Kensington Credit Opportunities ETF (KAMO)
Summary Prospectus |
April 30, 2026 |
Listed on Cboe BZX Exchange, Inc.
Before you invest, you may want to review the Kensington Credit Opportunities ETF’s (the “Fund”) prospectus, which contains more
information about the Fund and its risks. The current Statutory Prospectus and Statement of Additional Information dated April 30,
2026, are incorporated by reference into this Summary Prospectus. You can find the Fund’s Statutory Prospectus, Statement of
Additional Information, reports to shareholders and other information about the Fund online at https://
www.kensingtonassetmanagement.com/fund-prospectuses-summary-prospectuses/. You can also get this information at no cost by
calling the Fund (toll-free) at 866-303-8623.
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KENSINGTON CREDIT OPPORTUNITIES ETF
Investment Objective: The Kensington Credit Opportunities ETF (KAMO) (the “Fund”) seeks income and capital appreciation.
Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the
Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not
reflected in the table and Examples below.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |
Management Fees(1) | 0.85% |
Distribution and/or Service (12b-1) Fees | None |
Other Expenses(2) | 0.00% |
Acquired Fund Fees and Expenses(2) | 0.07% |
Total Annual Fund Operating Expenses | 0.92% |
(1)Kensington Asset Management, LLC (the “Adviser”) has agreed to pay all expenses of the Fund, except for: (i) brokerage expenses and other fees, charges, taxes,
levies or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) fees or
expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii)
extraordinary expenses; (iv) distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment
Company Act of 1940, as amended (“1940 Act”); (v) interest and taxes of any kind or nature; (vi) any fees and expenses related to the provision of securities
lending services; (vii) the advisory fee payable to the Adviser; (viii) Acquired Fund Fees and Expenses; and (ix) all costs incurred in connection with shareholder
meetings and all proxy solicitations (except for such shareholder meetings and proxy solicitations related to: (a) changes to the Adviser’s investment advisory
agreement, (b) changes in control at the Adviser, (c) the election of any Board member who is an “interested person” of the Adviser (as that term is defined under
Section 2(a)(19) of the 1940 Act), (d) matters initiated by the Adviser, or (e) any other matters that directly benefit the Adviser).
(2)Other Expenses and Acquired Fund Fees and Expenses (“AFFE”) are estimated for the current fiscal year. AFFE are indirect costs of investing in other investment
companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include
only the direct operating expenses incurred by the Fund and not the indirect costs of investing in other investment companies.
Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of
those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:
1 Year | 3 Years |
$94 | $293 |
Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its
portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account at the shareholder level. These costs, which are not reflected in annual fund operating expenses or in the
example above, affect the Fund’s performance. During the most recent fiscal period from the Fund’s inception on December 16, 2025,
through December 31, 2025, the Fund’s portfolio turnover rate was 1% of its average portfolio value. The portfolio turnover rate is
calculated without regard to short positions intended to be held for less than a year and most derivatives. If such instruments were
included, the Fund’s portfolio turnover rate might be significantly higher.
Principal Investment Strategies
The Fund invests, under normal circumstances, at least 80% of its assets (including the amount of borrowings for investment
purposes) in (1) U.S. and non-U.S. fixed income securities; and (2) exchange-traded funds and derivatives instruments that provide
long and short exposure to U.S. and non-U.S. fixed income securities. The Fund focuses on lower-quality, higher-yielding securities
across a wide range of investable asset classes using both long and short exposures. The Fund will gain exposure to fixed income
securities primarily by investing in one or more of the following investment types:
•Other exchange-traded funds (“ETFs”);
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•Individual bonds (or baskets of bonds);
•Bond futures; and
•Credit default swaps, credit default index swaps, and options on such instruments.
The Fund will typically seek exposure among a wide range of fixed income segments, including the following:
Lower Grade Fixed Income
•High-yield corporate bonds
•Leveraged loans, senior loans and bank loans
•Convertible bonds
Higher Grade Fixed Income
•Investment-grade corporate bonds
•Asset-backed securities, including mortgage-related securities and mortgage-backed securities
•U.S. Treasury securities
Peripheral Asset Classes
•Emerging market bonds
•Publicly-traded Business Development Companies (“BDCs”)
•High dividend equity securities
The Fund is designed to provide an actively-managed solution across various sectors of fixed income using Kensington’s investment
process. The Fund will generally feature a blended portfolio that increases or decreases exposure across target asset classes. The Fund
may use both long or short exposures to manage duration and credit risk through a two-step process that involves quantitative analysis
on different aspects of fixed income investing, as well as risk management.
The Fund’s quantitative analysis process incorporates four distinct categories: Trends, Valuation, Macro Environment, and Pricing and
Flow Anomalies, using a quantitative approach with the following rationales:
Trends | The trend-following component of the Fund utilizes numerous inputs, such as par weighted index price, yields, total return index, and credit spreads. For each input, features are generated across long, medium, and short timeframes to obtain a final trend signal. The objective is to capture the essence of trends as they occur. Frequent changes are to be expected but other process components seek to mitigate this volatility. | |
Valuation | This component is an inherently counter-trend or contrarian framework designed to complement trend- following. This aspect of the process is designed to identify areas of relatively “cheap” versus “expensive” valuations, based on historical data. This component is designed to allow the Fund to be more risk-conscious when valuations are overpriced and to identify possible counter-trend buying opportunities when valuations are at extreme historical lows. | |
Macro Environment | This analysis considers factors from different asset classes, such as equities and commodities. The portfolio managers believe that including a “macro-aware” framework can potentially improve allocation guidance and risk-adjusted performance. For example, rising commodity, government bond, and equity prices typically show strong or improving economic growth, whereas falling bond and equity prices but rising commodity prices could be an indicator of a “stagflationary” regime. | |
Pricing and Flow Anomalies | Investor timing and behavior can lead to trading anomalies that produce regular periods of lower or higher- than-average expected returns. Kensington’s quantitative process is designed to identify these periods, and plays a role in determining asset allocation when combined with the other indicator subsets. |
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After using these analyses to generate forecasts of expected future performance for asset classes, quantitative portfolio optimization
techniques that weigh forecasts of expected future performance and risk given real life constraints like turnover, transaction costs and
slippage are applied to obtain asset class allocations in the portfolio.
Shorting / Inverse Position: In addition to these four categories, the Fund’s quantitative model contains signals to short exposures
primarily in two asset classes: U.S. Treasuries and U.S. high-yield bonds. Shorting will be typically achieved through the usage of
futures contracts for U.S. Treasuries. For U.S. high-yield bonds, the Fund may short ETFs, purchase credit default swaps or utilize
other derivatives, such as options and futures. The Fund may also gain short exposure through the use of inverse ETFs, which are
ETFs that generally seek to provide investment results that are the inverse of the performance of an underlying index or other asset.
The Fund is flexible and not managed to a benchmark. The Fund may shift its allocations based on changing market conditions, which
may result in investing in a single or multiple markets and sectors. The Fund has broad flexibility to invest in a wide variety of debt
securities and instruments of any maturity. The Fund may invest in fixed and floating rate debt securities issued in both U.S. and
foreign markets, including countries whose economies are less developed (emerging markets). The Fund has discretion to focus its
investments in one or more regions or small groups of countries including both U.S. and foreign markets including emerging markets.
The Fund invests primarily in U.S. dollar denominated securities, although the Fund may also invest in non-dollar denominated
securities. The fixed-income securities to which the Fund may have exposure are not restricted as to issuer credit quality, country,
capitalization, security maturity, currency, or leverage.
The Fund will typically have significant exposure to high-yield securities, which are debt instruments rated lower than Baa3 by
Moody’s Ratings (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”), or, if unrated, determined by the
Adviser, or the underlying fund’s adviser where applicable, to be of similar credit quality. High-yield securities are also known as
“junk bonds.” The Fund may have exposure to junk bonds that are in default, subject to bankruptcy or reorganization. The Fund may
also take short positions from time to time to hedge or offset existing long positions.
The Fund may hold cash or cash equivalents or invest directly or indirectly in underlying funds that invest in U.S. Treasury securities
of various maturities.
A portion of the Fund’s assets may be invested in asset-backed securities, mortgage-related securities and mortgage-backed securities.
Such securities may be structured as collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including
those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund also may
invest in inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the
market rate to which the security is indexed. The Fund may also invest in structured investments and adjustable rate mortgage loans
(ARMs). The Fund may invest a portion of its assets in sub-prime mortgage-related securities.
In selecting underlying funds, the Adviser considers the performance, relative fees, management experience, and underlying portfolio
composition and strategy of such underlying funds.
While the Fund has no present intention to do so, the Fund may be invested in securities that become illiquid investments, which may
include securities that are not readily marketable and securities that are not registered under the Securities Act. The Fund may not
acquire any illiquid investments if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in
illiquid investments that are assets.
The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities. The Fund will
typically limit its investment in a single underlying fund to three percent of such underlying fund’s net assets, although the percentage
of such underlying fund owned by the Fund may change over time as the value of such investment changes and the Fund’s overall
portfolio changes.
The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may
not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase
its income by receiving payments from the borrower.
Principal Investment Risks
As with all funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to the Fund
directly and indirectly through the Fund’s investment in underlying funds.
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•Management Risk. The Adviser’s reliance on its proprietary investment process and the Adviser’s judgments about the
attractiveness, value, and potential appreciation of particular assets and asset classes may prove to be incorrect and may not
produce the desired results.
•Models and Data Risk. The Fund’s investment exposure is heavily dependent on proprietary quantitative models as well as
information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or
incomplete, any decisions made in reliance thereon may lead to securities being included in or excluded from the Fund’s
portfolio that would have been excluded or included had the Models and Data been correct and complete. Some of the models
used by the Fund are predictive in nature. The use of predictive models has inherent risks. For example, such models may
incorrectly forecast future behavior, leading to potential losses. In addition, in unforeseen or certain low-probability scenarios
(often involving a market disruption of some kind), such models may produce unexpected results, which can result in losses
for the Fund.
•High-Yield Bond Risk. Lower-quality fixed income securities, known as “high-yield” or “junk” bonds, present greater risk
than bonds of higher quality, including an increased risk of default. These securities are considered speculative. Defaulted
securities or those subject to a reorganization proceeding may become worthless and are illiquid.
•Fixed-Income Securities Risks. The Fund may invest in or have exposure to fixed-income securities. Fixed-income securities
are or may be subject to interest rate, credit, liquidity, prepayment and extension risks. Interest rates may go up resulting in a
decrease in the value of fixed-income securities. Credit risk is the risk that an issuer will not make timely payments of
principal and interest. There is also the risk that an issuer may “call,” or repay, its high-yielding bonds before their maturity
dates. Fixed-income securities subject to prepayment can offer less potential for gains during a declining interest rate
environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for
certain fixed-income securities may make it more difficult to sell or buy a security at a favorable price or time. Changes in
market conditions and government policies may lead to periods of heightened volatility and reduced liquidity in the fixed-
income securities market, and could result in an increase in redemptions. Interest rate changes and their impact on the Fund
and its share price can be sudden and unpredictable.
◦Call Risk. During periods of declining interest rates, a bond issuer may “call,” or repay, its high-yielding bonds
before their maturity dates. In this event the Fund would then be forced to invest the unanticipated proceeds at lower
interest rates, resulting in a decline in its income.
◦Credit Risk . Fixed-income securities are generally subject to the risk that the issuer may be unable or unwilling to
make principal and interest payments when they are due. There is also the risk that the securities could lose value
because of a loss of confidence in the ability of the borrower to pay back debt. Lower rated fixed-income securities
involve greater credit risk, including the possibility of default or bankruptcy.
◦Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest
rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest
rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term
securities than for short-term securities.
◦Prepayment and Extension Risk. In times of declining interest rates, the Fund’s higher yielding securities may be
prepaid and such fund may have to replace them with securities having a lower yield. In times of rising interest rates,
prepayments will slow causing portfolio securities considered short or intermediate term to be long-term securities,
which fluctuate more widely in response to changes in interest rates than shorter term securities.
◦Liquidity Risk. There may be no willing buyer of the Fund’s portfolio securities and such fund may have to sell those
securities at a lower price or may not be able to sell the securities at all, each of which would have a negative effect
on performance.
◦Duration Risk. The Fund can invest in securities of any maturity or duration. Duration is a measure of sensitivity of
a security’s price to changes in interest rates. For example, a security with a duration of 2.0 would be expected to
decrease in price 2% for every 1% rise in interest rates (the inverse is true as well). Holding long duration and long
maturity investments will magnify certain risks, including interest rate risk and credit risk.
•ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
◦Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited
number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events
occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or
otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform
these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions.
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◦Cash Redemption Risk. While not expected to be a regular occurrence, the Fund’s investment strategy may require it
to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required
to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause
the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a
result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was
used.
◦Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage commissions
imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and
an investment in shares may not be advisable for investors who anticipate regularly making small investments.
◦Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the secondary
market at market prices. 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. This risk is
heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading
activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because
securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing
exchange is open, there are likely to be deviations between the current price of a security and the security’s last
quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those
experienced by domestic ETFs.
◦Trading. Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may be
traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume,
or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the
liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares, and this
could lead to differences between the market price of the shares and the underlying value of those shares.
•Business Development Company (“BDC”) Risk. There are certain risks inherent in investing in BDCs, whose principal
business is to invest in, and lend capital or provide services to privately held companies. BDCs are regulated under the 1940
Act and are subject to certain restraints. For example, BDCs are required to invest at least 70% of their total assets primarily
in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities
and high quality debt investments that mature in one year or less. Because little public information exists for private and
thinly traded companies in which a BDC may invest, there is a risk that investors may not be able to make a fully informed
investment decision. In addition, investments made by BDCs are typically illiquid and may be difficult to value. A BDC may
only incur indebtedness in amounts such that the BDC's asset coverage, subject to certain conditions, equals at least 150%
after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital.
•Foreign Investment Risk. Foreign investments may be riskier than U.S. investments for many reasons, such as changes in
currency exchange rates and unstable political, social, and economic conditions.
•Emerging Market Risk. The Fund intends to have exposure to emerging markets. Emerging markets are riskier than more
developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets
may be considered speculative.
•Currency Risk. Changes in currency exchange rates may negatively affect the value of the Fund’s investments. Fluctuations
in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments
in securities denominated in a foreign currency or may widen existing losses.
•Geographic Focus Risk. The Fund may focus its investments in one or more regions or a limited number of countries. As a
result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.
•Loans Risk. The market for loans, including bank loans, loan participations, and syndicated loan assignments may not be
highly liquid, and the holder may have difficulty selling them. These investments expose the Fund to the credit risk of both
the financial institution and the underlying borrower. Bank loans settle on a delayed basis, which can be greater than seven
days, potentially leading to the sale proceeds of such loans not being available for a substantial period of time after the sale of
the bank loans.
•Distribution Risk. The Fund is not designed to provide a predictable level of dividend income. The income payable on debt
securities in general and the availability of investment opportunities varies based on market conditions. In addition, the Fund
may not be effective in identifying income producing securities and managing distributions; as a result, the level of dividend
income will fluctuate. The Fund’s investments are subject to various risks including the risk that the counterparty will not pay
income when due which may adversely impact the level and volatility of dividend income paid by the Fund. The Fund does
not guarantee that distributions will always be paid or that such dividends will not fluctuate.
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•Market Risk. Overall investment market risks affect the value of the Fund. Factors such as economic growth and market
conditions, interest rate levels, and political events affect U.S. and international investment markets. Additionally, unexpected
local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental
or man-made disasters; the spread of infectious illnesses or other public health issues (such as the COVID-19 global
pandemic); and recessions and depressions could have a significant impact on the Fund and its investments and may impair
market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the
market in general, in ways that cannot necessarily be foreseen.
•Underlying Funds Risk. Investments in underlying funds involve duplication of investment advisory fees and certain other
expenses. Each underlying fund is subject to specific risks, depending on the nature of its investment strategy. The manager
of an underlying fund may not be successful in implementing its strategy. ETF shares may trade at a market price that may be
lower (a discount) or higher (a premium) than the ETF’s net asset value. ETFs are also subject to brokerage and/or other
trading costs, which could result in greater expenses to the Fund. Because the value of ETF shares depends on the demand in
the market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, adversely affecting
performance.
◦Net Asset Value and Market Price Risk. The market value of ETF shares may differ from their NAV. This difference
in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not
always identical to the supply and demand in the market for the underlying holdings. Accordingly, there may be
times when an ETF share trades at a premium or discount to its NAV.
◦Tracking Risk. ETFs in which the Fund invests will not be able to replicate exactly the performance of any indices or
prices they track because the total return generated by the securities will be reduced by transaction costs incurred in
adjusting the actual balance of the securities or derivatives. Certain securities comprising an index may, from time to
time, temporarily be unavailable, which may further impede the security’s ability to track an index.
•Derivatives Risk. In general, a derivative instrument typically involves leverage, i.e., it provides exposure to potential gain or
loss from a change in the level of the market price of the underlying security (or a basket or index) in a notional amount that
exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value
or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially
greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional
risks and transaction costs. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate
perfectly with the overall securities markets.
◦Futures Contract Risk. The successful use of futures contracts draws upon the Adviser’s skill and experience with
respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of
futures contracts, which may adversely affect the Fund’s NAV and total return, are (a) the imperfect correlation between
the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a
liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c)
losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict
correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the
possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient
cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have
to sell securities at a time when it may be disadvantageous to do so.
◦Credit Default Swap Agreements Risk. The Fund may enter into credit default index swap agreements or credit default
swap agreements as a “buyer” or “seller” of credit protection. Credit default index swap agreements and credit default
swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and
credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the
issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).
◦Options Risk. An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the
right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an
amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or
on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose
the premium paid for it if the price of the underlying security or other assets decreased or remained the same (in the case
of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the
Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.
•Valuation Risk. Valuation risk is the risk that the Fund has valued certain securities or positions at a higher price than the
price at which they can be sold. There is no assurance that the Fund could sell a portfolio investment for the value established
for it at any time, and the Fund may incur a loss because a portfolio investment is sold at a discount to its established value.
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•Short Sale Risk. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is
possible that the Fund’s long positions will decline in value at the same time that the value of its securities sold short
increase, thereby increasing potential losses to the Fund. A short position involves the risk of a theoretically unlimited
increase in the value of the underlying instrument which could cause the Fund to suffer a (potentially unlimited) loss. Short
sales also involve transaction and financing costs that will reduce potential Fund gains and increase potential Fund losses.
When the Fund invests in inverse ETFs to achieve short exposure, the Fund will indirectly be subject to the risk that the
performance of such inverse ETFs will fall as the performance of the inverse ETF’s benchmark or other reference asset rises -
a result that is the opposite from traditional ETFs. In addition, the inverse ETFs held by the Fund may utilize leverage to
acquire their underlying portfolio investments. The use of leverage may exaggerate changes in an inverse ETF’s share price
and the return on its investments.
•Convertible Securities Risk. Convertible securities are subject to the risks of stocks when the underlying stock price is high
relative to the conversion price (because more of the security's value resides in the conversion feature) and debt securities
when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). The
value of convertible securities may rise and fall with the market value of the underlying stock or, like a debt security, vary
with changes in interest rates and the credit quality of the issuer. A convertible security is not as sensitive to interest rate
changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.
•Mortgage Securities and Asset-Backed Securities Risk. Mortgage securities differ from conventional debt securities because
principal is paid back periodically over the life of the security rather than at maturity. The Fund may receive unscheduled
payments of principal due to voluntary prepayments, refinancings or foreclosures on the underlying mortgage loans. Because
of prepayments, mortgage securities may be less effective than some other types of debt securities as a means of "locking in"
long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. A
reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase or
extend the effective maturity and duration of mortgage securities, making them more sensitive to interest rate changes,
subject to greater price volatility, and more susceptible than some other debt securities to a decline in market value when
interest rates rise. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying
assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event
of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.
•Leverage Risk. As part of the Fund’s principal investment strategy, the Fund may make investments in derivative instruments.
These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to
the underlying asset, as well as the potential for greater loss. If the Fund uses leverage through activities such as entering into
derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund. The net asset value of the
Fund while employing leverage will be more volatile and sensitive to market movements.
•Non-Diversification Risk. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of
one or more issuers. The Fund also invests in underlying funds that are non-diversified. The Fund’s performance may be
more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified
investment company.
•Turnover Risk. A higher portfolio turnover may result in higher transactional and brokerage costs. The Fund’s portfolio
turnover rate may be significantly above 100% annually.
•Securities Lending Risk. There are certain risks associated with securities lending, including the risk that the borrower may
fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by the borrower, if the
borrower should fail financially. As a result, the Fund may lose money. The Fund could also lose money in the event of a
decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash
collateral. These events could also trigger adverse tax consequences for the Fund.
•U.S. Government Securities Risk. The Fund may invest directly or indirectly in obligations issued by agencies and
instrumentalities of the U.S. government. The U.S. government may choose not to provide financial support to U.S.
government sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer
defaulted, the Fund might not be able to recover its investment.
•Equity Securities Risk. The Fund may invest in or have exposure to equity securities. Equity securities may experience
sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect
securities markets generally or factors affecting specific industries, sectors, geographic markets, or companies in which the
Fund invests.
•Dividend-Oriented Companies Risk. Companies that have historically paid regular dividends to shareholders may decrease or
eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value
of the issuer's stock and less available income for the Fund.
9
•Limited History of Operations Risk. The Fund has a limited history of operations for investors to evaluate. The Fund may fail
to attract sufficient assets to operate efficiently.
Performance: As of the date of this Prospectus, the Fund does not have a full calendar year of performance as an ETF. When the Fund
has been in operation for a full calendar year, performance information will be shown here. You should be aware that the Fund’s past
performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance
information and daily NAV per share is available at no cost by calling toll-free 866-303-8623 and on the Fund’s website at https://
www.kensingtonassetmanagement.com/solutions/etfs-kamo/.
Investment Adviser: Kensington Asset Management, LLC
Portfolio Managers:
Patrick Sommerstad
Patrick Sommerstad serves as Portfolio Manager and Investment Committee Member for Kensington Asset Management. He has
served the Fund since its inception in 2025.
Jason Sim
Jason Sim serves as Portfolio Manager and Investment Committee Member for Kensington Asset Management. He has served the
Fund since its inception in 2025.
Jordan Flebotte
Jordan Flebotte serves as Portfolio Manager and Investment Committee Member for Kensington Asset Management. He has served
the Fund since its inception in 2025.
Purchase and Sale of Fund Shares: The Fund will issue (or redeem) shares to certain institutional investors (typically market makers
or other broker-dealers) only in blocks of shares known as “Creation Units.” Creation Unit transactions are typically conducted in
exchange for the deposit or delivery of in-kind securities and/or cash constituting a substantial replication, or a representation, of the
securities included in the Fund’s portfolio. Individual shares may only be purchased and sold on a national securities exchange
through a broker-dealer. You can purchase and sell individual shares of the Fund throughout the trading day like any publicly traded
security. The Fund’s shares are listed on the Cboe BZX Exchange, Inc. (the “Exchange”). The price of the Fund’s shares is based on
market price, and because exchange-traded fund shares trade at market prices rather than net asset value (“NAV”), the Fund’s shares
may trade at a price greater than NAV (premium) or less than NAV (discount). Except when aggregated in Creation Units, the Fund’s
shares are not redeemable securities.
Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the
Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares of the Fund in
the secondary market (the “bid-ask spread”). Recent information about the Fund, including its NAV, market price, premiums and
discounts, and bid-ask spreads is available on the Fund’s website at https://www.kensingtonassetmanagement.com/solutions/etfs-
kamo/.
Tax Information: Distributions made by the Fund may be taxable to you as ordinary income or capital gains, unless you are a tax-
exempt organization or are investing through a tax advantaged arrangement, such as a 401(k) plan or individual retirement account.
Any withdrawals made from such tax advantaged arrangement generally will be taxable to you as ordinary income.
Payments to Broker-Dealers and Other Financial Intermediaries: If you purchase the Fund through a broker-dealer or other
financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your
salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for
more information.