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 0.24% of its management fees for the Fund up to $100 million of assets until at least February 28, 2027. 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. The Fund invests in mortgage-backed and asset-backed securities, which are subject to higher interest rate and prepayment risk; the value of these investments may be reduced or become worthless if they are “subordinated” and receive interest or income payments only after other interests in the same mortgage or asset pool are satisfied. Active trading may increase the Fund’s transaction costs, affect performance, and increase your taxable distributions. 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 decisions. 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. 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. High-Yield Securities Risk: High-yield securities (also known as “junk bonds”) carry a greater degree of risk and are considered speculative by the major credit rating agencies. Privately Issued Securities Risk. The Fund may invest in privately issued securities issued under Rule 144A or Regulation S under the Securities Act of 1933, as amended. Sales of privately issued securities are subject to numerous restrictions including, but not limited to, that sales of privately issued securities may typically be made only to qualified institutional buyers, in privately negotiated transactions, to a limited number of purchasers, or in limited quantities after being held for a specific period of time.

Definitions: 30-day SEC Dividend Yield is based on the most recent 30-day period covered by the fund’s filing with the SEC. Bloomberg 1-3 Yr Gov/Credit Index is an unmanaged index comprised of the US Government/Credit component of the US Aggregate Index. It is not possible to invest directly in an index. Indices do not include cash.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Advisors Asset Management, Inc. (AAM) is an SEC-registered investment advisor and member FINRA/SIPC. AAM ETFs are distributed by Quasar Distributors, LLC. Quasar and AAM are not affiliated.