Fund Description: BullMark LatAm Select Leaders ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Recon Capital Series Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The BullMark LatAm Select Leaders ETF seeks to provide investment results that will closely correspond, before fees and expenses, generally to the price and yield performance of the BullMark LatAm Select Leaders Index, formerly Dax Index. INDEX DESCRIPTION: The BullMark LatAm Select Leaders Index is designed to measure the performance of Latin American companies exhibiting an above average dividend yield. Companies eligible for inclusion in the Index are analyzed based upon their trailing twelve-month dividend yield, market capitalization and average daily dollar volume. Index components are selected from a proprietary database compiled by Nasdaq, Inc. of Latin American companies that are organized into five countries: Brazil, Mexico, Chile, Peru and Columbia. Each category’s representation in the Index varies, and one category may represent the entire Index at any given time. The Index consists of a mix of high yielding stocks, securities which BullMark Financial Group, the Index Provider, believes are indicative of the performance of the leading, top performing Latin American companies. Companies eligible for inclusion in the index must have a trailing 12 month dividend yield of at least 2%. All eligible components of the Index are reviewed semi-annually at the end of March and September of each year. FUND STRATEGY: Using a passive or indexing investment approach, the Fund seeks to achieve its investment objective to track the performance of the Index. The Fund employs a replication strategy to track the Index, which means it invests in the common stock included in the Index generally in proportion to its weighting in the Index. However, under various circumstances, it may not be possible or practicable to purchase all of those securities in those weightings. In these circumstances, the Fund may purchase a sample of securities in the Index. There also may be instances in which the Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Adviser believes are appropriate to substitute for certain securities in the Index or utilize various combinations of other available investment techniques in seeking to replicate as closely as possible the yield performance of the Fund’s Index. The Fund may invest up to 20% of its assets in investments that are not included in the Index, but which the Adviser believes will help the Fund track the Index. Such investments may include futures, options and swap contracts. The Fund may also hold cash or invest in cash equivalents such as money market funds. FUND MANAGEMENT: Recon Capital Advisors, LLC. serves as the investment adviser to the Fund.