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AlphaClone Alternative Alpha ETF

Fund Objective

The AlphaClone Alternative Alpha ETF seeks to track the price and yield, before fees and expenses, of the AlphaClone Hedge Fund Long/Short Index.

Fund Information

As of 05/31/2012

Ticker Symbol	ALFA
CUSIP	26922A305
Short Selling Allowed	Yes
Options Available	No
Gross Expense Ratio	0.95%
Inception Date	05/30/2012
Investment Advisor	Exchange Traded Concepts LLC
Index Owner	AlphaClone LLC
Distributor	Quasar Distributors LLC
Distribution Frequency	Quarterly
Exchange	NYSE ARCA

Fund Net Asset Value

Fund Net Asset Value:

Market value of a fund's assets, minus liability divided by the total shares outstanding.

As of 05/21/2013

Price	$32.86
Shares Outstanding	500,000
Total Net Assets	$16,429,330.61
Download Most Recent NAV / NAV History .CSV

Fund Characteristics

As of 10/31/2012

30 Day SEC Yield:

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30 day period by the current maximum offering price.

Weighted Average Market Cap:

Sum of the market capitalization of each holding in the fund multiplied by that holding's relative weight in the fund.

30 Day SEC Yield	N/A
Number of Holdings	76
Weighted Average Market Cap	$90.880B

Index Summary

The AlphaClone Hedge Fund Long/Short Index tracks the performance of US-traded equity securities to which hedge funds and institutional investors have disclosed significant exposure. The proprietary index methodology developed by AlphaClone ranks hedge funds and institutional investors based on the efficacy of replicating their publicity disclosed positions. Equities are selected from those managers with the highest ranking, or "Clone Score". The index is risk managed in that it can vary between being long only and market hedged based on certain rules-driven relative price targets tied to a broad market index.

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Fund Performance

Fund Performance:

Fund performance shown is based on the fund's NAV.

	MONTH END As of 04/30/2013	QUARTER END As of 03/31/2013
1 Month	1.20%	3.35%
QTD	1.20%	10.19%
YTD	11.52%	10.19%
1 Year	-	-
3 Year	-	-
5 year	-	-
10 year	-	-
Inception 05/30/2012	24.99%	23.51%

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Gross Expense Ratio: 0.95%

Fund Market Price

As of 05/21/2013

Exchange Volume:

The volume of shares traded on the fund's primary exchange throughout the previous business day.

Bid/Ask	$32.81/$32.96
Closing Price	$32.92
Day High	$33.01
Day Low	$32.92
Exchange Volume (shares)	3,500
Premium/Discount	$0.06
Premium Discount to Nav Chart

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus and summary prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-800-617-0004. Read it carefully before investing.

Investments involve risk. Principal loss is possible. The AlphaClone Alternative Alpha Fund has the same risks as the underlying securities traded on the exchange through out the day. Redemptions are limited and often commission are charged on each trade. The fund can make short sales of securities, which involves the risk that losses in securities may exceed the original amount invested in a security. Investments by the fund in derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. REITs may be affected by changes in the value of their underlying properties or mortgages or by defaults by their borrowers or tenants. Furthermore, these entities depend upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in financing a limited number of projects. In addition, the performance of a REIT may be affected by changes in the tax laws or by its failure to qualify for tax-free pass-through of income. Investments in securities of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of a MLP, including a conflict arising as a result of incentive distribution payments. The performance of the fund may diverge from that of the Index. Because the fund employs a representative sampling strategy and may also invest up to 20% of its assets in securities that are not included in the Index, or may overweight or underweight certain components of the Index, it may experience tracking error to a greater extent than a fund that seeks to replicate an index. The fund is not actively managed and may be affected by a general decline in market segments related to the index. The fund invests in securities included in, or representative of securities included in, the index, regardless of their investment merits. Outside the index construction rules, the fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the fund. AlphaClone and the fund are in no way affiliated with the hedge funds and/or institutional investors whose public filings are utilized to derive the index's constituents. Public filings may not disclose all an investment manager's positions.

The AlphaClone Hedge Fund Long/Short Index represents equity securities that are favored by hedge funds and institutional investors in their public disclosures. The index is equal weighted with an overlap bias which gives a security held by twice the number of managers twice the weight. The index is reconstituted quarterly and can vary between being long only and market neutral. The index's adjustment in long/short positions does not guarantee against market loss. The S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. In index focuses on the Large-Cap segment of the U.S. Equities market. It is not possible to invest directly in an unmanaged index. Alpha is the abnormal return on a security or portfolio in excess of what would be predicted by an equilibrium model like the Capital Asset Pricing Model (CAPM). Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Correlation is a statistical measure of how two securities move in relation to each other. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.

References to other funds should not to be interpreted as an offer of these securities.

The AlphaClone Alternative Alpha Fund is distributed by Quasar Distributors, LLC. The fund's investment advisor is Exchange Traded Concepts LLC. The fund's sub-advisor is Index Management Solutions LLC (IMS). AlphaClone LLC owns the index that underlies the fund. AlphaClone LLC and ISE are unaffiliated and have formed a partnership to develop and promote exchange-traded products based on AlphaClone's research. Knight Clearing Services is the fund's lead market maker. Quasar is not affiliated with AlphaClone LLC, Exchange Traded Concepts, IMS, ISE or Knight Clearing Services. The AlphaClone logo is a service mark of AlphaClone LLC.