European Capital Strength Portfolio Series 25

Under normal circumstances, the trust will invest at least 80% of the value of its assets incommon stocks of European companies. The trust invests in a portfolio of European companies that the sponsor believes have had strong valuations, returns on capital and balancesheets. To determine whether a company has anattractive valuation, the sponsor compares valuation metrics against the selected company’speer group. Strong returns on capital are evidenced by the company’s return on capital compared to the selected company’s peer group.Companies with strong balance sheets are typically those entities that are less levered thantheir peers. The trust's investment process is designed to favor strong cash flow generating companies that trade at reasonable multiples oftheir excess profits. However, their can be no assurance that the trust's investment strategy willidentify companies that will perform well in thefuture. As a result of this strategy, the trust invests significantly in the industrials sector andis concentrated in securities issued by companiesheadquartered in the United Kingdom.

The Trust’s portfolio is constructed by the Sponsor using the methodology described below:

• Begin with the largest 30% of companies headquartered in developed Western European countries.
• Focus on companies which have demonstrated several years of consistently higher return on equity, and which have debt leverage levels lower than the market or their industry peers.
• Filter out “value traps,” which are those companies with the worst fundamentals in their sector, as determined by the Sponsor, or with steep market declines that imply a turn in fundamentals.
• Select a portfolio of securities from the remaining universe by favoring companies undervalued, as determined by the Sponsor, based on cash flow & earnings, while maintaining diversification with limits on sector and country concentration.

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. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices, which could negatively impact the value of the Trust. Additionally, event such war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the economy, various markets and issuers. An outbreak of a novel form of coronavirus disease (“COVID-19”) was first detected in December 2019 and rapidly spread around the globe leading the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020 and resulting in major disruptions to economies and markets around the world. The complete economic impacts of COVID-19 are not yet fully known. The COVID-19 pandemic, or any future public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance of the Trust and the Trust's ability to achieve its investment objectives. 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.
• 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 Trust invests significantly in the industrials sector. As a result, the factors that impact the industrials sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. Industrials companies are affected by various factors, including the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor relations, environmental liabilities, governmental and product liability and e-commerce initiatives.
• The Trust invests in foreign securities listed on a foreign exchange, a U.S.-listed foreign security, American Depositary Receipts (“ADRs”) and New York Registry Shares. The Trust’s investment in foreign securities listed on a foreign exchange, a U.S.-listed foreign security, ADRs and New York Registry Shares presents additional risk. ADRs are issued by a bank or Trust company to evidence ownership of underlying securities issued by foreign corporations. New York Registry Shares are created by a U.S. registrar so that securities of companies incorporated in the Netherlands may be traded on a U.S. exchange. Securities of foreign issuers present risks beyond those of domestic securities. More specifically, foreign risk is the risk that foreign securities will be more volatile than U.S. securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards.
• The Trust includes securities whose value may be dependent on currency exchange rates. The U.S. dollar value of these securities may vary with fluctuations in foreign exchange rates. Most foreign currencies have fluctuated widely in value against the U.S. dollar for various economic and political reasons such as the activity level of large international commercial banks, various central banks, speculators, hedge funds and other buyers and sellers of foreign currencies.
• The Trust is concentrated in securities issued by European companies. As a result, political, economic or social developments in Europe may have a significant impact on the securities included in the Trust. Furthermore, the European sovereign debt crisis and the related austerity measures in certain countries have had, and continue to have, a significant negative impact on the economies of certain European countries and their future economic outlooks.
• The Trust invests significantly in securities issued by companies headquartered in the United Kingdom. As a result, political, economic or social developments in the United Kingdom may have a significant impact on the securities included in the Trust. The United Kingdom is heavily dependent on trade with the European Union (“EU”), and to a lesser extent the United States and China, and therefore may be impacted by changes to the economic health of EU member countries, the United States and China. In 2020, the United Kingdom left the EU (referred to as “Brexit”). The precise impact on the United Kingdom’s economy as a result of its departure from the EU depends to a large degree on its ability to conclude favorable trade deals with the EU and other countries, including the United States, China, India and Japan. Additionally, increasing commodity prices and rising inflation levels prompted the United Kingdom government to implement significant policy changes. It is difficult to predict what effects such policies (or the suggestion of such policies) may have and the duration of those effects, which may last for extended periods.
• The Trust invests in securities issued by mid-capitalization companies. These securities customarily involve more investment risk than securities of large-capitalization companies. Mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.
• The Trust may be susceptible to potential risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Trust to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the sponsor of the Trust to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cybersecurity breaches of the Trust’s third-party service providers, or issuers in which the Trust invests, can also subject the Trust to many of the same risks associated with direct cybersecurity breaches.
• The Trust is subject to risks arising from various operational factors and their service providers. Operational factors include, but not limited to, human error, processing and communication errors, errors of the Trust’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Additionally, the Trust may be subject to the risk that a service provider may not be willing or able to perform their duties as required or contemplated by their agreements with the Trust. Although the Trust seeks to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.
• Inflation may lead to a decrease in the value of assets or income from investments.
• 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.

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