Wedbush Series Trust’s 497K prospectus summary sets out the ReturnOnLeadership U.S. Large-Cap ETF’s index objective, trading structure and tax treatment. Investors can buy and sell EXEQ on NYSE Arca through Brokers at market prices, while large Creation Unit transactions occur at net asset value and intermediary payments may create conflicts of interest.

Key Highlights

  • Wedbush Fund Advisers, LLC serves as adviser, with Cullen Rogers managing the fund since its inception.
  • Investors trade individual shares through brokers, while authorized participants transact Creation Units at net asset value.
  • Fund distributions are generally included in Shareholder income for U.S. federal tax purposes, subject to the treatment of tax-advantaged accounts.

Wedbush Series Trust’s Wedbush ReturnOnLeadership U.S. Large-Cap ETF seeks to track the total return performance of the named Solactive index before fees and expenses. The fund is listed on NYSE Arca under the ticker EXEQ.

EXEQ Trading Structure and Management

Wedbush Fund Advisers, LLC is the fund’s adviser. Cullen Rogers handles day-to-day Portfolio Management and has held that role since the fund’s inception. Individual shares trade in the Secondary Market through brokers at market prices rather than net asset value. Those prices can be above or below NAV, creating premiums or discounts, while trading also involves a bid-ask spread between buying and selling prices. Authorized participants, typically broker-dealers, may purchase or redeem those blocks in exchange for portfolio securities, a designated amount of U.S. cash, or both.

Taxes and Intermediary Payments

Investments held through individual retirement accounts or other tax-advantaged accounts may be taxed later when Assets are withdrawn. Wedbush Fund Advisers or its affiliates may pay brokers and other financial intermediaries for activities including marketing, educational Training and promotion of exchange-traded products. The filing states that these payments may affect recommendations by intermediaries or their salespersons, while the arrangements do not increase fund expenses.