Form N-1a - United States Securities And Exchange Commission Page 48
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54(a)
Neither the current adviser nor any affiliate is or has been in “control” of the previous adviser under section 2(a)
(9) [15 U.S.C. 80a-2(a)(9)];
(b)
The current adviser employs no officer(s) of the previous adviser or employees of the previous adviser who were
responsible for providing investment advisory or portfolio management services to the Fund; and
(c)
The graph is accompanied by a statement explaining that previous periods during which the Fund was advised by
another investment adviser are not shown.
(iii) Discuss the effect of any policy or practice of maintaining a specified level of distributions to shareholders on the
Fund’s investment strategies and per share net asset value during the last fiscal year. Also discuss the extent to which
the Fund’s distribution policy resulted in distributions of capital.
(iv) Provide a table showing the number of days the Market Price of the Fund shares was greater than the Fund’s net
asset value and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most
recently completed five fiscal years (or the life of the Fund, if shorter). The Fund may omit this table from the annual
report if the Fund provides an Internet address at the Fund’s Web site, which is publicly accessible, free of charge, that
investors can use to obtain the premium/discount information required in Item 11(g)(2).
Instructions
1.
Provide the information in tabular form.
2.
Express the information as a percentage of the net asset value of the Exchange-Traded Fund, using separate columns
for the number of days the Market Price was greater than the Fund’s net asset value and the number of days it was
less than the Fund’s net asset value. Round all percentages to the nearest hundredth of one percent.
3.
Adjacent to the table, provide a brief explanation that: shareholders may pay more than net asset value when they buy
Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at
current market prices.
4.
Include a statement that the data presented represents past performance and cannot be used to predict future results.
(c) Semi-Annual Report. Every semi-annual report to shareholders required by rule 30e-1 must contain the following, which need not
be audited:
(1)
Financial Statements. The financial statements required by Regulation S-X for the period commencing either with:
(i)
The beginning of the Fund’s fiscal year (or date of organization, if newly organized); or
(ii)
A date not later than the date after the close of the period included in the last report under rule 30e-1 and the most
recent preceding fiscal year.
Instruction
Instructions 1 and 2 to Item 27(b)(1) also apply to this Item 27(c)(1).
Condensed Financial Information. The condensed financial information required by Item 13(a), for the period of the report as
(2)
specified by paragraph (c)(1), and the most recent preceding fiscal year.
(3)
Remuneration Paid to Directors, Officers, and Others. Unless shown elsewhere in the report as part of the financial
statements required by paragraph (c)(1), the aggregate remuneration paid by the Fund during the period covered by the
report to the persons specified under paragraph (b)(3).
(4)
Changes in and Disagreements with Accountants. The information concerning changes in and disagreements with
accountants and on accounting and financial disclosure required by Item 304 of Regulation S-K [17 CFR 229.304].
(d) Annual and Semi-Annual Reports. Every annual and semi-annual report to shareholders required by rule 30e-1 must contain the
following:
(1)
Expense Example. The following information regarding expenses for the period:
Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads)
on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2)
ongoing costs, including management fees; distribution [and/or service] (12b-1) fees; and other Fund expenses.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire
period [insert dates].
41
SEC 2052 (10/16)
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