Notes to Financial Statements
October 31, 2012 (Unaudited)
The Huntington Strategy Shares (the
“Trust”) was organized on September 7, 2010 as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end management investment company. The Declaration of Trust
permits the Trust to issue an unlimited number of shares of beneficial interest (“Shares”) in one or more series representing interests in separate portfolios of securities. Currently, the Trust offers its shares in two separate series:
Huntington US Equity Rotation Strategy ETF (the “US Equity Rotation Fund”) and Huntington EcoLogical Strategy ETF (the “EcoLogical Strategy Fund”) (individually referred to as a “Fund,” or collectively as the
“Funds.”). Each Fund is an actively managed exchange-traded fund. The investment objective of both Funds is to seek capital appreciation, and the Funds do not seek to replicate a specified index. The Funds’ prospectus provides a
description of each Fund’s investment objectives, policies, and strategies. The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which shares are held.
Shares of each of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value
(“NAV”). Each Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares, currently 25,000 Shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities
included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit.
Under the Trust’s organizational documents, its officers and Board of Trustees (“Trustees”) are indemnified against certain liabilities arising out of the performance of their duties to the Funds.
In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
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2.
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Significant Accounting Policies
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The following is a
summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America
(“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
The Funds hold investments
at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to
determine fair value are further described below.
Security values are ordinarily obtained through the use of independent pricing services, in
accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the Funds’
securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined by a committee established by the Board in accordance with procedures adopted by the Board. The fair valuation
process is designed to value the subject security at the price the Portfolio would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of
activity or to circumstances that indicate that a transaction is not orderly.
The Trust has a three-tier fair value hierarchy that is dependent
upon the various “inputs” used to determine the value of the Portfolios’ investments. These inputs are summarized in the three broad levels listed below:
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Level 1—quoted prices in active markets for identical assets.
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Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
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•
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Level 3—significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
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The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing
in those investments.
Equity securities (including foreign equity securities) traded on a securities exchange are valued at the last reported
sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ official closing price. If there is no reported sale on the principal exchange, and in the case of over-the-counter securities, equity securities are
valued at a bid price estimated by the security pricing service. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Fixed Income Securities (Corporate, Municipal, and Foreign Bonds and U.S. Government and Agency Securities) are valued using various inputs including benchmark yields, reported trades, broker/dealer quotes,
issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and market events, and are typically categorized as Level 2 in the fair value hierarchy.
Semi-Annual Shareholder
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18
In addition to the inputs discussed above for fixed income securities, asset backed securities are valued using
new issue data, monthly payment information and collateral performance and are typically categorized as Level 2 in the fair value hierarchy.
Short-term obligations with maturities of 60 days or less are valued at amortized cost, which constitutes fair value as determined by the Board, and are
typically categorized as Level 2 in the fair value hierarchy.
Forward currency contracts are valued using market quotes posted by major currency dealers and are typically
categorized as Level 2 in the fair value hierarchy.
Shares of mutual funds are valued at their respective daily net asset value and are typically
categorized as Level 1 in the fair value hierarchy.
Foreign securities quoted in foreign currencies are translated in U.S. dollars at the foreign
exchange rate in effect as of the close of the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern Time), on the day the value of the foreign security is determined.
The following is a summary of the inputs used
to value the Funds’ investments as of October 31, 2012, while the breakdown, by category, of common stocks is disclosed in the Schedule of Investments for each Fund.
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LEVEL 1
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Total
Investments
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Huntington US Equity Rotation Fund
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Common Stocks(1)
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$
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5,693,306
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$
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5,693,306
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Total Investments
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$
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5,693,306
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$
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5,693,306
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Huntington EcoLogical Strategy Fund
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Common Stocks(1)
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$
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7,001,644
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$
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7,001,644
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Total Investments
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$
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7,001,644
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$
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7,001,644
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(1)
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Please see Schedule of Investments for industry classifications.
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The Trust’s policy is to disclose transfers between fair value hierarchy levels based on valuations at the
end of the reporting period. There were no transfers between Level 1, 2, or 3 as of October 31, 2012. As of October 31, 2012, no securities were categorized as Level 2 or Level 3.
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B.
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Foreign Currency Transactions
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The accounting
records of the Funds are maintained in U.S. dollars. Financial instruments and other assets and liabilities of a Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of
financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in market values of financial instruments. Such fluctuations
are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the
trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise
from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates.
The
Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such
taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.
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C.
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Security Transactions and Related Income
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During
the period, investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date
on the last business day of the reporting period. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Securities gains and losses are calculated on the identified cost basis. Interest income and
expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.
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D.
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Dividends and Distributions to Shareholders
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Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.
The amount of dividends from net investment income and net realized gains are determined in accordance with the federal income tax regulations,
which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. foreign currency gain/loss, paydowns, distributions and income
received from pass through investments, and net investment loss adjustments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.
Temporary differences are primarily due to market discounts,
Semi-Annual Shareholder
Report
19
Notes to Financial Statements
(Continued)
capital loss carryforwards and losses deferred due to wash sales, straddles, and return of capital from investments.
The Funds may own shares of real estate investments trusts (“REITs”) which report information on the source of their distributions annually. Distributions received from investments in REITs in excess
of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the individual REIT.
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E.
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Allocation of Expenses
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Expenses directly
attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis.
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3.
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Investment Advisory Fee and Other Transactions with Affiliates
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A.
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Investment Advisory Fees
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Huntington Asset
Advisors, Inc. (the “Advisor”), a wholly owned subsidiary of The Huntington National Bank (“Huntington”), serves as the Funds’ Investment Advisor. The Advisor receives an annual fee for its services, computed daily and paid
monthly, of 0.60% of each Fund’s average daily net assets.
The Advisor has contractually agreed to reduce its fees and/or reimburse each
Fund’s expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) in order to limit total annual fund operating expenses after fee waivers and expense reimbursement to 0.95% of the
Funds’ annual daily net assets (“Expense Cap”). The Expense Cap will remain in effect until at least September 30, 2013. The Expense Cap may be terminated earlier only upon the approval of the Board. The Advisor may recoup fees
reduced or expenses reimbursed at any time within three years from the year such expenses were incurred, so long as the repayment does not cause the Expense Cap to be exceeded.
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B.
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Administration, Transfer Agent and Accounting Fees
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Citi Fund Services Ohio, Inc. (“Citi”) provides financial administration, transfer agency and portfolio accounting services to the Trust. Citi performs
certain services on behalf of the Trust including but not limited to: (1) preparing and filing the Trust’s periodic financial reports on forms prescribed by the SEC; (2) calculating Fund expenses and making required disbursements;
(3) calculating Fund performance data; and (4) providing certain compliance support services. As portfolio accountant, Citi maintains certain financial records of the Trust and provides accounting services to each Fund which includes the
daily calculation of each Fund’s net asset value (“NAV”). Citi also performs certain other services on behalf of the Trust including providing financial information for the Trust’s federal and state tax returns and financial
reports required to be filed with the SEC.
For these services, each Fund pays Citi a fee accrued daily and paid monthly based on a percentage of
each Fund’s average net assets, subject to an annual minimum
fee.
Pursuant to an Exchange-Traded Fund Services Agreement with the Trust, Huntington Asset Services, Inc.
(“HASI”) maintains the corporate records of the Trust, including minutes of meetings of the Board, and provides administrative support services in connection with updates to the Trust’s registration statement. HASI is a wholly-owned
subsidiary of Huntington Bancshares Incorporated. Under the agreement, The Trust will pay HASI a fee of $20,000 for services during the first year, and $30,000 for services during each of the second and third years. Effective November 1, 2012, the
fee paid to HASI will increase to $60,000, prorated, during the first year, and $70,000 for services during the second and third years.
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C.
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Distribution and Shareholder Services Fees
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SEI
Investments Distribution Co. (the “Distributor”) is the principal underwriter and distributor of each Fund’s shares. The Trust has adopted but has yet to implement a Rule 12b-1 Distribution Plan (the “Plan”). This Plan is
designed to compensate or reimburse financial intermediaries (including the Distributor, the Advisor, and their affiliates) for activities principally intended to result in the sale of Fund shares such as advertising and marketing of shares
(including printing and disseminating prospectuses and sales literature to prospective shareholders and financial intermediaries) and providing incentives to financial intermediaries to sell shares. The Plan is also designed to cover the cost of
administrative services performed in conjunction with the sale of shares, including, but not limited to, shareholder services, recordkeeping services and educational services, as well as the costs of implementing and operating the Plan. In
accordance with the Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/or marketing services with respect to the Funds. Pursuant to the Plan, the Funds may pay a 12b-1 fee not to
exceed 0.25% per year of each Fund’s average daily net assets. No 12b-1 fee is currently paid by the Funds and the Board has not approved any payments under the plan.
Citibank, N.A (the
“Custodian”), an affiliate of Citi, serves as custodian for each Fund and safeguards and holds the Fund’s cash and securities, settles each Fund’s securities transactions and collects income on Fund investments. The Custodian
receives fees based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.
The Trust has contracted with
Huntington to provide a Chief Compliance Officer to the Trust, for which it pays an annual fee of $2,000.
Certain officers of the Trust are officers,
directors and/or trustees of the above companies.
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4.
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Organization and Offering Costs
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All costs incurred
by the Trust in connection with the organization of the Trust were paid by the Advisor. The organization costs are not subject to recoupment by the Advisor in subsequent fiscal
periods.
Semi-Annual Shareholder
Report
20
Costs incurred in connection with the offering and initial registration of the Trust have been deferred and are
being amortized on a straight-line basis over the first twelve months of each Fund’s operations.
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5.
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Investment Transactions
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Purchases and sales of
investments, excluding in-kind transactions and short-term investments, for the period ended October 31, 2012 were as follows:
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Purchases
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Sales
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Huntington US Equity Rotation Fund
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$
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0
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$
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5,689
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Huntington EcoLogical Strategy Fund
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800,195
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699,349
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Purchases and sales of in-kind transactions for the period ended October 31, 2012 were as follows:
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Purchases
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Sales
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Huntington US Equity Rotation Fund
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$
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6,810,219
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$
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1,249,282
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Huntington EcoLogical Strategy Fund
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7,250,613
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589,628
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6.
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Capital Share Transactions
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Capital shares are
issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the
purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund’s underlying index, and an amount of cash.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities
related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind
redemptions are reflected as
“Securities related to in-kind transactions” in the Statements of Assets and Liabilities.
During the period the Funds delivered
securities in exchange for the redemption of capital shares (redemptions-in-kind). Securities and cash were transferred in exchange for capital share redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains
and losses in connection with each redemption-in-kind transaction.
For the period ended October 31, 2012, the fair value of securities
transferred for redemptions-in-kind and the net
realized gains and losses recorded in connection with the transactions were as follows:
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Fair Value
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Net Realized
Gains/(Losses)
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Huntington US Equity Rotation Fund
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$
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(1,249,282
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)
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$
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56,184
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Huntington EcoLogical Strategy Fund
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(589,628
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)
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(9,241
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)
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In addition, during the period the Funds received securities in exchange for subscriptions of capital shares
(subscriptions-in-kind). For the period ended October 31, 2012, the fair value of securities received for subscriptions were as follows:
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Fair Value
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Huntington US Equity Rotation Fund
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$
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6,810,219
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Huntington EcoLogical Strategy Fund
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7,250,613
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It is the policy of each Fund
to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net
investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.
The Trust has
evaluated tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether it is more-likely-than not (i.e., greater than 50-percent chance) that each tax position will be sustained upon
examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.
Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition
of any related interest and penalties as an operating expense. Tax positions taken in tax years remain subject to examination by tax authorities (generally three years for federal income tax purposes). The determination has been made that there are
not any uncertain tax positions that would require the Funds to record a tax liability and, therefore, there is no impact to the Funds’ financial statements.
As of October 31, 2012, the tax cost of
securities and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:
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Tax Cost of
Securities
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Unrealized
Appreciation
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Unrealized
Depreciation
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Net Unrealized
Appreciation/
(Depreciation)
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Huntington US Equity Rotation Fund
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$
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5,766,709
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$
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211,276
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$
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(129,582
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)
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$
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81,694
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Huntington EcoLogical Strategy Fund
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6,969,692
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373,585
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(122,103
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)
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251,482
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Semi-Annual Shareholder Report
21
Notes to Financial Statements
(Continued)
The differences between book-basis and tax-basis unrealized appreciation/depreciation are attributable primarily
to: tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies, and the difference between book and tax amortization methods for acquisition premium and
market discount.
The NAV of a Fund can fluctuate up or down,
and you could lose money investing in a Fund if the prices of the securities owned by the Fund decline. In addition, a Fund may be subject to the following additional risks: (1) the market price of a Fund’s shares may trade above or below
their NAV; (2) an active trading market for a Fund’s shares may not develop or be maintained; or (3) trading of a Fund’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are
delisted from the exchange, or the
activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
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Ecological
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Investment Risk
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The EcoLogical Strategy
Fund’s ecological investment criteria could cause it to underperform funds that do not maintain ecological investment criteria. In order to comply with its ecological investment criteria, the EcoLogical Strategy Fund may be required to forego
advantageous investment opportunities or sell investments at inappropriate times. The EcoLogical Strategy Fund’s ecological investment criteria may result in the EcoLogical Strategy Fund investing in industry sectors that are not performing as
well as others.
Management of the Funds has
evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial
statements as of October 31, 2012.
Semi-Annual Shareholder
Report
22
BOARD OF TRUSTEES’ CONSIDERATION OF INVESTMENT ADVISORY AGREEMENT FOR THE HUNTINGTON US EQUITY ROTATION
STRATEGY ETF AND HUNTINGTON ECOLOGICAL STRATEGY ETF (the “Funds”)
At a meeting held on May 11, 2011, the Board, including a
majority of the independent Trustees, approved the investment advisory agreement (the “Advisory Agreement”) between Huntington Asset Advisors, Inc. (the “Advisor”) and the Funds. Pursuant to the Advisory Agreement between the
Advisor and the Funds, the Advisor provides advisory services to the Funds.
During the review process, the Board received assistance and advice
from, and met separately with, independent legal counsel. In approving the Advisory Agreement, the Board, including a majority of the independent Trustees, considered many factors, the most material of which were: (1) the nature, extent and quality
of the services to be provided to the Funds by the Advisor in relation to the advisory fees; (2) whether the Advisor will realize economies of scale in providing services to the Funds and if these economies will be shared with the Funds; and (3) a
comparison of the fees of comparable funds. Performance, costs of services and profitability were not considered as the Funds have not commenced operations.
Nature, Extent and Quality of Services in Relation to the Advisory Fees.
In considering the nature, extent and quality of the services to be provided by the Advisor, the Board reviewed
information relating to the Advisor’s operations and personnel. Among other things, the Advisor provided descriptions of its organizational and management structure, biographical information about its supervisory and portfolio management staff,
and financial information. The Trustees also took into account the financial condition of the Advisor with respect to its ability to provide the services required under the Advisory Agreement. The Board was very familiar with the services to be
provided by the Advisor as the Advisor serves as such for the other funds in The Huntington Funds complex. The Board determined that the nature, extent and quality of the services to be provided by the Advisor, in relation to the advisory fees, were
acceptable.
Economies of Scale in Providing Services to the Funds and Whether these Economies Will be Shared with the Funds.
The Board also considered the effect of the Funds’ size on its fees. The Board considered the fees under the Advisory Agreement and possible economies of scale that may be realized as the assets of the Funds grow. The Board also noted that if
the Funds’ assets increase over time, the Advisor may realize economies of scale. The Board concluded that, as new funds, the Funds would likely not be large enough to realize economies of scale. In addition, the Board also noted that the
administration fee charged to the Funds included fee breakpoints, which allowed the Funds to realize economies of scale as the assets of the Funds increase over time.
Comparison of the Fees and Total Expenses of Comparable Funds.
With respect to the Funds’ fee, the Board considered comparisons to other mutual funds with comparable investment programs
to be particularly useful, given the high degree of competition in the mutual fund business. The Board noted that the proposed fee and total expenses appeared to be in line with the comparisons.
Other Considerations.
The Board also requests and receives substantial and detailed information about the other funds in The Huntington
Complex on a regular basis. The Advisor provides much of this information at each regular meeting of the Board, and furnishes additional reports in connection with the Board’s formal review of other advisory arrangements. The Board may also
receive information in between regular meetings relating to particular matters as the need arises. The Board’s evaluation of the advisory relationship also included reports covering such matters as: the Advisor’s investment philosophy,
personnel, and processes; operating strategies; the other Huntington Funds’ short- and long term performance (in absolute terms, both on a gross basis and net of expenses, as well as in relationship to its particular investment program and
certain competitive funds and/or other benchmarks, as appropriate) and comments on reasons for performance. The Board also considers reports concerning the other Huntington Funds’ expenses (including the advisory fee itself and the overall
expense structure of the other Huntington Funds, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from
trading the other Huntington Funds’ portfolio securities; the nature and extent of the advisory and other services provided to the other Huntington Funds by the Advisor and its affiliates; compliance and audit reports concerning the other
Huntington Funds (including communications from regulatory agencies), as well as the Advisor’s
Semi-Annual Shareholder Report
23
responses to any issues raised therein; and relevant developments in the mutual fund industry and how the other Huntington Funds and/or the Advisor are responding to them. In the course of their
deliberations regarding the Advisory Agreement, the Board also evaluated, among other things, the Advisor’s ability to supervise the Funds’ other service providers and their compliance programs.
The Board based its decision to approve the Advisory Agreement on the totality of the circumstances and relevant factors and with a view to past and future
long-term considerations. The Board did not consider any one of the factors identified above to be determinative.
Semi-Annual Shareholder Report
24
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A copy of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios, as well as a record of how the Funds voted any such proxies
during the most recent 12-month period ended June 30, is available without charge and upon request by calling 1-855-HSS-ETFS or 1-855-477-3837 or at www.huntingtonstrategyshares.com. This information is also available from the EDGAR database on
the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on “Form N-Q.” These filings are available on the
SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (call 1-202-551-8090 for information on the operation of the Public Reference Room.) You may also access this information at
www.huntingtonstrategyshares.com by selecting “Form N-Q”.
Huntington
Asset Advisors, Inc., a wholly-owned subsidiary of The Huntington National Bank is the Investment Advisor of The Huntington Strategy Shares. Huntington Asset Services, Inc. maintains corporate records of the Funds, and is affiliated with Huntington
Bancshares. Citi Fund Services Ohio, Inc. provides Administration, Transfer Agency and Accounting services to the Funds, while an affiliate, Citibank, N.A. is the Custodian to the Funds. SEI Investments Distribution Co is the principal underwriter
and distributor of each Fund’s shares.
Exchange Traded
Funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in
Exchange Traded Funds involves investment risk, including the possible loss of principal.
This report is authorized for distribution to
prospective investors only when preceded or accompanied by a prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.
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Cusip 446698102
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Cusip 446698201
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Huntington Funds Shareholder
Services:
1-855-477-3837
