Utilities Portfolio Series 22

Under normal circumstances, the Trust invests at least 80% of the value of its assets in stocks classified as being in the utilities sector by the Global Industry Classification Standard (“GICS”). The Trust invests in companies across the utilities sector including integrated electric, pipeline and gas distribution companies. The Sponsor selects stocks for the Trust that it believes have the potential to achieve the Trust’s investment objective.

The Sponsor selects securities of U.S.- traded companies that it believes are core holdings of a utilities portfolio. To select the portfolio the Sponsor follows a disciplined process which includes both quantitative and qualitative analysis. The Sponsor begins with stocks that are traded on U.S. exchanges and are classified as companies in the utilities sector. The Sponsor then reduces the companies by performing quantitative screening, which may be primarily based on, but not limited to, the following factors:

• Valuation. The Sponsor may screen for reasonably valued companies based on measures such as price-to-earnings, price-to-book and price-to-cash flow.

• Growth. The Sponsor may screen for companies with a history of better than average growth of revenues and earnings.

• Profitability. The Sponsor may screen for companies with a history of consistent and high profitability as measured by return-on-assets, return-on- equity, gross margin and net margin.

The Sponsor then reduces the remaining companies by performing qualitative analysis, which may be primarily based on, but not limited to, the following factors:

• Balance Sheet. The Sponsor favors companies that possess overall financial strength and exhibit balance sheet improvements relative to their peers and the marketplace.

• Industry Leadership. The Sponsor favors companies that possess a strong competitive position among their domestic and global peers.

• Valuation. The Sponsor favors companies whose valuations appear to be attractive based on measures such as price-to-earnings, price-to-book and price-to-cash flow.

• Growth. The Sponsor favors companies with a history of (and prospects for) better than average growth of revenues and earnings.

• Profitability. The Sponsor favors companies with a history of (and prospects for) consistent and high profitability as measured by return-on- assets, return-on-equity, gross margin and net margin.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

• The Trust is concentrated in the utilities sector. As a result, the factors that impact the utilities sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. Adverse developments in this sector may significantly affect the value of your units. Companies involved in the utilities sector must contend with environmental considerations, taxes, government regulation, price and supply fluctuations, competition and energy conservation.

• The Trust invests in securities issued by small-capitalization and mid-capitalization companies. These securities customarily involve more investment risk than securities of large-capitalization companies. Small-capitalization and mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.

• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that share prices of the securities in the Trust will not decline and that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.

• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

• Inflation may lead to a decrease in the value of assets or income from investments.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.