	1 Mo.	3 Mos.	YTD	1-Year Annualized	3-Year Annualized	Since Inception Annualized (12/24/18)
Preferred-Plus - Market Price	-5.38%	-6.98%	-9.91%	-5.11%	5.05%	7.41%
Preferred-Plus - NAV	-5.70%	-7.25%	-10.17%	-5.38%	4.95%	7.31%
ICE BofA Core Plus Fixed Rate Preferred Securities Index	-6.03%	-10.03%	-13.61%	-9.75%	2.36%	5.35%
S&P U.S. Preferred Securities Index	-6.78%	-11.00%	-14.39%	-11.86%	0.53%	3.75%

	1 Mo.	3 Mos.	YTD	1-Year Annualized	3-Year Annualized	Since Inception Annualized (12/24/18)
Preferred-Plus - Market Price	-5.70%	-7.25%	-10.17%	-5.38%	4.95%	7.31%
Preferred-Plus - NAV	-5.38%	-6.98%	-9.91%	-5.11%	5.05%	7.41%
ICE BofA Core Plus Fixed Rate Preferred Securities Index	-6.78%	-11.00%	-14.39%	-11.86%	0.53%	3.75%
S&P U.S. Preferred Securities Index	-6.03%	-10.03%	-13.61%	-9.75%	2.36%	5.35%

Year	2019	2020	2021
Preferred-Plus - Market Price	19.77%	9.05%	7.74%
Preferred-Plus - NAV	19.77%	9.05%	7.74%
ICE BofA Core Plus Fixed Rate Preferred Securities Index	17.42%	7.38%	3.27%
S&P U.S. Preferred Securities Index	17.64%	7.97%	6.64%

The performance data quoted represents past performance; past performance does not guarantee future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns for periods shorter than one year are not annualized. Brokerage commissions and expenses will reduce the returns.

Prior to listing date, the ETF operated as a mutual fund. The NAVs of the predecessor mutual fund are used for both NAV and market price performance from inception to listing. For ETFs, the market price return is calculated from closing prices as determined by the fund’s listing exchange. If you trade your shares at another time, your return may differ. For the period from inception date to listing date, the NAV of the fund is used as a proxy for the market price to calculate returns. ETFs trade like stocks, fluctuate in market value and may trade either at a premium or discount to their net asset value. ETFs shares trade at market price and are not individually redeemable with the issuing fund, other than in large share amounts called creation units.

Indices are shown for comparative purposes only and may not necessarily be representative of the fund’s portfolio. An investor cannot invest directly in an index, and index performance does not reflect the deduction of any fees, expenses or taxes.

ICE BofA Core Plus Fixed Rate Preferred Securities Index is an index designed to measure the performance of fixed rate U.S. dollar-denominated preferred securities issued in the U.S domestic market with a rating of at least B3 (based on an average of Moody’s, S&P and Fitch) and an investment-grade country risk profile.

S&P U.S. Preferred Securities Index is an index designed to measure the performance of the U.S. preferred stock market and consists of U.S. preferred stocks with a market cap greater than $100 million and a maturity of at least one year or longer.

Price Data as of 05/20/2022		View Premium Discount History
NAV		Price
Net Asset Value	$10.01	Market Price	$10.04
$ Daily Change	$-0.03	$ Daily Change	$-0.04
% Daily Change	-0.29%	% Daily Change	-0.04%
Median 30-Day Bid/Ask Spread	1.17%	Premium/Discount	0.33%

Net Asset Value (NAV): NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange. The NAV is calculated by dividing the fund’s net assets by its outstanding shares.

Market Price: Market price is the closing price as determined by the fund’s listing exchange. Shares are bought and sold at market price, not net asset value (NAV), and are not individually redeemable from the fund.

Median 30-Day Bid/Ask Spread: An ETF’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, is computed by identifying the ETF’s national best bid and national offer as of the end of each 10 second interval during each trading day of the last 30 calendar days, dividing the difference between each such bid and offer by the midpoint of the national best bid and national offer, and identifying the median of those values. For the first 30 calendar days, the median bid-ask spread for the ETF will reflect the number of calendar days the ETF has been operating.

Top Holdings Data as of 05/23/2022
Company	% Net Assets	Company	% Net Assets
ATHENE HOLDING LTD	2.16%	AMERICAN EQTY INVT LIFE HLD CO 6.625 DEP PFD B	1.52%
JPMORGAN CHASE & CO	1.84%	SYNOVUS FINL CORP	1.49%
WESCO INTL INC	1.61%	SYNOVUS FINL CORP	1.46%
AMERICAN EQTY INVT LIFE HLD CO 5.95 DP RP PFD A	1.54%	BRIGHTHOUSE FINL INC	1.43%
CITIGROUP INC	1.53%	FORD MTR CO DEL	1.42%

Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.

Sector Allocation Data as of 03/31/22

Financial Services	63.98%
Utilities	9.74%
Cash or Equivalent	9.46%
Communication Services	3.34%
Real Estate	3.13%
Consumer Discretionary	2.86%
Consumer Staples	2.63%
Energy	2.43%
Industrials	2.21%
Investment Co.	0.21%
Consumer Cyclical	2.48%
Basic Materials	2.07%
Money Market	1.51%
Closed End Funds	0.23%
Put Option	0.02%

Sector allocations are subject to change at any time. Total allocation percentages may not equal 100% due to rounding. Sector allocation excludes written (short) put options.

Coupon Structure Data as of 03/31/22
Coupon Structure (%)	Fund Market Value
Fixed-Rate Securities	40.3%
Fixed-to-Fixed Rate Securities	0.0%
Fixed-to-Floating Rate Securities	47.1%
Floating Rate Securities	0.8%
Other Securities	11.8%

Fixed-to-Fixed Rate Securities step from one fixed rate to another based on a schedule. Fixed-to-Floating Rate Securities pay a fixed coupon for a set number of years, then convert to a variable coupon for the remaining life of the security that is based on a benchmark rate, such as the 3-month LIBOR. Other includes income-producing securities that do not have a specified coupon structure. Examples would include, but are not limited to, shares of income-oriented EFT’s or other closed-end funds.

Issuer Credit Breakdown Data as of 03/31/22
Credit Quality (%)	Fund Market Value
AAA	0.0
AA	11.2
A	25.0
BBB	31.3
BB	8.7
B	0.0
NR	14.4
Cash & Equivalents	9.5

Issuer credit ratings represent the issuer’s overall credit creditworthiness and financial strength and not the issue rating which refers to specific financial obligations and considers ranking in the capital structure. Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s, Fitch, DBRS or AM Best. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade rating; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated NR are not rated by these national rating agencies. Excludes credit spread put options.

Distributions Data as of 12/31/21
Record date	Ex-Date	Pay Date	Total Distribution	Income	ST Gain	LT Gain	Return of Capital
12/28/2022	12/27/2022	12/29/2022
09/28/2022	09/27/2022	09/29/2022
06/28/2022	06/27/2022	06/29/2022
02/25/2022	02/28/2022	02/28/2022	$0.20039	$0.04820	$0.01209	$0.14010	—

12/29/2021	12/30/2021	12/30/2021	$0.19312	$0.11366	$0.03216	$0.04730	—
09/29/2021	09/30/2021	09/30/2021	$0.20876	$0.09200	$0.11676	—	—
06/29/2021	06/30/2021	06/30/2021	$0.19940	$0.08956	$0.10984	—	—
03/30/2021	03/31/2021	03/31/2021	$0.18966	$0.09899	$0.09067	—	—
12/29/2020	12/30/2020	12/30/2020	$0.09819	$0.09819	—	—	—
09/28/2020	09/29/2020	09/29/2020	$0.10554	$0.10554	—	—	—
06/26/2020	06/29/2020	06/29/2020	$0.11131	$0.11131	—	—	—
03/27/2020	03/30/2020	03/30/2020	$0.09881	$0.09881	—	—	—
12/30/2019	12/31/2019	12/31/2019	$0.20994	$0.09366	$0.11628	—	—
09/27/2019	09/30/2019	09/30/2019	$0.16598	$0.10536	—	—	$0.06062
06/27/2019	06/28/2019	06/28/2019	$0.09408	$0.07431	—	—	$0.01977
03/28/2019	03/29/2019	03/29/2019	$0.11456	$0.11456	—	—	—

All fund distributions will vary depending on the current market conditions, and past distributions are not indicative of future trends.

To receive a distribution, you may have been a registered shareholder of the fund on the record date. Distributions were paid to shareholders on the payment date. Please consult your tax professional or financial adviser for more information regarding your tax situation.

Prior to the listing date, the ETF operated as a mutual fund. Distribution information shown prior to the ETF listing date is of the predecessor mutual fund.

Documents
03/31/2022	Preferred-Plus Fact Sheet	Download
03/02/2022	Preferred-Plus Summary Prospectus	Download
03/02/2022	Preferred-Plus Prospectus	Download
05/11/2022	Preferred-Plus SAI	Download
09/30/2021	Preferred-Plus Annual Report	Download
03/31/2021	Preferred-Plus Semi-Annual Report	Download
06/30/2021	Preferred-Plus SOI	Download
12/31/2021	Preferred-Plus SOI	Download
12/31/2022	Tax Information	—

Prior to listing date, the ETF operated as a mutual fund. The annual report, semi-annual report, and schedules of investments (holdings) of the predecessor mutual fund are shown for periods prior to the ETF listing date.

Potential Benefits

Diversification from traditional equity and fixed-income strategies.

Seeks potential income from higher-yielding preferred stocks, some of which may be U.S. tax-advantaged.

Additional income can be anticipated through option premiums.

Active management to potentially exploit inefficiencies such as credit quality, interest rate structure, and call risk.

Portfolio Construction

1ST | Macro Outlook

Develop opinions about the economy, markets, and interest rates.

2ND | Screen

Exchange-traded preferred securities for yield, duration, liquidity, credit quality, and structure.

3RD | Decision

Select from the screened holdings based on pricing and attractive opportunities, which can include undervalued sectors and/or companies.

4TH | Options

Create a put credit spread position on an S&P 500 ETF or Index which involves the selling of the put option with the purchase of a put option with the same expiration.

IPPP

Data as of 05/20/2022

Ticker	IPPP
Exchange	Cboe BZX Exchange

CUSIP	53656F219
Total Net Assets	$12,228,139.76
Shares Outstanding	1,222,107
NAV per Share	$10.01

Distribution Frequency	Quarterly
Expense Ratio	0.85%

Asset Class	U.S. Equity
Fund Type	Active
Inception Date	12/24/2018
Listing Date	03/07/2022

Download Fact Sheet

Overall ratings based on risk-adjusted returns among 65 funds in the U.S. Preferred Stock category for the 3-year period ending 3/31/22.

Innovative Portfolios, LLC is investment advisor to Preferred-Plus ETF.

Carefully consider the Fund’s investment objective, risk factors, charges and expenses before investing. This and additional information can be found in the Preferred-Plus ETF prospectus, which can be obtained by calling 800-617-0004 or clicking here. Please read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

The Fund invests in options. All investment strategies carry risk, and transactions in options may carry a high degree of risk. Investors should carefully consider the Fund’s risks and investment objectives as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program. Before making an investment/allocation decision, investors and registered investment advisers (RIAs) allocating to clients’ account should consider the suitability of this investment with respect to such investor’s or client’s net worth, income, age, and risk tolerance. Investment should be avoided where an investor has a short-term investing time horizon and/or cannot bear the loss of some or all of their investment.

Preferred Security Risk: Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital structure and therefore will be subject to greater credit risk than those debt instruments. In addition, but not limited to, preferred securities are subject to other risks, such as being subject to special redemption rights, having distributions deferred or skipped, having floating interest rates or dividends, and having limited liquidity. Preferred securities that do not have a maturity date are perpetual investments.

© 2022 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating^TM for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Preferred-Plus fund received five stars among 50 funds in the Preferred Stock category for the overall and three-year periods ending December 31, 2021. The inception for the Preferred-Plus fund is December 24, 2018 and, as such there is no performance for the 5- and 10-year periods. Prior to listing date, the ETF operated as a mutual fund. The Morningstar rating is based on the predecessor fund. Past performance is no guarantee of future results.

Preferred-Plus ETF is distributed by Foreside Fund Services, LLC.

IPPP Preferred-Plus ETF