Kensho New Horizons Portfolio Series 7

The Trust invests in equity securities of companies with products or services associated with specific areas of innovation related to space. The Trust seeks to select companies that may benefit from innovations in certain space-related areas. The Trust seeks to substantially replicate the S&P Kensho Space^SM Index (the “Index”) as of the date of deposit. The Trust may invest in U.S.-listed securities, including U.S.-listed foreign securities and American Depositary Receipts (“ADRs”). Additionally, the Trust may invest in companies with small-, mid- and large-capitalizations.

As a result of this strategy, the Trust is concentrated in the industrials sector.

As of the date of deposit, the Trust generally invests in the securities comprising the Index in proportion to their weightings in the Index. The Index selects securities based on the following criteria:

1. Begin with all companies with common stock listed on a major U.S. exchange, including ADRs.
2. Perform an automated scan of all regulatory filings to identify companies with businesses that produce products or services related to specific areas of innovation related to space:
   • Spacecrafts, space launch vehicles, space flight, or space stations and related components and services
   • Space mission assurance, operation, or support
   • Space imaging
   • Space communication, excluding satellite-to-satellite communication
   • Space or ground based support infrastructure
   • Space-related military armaments and capabilities
   • Small satellite hardware and software manufacturers Companies are selected if they state they produce a product or service related to these areas of innovation. The Index is forward-looking and, therefore, company selection is explicitly not intended to reflect how much revenue a company currently derives from its space-related activities.
3. Companies are then categorized based on their degree of emphasis on the space-related activities within the context of their overall business. Core companies are those for which their space-related activities are an emphasized component of their business strategy, and is identified as such based on the prominence (e.g., location, frequency, context) of the disclosures regarding their space-related activities in such company’s regulatory filings. All companies that are not categorized as Core companies are considered Non-Core companies.
4. Only include securities that meet the following capitalization and liquidity requirement:
   • $300 million USD minimum market capitalization threshold; and
   • $2 million USD minimum 3-month average daily traded value.
5. The securities within a space-related activity category are initially equal weighted. Afterwards, Core securities are over-weighted relative to Non-Core securities. The Core securities are over-weighted by an amount that is equal to their proportion of the whole Index multiplied by 20%.
6. The final securities weightings are reviewed and, if necessary, adjusted to ensure that each security has sufficient liquidity for large trades. The Index will be rebalanced after the date of deposit and the securities in the Index may fluctuate during the life of the Trust. The Trust will not rebalance its portfolio or track the Index during its lifetime.

The Index provider for the Trust is Kensho Technologies, LLC (“Kensho”), who is not affiliated with the Trust.

The Trust will only invest in the securities that comprise the Index as of the date of deposit and weighs them in accordance to the Index. However, the Trust may exclude securities that are in the Index if a security has a pending merger or acquisition that will lead to delisting of the security or if a security is subject to possible future delisting due to announced pending corporate actions. If any security in the Index is removed, the Trust will redistribute the weight of the removed securities across the remaining securities in a pro-rata manner. As of the date of deposit, the Trust will include 30 of the 30 securities in the Index. Please note that due to the fluctuating nature of security prices, the weighting of an individual security in the Trust portfolio may change after the security selection date.

Index Definition: The Kensho Space Index uses an entirely rules-based methodology to objectively uncover companies involved in the Space sector, and is composed of U.S.-listed companies focused on space-related activities as a principal component of their business strategy as well as the supply-chain companies involved in the industry.

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. Recently, the outbreak of a novel and highly contagious form of coronavirus (“COVID-19”) has adversely impacted global commercial activity and contributed to significant volatility in certain markets. Many governments and businesses have instituted quarantines and closures, which has resulted in significant disruption in manufacturing, supply chains, consumer demand and economic activity. The potential impacts are increasingly uncertain, difficult to assess and impossible to predict, and may result in significant losses. Any adverse event could materially and negatively impact the value and performance of 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.
• The Trust will not track the Index. The Trust generally invests in the securities of the Index in proportion to their weightings in the Index as of the date of deposit. The Trust will not rebalance during its life. As a result, the Trust’s portfolio may deviate from the Index during the life of the Trust and may not match the returns of the Index.
• The Trust invests in companies associated with space-related activities. The exploration of space and the harvesting of space assets is a business based in future and is witnessing new entrants into the market. This is a global event with a growing number of corporate participants looking to meet the future needs of a growing global population. Therefore, investments in the Trust will be riskier than traditional investments in established industry sectors and the growth of these companies may be slower and subject to setbacks as new technology advancements are made to expand into space.
• The Trust is concentrated 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. Adverse developments in this sector may significantly affect the value of your units. Companies involved in the industrials sector must contend with the state of the economy, intense competitors, domestic and international politics, excess capacity and spending trends.
• The Trust includes 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 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.