Fund Description: Ivy Energy NextShares is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Ivy NextShares, an open-end investment management company. INVESTMENT OBJECTIVE: The Ivy Energy NextShares seeks to provide capital growth and appreciation. The Fund is an actively managed and thus does not seek to replicate the performance of a specified index. FUND STRATEGY: The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in securities of companies within the energy sector, which includes all aspects of the energy industry, such as exploration, discovery, production, distribution or infrastructure of energy and/or alternative energy sources, including energy efficient products and services. These companies may include, but are not limited to, oil companies, oil and gas drilling, equipment and services companies, oil and gas exploration and production companies, oil and gas storage and transportation companies, natural gas pipeline companies, refinery companies, energy conservation companies, coal, transporters, utilities, alternative energy companies and innovative energy technology companies, and companies that develop products and services designed to enhance energy efficiency for the users of those products and services. After conducting a top-down (assessing the market environment) market analysis of the energy industry and geopolitical issues and then identifying trends and sectors the Fund’s investment manager, uses a research-oriented, bottom-up (researching individual issuers) investment approach when selecting securities for the Fund, focusing on company fundamentals and growth prospects. The Fund invests in a blend of value and growth companies of any size or capitalization domiciled throughout the world, which may include companies that are offered in initial public offerings (IPOs). While the investment manager typically seeks to invest a majority of the Fund’s assets in U.S. securities, the Fund may invest up to 100% of its total assets in foreign securities. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. FUND MANAGEMENT: The Fund is managed by Ivy Investment Management Company (IICO).