# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-26-000080
**Filing Date:** 2026-1
**Character Count:** 27668
**Document Hash:** aa6ba7bab97759ee8304e3d7f879db9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000080.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001580642-26-000080

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-174926
- **FILM NUMBER:** 26510427

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### GGM Macro Alignment ETF (Series ID: S000081846)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000245003 | GGM Macro Alignment ETF | GGM             |

**GGM Macro Alignment ETF**

**(Symbol: GGM)**

**Exchange: NYSE Arca, Inc.**

Summary Prospectus December 29, 2025

*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated December 29, 2025 are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at www.ggmetf.com/fund-documents. You can also obtain these documents at no cost by calling 1-800-966-9991 or by sending an email request to Fulfillment@ultimusfundsolutions.com.*

**Investment Objective.** The primary investment objective of the GGM Macro Alignment ETF (the "Fund") is to seek to provide long-term capital appreciation.

**Fees and Expenses of the Fund.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management (Unitary) Fees<sup>(1)</sup> | 0.74% |
| Other Expenses | 0.00% |
| Acquired Fund Fees and Expenses<sup>(2)</sup> | 0.20% |
| Total Annual Fund Operating Expenses | 0.94% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund's Adviser, Waverly Advisors, LLC, receives a "unitary
 fee" pursuant to which it provides investment advisory service and pays most of the Fund's operating expenses except
 brokerage fees and commissions, 12b-1 fees, Acquired Fund Fees and Expenses, taxes, borrowing costs (such as (a) interest and (b)
 dividend expenses on securities sold short), and such extraordinary or non-recurring expenses as may arise, including litigation to
 which the Fund may be a party and indemnification of the Trust's Trustees and officers with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This number represents the combined total fees and operating expenses of the Acquired
Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets.

**Example.** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **One Year** | **Three Years** | **Five Years** | **Ten Years** |
| $96 | $300 | $520 | $1155 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund's portfolio turnover rate was 467% of the average value of the portfolio.

**Principal Investment Strategies.** The Fund is an actively managed exchange-traded fund ("ETF") that may engage in active trading. The Fund will use a "fund of funds" approach, and seeks to achieve its investment objective by investing in the shares of market sector, sub-sector, and "style" exchange-traded funds (each an "Underlying Sector ETF, Underlying Sub- Sector ETF, and Underlying Style ETF," respectively, and, collectively, the "Underlying Sector, Sub Sector, and Style ETFs" or "Underlying ETFs"). Each Underlying Sector, Sub-Sector and Style ETF is an "index fund" that invests in the equity securities of companies in a particular U.S market sector, sub-sector, or market style (e.g., size specific (large cap, mid cap, or small cap), investment style specific (growth or value), or fixed income), respectively. The objective of each Underlying Sector, Sub-Sector, or Style ETF is to track its respective underlying sector, sub-sector or style index by replicating the securities in the underlying sector, sub-sector, or style index.

Under normal market conditions, the Fund will invest substantially all of its assets in five Underlying Sector, Sub-Sector, or Style ETFs with an equal weighting across (i) three different Underlying Sector ETFs each representing a different U.S. market sector – Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate, or Utilities – and (ii) two different Underlying Sub-Sector or Style ETFs each representing a different sub-sector or market style. Subsectors include Telecom, Biotech, Transports, Media, Food and Beverage, Leisure, Aerospace & Defense, Homebuilders, Semiconductors, Tech Biotech, Retail, Medical Devices, Pharmaceuticals, Real Estate, Water Resources, Capital Markets, Insurance, Energy Equipment, Oil Gas and Consumable Fuels, Metals and Mining, Regional Banks, Broker Dealers, Defense, Global Infrastructure, Clean Energy, Nuclear, Gaming, Solar, Wind, Timber, Hard Asset Producers, Autos, and Healthcare Services. Market styles include Large Capitalization, Mid Capitalization, Small Capitalization, Growth, Value (or a combination of size and investment styles), and Fixed Income. The Fund intends to invest in a single ETF to represent a market sector, sub-sector, or style. The five Underlying Sector, Sub-sector, and Style ETFs are equally weighted as the first line of defense to maximize diversification so that no single sector, sub-sector, or style can swing performance dramatically in one direction or the other.

The Fund employs a strategy that attempts to align the Underlying Sector, Sub-Sector and Style ETFs with the direction of the U.S. economy. By employing a quantitative, rules-based process, the Fund attempts to identify the economic condition of the upcoming quarter based on the rate of change of economic variables, including the pace of growth and rate of inflation. The Fund then shifts and rebalances the underlying holdings into the three Underlying Sector ETFs and two Underlying Sub-Sector or Style ETFs with the highest rolling back-tested return percentage for the corresponding forecasted economic condition that meet the qualifying criteria discussed below. The five Underlying ETFs will be rebalanced at the end of each quarter but the Underlying ETFs and represented sectors, sub-sectors and market styles may or may not change based on the forecasted economic condition of the upcoming quarter.

When selecting specific Underlying Sector, Sub-Sector and Style ETFs, the Adviser searches for sector, sub-sector, or style ETFs that satisfy certain qualifying criteria, namely have low expenses, minimal tracking error to the underlying indexes, and sufficient liquidity. The Underlying Sector, Sub-Sector, and Style ETFs are unaffiliated with the Adviser, and invest solely in U.S.-based issuers. The market capitalization of the underlying portfolio securities of the Underlying Sector, Sub-Sector, and Style ETFs vary and have no limit. Each Underlying Sector, Sub-Sector, or Style ETF varies in composition and may either be diversified or non-diversified. The number of portfolio companies in each of the Underlying Sector, Sub-Sector, and Style ETFs generally ranges from a lower-end of approximately 100 portfolio companies to a higher-end of approximately 400 portfolio companies.

The Trading Sub-Adviser is responsible for executing portfolio transactions and implementing the Adviser's decisions for the Fund.

**Principal Risks.** Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. The following summarizes the principal risks of investing in the Fund. These risks affect the Fund directly as well as through the Underlying ETFs in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk.** The Adviser's judgments about the growth, value or potential appreciation
of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund's performance
and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its
investment goal.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk.** Debt issuers and other counterparties may be unable or unwilling to make timely interest
and/or principal payments when due or otherwise honor their obligations. Changes in an issuer's credit rating or the market's
perception of an issuer's creditworthiness may also adversely affect the value of an Underlying Fixed Income ETF's investment
in that issuer. The degree of credit risk depends on an issuers or counterparty's financial condition and on the terms of an obligation.

&nbsp;&nbsp;&nbsp;&nbsp;· **Early Close/Trading Halt Risk.** An exchange or market may close or impose a market trading halt
or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted,
which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be
unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

&nbsp;&nbsp;&nbsp;&nbsp;· **ETF Structure Risk.** The Fund is structured as an ETF and as a result is subject to the special
risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Authorized Participant Risk.** Only an Authorized Participant may engage in creation or redemption transactions directly with
the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of
other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption
orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares
may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant
concentration risk may be heightened for exchange traded funds ("ETFs") that invest in non-U.S. securities or other securities
or instruments that have lower trading volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Not Individually Redeemable.** Shares are not individually redeemable to retail investors and may
be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized
Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Trading Issues.** An active trading market for the Shares may not be developed or maintained. Trading in Shares on NYSE Arca
(the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in
Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements
of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market
for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of
financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit
the market for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Market Price Variance Risk.** The market prices of Shares will fluctuate in response to changes in NAV and supply and demand
for Shares and will include a "bid ask spread" charged by the exchange specialists, market makers or other participants that
trade the particular security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In times of market stress, market makers may step away from their role market making in the Shares of
ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The market price of the Shares may deviate from an ETF's NAV, particularly during times of market
stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF's NAV, which is reflected
in the bid and ask price for Shares or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When all or a portion of an ETFs underlying securities trade in a market that is closed when the market
for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF's domestic trading
day, which could lead to differences between the market value of the Shares and an ETF's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating
liquidity of an ETF's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the
market value of the Shares and an ETF's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Securities Risk.** Fluctuations in the value of equity securities held by an Underlying ETF
will cause the net asset value ("NAV") of the Underlying ETF and the price of its shares ("Shares") to fluctuate.
Common stock of an issuer in the Underlying ETF's portfolio may decline in price if the issuer fails to make anticipated dividend
payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition,
common stocks have experienced significantly more volatility in returns than other asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;· **Fixed-Income Risk.** The value of Underlying Fixed Income ETFs will fluctuate with changes in interest
rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Underlying Fixed Income
ETF. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes
in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer
may exercise its right to repay principal on a fixed rate obligation held by the Underlying Fixed Income ETF later than expected), and
prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value
of a particular investment by the Underlying Fixed Income ETF (and the value of the Fund's investment in Underlying Fixed Income
ETF, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.
Recently, interest rates have been to rise from historically low levels. A continuing rise in interest rates could result in a decline
in the value of the bond investments held by an Underlying Fixed Income ETF. As a result, for the present, interest rate risk may be heightened.

&nbsp;&nbsp;&nbsp;&nbsp;· **Fund of Funds Risk.** The Fund pursues its investment objective by investing its assets in the Underlying
ETFs rather than investing directly in stocks, bonds, cash or other investments. The Fund's investment performance depends on the
investment performance of the Underlying ETFs in which it invests. An investment in the Fund is subject to the risks associated with the
Underlying ETFs that comprise the Underlying Index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Growth Investing Risk.** An investment by an Underlying ETF in growth stocks may be susceptible to
rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion
the effect of adverse market conditions and may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced
by the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;· **Income Risk.** An Underlying Fixed Income ETF's income may decline if interest rates fall.
This decline in income can occur because the Underlying Fixed Income ETF may subsequently invest in lower yielding bonds as bonds in its
portfolio mature, are near maturity or are called, bonds in an index are substituted, or the Underlying Fixed Income ETF otherwise needs
to purchase additional bonds.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk.** An increase in interest rates may cause a fall in the value of the fixed income
securities in which an Underlying Fixed Income ETF may invest. Declines in value are greater for fixed income securities, as well as funds,
with longer maturities or durations. Duration measures the sensitivity of a security's price to changes in interest rates. This
measure incorporates a security's coupon, maturity, and call features, among other factors.

&nbsp;&nbsp;&nbsp;&nbsp;· **Investing in Underlying ETFs Risk.** Underlying ETFs may trade in the
secondary market at prices below the value of their underlying portfolios and may not be liquid. Underlying ETFs that track an index are
subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark. Underlying
ETFs are also subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing
in the Fund will be higher than the cost of investing directly in the Underlying ETFs and may be higher than other funds that invest directly
in stocks and bonds. The Fund may also be subject to certain other risks specific to each Underlying ETF. See also "**ETF Structure Risk**" above.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large Cap Securities Risk.** The value of investments in larger companies may not rise as much as
smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer
tastes.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk.** The increasing interconnectivity between global economies and financial markets increases
the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different region or financial
market. Securities in the Fund's portfolio may underperform due to inflation<br>
(or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics,
terrorism, tariffs, trade wars, regulatory events and governmental or<br>
quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have
long term effects on the U.S. financial market.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid Cap Securities Risk.** The securities of mid cap companies generally trade in lower volumes and
are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Sector Risk.** Sector risk is the possibility that all stocks within the same group of industries
will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various
times prior to quarterly rebalancing as a result of market movement.

&nbsp;&nbsp;&nbsp;&nbsp;· **Small Cap Securities Risk.** The risk that the securities of small-cap companies may be more volatile
and less liquid than the securities of companies with larger market capitalizations. These small-cap companies may not have the management
experience, financial resources, product diversification and competitive strengths of large or mid-cap companies, and, therefore, their
securities tend to be more volatile than the securities of larger, more established companies. Small capitalization companies may also
have a narrower geographic and product/service focus and be less well known to the investment community, resulting in more volatile share
prices and a lack of market liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;· **Value Investing Risk.** An Underlying ETF may invest in value stocks. Value investing carries the
risk that the market will not recognize a security's intrinsic value for a long time, or that a stock deemed to be undervalued by
the relevant index methodology may actually be appropriately priced or overvalued.

**Performance.** The bar chart illustrates the risks of investing in the Fund by showing how the Fund's average annual returns for each calendar year since the Fund's inception compare with those of a broad measure of market performance. The Average Annual Total Returns table also demonstrates these risks by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at no cost at www.ggmetf.com or by calling 1-800-966-9991. In the future, performance information will be presented in this section of the Prospectus.

**Calendar Year Total Returns as of December 31**

![](image_001.jpg)

The year to date performance of the Fund through the most recent quarter ended September 30, 2025 is (1.13)%.

During the period of time shown in the bar chart, the Fund's highest quarterly return was 7.48% for the quarter ended September 30, 2024, and the lowest quarterly return was (5.80)% for the quarter ended December 31, 2024.

**Average Annual Total Returns for the periods ended December 31, 2024**

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| | | |
|:---|:---|:---|
| | **One<br> Year** | **Life of the Fund\*** |
| **GGM Macro Alignment ETF** | | |
| Return Before Taxes | 4.88% | 9.06% |
| Return After Taxes on Distributions | 4.31% | 8.45% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.90% | 6.68% |
| **S&P 500 Total Return Index**<br> (reflects no deduction for fees, expenses or taxes) | 25.02% | 29.04% |

---

\* Inception date of the Fund is September 25, 2023

After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.

The S&P 500 Total Return Index is an unmanaged market capitalization weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund's returns, the indexes do not reflect any fees or expenses.

**Investment Adviser.** Waverly Advisors, LLC serves as the Fund's investment adviser.

**Trading Sub-Adviser:** Penserra Capital Management LLC (the "Trading Sub-Adviser") serves as the Fund's trading sub-adviser.

**Portfolio Managers.** The Adviser uses a team approach to manage the Fund with the following individuals serving as the Fund's portfolio managers:

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| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Primary Title** | **With the <br> Fund since** |
| Jeffrey G. Johnson | Partner, Regional Director, Wealth Advisor | September 2023 |
| Michael D. Little | Partner, Regional Director, Wealth Advisor | September 2023 |
| Steven T. Hannigan | Wealth Advisor | September 2023 |
| Mark D. Bauer | Wealth Advisor | September 2023 |
| Ryan M. Baldwin | Wealth Advisor | September 2023 |

---

**Purchase and Sale of Fund Shares.** The Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares called "Creation Units." Individual Shares of the Fund may only be purchased and sold in secondary market transactions through a broker dealer. Because Shares are listed for trading on the Exchange and trade at market prices rather than NAV, Shares may trade at a price that is greater than, at, or less than, NAV. Investors may incur costs attributable to the differences between the highest price a buyer is willing to pay to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Recent information, including the Fund's net asset value, premiums and discounts, and bid-ask spreads, is available online at www.ggmetf.com.

**Tax Information.** The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information for<br> more information.