Definitive Materials Filed by Investment Companies. (497)
28 3월 2020 - 5:38AM
Edgar (US Regulatory)
Anfield Universal Fixed Income ETF
AFIF
Supplement dated
March 27, 2020
to the Prospectus and Statement of Additional Information (the “SAI”) of the Anfield Universal Fixed Income ETF (the
“Fund”) each dated November 29, 2019
Effective immediately,
the Fund’s Prospectus and SAI are amended as follows:
The discussion of Market Risk in the Fund’s
Prospectus in the section entitled “Principal Investment Risks” under ADDITIONAL
INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS is replaced with the following:
-
Market
Risk. Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to
the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions
and other factors, which may negatively affect the Fund’s performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels,
lack of liquidity in the markets, volatility in the securities markets, adverse investor sentiment affect the securities markets
and political events affect the securities markets. Securities markets also may experience long periods of decline in value. When
the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.
Equity
securities generally have greater price volatility than fixed income securities, although under certain market conditions fixed
income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple
asset classes may decline in value simultaneously. Adverse market conditions may be prolonged and may not have the same impact
on all types of securities. Different sectors of the market and different security types may react differently to such developments.
Changes in value may be temporary or may last for extended periods. The Fund may experience a substantial or complete loss on any
individual security. Even when securities markets perform well, there is no assurance that the investments held by the Fund will
increase in value along with the broader market. Market factors, such as the demand for particular portfolio securities, may cause
the price of certain portfolio securities to fall while the prices of other securities rise or remain unchanged.
Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases
to the Fund’s net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes,
government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises
and related events and governments’ reactions to such events have led, and in the future may lead, to economic uncertainty,
decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets.
Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread
health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact
the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate
other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world
may result in many markets being affected by events or conditions in a single country or region or events affecting a single or
small number of issuers.
The section
of the Fund’s SAI entitled “TYPES OF INVESTMENTS, STRATEGIES AND RELATED RISKS” is amended to add the following:
Recent Market
Events.
The Fund could
lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns.
The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events
that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer
or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general
market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates generally do
not have the same impact on all types of securities and instruments.
Stresses associated with the 2008 financial
crisis in the United States and global economies peaked approximately a decade ago, but periods of unusually high volatility in
the financial markets and restrictive credit conditions, sometimes limited to a particular sector or a geography, continue to recur.
Some countries, including the United States, have adopted and/or are considering the adoption of more protectionist trade policies,
a move away from the tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate
taxes. The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to expectations
of change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in protectionist
trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations
in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical and other risks, including environmental
and public health, may add to instability in world economies and markets generally. Economies and financial markets throughout
the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located
in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity
of the Fund’s investments may be negatively affected by such events.
An outbreak
of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December
2019 and has now been detected globally. On March 11, 2020, the World Health Organization announced that it had made the assessment
that COVID-19 can be characterized as a pandemic. COVID-19 has resulted in travel restrictions, closed international borders, enhanced
health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged
quarantines, cancellations, business and school closings, supply chain disruptions, and lower consumer demand, as well as general
concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future,
could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways
that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater
due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate
other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak
and its effects cannot be determined with certainty. The value of the Fund and the securities in which the Fund invests may be
adversely affected by impacts caused by COVID-19 and other epidemics and pandemics that may arise in the future.
________________________________________
This Supplement should be read in
conjunction with the Fund’s Prospectus and SAI. This Supplement, and the Prospectus and SAI, each dated November 29, 2019,
provide relevant information for all shareholders and should be retained for future reference. The Prospectus and the SAI have
been filed with the Securities and Exchange Commission and are incorporated by reference. These can be obtained without charge
by calling 1-866-866-4848.
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