FJNK

PACIFIC GLOBAL

FOCUSED HIGH YIELD ETF

PROSPECTUS
TICKER: FJNK
OVERVIEW
Fund Information

The Pacific Global Focused High Yield ETF seeks to provide income and long-term capital growth by investing in a focused portfolio of liquid, high-yield debt securities. Using a structured, actively managed approach, FJNK is designed to outperform its benchmark while providing liquidity sought by investors.

Benchmark
Bloomberg Barclays US High Yield Very Liquid Index
CUSIP
69434K205
Exchange
NYSE Arca
Inception Date
10/24/19
Total Expense Ratio
0.39%
Advisor
Pacific Global Advisors LLC
Management Style
Active
Asset Class
Fixed Income
Sub-Advisor
Pacific Asset Management
TICKER: FJNK
PERFORMANCE
Price and Yield (as of 02/05/2020)
NAV
$25.17
Market Closing Price
$25.23
30 Day SEC Yield (as of 6/30/2020)
5.78%
Premium/Discount
0.23%
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Month-End Returns (as of 01/31/2020)
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Fund
Cumulative Returns (%)
YTD
1 Month
3 Month
6 Month
Annualized Returns (%)
1 Year
3 Year
5 Year
Inception 10/24/2019
FJNK NAV
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-
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FJNK MKT
-
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Quarter-End Returns (as of 12/31/2019)
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YTD
Cumulative Returns (%)
YTD
1 Month
3 Month
6 Month
Annualized Returns (%)
1 Year
3 Year
5 Year
Inception 10/24/2019
FJNK NAV
-
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FJNK MKT
-
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Disclaimer
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. Returns less than one year are not annualized.

Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their net asset value (NAV), and are not individually redeemed from the Fund.

You may incur brokerage commissions when buying and selling shares on an exchange or through your financial intermediary, which may reduce returns. Market returns are based upon the closing price or the midpoint of the bid/ask spread, as applicable, at the time when the Fund’s NAV is determined (normally 4:00 p.m. Eastern time), and do not represent the returns you would receive if you traded shares at other times. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

30 Day SEC Yield is an annualization of the Fund’s total net investment income per share for the 30-day period.

TICKER: FJNK
HOLDINGS
TOP 10 HOLDINGS (AS OF 02/06/2020)
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Security Name
Shares
Weightings
Cash & Other
1,186,499
4.29%
ALLY FINL INC 5.75% 11/20/2025
500,000
2.05%
CENTURYLINK INC 7.5% 04/01/2024
500,000
2.05%
HCA INC 5.625% 09/01/2028
475,000
2.00%
CLEAR CHANNEL WW HLDGS INC 9.25% 02/15/2024
500,000
1.98%
HOWARD HUGHES CORP 5.375% 03/15/2025
525,000
1.97%
TRANSDIGM INC 6.25% 03/15/2026
500,000
1.96%
CEDAR FAIR L P / CANADAS WONDE SR GLBL 144A 29 5.25% 07/15/2029
500,000
1.94%
SPRINT CORPORATION 7.625% 03/01/2026
500,000
1.89%
CSC HLDGS INC 6.5% 02/01/2029
450,000
1.83%
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TICKER: FJNK
DOCUMENTS
FJNK Summary Prospectus
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FJNK Prospectus
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FJNK Statement of Additional Information
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FJNK Annual Report
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FJNK Semi Annual Report
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FJNK Fact Sheet
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ETF shares are not individually redeemable from the Fund. Shares may only be redeemed directly from the Fund by Authorized Participants in creation units only.

The Fund’s investments in high yield securities or “junk bonds” are considered predominantly speculative and are subject to a greater risk of loss of income and principal than higher grade debt securities. Fixed income securities in which the Fund invests are subject to the risk that securities could lose value because of interest rate changes. Fixed income securities with longer maturities are subject to greater price fluctuations as a result of interest rate changes than fixed income securities with shorter maturities. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. When the Fund invests in asset-backed securities, the Fund is subject to the risk that, if the underlying borrowers fail to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities.  The Fund is subject to credit risk and could lose money if the issuer or guarantor of a debt instrument in which it invests becomes unwilling or unable to make timely principal and/or interest payments or to otherwise meet its obligations. The Fund’s investments in securities of foreign issuers may subject it to foreign investment risk. These risks include, among others, adverse changes in foreign economic, political, regulatory and other conditions. The Fund is subject to income risk since the income it receives from investments may decline because of falling market interest rates. The Fund’s performance depends on the performance of individual securities that the Fund holds. As a result, it is subject to issuer risk since changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

The Fund has a limited number of institutions that act as Authorized Participants and is subject to risk to the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units. The Fund faces numerous market trading risks, including disruptions to the creation and redemption processes of the Fund, losses from trading in secondary markets, the existence of extreme market volatility or potential lack of an active trading market for Shares may result in Shares trading at a significant premium or discount to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.

The Fund is subject to limited history of operations risk since it is a new ETF and has a limited history of operations for investors to evaluate.  The Fund is actively managed; thus, investment decisions are made based on investment views and there is no guarantee that the investment views will produce the desired results or expected returns.

Benchmark Index definition

The Bloomberg Barclays US High Yield Very Liquid Index measures the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment-grade.  The Index includes fixed-rate, taxable corporate bonds that have a remaining maturity of at least one year, but not more than fifteen years, regardless of optionality; are rated high-yield (Ba1/BB+/BB+ or below); and have $500 million or more of outstanding face value.  To be eligible for inclusion in the Index, a bond must have been issued within the past five years. Exposure to each eligible issuer will be capped at two percent of the Index.  The Index is updated on the last business day of each month.

The volatility of the index may be materially different from that of the Fund. You cannot invest directly in an index. Index results assume the re-investment of all dividends and capital gains. In addition, client’s holdings will differ significantly from the securities that comprise the index.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please visit the Fund webpages. Read the prospectus or summary prospectus carefully before investing.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any investor or prospective investor. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Investors seeking information regarding their particular investment needs should contact a financial professional.

Pacific Global Asset Management LLC is a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”). Pacific Global Advisors LLC and Pacific Life Fund Advisors LLC, doing business as Pacific Asset Management are affiliates and indirect subsidiaries of Pacific Life.

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

Funds are distributed by Foreside Fund Services, LLC, a member of FINRA and SIPC.