDELITY NATL FINL FNF GROUP FNF 31620R303 8109 245,216.16 0.300%
ORASURE TECHNOLOGIES INC OSUR 68554V108 19750 222,088.75 0.272%

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. Holdings are reflective of trading and creation/redemption activity as of the date indicated.

DISTRIBUTIONS

Month Ex Date Record Date Pay Date Dividend Short Term Capital Gains
June 06/30/2020 07/01/2020 07/06/2020 0.0258

There is no guarantee distributions will be paid.

PREMIUM DISCOUNT TABLE

Second Quarter 2020
Days traded at nav 0
Days traded at premium 22
Days traded at discount 14

PREMIUM AND DISCOUNT GRAPH

Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ prospectus or summary prospectuses, which may be obtained by visiting https://6meridianfunds.com/investor-materials. Investors should read it carefully before investing or sending money.

The Funds are distributed by SEI Investments Distribution Co. which is not affiliated with Exchange Traded Concepts, LLC or any of its affiliates.

Investing involves risk, including possible loss of principal.

The funds are non-diversified.

The funds are actively managed and there is no guarantee the securities selected or the strategies employed will achieve the intended results. The funds rely heavily on quantitative models as well as data and information supplied by third parties that are utilized by the models. To the extent the models do not perform as designed or as intended, the Funds’ strategies may not be successfully implemented and the Funds may lose value. If the models or data are incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities that would have been excluded or included had the models or data been correct and complete.

Small cap risk for SIXH, SIXL, SIXS: Investments in smaller companies typically exhibit higher volatility.

REIT risk for SIXL, SIXS: In addition to the normal risks associated with investing, narrowly focused investments typically exhibit higher volatility. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations.

SIXH-specific risk: By writing covered call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the reference index above the exercise prices of such options, but will continue to bear the risk of declines in the value of the reference index. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options.

An inverse ETF is designed to lose value as the underlying benchmark increases in value, a result that is opposite from traditional mutual funds, and shareholders of inverse ETFs will lose money when the value of the underlying benchmark rises.

Definition of index call option copied from the prospectus: As the seller of an index call option, the Fund receives a premium from the purchaser. The purchaser of the index call option has the right to any appreciation in the value of the index over the exercise price upon the exercise of the call option or the expiration date. If, at expiration, the purchaser exercises the index option sold by the Fund, the Fund will pay the purchaser the difference between the cash value of the index and the exercise price of the index option. The premium, the exercise price and the market value of the index determine the gain or loss realized by the Fund as the seller of the index call option.

A covered call refers to transaction in the financial market in which the investor selling call options owns the equivalent amount of the underlying security. To execute this an investor holding a long position in an asset then writes (sells) call options on that same asset to generate an income stream.

Beta is a measure of the volatility, or systematic risk, of a security or portfolio, in comparison to the market as a whole.