Vident Financial
Index Repurposing Announcement

Effective at the close of business on January 6, 2016, the funds will begin tracking the following indices: Vident Core International Equity Index (VIEQX), Vident Core U.S. Stock Index (VCUSX), and Vident Core U.S. Bond Index (VUBDX). Each new index continues to employ Vident’s fundamental principles-based investment framework, but each provides material enhancements over the existing indices.

The Vident International Equity ETF’s underlying index, Vident International Equity Index (VIDIX), will be replaced with the Vident Core International Equity Index (VIEQX) and effective January 6, 2016 Vident International Equity Fund (VIDI) will begin tracking VIEQX. The new index (VIEQX), seeks to enhance principle expression through country allocation and stock selection. It aims to provide investors with a well-diversified set of global equities exposures across countries, regions and stocks, emphasizing countries with more favorable conditions for investment as well as economic and financial market resilience. At the individual stock level, the new index also seeks to enhance investors’ stock exposures, systematically selecting higher quality stocks with more favorable valuations and with a confirming price trend. The index is designed to be fully investable and fully replicable, with explicit consideration given to turnover, trading costs and liquidity.

The Vident Core U.S. Equity ETF’s underlying index, Vident Core U.S. Equity Index (VIUSX), will be replaced with the Vident Core U.S. Stock Index (VCUSX) and effective January 6, 2016 the Vident Core U.S. Equity Fund (VUSE) will begin tracking VCUSX. The new index (VCUSX), seeks to enhance principle expression through improved stock selection. It achieves this by systematically selecting higher quality stocks with more favorable valuations and with a confirming price trend. The index is designed to be fully investable and fully replicable, with explicit additional consideration given to turnover, trading costs and liquidity.

The Vident Core Bond Strategy ETF’s underlying index, Vident Core Bond Strategy Index (VBNDX), will be replaced with the Vident Core U.S. Bond Index (VUBDX) and effective January 6, 2016 the Vident Core U.S. Bond Strategy Fund (VBND) will begin tracking VUBDX.


Disclosure:

The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contains this and other important information about the investment company and may be obtained by calling 1-800-617-0004.

Investments involve risk. Principal loss is possible. The Funds have the same risks as the underlying securities traded on the exchange throughout the day at market price. Redemptions are limited and often commissions are charged on each trade. VIDI is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. A fund that concentrates its investments in the securities of a particular industry or geographic area may be more volatile than a fund that invests in a broader range of industries. VIDI and VBND may invest in illiquid or thinly traded securities which involve additional risks such as limited liquidity and greater volatility. VBND may make investments in debt securities. The Fund's investments in high yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund's income and potentially in the value of the Fund's investments. VBND may also invest in asset backed and mortgage backed securities which include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The performance of the funds may diverge from that of the Index. Because the Funds employ a representative sampling strategy and may also invest up to 20% of its assets in securities that are not included in the Index, the Funds may experience tracking error to a greater extent than a fund that seeks to replicate an index. The Funds are not actively managed and may be affected by a general decline in market segments related to the index. The Funds invest in securities included in, or representative of securities included in, the index, regardless of their investment merits. Small and medium-capitalization companies tend to have more limited liquidity and greater price volatility than large-capitalization companies. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

The Vident Core International Equity Index (Bloomberg Symbol: VIEQX) is a strategy seeking to balance risk across developed and emerging countries and emphasize those with favorable conditions for growth. The Vident Core US Stock Index (Bloomberg Symbol: VCUSX) is a strategy which seeks to apply principles-based reasoning, expressed through innovative risk design to address the risks and opportunities of US equity investing. It is not possible to invest directly in an index. The Vident Core US Bond Index (Bloomberg Symbol: VUBDX) is a strategy which seeks to utilize time-tested principles to improve corporate bond exposures by screening for companies with strong leadership, governance and creditworthiness factors. You cannot invest directly in an Index.

The Vident International Equity Index (Bloomberg Symbol: VIDIX) is a strategy seeking to balance risk across developed and emerging countries and emphasize those with favorable conditions for growth. The Vident Core US Equity Index (Bloomberg Symbol: VIUSX) is a strategy which seeks to apply principles-based reasoning, expressed through innovative risk design to address the risks and opportunities of US equity investing. It is not possible to invest directly in an index. The Vident Core US Bond Strategy Index (Bloomberg Symbol: VBNDX) is a strategy which seeks to utilize time-tested principles to improve corporate bond exposures by screening for companies with strong leadership, governance and creditworthiness factors. You cannot invest directly in an Index.

Diversification does not assure a profit or protect against loss in a declining market.

The Vident Funds are distributed by Quasar Distributors, LLC

A systematic & rules-based investment process

Applying timeless wisdom & established principles

A distinct philosophy & rigorous global research

Nav History

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07/29/2016 51.7700
07/28/2016 51.6500
07/27/2016 51.6500
07/26/2016 51.5200
07/25/2016 51.5300
07/22/2016 51.5500
07/21/2016 51.5600
07/20/2016 51.5100
07/19/2016 51.5300
07/18/2016 51.4700
07/15/2016 51.4300
07/14/2016 51.5600
07/13/2016 51.6400
07/12/2016 51.5600
07/11/2016 51.6500
07/08/2016 51.7400
07/07/2016 51.6300
07/06/2016 51.5600
07/05/2016 51.6000
07/01/2016 51.3200
06/30/2016 51.1700
06/29/2016 51.1300
06/28/2016 51.0700
06/27/2016 51.0400
06/24/2016 50.8500
06/23/2016 50.6300
06/22/2016 50.6800
06/21/2016 50.6200
06/20/2016 50.6800
06/17/2016 50.7000
06/16/2016 50.7900
06/15/2016 50.8000
06/14/2016 50.7000
06/13/2016 51.0100
06/10/2016 51.0000
06/09/2016 50.9300
06/08/2016 50.8900
06/07/2016 50.8200
06/06/2016 50.7200
06/03/2016 50.7000
06/02/2016 50.4000
06/01/2016 50.3000
05/31/2016 50.3600
05/27/2016 50.3700
05/26/2016 50.3900
05/25/2016 50.2500
05/24/2016 50.2600
05/23/2016 50.2700
05/20/2016 50.2500
05/19/2016 50.2100
05/18/2016 50.1700
05/17/2016 50.5100
05/16/2016 50.5000
05/13/2016 50.5900
05/12/2016 50.5000
05/11/2016 50.5700
05/10/2016 50.5100
05/09/2016 50.4700
05/06/2016 50.4300
05/05/2016 50.5500
05/04/2016 50.4700
05/03/2016 50.5000
05/02/2016 50.3900
04/29/2016 50.5700
04/28/2016 50.5100
04/27/2016 50.4400
04/26/2016 50.2600
04/25/2016 50.3200
04/22/2016 50.3400
04/21/2016 50.3800
04/20/2016 50.4000
04/19/2016 50.5700
04/18/2016 50.6000
04/15/2016 50.6400
04/14/2016 50.5500
04/13/2016 50.6100
04/12/2016 50.5800
04/11/2016 50.7200
04/08/2016 50.7000
04/07/2016 50.7600
04/06/2016 50.5900
04/05/2016 50.6300
04/04/2016 50.5200
04/01/2016 50.4700
03/31/2016 50.5000
03/30/2016 50.3700
03/29/2016 50.3700
03/28/2016 50.1500
03/24/2016 50.1100
03/23/2016 50.1600
03/22/2016 50.0000
03/21/2016 50.0400
03/18/2016 50.1700
03/17/2016 50.0700
03/16/2016 49.9700
03/15/2016 49.8100
03/14/2016 49.9300
03/11/2016 49.8900
03/10/2016 49.9700
03/09/2016 50.0600
03/08/2016 50.1900
03/07/2016 50.0200
03/04/2016 50.0700
03/03/2016 50.1800
03/02/2016 50.1100
03/01/2016 50.1500
02/29/2016 50.3900
02/26/2016 50.3400
02/25/2016 50.5400
02/24/2016 50.4100
02/23/2016 50.3900
02/22/2016 50.3300
02/19/2016 50.3700
02/18/2016 50.3700
02/17/2016 50.2100
02/16/2016 50.3200
02/12/2016 50.3500
02/11/2016 50.6400
02/10/2016 50.5100
02/09/2016 50.4700
02/08/2016 50.4900
02/05/2016 50.2500
02/04/2016 50.2300
02/03/2016 50.1700
02/02/2016 50.2000
02/01/2016 49.9400
01/29/2016 50.0700
01/28/2016 49.9100
01/27/2016 49.8400
01/26/2016 49.8400
01/25/2016 49.7500
01/22/2016 49.7000
01/21/2016 49.7700
01/20/2016 49.8500
01/19/2016 49.7200
01/15/2016 49.7500
01/14/2016 49.5900
01/13/2016 49.6700
01/12/2016 49.5900
01/11/2016 49.4600
01/08/2016 49.4800
01/07/2016 49.4000
01/06/2016 49.3400
01/05/2016 49.1900
01/04/2016 49.1900
12/31/2015 49.1200
12/30/2015 49.0300
12/29/2015 49.0100
12/28/2015 49.5300
12/24/2015 49.4800
12/23/2015 49.4300
12/22/2015 49.4800
12/21/2015 49.6000
12/18/2015 49.5800
12/16/2015 49.4200
12/15/2015 49.4800
12/14/2015 49.5700
12/11/2015 49.7900
12/10/2015 49.5800
12/09/2015 49.6900
12/08/2015 49.6200
12/07/2015 49.6600
12/03/2015 49.4000
12/02/2015 49.7400
12/01/2015 49.8000
11/30/2015 49.6500
11/27/2015 49.6200
11/25/2015 49.5900
11/24/2015 49.5700
11/23/2015 49.5500
11/20/2015 49.5200
11/18/2015 49.5100
11/17/2015 49.5200
11/16/2015 49.4900
11/13/2015 49.4500
11/12/2015 49.3500
11/11/2015 49.3200
11/10/2015 49.3700
11/09/2015 49.3200
11/06/2015 49.3300
11/05/2015 49.5300
11/04/2015 49.5500
11/03/2015 49.6100
11/02/2015 49.6800
10/30/2015 49.7500
10/29/2015 49.6900
10/28/2015 49.8600
10/27/2015 50.0600
10/26/2015 49.9800
10/23/2015 49.9200
10/22/2015 50.0400
10/21/2015 50.0000
10/20/2015 49.9000
10/19/2015 49.9900
10/16/2015 49.9800
10/15/2015 49.9900
10/14/2015 50.0800
10/13/2015 49.9000
10/12/2015 49.7900
10/09/2015 49.7900
10/08/2015 49.7800
10/07/2015 49.8800
10/06/2015 49.9300
10/05/2015 49.8700
10/02/2015 50.0100
10/01/2015 49.8700
09/30/2015 49.8900
09/29/2015 49.8800
09/28/2015 49.8100
09/25/2015 49.7200
09/24/2015 49.8000
09/23/2015 49.8000
09/22/2015 49.8500
09/21/2015 49.7400
09/18/2015 49.9000
09/17/2015 49.7300
09/16/2015 49.4900
09/15/2015 49.5300
09/14/2015 49.7400
09/11/2015 49.7300
09/10/2015 49.6400
09/09/2015 49.7200
09/08/2015 49.6700
09/04/2015 49.7600
09/03/2015 49.6800
09/02/2015 49.5900
09/01/2015 49.6300
08/28/2015 49.6000
08/27/2015 49.6300
08/26/2015 49.6000
08/25/2015 49.6300
08/24/2015 49.9000
08/21/2015 49.8100
08/20/2015 49.7600
08/19/2015 49.7000
08/18/2015 49.5400
08/17/2015 49.6100
08/14/2015 49.5200
08/13/2015 49.5600
08/12/2015 49.7100
08/11/2015 49.7000
08/10/2015 49.5000
08/07/2015 49.6100
08/06/2015 49.5300
08/05/2015 49.4600
08/04/2015 49.5700
08/03/2015 49.7500
07/31/2015 49.6500
07/30/2015 49.4700
07/29/2015 49.4800
07/28/2015 49.5200
07/27/2015 49.5600
07/24/2015 49.4600
07/23/2015 49.4600
07/22/2015 49.3800
07/21/2015 49.3900
07/20/2015 49.3100
07/17/2015 49.3900
07/16/2015 49.3900
07/15/2015 49.4300
07/14/2015 49.3100
07/13/2015 49.2200
07/10/2015 49.2300
07/09/2015 49.4600
07/08/2015 49.6500
07/07/2015 49.6000
07/06/2015 49.5300
07/02/2015 49.3200
07/01/2015 49.2200
06/30/2015 49.4100
06/29/2015 49.4100
06/26/2015 49.1300
06/25/2015 49.3200
06/24/2015 49.3900
06/23/2015 49.3100
06/22/2015 49.4300
06/19/2015 49.6400
06/18/2015 49.4300
06/17/2015 49.5200
06/16/2015 49.4500
06/15/2015 49.5800
06/12/2015 49.5400
06/11/2015 49.5600
06/10/2015 49.3500
06/09/2015 49.4900
06/08/2015 49.6000
06/05/2015 49.5300
06/04/2015 49.7700
06/03/2015 49.6600
06/02/2015 49.9100
06/01/2015 50.0900
05/29/2015 50.3400
05/28/2015 50.2400
05/27/2015 50.2300
05/26/2015 50.2400
05/22/2015 50.0700
05/21/2015 50.1600
05/20/2015 50.0200
05/19/2015 49.9800
05/18/2015 50.1000
05/15/2015 50.3100
05/14/2015 50.0900
05/13/2015 49.9800
05/12/2015 49.9900
05/11/2015 49.9900
05/08/2015 50.2800
05/07/2015 50.1400
05/06/2015 50.0500
05/05/2015 50.1800
05/04/2015 50.2800
05/01/2015 50.3100
04/30/2015 50.4600
04/29/2015 50.4900
04/28/2015 50.6200
04/27/2015 50.7500
04/24/2015 50.7600
04/23/2015 50.6700
04/22/2015 50.5900
04/21/2015 50.7200
04/20/2015 50.7600
04/17/2015 50.8400
04/16/2015 50.7700
04/15/2015 50.7000
04/14/2015 50.6400
04/13/2015 50.5400
04/10/2015 50.4900
04/09/2015 50.4700
04/08/2015 50.6000
04/07/2015 50.5800
04/06/2015 50.5500
04/02/2015 50.4900
04/01/2015 50.5700
03/31/2015 50.4300
03/30/2015 50.3300
03/27/2015 50.3300
03/26/2015 50.2000
03/25/2015 50.3700
03/24/2015 50.4500
03/23/2015 50.3700
03/20/2015 50.3200
03/19/2015 50.2000
03/18/2015 50.2900
03/17/2015 50.0100
03/16/2015 50.0600
03/13/2015 50.0400
03/12/2015 50.0500
03/11/2015 50.0100
03/10/2015 50.0000
03/09/2015 49.8600
03/06/2015 49.7700
03/05/2015 50.0400
03/04/2015 49.9900
03/03/2015 49.9600
03/02/2015 50.0600
02/27/2015 50.2300
02/26/2015 50.1500
02/25/2015 50.2700
02/24/2015 50.2500
02/23/2015 50.0600
02/20/2015 49.9100
02/19/2015 49.9600
02/13/2015 50.1200
02/12/2015 50.1600
02/11/2015 50.1200
02/10/2015 50.1300
02/09/2015 50.2000
02/06/2015 50.2100
02/05/2015 50.5100
02/04/2015 50.5200
02/03/2015 50.5400
02/02/2015 50.7700
01/30/2015 50.7400
01/29/2015 50.5500
01/28/2015 50.6000
01/27/2015 50.4100
01/26/2015 50.3800
01/23/2015 50.4100
01/22/2015 50.2600
01/21/2015 50.3200
01/20/2015 50.4200
01/16/2015 50.4300
01/15/2015 50.5600
01/14/2015 50.4000
01/13/2015 50.2900
01/09/2015 50.1200
01/08/2015 50.0100
01/07/2015 50.0900
01/06/2015 50.1000
01/05/2015 49.9300
12/31/2014 49.6600
12/30/2014 49.6100
12/29/2014 49.5600
12/26/2014 49.4600
12/24/2014 49.4400
12/23/2014 49.4400
12/22/2014 49.6000
12/19/2014 49.5900
12/18/2014 49.5500
12/17/2014 49.6300
12/16/2014 49.7900
12/15/2014 49.7700
12/12/2014 49.8500
12/11/2014 49.7000
12/10/2014 49.7600
12/09/2014 49.6600
12/08/2014 49.6000
12/05/2014 49.5300
12/04/2014 49.6800
12/03/2014 49.6200
12/02/2014 49.6500
12/01/2014 49.7900
11/28/2014 49.8200
11/26/2014 49.7400
11/25/2014 49.6900
11/24/2014 49.6000
11/21/2014 49.5700
11/20/2014 49.5300
11/19/2014 49.4900
11/18/2014 49.5500
11/17/2014 49.5100
11/14/2014 49.5500
11/13/2014 49.5000
11/12/2014 49.4600
11/11/2014 49.4500
11/10/2014 49.4500
11/07/2014 49.5400
11/06/2014 49.4000
11/05/2014 49.4400
11/04/2014 49.4400
11/03/2014 49.4400
10/31/2014 49.4800
10/30/2014 49.5400
10/29/2014 49.5000
10/28/2014 49.6500
10/27/2014 49.6900
10/24/2014 49.6500
10/23/2014 49.6400
10/22/2014 49.7500
10/21/2014 49.8000
10/20/2014 49.8300
10/17/2014 49.8100
10/16/2014 49.8900
10/15/2014 50.0000

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus and summary prospectus (VIDI, VUSE, VBND) contains this and other important information about the investment company, and a free hardcopy of the prospectus may be obtained by calling 1-800-617-0004. Read carefully before investing.

Investments involve risk. Principal loss is possible. The Funds have the same risks as the underlying securities traded on the exchange throughout the day at market price. Redemptions are limited and often commissions are charged on each trade. VIDI is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. A fund that concentrates its investments in the securities of a particular industry or geographic area may be more volatile than a fund that invests in a broader range of industries. VIDI and VBND may invest in illiquid or thinly traded securities which involve additional risks such as limited liquidity and greater volatility. VBND may make investments in debt securities. The Fund's investments in high yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund's income and potentially in the value of the Fund's investments. VBND may also invest in asset backed and mortgage backed securities which include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The performance of the funds may diverge from that of the Index. Because the Funds employ a representative sampling strategy and may also invest up to 20% of its assets in securities that are not included in the Index, the Funds may experience tracking error to a greater extent than a fund that seeks to replicate an index. The Funds are not actively managed and may be affected by a general decline in market segments related to the index. The Funds invest in securities included in, or representative of securities included in, the index, regardless of their investment merits. Small and medium-capitalization companies tend to have more limited liquidity and greater price volatility than large-capitalization companies. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

The Vident Funds are distributed by Quasar Distributors, LLC. The fund's investment advisor is Exchange Traded Concepts LLC. VIDI, VBND, and VUSE's sub-advisor is Vident Investment Advisory (VIA). Vident Financial owns the indexes that underline the funds. Quasar is not affiliated with Vident Financial, Exchange Traded Concepts, or Vident Investment Advisory.

Diversification does not guarantee a profit or protect from loss in a declining market.

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