RP Growth
as of 07/30/2010
TICKER: RPX
NAV: $26.95
MARKET PRICE*: $26.79
FUND DATA >>
RP Focused Lrg Cap Gr
TICKER: RWG
NAV: $26.58
MARKET PRICE*: $26.53
FUND DATA >>
RP Technology
TICKER: RPQ
NAV: $28.49
MARKET PRICE*: $28.82
FUND DATA >>
RP Financials
TICKER: RFF
NAV: $25.06
MARKET PRICE*: $25.01
FUND DATA >>

Grail Advisors Actively Managed ETFs

ETF Mechanics



Fund Shareholders	Secondary Market Participants	ETF Share Creation/Redemption
Investors can buy and sell ETF shares with the help of broker/dealers throughout the day. Can be shorted and bought on margin. Brokerages hold shares in Street name, like individual stocks.	Market makers facilitate ETF trading: Create initial ETF shares and hold in inventory to allow trading to commence Maintain trading at NAV, by increasing or decreasing liquidity on the market in equilibrium with demand Full transparency of index-based portfoilio allows market participants to exploit arbitrage opportunities when shares trade away from NAV	ETF shares are created and redeemed through in-kind trading between the fund and market makers The ETF portfolio itself rarely needs to trade securities directly because of this in-kind exchange mechanism

*Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times.

There are risks involved with investing in ETFs including the loss of money. Additional information regarding the risks of this investment is available by clicking the risks link above. The ETFs are new and have limited operating history. Shares are not individually redeemable. Investors buy and sell shares on a secondary market. Only market makers or “authorized participants” may trade directly with the Fund(s), typically in blocks of 50,000 shares.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. For more complete information about the Grail Advisors Actively Managed ETFs (RP Growth, RP Focused Large Cap Growth, RP Technology and RP Financials ETFs) or to obtain a Prospectus click here or call 212.484.2100. Please read the Prospectus carefully before investing.

Grail Advisors Actively Managed ETFs (RP Growth, RP Focused Large Cap Growth, RP Technology and RP Financials ETFs) are distributed by ALPS Distributors, Inc. The RP ETFs are part of the Grail Advisors ETF Trust.