Important Definitions:
NAV: The dollar value of a single share, based on the value of the underlying assets of the fund
minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business
day.
Market Price: Market price refers to the price at which shares of the fund trade in the market.
Median Bid-Ask Spread (30 Day): The median bid-ask spread is calculated by identifying the national
best bid and national best offer (“NBBO”) for each fund as of the end of each 10 second interval during each
trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the
midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage
rounded to the nearest hundredth.
Important Risk Information:
ETFs involve risk including possible loss of principal. The Fund is a new fund, with no operating history,
which may result in additional risks for investors in the Fund. The Portfolio’s investments in convertible
securities subject the Portfolio to the risks associated with both fixed-income securities and common
stocks. Growth stocks may be more volatile than other stocks because they are generally more sensitive to
investor perceptions and market moves. Wellesley’s objective judgments about the attractiveness and
potential appreciation of particular investments in which the Fund invests may prove to be incorrect and
there is no guarantee that the Fund’s investment strategy will produce the desired results. The Fund has a
limited number of financial institutions that may act as Authorized Participants (or “APs”). In addition,
there may be a limited number of market makers and/or liquidity providers in the marketplace. The Fund may
invest in debt securities of any quality, including debt securities that are below investment grade
(commonly called “high yield” or “junk” bonds). Failures or breaches of the electronic systems of the Fund,
the Fund’s advisor and other service providers can potentially result in financial losses to the Fund and
its shareholders. Equity securities, such as common stocks, are subject to market, economic and business
risks that may cause their prices to fluctuate.
Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times
when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day
(discount) due to supply and demand of Shares or during periods of market volatility. In general, the price
of a fixed income security falls when interest rates rise. Increased portfolio turnover causes the Fund to
incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased
taxable distributions.
If any privately placed security held by the Fund should become illiquid, the value of the security may be
reduced and a sale of the security may be more difficult. The Fund is subject to the risk that geopolitical
events will disrupt securities markets and adversely affect global economies and markets. Any of these
occurrences could disrupt the operations of the Fund and of the Fund’s service providers. Investments in
underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more
established organizations. Synthetic convertible bonds are derivative debt securities and are subject to the
creditworthiness of the counterparty of the synthetic security.
There is no assurance that the Fund will achieve its investment objectives. Investors should
carefully consider the investment objectives, risks, charges and expenses of the Miller Convertible
Total Return ETF. This and other important information about the ETF is contained in the prospectus,
which can be obtained by calling 781-416-4000 and should be read carefully before investing. The
Fund is distributed by Northern Lights Distributors, LLC, member
FINRA /
SIPC. Wellesley Investment Advisors, Inc. and
Northern Lights Distributors, LLC are not affiliated entities.