Fund Description: Elkhorn FTSE RAFI U.S. Equity Income ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Elkhorn ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Elkhorn FTSE RAFI U.S. Equity Income ETF seeks to provide investment returns that closely correspond to the price and yield performance of the FTSE RAFI U.S. Equity Income Index. INDEX DESCRIPTION: The FTSE RAFI U.S. Equity Income Index comprises U.S.-listed large, mid and small capitalization stocks. The Index is designed to measure the performance of high dividend yielding stocks that have been screened for financial health. The Index begins with the FTSE US All Cap Index (the Initial Universe) and then follows a rules-based methodology to select high yield stocks which have been screened to target sustainable income. The Initial Universe is a market-capitalization weighted index representing the performance of large, mid and small capitalization stocks in the United States. The Index Provider ranks constituents by three financial health metrics: (i) return on assets; (ii) cash flow to short-term debt plus interest expenses; and (iii) net operating assets scaled by total assets. Index constituents are selected and weighted using four fundamental factors, as opposed to market capitalization which are drawn from a company’s annual financial statements:. (i) sales averaged over the prior five years; (ii) cash flow averaged over the prior five years; (iii) book value at the review date; and (iv) dividend distributions averaged over the last five years. Index constituents are rebalanced annually in March. FUND STRATEGY: The Fund generally will invest at least 90% of its total assets in dividend-paying U.S.-listed common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate the performance of the Index. The Fund may employ a representative sampling indexing strategy to track the Index. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index. FUND MANAGEMENT: Elkhorn Investments, LLC serves as the investment adviser to the Fund.