There are risks involved with investing in ETFs, including possible loss of money. The Fund is not actively managed and is subject to risk similar to stocks of emerging market countries, including those related to short selling and margin maintenance.

Stocks of Indian companies carry additional risks, including, but not limited to: The value of the Fund's assets may be adversely affected by political, economic, social and other factors, changes in Indian law or regulations and the status of India's relations with other countries. In addition, the economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Agriculture occupies a more prominent position in the Indian economy than in the United States, and the Indian economy therefore is more susceptible to adverse changes in weather. The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy, which could affect private sector companies and the Fund, market conditions, and prices and yields of securities in the Fund's portfolio. The Fund currently operates through a wholly owned subsidiary in the Republic of Mauritius and will benefit from favorable tax treatment by the Indian government pursuant to a taxation treaty between India and Mauritius. Please see the prospectus for more complete information.

Tax Consequences of Redemption Proceeds Being Limited Primarily to Cash
Unlike most exchange-traded funds, the Fund does not and will not generally make primarily in-kind redemptions. As such the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Generally, this will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required, if it were able to distribute the shares primarily in-kind. Based on the U.S. federal income tax rules applicable to the ETF and an investment in the ETF, this may cause particular shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different exchange-traded fund.

Indus is the Index Provider for the Fund. Indus is not affiliated with the Trust, the Adviser or the Distributor. Indus' only relationship to the Adviser, the Fund or the Distributor is Indus' licensing to the Adviser of certain Indus trademarks, Indexes and trade names, which are composed by Indus without regard to the Adviser, the Fund, the Distributor or any investor; and Indus makes no warranty or representation regarding the advisability of purchasing, holding or trading this product.