DAY HAGAN SMART SECTOR FIXED INCOME ETF

The investment objective of the Day Hagan/Ned Davis Research Smart Sector® Fixed Income ETF is total return, consisting of income and capital appreciation. Day Hagan Asset Management actively manages the Fund’s portfolio using proprietary investment models co-developed with Ned Davis Research (NDR). The Fund is considered a “fund of funds” that, under normal market conditions, seeks to achieve its investment objective by principally investing in unaffiliated fixed income exchange traded funds that invest in nine fixed income categories. The fixed income categories that the Fund may invest are U.S. investment grade corporate, U.S. long-term treasury, U.S. mortgage-backed securities, international investment grade bonds, U.S. treasury inflation-protected securities, U.S. high yield bonds, emerging market bonds, U.S. floating rate notes, and U.S. cash.