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Reaves Utilities ETF

Investment Opportunity

Founded in 1961 as an investment research boutique, Reaves Asset Management specializes in the utility and energy infrastructure sectors. Reaves believes in a philosophy that adheres to the following approach. Consistently execute a disciplined, long-term strategy focused on companies and industries that Reaves knows well. Know and understand regulations, federal and state, that govern the earnings level, financials and operations of public utilities. Compound long-term value and reduce portfolio volatility through dividend and earnings growth, and the re-investment of dividends. Fundamental in-house research that serves as the basis for bottom-up securities selection. UTES is an actively-managed ETF that embodies the investment philosophy that Reaves has employed since it began managing institutional portfolios 37 years ago.

Fund Risks

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Utilities Sector Concentration: The fund's investments are concentrated in the utilities sector and may present more risks than if the fund were broadly diversified over numerous sectors of the economy.

Prospectus: For additional information on risks, please see the fund's prospectus.

Management Team

Louis F. Cimino, PhD
Reaves Asset Management

Industry start date: 1984

Start date with Fund: 2015

John P. Bartlett, CFA
Reaves Asset Management

Industry start date: 1993

Start date with Fund: 2015

Joseph 'Jay' Rhame, III, CFA
Reaves Asset Management

Industry start date: 2005

Start date with Fund: 2015

Reaves Asset Management

Reaves is an investment advisor that manages over $2B for both institutional and retail clients. Its portfolio managers are supported by a highly experienced management team, and its research team averages over 20 years of experience.

Additional Materials

Fund Information

Exchange: NYSE Arca
Ticker: UTES
CUSIP: 26923G806
Inception Date: 9/23/2015

Average Annual Total Returns

Monthly Performance (%) (as of 5/31/2017)
  1 Mo. 3 Mo.   YTD     1YR   3YR 5YR 10YR Since Inception
NAV 3.81 6.14 13.93 14.87 NA NA NA 22.03
MKT Price 3.80 6.12 13.89 14.86 NA NA NA 22.02
Index 4.24 4.86 11.77 13.54 NA NA NA 19.73
Quarterly Performance (%) (as of 3/31/2017)
  1 Mo. 3 Mo. YTD 1YR 3YR 5YR 10YR Since Inception
NAV -0.06 7.28 7.28 8.86 NA NA NA 19.89
MKT Price -0.06 7.25 7.25 8.87 NA NA NA 19.89
Index -0.19 6.39 6.39 7.06 NA NA NA 18.23

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Fees & Expenses

Management Fee: 0.95
Gross Expense Ratio: 0.95

The management fee is structured as a “unified fee”, out of which the Fund’s sub-adviser pays all routine expenses of the Fund, except for payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing money; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary expenses of the Fund, each of which is paid by the Fund.

Index: S&P 500 Utilities Index
The S&P 500® Utilities Index is a free-float market capitalization-weighted index comprised of companies included in the S&P 500 utilities sector. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

Fund Data & Pricing (as of 6/22/2017)

NAV: $33.51
Change: $0.03
Closing Price: $33.53
Change: $0.03
4PM Bid/Offer Midpoint: $33.50
Premium/Discount: -$0.01
Shares Outstanding: 450,004.00
Net Assets: 15,078,761.50
Daily Trade Volume: 1,922.00
20 Day Average Trading Volume: 525.00

Premium / Discount Analysis

  Number of Days Fund Has Traded at a:
  Discount Premium
Period Less than -2% -1.51% to -2.00% -1.01% to -1.50% -0.51% to -1.00% -0.01% to -0.50% 0.00% to 0.50% 0.51% to 1.00% 1.01% to 1.50% 1.51% to 2.00% Greater than 2%
2015-Q3: 9/23/2015 through 9/30/2015 0 0 0 0 4 2 0 0 0 0
2015-Q4: 10/1/2015 through 12/31/2015 3 1 0 0 20 40 0 0 0 0
2016-Q1: 1/4/2016 through 3/31/2016 0 0 0 0 33 28 0 0 0 0
2016-Q2: 4/1/2016 through 6/30/2016 0 0 0 0 29 35 0 0 0 0
2016-Q3: 7/1/2016 through 9/30/2016 0 0 0 0 22 42 0 0 0 0
2016-Q4: 10/3/2016 through 12/30/2016 0 0 0 0 26 37 0 0 0 0
2017-Q1: 1/3/2017 through 3/31/2017 0 0 0 0 44 18 0 0 0 0

Top Holdings (% Fund)
(as of 6/23/2017)

P G & E CORP 7.89

Fund Distributions

Distributions - Last 12 Months
Short Term
Capital Gain
Long Term
Capital Gain
6/20/2017 6/22/2017 6/29/2017 $0.180000 $0.000000 $0.000000 $0.180000
3/20/2017 3/22/2017 3/28/2017 $0.120000 $0.000000 $0.000000 $0.120000
12/20/2016 12/22/2016 12/28/2016 $0.247900 $0.440910 $0.000000 $0.688810
9/20/2016 9/22/2016 9/28/2016 $0.150000 $0.000000 $0.000000 $0.150000

Closing Price: The Closing Price is the price of the last reported trade on the fund's primary exchange. If there has been no reported trade for a particular date, the Closing Price represents the 4PM Bid/Offer Midpoint. 

4PM Bid/Offer Midpoint: The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00pm Eastern Time).

Premium/Discount: The amount the Fund is trading above or below the reported NAV (based on 4PM Bid/Offer Midpoint).

The Fund is an actively managed exchange-traded fund (“ETF”) and does not seek to replicate the performance of a specified index. The Fund may have a higher portfolio turnover than funds that seek to replicate the performance of an index.

The “net asset value” (NAV) of the Fund is determined at the close of each business day, and represents the dollar value of one share of the Fund; it is calculated by taking the total assets of the Fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV of the Fund is not necessarily the same as its intraday trading value. Fund investors should not expect to buy or sell shares at NAV because shares of ETFs such as the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Thus, shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV, and include the reinvestment of all dividends and other distributions (reinvested at the Fund's NAV on distribution ex-date). Market price returns are calculated using the 4:00 pm midpoint between the bid and offer, and include the reinvestment of all dividends and other distributions (reinvested at the 4:00pm bid/offer midpoint on distribution ex-date). Market price returns do not represent the return you would receive if you traded at other times.

SEC Yield is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30 day period by the current NAV at the end of the 30 day period. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the Subsidized Yield and Unsubsidized Yield will be identical.

Distribution Yield is the annual yield that an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the Fund and does not represent total return of the Fund. The distribution yield is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.

Returns for periods of less than one year are cumulative total returns.

Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. Contact us at 888-383-0553 or visit www.reavesetfs.com for a copy of the Fund's prospectus. Read the prospectus carefully before you invest or send money.

Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.

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