# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-25-007680
**Filing Date:** 2025-6
**Character Count:** 30091
**Document Hash:** c4da4cfc2e465c6cc60da36673373d0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007680.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001999371-25-007680

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**EFFECTIVENESS DATE**: 20250612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265972
- **FILM NUMBER:** 251041982

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Consortio Funds Trust
- **DATE OF NAME CHANGE:** 20220630

## Series and Classes Contracts Data

### TrueShares Active Yield ETF (Series ID: S000092121)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000260044 | TrueShares Active Yield ETF |  |

**TrueShares Active Yield ETF**

**Summary Prospectus**

**June 11, 2025**

**Trading Symbol: ERNZ**

**Listed on NASDAQ Stock Market, LLC**

**www.True-Shares.com**

Before you invest, you may want to review the TrueShares Active Yield ETF (the "Fund") statutory prospectus and statement of additional information, which contain more information about the Fund and its risks. The current statutory prospectus and statement of additional information dated June 11, 2025, are incorporated by reference into this Summary Prospectus. You can find the Fund's statutory prospectus, statement of additional information, reports to shareholders, and other information about the Fund online at www.True-Shares.com. You can also get this information at no cost by calling 1.877.524.9155 or by sending an e-mail request to info@true-shares.com.

**Investment Objective**

The TrueShares Active Yield ETF (the "Fund") seeks to deliver a meaningfully higher yield compared to the S&P 500® Index,

with a secondary focus on capital preservation and the opportunity for long-term growth of capital.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

**Shareholder Fees *(fees paid directly from your investment)***

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* |  |
| Management Fees | &nbsp;&nbsp;0.75% |
| Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| Other Expenses | &nbsp;&nbsp; 0.00% |
| Acquired Fund Fees and Expenses<sup>\*</sup> | &nbsp;&nbsp;2.50% |
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;3.25% |

---

<sup>\*</sup> Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Predecessor Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Predecessor Fund and exclude AFFE.

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $328 | $1001 | $1698 | $3549 |

---

**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 Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. For the fiscal period April 30, 2024, through December 31, 2024, the Predecessor Fund's (defined below) portfolio turnover rate was 138% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to deliver above-average yield relative to the broader market by purchasing a portfolio of 50 to 150 income generating securities. In pursuing its investment objective the Fund also employs a secondary focus on capital preservation and the opportunity for long term growth of capital by seeking lower relative volatility compared to the broader market. The Fund's investment adviser, TrueMark Investments, LLC (the "Adviser"), and sub-adviser, Wealth Builder Funds, LLC (the "Sub-Adviser") utilize a holistic approach in seeking to construct a portfolio of income-generating investments derived from quantitative and qualitative analysis of data contained within a continually expanding investment universe composed of thousands of securities. This investment universe includes a variety of securities, such as common stock, closed-end funds, mutual funds, exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"), business development companies ("BDCs"), master limited partnerships ("MLPs"), American depositary receipts ("ADRs"), exchange-traded notes ("ETNs") and royalty trusts.

The Sub-Adviser utilizes proprietary research tools, including non-generative artificial intelligence ("AI") driven data optimization applications, to process and analyze large quantities of data associated with the initial investment universe, which is typically composed of more than 16,000 securities. Non-generative AI applications process data using defined programming to provide analysis or predictions. Data optimization is the processing of data to remove redundancies, inconsistencies, and other errors to maximize efficiency. After reducing the universe to several thousand securities by screening for a variety of characteristics including liquidity, corporate viability and minimum price, the research process then evaluates securities based on a dynamic group of proprietary factors including, but not limited to, yield, volatility and price movement of potential investments in relation to each other. This research results in the creation of a series of model portfolios, to which the Sub-Adviser applies a proprietary quantitative analysis that further results in an investable portfolio that typically contains 50 to 150 securities. This modeling process is repeated monthly, and the Sub-Adviser expects to adjust the portfolio when necessary to re-align the Fund's core investment thesis and portfolio characteristics. This ongoing portfolio oversight helps to maintain a responsive, rather than reactive, portfolio posture in an increasingly dynamic market. Recognizing the ever-changing nature of the market environment, the Fund seeks to capture yield-maximizing opportunities as they arise while adapting to changing conditions.

The Fund is non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a lesser number

of issuers than if it were a diversified fund.

**Principal Risks of Investing in the Fund**

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund."

&nbsp;&nbsp;&nbsp;&nbsp;● **Equity Market Risk.** The equity securities held
 in the Fund's portfolio may experience sudden, unpredictable drops in value or long
 periods of decline in value. This may occur because of factors that affect securities markets
 generally or factors affecting specific issuers, industries, sectors or companies in which
 the Fund invests. Equity securities, such as common stocks are generally exposed to greater
 risk than other types of securities, such as preferred stocks and debt obligations, because
 common stockholders generally have inferior rights to receive payment from issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● **Management Risk.** Your investment in the Fund varies
 with the success and failure of the Fund management team's investment strategies and
 the Fund management team's research, analysis, and determination of portfolio securities.
 If the Adviser's and Sub-Adviser's investment strategies, including their stop
 loss and goal setting process, do not produce the expected results, the value of the Fund
 would decrease.

&nbsp;&nbsp;&nbsp;&nbsp;● **Models and Data Risk.** When models, including AI
 models, or any data produced by such models, prove to be incorrect or incomplete, any decisions
 made in reliance thereon may expose the Fund to potential risks such as incorrect prediction
 of future behavior and unexpected results that could lead to losses for the Fund. The success
 of a model also depends on the reliability and accuracy of the inputs to such model.

&nbsp;&nbsp;&nbsp;&nbsp;● **BDC Risk.** BDCs are closed-end investment companies that have elected to register as BDCs.
Shareholders bear both their proportionate share of the Fund's expenses and similar expenses of the BDC when the fund invests
in shares of the BDC. BDCs primarily invest in privately-held and small and mid-size capitalization public companies, and are generally
considered to be non-rated or below investment grade. The fair values of these investments often are not readily determinable.
This could cause the Fund's investments in a BDC to be inaccurately valued, including overvalued. BDC revenues, income (or
losses) and valuations can, and often do, fluctuate suddenly and dramatically, and they face considerable risk of loss. In addition,
BDCs often borrow funds to make investments and, as a result, are exposed to the risks of leverage. Leverage magnifies the potential
loss on amounts invested and therefore increases the risks associated with an investment in a BDC's securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Closed-End Fund Risk.** Shares of closed-end funds frequently trade at a price per share that
is less than the NAV per share. There can be no assurance that the market discount on shares of any closed-end fund purchased by
the Fund will ever decrease or that when the Fund seeks to sell shares of a closed-end fund it can receive the NAV of those shares.
There are greater risks involved in investing in securities with limited market liquidity. To the extent the Fund invests in closed-end
funds, it will indirectly bear its proportionate share of any fees and expenses payable directly by the closed-end fund and, therefore,
the Fund would incur higher expenses, which may be duplicative.

&nbsp;&nbsp;&nbsp;&nbsp;● **Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access
to Fund assets or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser and/or other service providers (including
custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches
of the electronic systems of the Fund, the Adviser, the Sub-Adviser or the Fund's other service providers, market makers,
Authorized Participants ("APs"), the Fund's primary listing exchange, or the issuers of securities in which the
Fund invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase
and sell Shares, potentially resulting in financial losses to the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● **Depositary Receipt Risk.** Depositary receipts,
 including ADRs, EDRs and GDRs, involve risks similar to those associated with investments
 in foreign securities, such as changes in political or economic conditions of other countries
 and changes in the exchange rates of foreign currencies. Depositary receipts listed on U.S.
 exchanges are issued by banks or trust companies, and entitle the holder to all dividends
 and capital gains that are paid out on the underlying foreign shares ("Underlying
 Shares"). GDRs and EDRs are similar to ADRs in that they are certificates evidencing
 ownership of shares of a foreign issuer; however, GDRs and EDRs may be issued in bearer
 form and denominated in other currencies and are generally designed for use in specific
 or multiple securities markets outside the U.S. When the Fund invests in depositary receipts
 as a substitute for an investment directly in the Underlying Shares, the Fund is exposed
 to the risk that the depositary receipts may not provide a return that corresponds precisely
 with that of the Underlying Shares. Because the Underlying Shares trade on foreign exchanges
 that may be closed when the Fund's primary listing exchange is open, the Fund may
 experience premiums and discounts greater than those of funds without exposure to such Underlying
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;● **ETF Risks.** The Fund is an ETF and also expects to invest in other ETFs. The ETF structure
exposes the Fund, directly and indirectly, to the following risks:

○ *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

○ *Costs of Buying or Selling Shares Risk.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

○ *Shares May Trade at Prices Other Than NAV Risk.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

○ *Trading Risk.* Although Shares are listed for trading on the NASDAQ Stock Market, LLC (the "Exchange") and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;● **ETN Risk.** The value of an ETN may be influenced
 by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity
 in the underlying securities markets, changes in the applicable interest rates, changes
 in the issuer's credit rating and economic, legal, political or geographic events
 that affect the referenced index. The notes issued by ETNs and held by the Fund are unsecured
 debt of the issuer, which means the debt is funded based solely on the issuer's creditworthiness
 and promise to repay and not on the existence of assets the issuer has set aside as collateral
 in the event it is unable to repay the debt. As a result, ETNs are subject to the risk that
 the issuer may default on its repayment obligations or be unable to make timely payments
 of principal.

&nbsp;&nbsp;&nbsp;&nbsp;● **Limited Operating History Risk.** The Fund is a
 recently organized investment company with a limited or no operating history. with no operating
 history. As a result, prospective investors have little to no track record or history on
 which to base their investment decision. Moreover, investors will not be able to evaluate
 the Fund against one or more comparable funds on the basis of relative performance until
 the Fund has established a track record.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Capitalization Risk.** 

○ *Large-Capitalization Investing Risk.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization companies also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

○ *Mid-Capitalization Investing Risk.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

○ *Small-Capitalization Investing Risk.* The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Risk.** The trading prices of securities
 and other instruments fluctuate in response to a variety of factors. These factors include
 events impacting the entire market or specific market segments, such as political, market
 and economic developments, as well as events that impact specific issuers. The Fund's
 NAV and market price, like security and commodity prices generally, may fluctuate significantly
 in response to these and other factors. As a result, an investor could lose money over short
 or long periods of time. U.S. and international markets have experienced significant periods
 of volatility in recent years due to a number of these factors, including the impact of
 the COVID-19 pandemic and related public health issues, growth concerns in the U.S. and
 overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or
 actual imposition of tariffs by the U.S. and other countries. In addition, local, regional
 or global events such as war, including Russia's invasion of Ukraine, acts of terrorism,
 recessions, rising inflation, or other events could have a significant negative impact on
 the Fund and its investments. These developments as well as other events could result in
 further market volatility and negatively affect financial asset prices, the liquidity of
 certain securities and the normal operations of securities exchanges and other markets.

&nbsp;&nbsp;&nbsp;&nbsp;● **MLP Risk.** MLP investment returns are enhanced during periods of declining or low interest
rates and tend to be negatively influenced when interest rates are rising. In addition, most MLPs are fairly leveraged and typically
carry a portion of a "floating" rate debt. As such, a significant upward swing in interest rates would also drive interest
expense higher. Furthermore, most MLPs grow by acquisitions partly financed by debt, and higher interest rates could make it more
difficult to make acquisitions. MLP investments also entail many of the general tax risks of investing in a partnership. Limited
partners in a MLP typically have limited control and limited rights to vote on matters affecting the partnership. Additionally,
there is always the risk that a MLP will fail to qualify for favorable tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;● **Non-Diversification Risk.** Because the Fund is "non-diversified," it may invest
a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified
fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or
a lesser number of issuers than a fund that invests more widely. This may increase the Fund's volatility and cause the performance
of a relatively small number of issuers to have a greater impact on the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;● **Other Investment Companies Risk.** The Fund may invest in shares of other investment companies,
such as mutual funds, closed-end funds and ETFs. The risks of investment in these securities typically reflect the risks of the
types of instruments in which the investment company invests. When the Fund invests in investment company securities, shareholders
of the Fund bear indirectly their proportionate share of the investment company's fees and expenses, as well as their share
of the Fund's fees and expenses. As a result, an investment by the Fund in an investment company could cause the Fund's
operating expenses (taking into account indirect expenses such as the fees and expenses of the investment company) to be higher
and, in turn, performance to be lower than if it were to invest directly in the instruments underlying the investment company.
Investments in closed-end funds and ETFs are also subject to the "Closed-End Fund Risk" and "ETF Risks,"
respectively, described above.

&nbsp;&nbsp;&nbsp;&nbsp;● **REIT Risk.** Investment in real estate companies, including REITs, exposes the Fund to the
risks of owning real estate directly. Real estate is highly sensitive to general and local economic conditions and developments.
The U.S. real estate market may experience and has, in the past, experienced a decline in value, with certain regions experiencing
significant losses in property values. Many real estate companies, including REITs, utilize leverage (and some may be highly leveraged),
which increases investment risk and the risk normally associated with debt financing, and could potentially increase the Fund's
volatility and losses. Exposure to such real estate may adversely affect Fund performance. Further, REITs are dependent upon specialized
management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single
property type. REITs also are subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning
of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations
to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur
substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory
treatment.

&nbsp;&nbsp;&nbsp;&nbsp;● **Royalty Trusts Risk.** The Fund may invest in publicly traded royalty trusts. Royalty trusts
are special purpose vehicles organized as investment trusts created to make investments in operating companies or their cash flows.
A royalty trust generally acquires an interest in natural resource companies and distributes the income it receives to the investors
of the royalty trust. A sustained decline in demand for the royalty trust's underlying commodity could adversely affect income
and royalty trust revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other
adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions
that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact
the performance of royalty trusts.

&nbsp;&nbsp;&nbsp;&nbsp;● **Tax Risk.** In order to qualify for the favorable U.S. federal income tax treatment accorded
to a regulated investment company ("RIC") the Fund must derive at least 90% of its gross income in each taxable year
from certain categories of income ("qualifying income") and must satisfy certain asset diversification requirements.
Certain of the Fund's investments, including certain investments in royalty trusts, may generate income that is not qualifying
income. The Fund will seek to restrict its income from such investments that do not generate qualifying income to a maximum of
10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying
income requirement for the Fund to qualify as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**Performance**

The Fund acquired all of the assets and liabilities of the TrueShares Active Yield ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax-free reorganization on June 13, 2025. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information (when included) will include the performance of the Predecessor Fund.

The Predecessor Fund and the Fund are new and therefore do not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund's website at <u>www.true-shares.com.</u>

**Management**

*Adviser:* TrueMark Investments, LLC

*Sub-Adviser:* Wealth Builder Funds LLC

*Portfolio Manager:* Michael D. Clements, Chief Trading Officer of the Sub-Adviser, has served as portfolio manager of the Fund since its inception in April 2024

**Purchase and Sale of Shares**

Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/ or a designated amount of U.S. cash.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). Recent information about the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at <u>www.True-Shares.com</u>.

**Tax Information**

Fund distributions are generally taxable as ordinary income or capital gains (or a combination), unless your investment is in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.