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You are about to visit the website for the Kensington Hedged Premium Income ETF (KHPI), which is managed by Kensington Asset Management, LLC, sub-advised by Liquid Strategies, LLC and distributed by Quasar Distributors, LLC. Please note that Quasar Distributors, LLC, is not affiliated with Liquid Strategies, LLC or Kensington Asset Management, LLC.

KHPI is subject to investment risks, including possible loss of principal. Investors should carefully consider the fund’s objectives, risks, charges, and expenses before investing. This and other important information are contained in the fund’s prospectus and summary prospectus, which can be obtained by visiting the KHPI website. Please read the prospectus and summary prospectus carefully before investing.

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You are about to visit the website for the Kensington Defender Fund, which is managed by Kensington Asset Management, LLC, sub-advised by Liquid Strategies, LLC and distributed by Quasar Distributors, LLC. Please note that Quasar Distributors, LLC, is not affiliated with Liquid Strategies, LLC or Kensington Asset Management, LLC.

DFNDX is subject to investment risks, including possible loss of principal. Investors should carefully consider the fund’s objectives, risks, charges, and expenses before investing. This and other important information are contained in the fund’s prospectus and summary prospectus, which can be obtained by visiting the DFNDX website. Please read the prospectus and summary prospectus carefully before investing.

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QUARTERLY FUND REVIEW | As of March 31, 2026

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