Sage ESG ETF to switch to active management

Fixed income investment manager Sage Advisory Services (Sage) is to change its ESG Intermediate Credit exchanged‐traded fund (GUDB) to active management on or about 14 February, 2020.

At that time, the Fund will no longer seek to track an index and operate pursuant to a transparent actively managed strategy. The Fund's name will change to Sage Intermediate Term ETF. The expense ratio and ticker remain unchanged. The new investment objective and strategy includes:

• The Fund seeks competitive risk-adjusted returns by investing in fixed income securities that display strong fundamentals and positive environmental, social and governance ("ESG") characteristics.

• A proprietary ESG framework to score individual issuers based on environmental, social, and governance attributes. Sage subscribes to the philosophy that companies with more sustainable corporate policies will keep pace with non‐ESG portfolios while promoting enhanced ESG characteristics.

• Each security considered for inclusion in the Fund's portfolio is assessed and scored based on a proprietary system called the "Sage Leaf Score." The Sage Leaf Score, which is based on a one to five scale (five represents ESG leaders), combines an ESG macro industry risk analysis with a company‐level sustainability evaluation along with any possible exclusions to create an individual score for each issuer. The Fund seeks to maintain an investment portfolio that consists of securities with a Sage Leaf Score of three or better.