Copyright © 2026. Advisors Asset Management, Inc. (AAM). All rights reserved.

AAM is a SEC registered investment advisor and member FINRA / SIPC . Registrant MSRB. Registration does not imply a certain level of skill or training.

^ The Fund’s investment adviser has agreement to waive 0.31% of its management fees for the Fund up to $100 million of assets until at least December 31, 2026. Please see prospectus for more information.

* Represents the Unsubsidized Yield. The 30-day SEC Yield for an Exchange-Traded Fund (ETF) is a standardized yield calculation developed by the U.S. Securities and Exchange Commission (SEC) that reflects the income earned by the fund's portfolio over the past 30 days, net of expenses. It is calculated by taking the fund's net investment income, including interest and dividends, and dividing it by the fund's average net assets over the previous 30 days. This yield calculation provides investors with a snapshot of the fund's income-generating potential, taking into account expenses that impact yields, such as management fees and other operating costs. It is calculated by our Fund Administrator, US Bank. The unsubsidized yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses.

The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contains this and other important information about the investment company, and it may be obtained by calling 800.617.0004 or visiting www.aamlive.com. Read it carefully before investing.

Principal Risks: Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. CLO Risk. CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLO securities include both the credit risk associated with the underlying loans combined with the risks associated with the CLO structure governing the priority of payments (and any legal and counterparty risk associated with carrying out the priority of payments). At certain times, this Fund may increase its exposure to and invest primarily in BBB+, BBB, and BBB- rated tranches (or equivalent ratings by a NRSRO); however, these ratings do not constitute a guarantee of credit quality and it’s possible that under stressed market environments these tranches could experience substantial losses due to defaults, write-downs of the equity or other subordinated tranches, increased sensitivity to defaults due to underlying collateral default and impairment of subordinated tranches, market anticipation of defaults, and general market aversion to CLO securities as an asset class. The most common risks associated with investing in CLOs are interest rate risk, credit risk, liquidity risk, prepayment risk (i.e., the risk that in a declining interest rate period CLO tranches could be refinanced or paid off prior to their maturities and the Fund would then have to reinvest the proceeds at a lower rate), and the risk of defaults of the underlying assets. New Fund Risk: The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. Management Risk: The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. Bank Loans Risk: The CLOs in which the Fund invests are typically collateralized by bank loans. Bank loans are typically originated and structured by banks and institutions on behalf of corporate borrowers. Bank loans are typically distributed by the arranging banks and private client lenders to investors primarily consisting of: CLOs; senior secured loan and high yield bond mutual funds; closed-end funds, hedge funds, banks, insurance companies and finance companies. Investments in bank loans may expose the Fund to different risks, including liquidity risk, price volatility, ability to restructure loans, credit risks and less protective loan documentation.

Definitions: Coupon is the annual interest rate paid on a bond, expressed as a percentage of its face value. Floating Rate Spread is the fixed percentage added to a benchmark interest rate to determine the actual floating interest rate for a loan or security. Weight Average Life (WAL) represents the average time it takes for each dollar of principal from the underlying loans to be repaid or become outstanding. It is used in evaluating the CLO’s performance and risk with a shorter WAL signaling a faster principal repayment and lower sensitivity to credit spread changes. 30-day SEC Dividend Yield is based on the most recent 30-day period covered by the fund’s filing with the SEC. Structural alpha refers to excess investment returns generated by exploiting inefficiencies within an investment’s structure or framework, and involves using specific financial structures, legal entities, and jurisdictions to optimize tax efficiency, minimize costs, and enhance overall portfolio performance. The J.P. Morgan Collateralized Loan Obligation Index (CLOIE) Investment Grade is a benchmark index that tracks the total return performance of investment grade USD-denominated, broadly syndicated, arbitrage Collateralized Loan Obligations (CLOs) in the U.S. market, excluding certain types of CLOs such as middle-market, static, fixed-rate, and equity tranches, among others. It is not possible to invest directly in an index. Indices do not include cash.

Not FDIC Insured • No Bank Guarantee • May Lose Value

AAM ETFs are distributed by Quasar Distributors, LLC. Quasar and AAM are not affiliated.