rothschild smart beta erc strategy, eurozone series … smart beta erc strategy, ... model is...

Prospectus

September 9, 2016

As with any investment, the Securities andExchange Commission has not approvedor disapproved of these securities orpassed upon the adequacy or accuracy ofthis prospectus. Any contrary representa-tion is a criminal offense.

Rothschild Smart Beta ERC Strategy,Eurozone Series 2016-3Q

Rothschild Smart Beta ERC Strategy,Japan Series 2016-3Q

Rothschild Smart Beta ERC Strategy,U.S. Series 2016-3Q

(Advisors Disciplined Trust 1715)

ROTHSCHILD SMART BETA ERC STRATEGY, EUROZONE SERIES

IINNVVEESSTTMMEENNTT OOBBJJEECCTTIIVVEE

The trust seeks to provide total return. There is noassurance the trust will achieve its objective.

PPRRIINNCCIIPPAALL IINNVVEESSTTMMEENNTT SSTTRRAATTEEGGYY

The trust seeks to achieve its objective by investingin a portfolio of securities selected as of August 25, 2016(the “Eurozone Selection Date”) using the RothschildSmart Beta ERC Eurozone Series UIT Strategy (the“Eurozone Strategy”) developed by Rothschild AssetManagement Inc. and Risk Based InvestmentSolutions Limited (collectively referred to herein as“Rothschild”).

The Eurozone Strategy first identifies all securitiesmeeting the following criteria as of the EurozoneSelection Date:

• Security type of common stock according toThomson Reuters via Markit Group Ltd.;

• “Country Classification” of Austria, Belgium,Czech Republic, Denmark, Finland, France,Germany, Greece, Ireland, Italy, Luxembourg,the Netherlands, Norway, Portugal, Spain,Sweden, Switzerland or United Kingdomaccording to the Markit Group Ltd. database(Country Classification is determined byMarkit Group Ltd. based on the issuer’s coun-try of organization, headquarters, the primarylisting of the security and, in certain cases,additional indicators such as primary asset andrevenue location);

• Primary listing exchange of Vienna StockExchange, NYSE EURONEXT Brussels,Prague Stock Exchange, NASDAQ OMXCopenhagen, NASDAQ OMX Helsinki,NYSE EURONEXT Paris, Frankfurt StockExchange, Irish Stock Exchange, Borsa

Italiana, Luxembourg Stock Exchange, NYSEEURONEXT Amsterdam, Oslo Bors, NYSEEURONEXT Lisbon, Bolsa De Madrid(including SIBE), Athens Stock Exchange,NASDAQ OMX Stockholm, SIX SwissExchange or London Stock Exchange;

• 3-month average daily traded volume greaterthan or equal to one (1) million euros; and

• At least 253 days of closing prices.

From those securities, the Eurozone Strategyselects the securities with the 250 highest free-floatmarket capitalizations according to the Markit GroupLtd. database (or all of the securities meeting the abovecriteria if less than 250 securities met the above criteriaas of the Eurozone Selection Date). The free-floatmarket capitalization of a security is calculated byMarkit Group Ltd. by taking its free-float factor multi-plied by its full market capitalization (i.e. share pricemultiplied by number of outstanding shares) based onthe most recent closing price of a security. The free-float factor is an amount calculated by Markit GroupLtd. and is the proportion of the shares outstandingdeemed to be available for purchase in the public equi-ty markets by international investors based on publiclyavailable shareholder information.

From those securities, the Eurozone Strategy elim-inates securities that have a U.S. dollar equivalent shareprice of greater than or equal to $5,000, securities thatare not denominated in euros and securities that have aprimary listing exchange of the Athens StockExchange.

From those securities, the Eurozone Strategyselects the securities with the 100 highest current mar-ket capitalizations (i.e. share price multiplied by num-ber of outstanding shares) or all of the securities meet-ing the above criteria if less than 100 securities met theabove criteria as of the Eurozone Selection Date.

From those securities, the Eurozone Strategyselects the 50 securities that have the lowest marginal“Risk Contributions” as defined using Rothschild’s

2 Investment Summary

INVESTMENT SUMMARY

proprietary rules-based formula (or all of the securi-ties meeting the above criteria if less than 50 securi-ties met the above criteria as of the EurozoneSelection Date). “Risk Contribution” is designed tocalculate the amount of risk that a particular securitywould contribute to a portfolio. Rothschild’s “RiskContribution” formula uses factors including volatili-ty of a security, a security’s correlation with othersecurities and a security’s co-movement with othersecurities.

The 50 (or fewer, if applicable) securities areweighted by the Eurozone Strategy using Rothschild’sproprietary rules-based “Equal Risk ContributionModel” (referred to as the “ERC Model”). The ERCModel is designed to weight a portfolio such that eachsecurity contributes equal risk to a portfolio based oneach security’s Risk Contribution. However, as a resultof potential adjustments by the Eurozone Strategy asdescribed below, securities in the trust portfolio couldhave different weighted Risk Contributions as of theEurozone Selection Date.

If the ERC Model results in one security com-prising greater than 8% of the portfolio, that securi-ty’s weighting is dropped to 8% by the EurozoneStrategy and the remaining securities are reweightedby the Eurozone Strategy using the ERC Model. Forexample, if the ERC Model resulted in one securitycomprising 10% of the portfolio, the EurozoneStrategy would adjust the security’s weight down to8% and use the ERC Model to re-weight the rest ofthe portfolio. If the ERC Model results in the sum ofsecurities individually comprising greater than 5% ofthe portfolio comprising greater than 40% of theportfolio, then the security with the lowest weighting(which was still greater than 5%) is dropped to 5%by the Eurozone Strategy and the remaining securitiesare reweighted by the Eurozone Strategy using theERC Model. If this does not reduce the sum ofexposures that were individually greater than 5% toless than or equal to 40%, then the security with thenext smallest weight (and still larger than 5%) isdropped to 5% by the Eurozone Strategy and theremaining securities are reweighted by the Eurozone

Strategy using the ERC Model. This process contin-ues until the sum of securities individually compris-ing greater than 5% of the portfolio comprise lessthan or equal to 40% of the portfolio. As a result ofthese adjustments, securities in the portfolio couldhave different weighted Risk Contributions as of theEurozone Selection Date.

Please note that the Eurozone Strategy wasapplied to select the portfolio at a particular time. Ifwe* create additional units of the trust after the trust’sinception date, the trust will purchase the securitiesoriginally selected by applying the Eurozone Strategy.This is true even if a later application of the EurozoneStrategy would have resulted in the selection of differ-ent securities.

One security that would have been selected byapplying the Eurozone Strategy as of the EurozoneSelection Date is not permitted to be held by non-European Union investors, including the trust. As aresult, that security was eliminated from the list ofsecurities with the 100 highest current market capital-izations (i.e. share price multiplied by number of out-standing shares) and the security with the next highestcurrent market capitalization was included in this listof 100 securities with the remaining steps of theEurozone Strategy applied to those 100 securities as ofthe Eurozone Selection Date.

Under normal circumstances, the trust will investat least 80% of its assets in Eurozone country securi-ties. For this purpose, Eurozone country securitiesinclude securities issued by issuers (1) organized inEurozone countries, (2) with headquarters or principalplaces of business located in Eurozone countries or(3) doing a substantial amount of business inEurozone countries (either 50% or more of theissuer’s assets are located in Eurozone countries or50% or more of the issuer’s revenues are derived fromEurozone countries). For this purpose, Eurozonecountries include all European Union member coun-tries that use the euro as their official currency.

Investment Summary 3

* “AAM,” “we” and related terms mean Advisors Asset Management,Inc., the trust sponsor, unless the context clearly suggests otherwise.

PPRRIINNCCIIPPAALL RRIISSKKSS

As with all investments, you can lose money byinvesting in this trust. The trust also might not performas well as you expect. This can happen for reasons suchas these:

• SSeeccuurriittyy pprriicceess wwiillll fflluuccttuuaattee. The value of yourinvestment may fall over time.

• AAnn iissssuueerr mmaayy bbee uunnwwiilllliinngg oorr uunnaabbllee ttoo ddeeccllaarreeddiivviiddeennddss iinn tthhee ffuuttuurree,, oorr mmaayy rreedduuccee tthhee lleevveell ooffddiivviiddeennddss ddeeccllaarreedd.. This may result in a reductionin the value of your units.

• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayy wwoorrsseenn oorriittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuullttiinngg iinn aa rreedduuccttiioonniinn tthhee vvaalluuee ooff yyoouurr uunniittss.. This may occur at anypoint in time, including during the initial offeringperiod.

• SSeeccuurriittiieess ooff ffoorreeiiggnn ccoommppaanniieess hheelldd bbyy tthhee ttrruussttpprreesseenntt rriisskkss bbeeyyoonndd tthhoossee ooff UU..SS.. iissssuueerrss.. Theserisks may include market and political factorsrelated to the company’s foreign market, interna-tional trade conditions, less regulation, smaller orless liquid markets, increased volatility, differingaccounting practices and changes in the value offoreign currencies.

• TThhee ttrruusstt iiss ccoonnssiiddeerreedd ttoo bbee ccoonncceennttrraatteedd iinn sseeccuu--rriittiieess ooff EEuurrooppeeaann ccoommppaanniieess.. Negative develop-ments in Europe will affect the value of yourinvestment more than would be the case in a morediversified investment.

• TThhee ttrruusstt iiss ccoonncceennttrraatteedd iinn sseeccuurriittiieess iissssuueedd bbyyccoonnssuummeerr pprroodduuccttss aanndd sseerrvviicceess ccoommppaanniieess..Negative developments in this sector will affect thevalue of your investment more than would be thecase in a more diversified investment.

• TThhee ttrruusstt’’ss ppeerrffoorrmmaannccee mmiigghhtt nnoott ssuuffffiicciieennttllyy ccoorr--rreessppoonndd ttoo ppuubblliisshheedd hhyyppootthheettiiccaall bbaacckk--tteesstteedd ppeerr--ffoorrmmaannccee ooff tthhee ttrruusstt’’ss iinnvveessttmmeenntt ssttrraatteeggyy.. Thiscan happen for reasons such as an inability to

exactly replicate the weightings of securities in thestrategy or be fully invested, timing of the trustoffering or timing of your investment, and trustexpenses. Hypothetical back-tested performance isnot actual past performance of this or any trust.Hypothetical back-tested performance is based onapplication of a trust’s investment strategy as of aparticular time.

• WWee ddoo nnoott aaccttiivveellyy mmaannaaggee tthhee ppoorrttffoolliioo.. Exceptin limited circumstances, the trust will hold, andcontinue to buy, shares of the same securities evenif their market value declines.



WWHHOO SSHHOOUULLDD IINNVVEESSTT

You should consider this investment if you want:

• to own a defined portfolio of securities ofEurozone companies.

• to pursue a long-term investment strategythat includes investment in subsequentportfolios, if available.

• the potential to receive total return.

You should not consider this investment if you:

• are uncomfortable with the risks of anunmanaged investment in securities ofEurozone companies.

• are uncomfortable with the trust’s strategy.

• seek capital preservation.

FFEEEESS AANNDD EEXXPPEENNSSEESS

The amounts below are estimates of the direct andindirect expenses that you may incur based on a $10 unitprice. Actual expenses may vary.

AAss aa %% AAmmoouunnttooff $$11,,000000 ppeerr 110000

SSaalleess FFeeee IInnvveesstteedd UUnniittss

Initial sales fee 1.00% $10.00Deferred sales fee 1.45 14.50Creation & development fee 0.50 5.00Maximum sales fee 2.95% $29.50

OOrrggaanniizzaattiioonn CCoossttss 0.49% $4.90

AAss aa %% AAmmoouunnttAAnnnnuuaall ooff NNeett ppeerr 110000ooppeerraattiinngg eexxppeennsseess AAsssseettss UUnniittss

Trustee fee & expenses 0.87% $8.34Supervisory, evaluation

and administration fees 0.10 1.00Total 0.97% $9.34

The initial sales fee is the difference between thetotal sales fee (maximum of 2.95% of the unit offeringprice) and the sum of the remaining deferred sales fee andthe total creation and development fee. The deferredsales fee is fixed at $0.145 per unit and is paid in threemonthly installments beginning on December 20, 2016.The creation and development fee is fixed at $0.05 perunit and is paid at the end of the initial offering period(anticipated to be approximately three months).

EEXXAAMMPPLLEE

This example helps you compare the cost of this trustwith other unit trusts and mutual funds. In the example weassume that the expenses do not change and that the trust’sannual return is 5%. Your actual returns and expenses willvary. Based on these assumptions, you would pay theseexpenses for every $10,000 you invest in the trust:

1 year $4393 years $1,1335 years $1,84910 years $3,743

This example assumes that you continue to followthe trust strategy and roll your investment, including alldistributions, into a new series of the trust each year sub-ject to a reduced rollover sales charge of 1.95%.* As of September 8, 2016 and may vary thereafter.

ESSENTIAL INFORMATION

Unit price at inception $10.0000

Inception date September 9, 2016Termination date December 11, 2017

Estimated net annualdistributions* $0.1453 per unit

Distribution dates 25th day of January, April,July and October

Record dates 10th day of January, April,July and October

CUSIP NumbersStandard Accounts

Cash distributions 00776F389Reinvest distributions 00776F397

Fee Based AccountsCash distributions 00776F405Reinvest distributions 00776F413

Ticker Symbol REURCX

Minimum investment $1,000/100 units

Tax Structure Regulated Investment Company

Rothschild Smart Beta ERC Strategy, Eurozone Series 2016-3Q(Advisors Disciplined Trust 1715)PortfolioAs of the trust inception date, September 9, 2016

COMMON STOCKS — 100.00%

Consumer Discretionary - 11.92%22 ADS GR adidas AG 2.45% $164.90 $3,628

7 RMS FP Hermes International 2.06 435.93 3,05248 LUX IM Luxottica Group SpA 1.58 48.63 2,33438 PUB FP Publicis Groupe S.A. 1.98 76.95 2,92425 SW FP Sodexo S.A. 2.00 118.24 2,956

135 VIV FP Vivendi S.A. 1.85 20.28 2,738

Consumer Staples - 22.73%21 ABI BB Anheuser-Busch InBev S.A. 1.80 126.90 2,66535 BEI GR Beiersdorf AG 2.22 94.05 3,29236 BN FP Danone S.A. 1.87 76.92 2,76935 HEIO NA Heineken Holding 1.95 82.55 2,88934 HEIA NA Heineken 2.08 90.50 3,07731 HEN GR Henkel AG & Co. KGaA 2.39 114.30 3,54353 KYG ID Kerry Group PLC 3.09 86.24 4,571

129 AD NA Koninklijke Ahold Delhaize 2.11 24.26 3,13013 OR FP L’Oreal S.A. 1.69 192.16 2,49823 RI FP Pernod Ricard S.A. 1.85 119.15 2,74053 UNA NA Unilever 1.68 46.91 2,486

Financials - 6.14%34 DB1 GR Deutsche Boerse AG 1.88 81.85 2,78319 MUV2 GR Muenchener Rueckversicherungs-

Gesellschaft AG in Muenchen 2.39 185.96 3,53360 SAMPO FH Sampo Oyj 1.87 46.11 2,767

Health Care - 15.29%25 BAYN GR Bayer AG 1.83 108.30 2,70719 EI FP Essilor International S.A. 1.68 130.84 2,48631 FME GR Fresenius Medical Care AG & Co. KGaA 1.89 90.01 2,79035 FRE GR Fresenius SE & Co. KGaA 1.88 79.45 2,781

144 GRF SM Grifols S.A. 2.13 21.93 3,15826 MRK GR Merck KGaA 1.91 108.45 2,82031 SAN FP Sanofi 1.68 80.25 2,48841 UCB BB UCB S.A. 2.29 82.70 3,391

(continued)


Percentage of Market Cost ofNumber Ticker Aggregate Offering Value per Securitiesof Shares Symbol Issuer(1)(4) Price Share(1) to Trust(2)


Rothschild Smart Beta ERC Strategy, Eurozone Series 2016-3Q(Advisors Disciplined Trust 1715)Portfolio (Continued)As of the trust inception date, September 9, 2016

Industrials - 15.76%188 ABE SM Abertis Infraestructuras S.A. 2.06% $16.18 $3,041

22 AENA SM Aena S.A. 2.22 149.33 3,28591 DPW GR Deutsche Post AG 1.99 32.42 2,950

127 FER SM Ferrovial S.A. 1.82 21.21 2,69351 KNEBV FH Kone OYJ 1.76 51.16 2,60923 SIE GR Siemens AG 1.86 119.78 2,75534 HO FP Thales S.A. 2.06 89.71 3,05038 DG FP Vinci S.A. 1.99 77.60 2,949

Information Technology - 7.60%57 AMS SM Amadeus IT Group S.A. 1.90 49.43 2,81832 DSY FP Dassault Systemes 1.86 86.21 2,759

442 NOKIA FH Nokia OYJ 1.72 5.77 2,55035 SAP GR SAP SE 2.12 89.72 3,140

Materials - 5.68%24 AI FP Air Liquide S.A. 1.77 109.26 2,62233 BAS GR BASF SE 1.85 83.13 2,74318 LIN GR Linde AG 2.06 169.11 3,044

Real Estate - 4.55%89 DWNI GR Deutsche Wohnen AG 2.30 38.17 3,39786 VNA GR Vonovia SE 2.25 38.77 3,334

Telecommunication Services - 3.59%150 DTE GR Deutsche Telekom AG 1.72 16.93 2,540838 KPN NA Koninklijke KPN 1.87 3.31 2,773

Utilities - 6.74%194 FUM1V FH Fortum OYJ 2.08 15.87 3,078516 IBE SM Iberdrola S.A. 2.39 6.86 3,540589 SRG IM Snam SpA 2.27 5.70 3,356

100.00% $148,022

See “Notes to Portfolio”


Notes to Portfolio

(1) Securities are represented by contracts to purchase securities. The value of each security is based on the evaluation of each security as of the closeof regular trading on the New York Stock Exchange on the business day prior to the trust’s inception date. Accounting Standards Codification 820,“Fair Value Measurements” establishes a framework for measuring fair value and expands disclosure about fair value measurements in financialstatements for the trust. The framework under the standard is comprised of a fair value hierarchy, which requires an entity to maximize the use ofobservable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that maybe used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the trust has the ability to access as of themeasurement date.

Level 2: Significant observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices inmarkets that are not active, and other inputs that are observable or can be corroborated by observable market data. Certain securitiestraded on non-U.S. exchanges may be valued using indications of fair value provided by an independent pricing service to reflect anysignificant market movements between the time the trust values such securities and the earlier closing of such non-U.S. markets. Suchfair valuations are categorized as Level 2 in the fair value hierarchy.

Level 3: Significant unobservable inputs that reflect the trust’s own assumptions about the assumptions that market participants would usein pricing an asset or liability.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level as described above.

The following table summarizes the trust’s investments as of the trust’s inception, based on inputs used to value them:

Level 1 Level 2 Level 3Common Stocks $ 148,022 $ - $ -

(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to thesponsor and the cost of the securities to the trust) are $148,076 and $(54), respectively.

(3) This is a non-income producing security.

(4) This is a security issued by a foreign company.

Common stocks comprise 100.00% of the investments in the trust, broken down by country of organization of the issuer as set forth below:

Belgium 4.09%Finland 7.43%France 24.34%Germany 34.99%Ireland 3.09%Italy 3.85%Netherlands 9.69%Spain 12.52%


ROTHSCHILD SMART BETA ERC STRATEGY, JAPAN SERIES




The trust seeks to achieve its objective by investingin a portfolio of securities selected as of August 30, 2016(the “Japan Selection Date”) using the Rothschild SmartBeta ERC Japan Series UIT Strategy (the “JapanStrategy”) developed by Rothschild Asset ManagementInc. and Risk Based Investment Solutions Limited (col-lectively referred to herein as “Rothschild”).

The Japan Strategy first identifies all securitiesmeeting the following criteria as of the Japan SelectionDate:


• Primary listing exchange of Tokyo StockExchange;

• 3-month average daily traded volume greaterthan or equal to 125 million yen; and


From those securities, the Japan Strategy selects thesecurities with the 400 highest free-float market capital-izations according to the Markit Group Ltd. database(or all of the securities meeting the above criteria if lessthan 400 securities met the above criteria as of the JapanSelection Date). The free-float market capitalization ofa security is calculated by Markit Group Ltd. by takingits free-float factor multiplied by its full market capital-ization (i.e. share price multiplied by number of out-standing shares) based on the most recent closing priceof a security. The free-float factor is an amount calculat-ed by Markit Group Ltd. and is the proportion of theshares outstanding deemed to be available for purchasein the public equity markets by international investorsbased on publicly available shareholder information.

From those securities, the Japan Strategy elimi-nates securities that have a U.S. dollar equivalent shareprice of greater than or equal to $5,000.

From those securities, the Japan Strategy selectsthe 50 securities that have the lowest marginal “RiskContributions” as defined using Rothschild’s propri-etary rules-based formula (or all of the securities meet-ing the above criteria if less than 50 securities met theabove criteria as of the Japan Selection Date). “RiskContribution” is designed to calculate the amount ofrisk that a particular security would contribute to aportfolio. Rothschild’s “Risk Contribution” formulauses factors including volatility of a security, a security’scorrelation with other securities and a security’s co-movement with other securities.

The 50 (or fewer, if applicable) securities areweighted by the Japan Strategy using Rothschild’s pro-prietary rules-based “Equal Risk Contribution Model”(referred to as the “ERC Model”). The ERC Model isdesigned to weight a portfolio such that each securitycontributes equal risk to a portfolio based on eachsecurity’s Risk Contribution. However, as a result ofpotential adjustments by the Japan Strategy asdescribed below, securities in the trust portfolio couldhave different weighted Risk Contributions as of theJapan Selection Date.

If the ERC Model results in one security compris-ing greater than 8% of the portfolio, that security’sweighting is dropped to 8% by the Japan Strategy andthe remaining securities are reweighted by the JapanStrategy using the ERC Model. For example, if theERC Model resulted in one security comprising 10%of the portfolio, the Japan Strategy would adjust thesecurity’s weight down to 8% and use the ERC Modelto re-weight the rest of the portfolio. If the ERCModel results in the sum of securities individuallycomprising greater than 5% of the portfolio compris-ing greater than 40% of the portfolio, then the securi-ty with the lowest weighting (which was still greaterthan 5%) is dropped to 5% by the Japan Strategy andthe remaining securities are reweighted by the JapanStrategy using the ERC Model. If this does notreduce the sum of exposures that were individually

INVESTMENT SUMMARY


greater than 5% to less than or equal to 40%, thenthe security with the next smallest weight (and stilllarger than 5%) is dropped to 5% by the JapanStrategy and the remaining securities are reweightedby the Japan Strategy using the ERC Model. Thisprocess continues until the sum of securities individu-ally comprising greater than 5% of the portfolio com-prise less than or equal to 40% of the portfolio. As aresult of these adjustments, securities in the portfoliocould have different weighted Risk Contributions asof the Japan Selection Date.

Please note that the Japan Strategy was applied toselect the portfolio at a particular time. If we* createadditional units of the trust after the trust’s inceptiondate, the trust will purchase the securities originallyselected by applying the Japan Strategy. This is trueeven if a later application of the Japan Strategy wouldhave resulted in the selection of different securities.

Under normal circumstances, the trust will investat least 80% of its assets in Japanese securities. Forthis purpose, Japanese securities include securitiesissued by issuers (1) organized in Japan, (2) with head-quarters or principal places of business located in Japanor (3) doing a substantial amount of business in Japan(either 50% or more of the issuer’s assets are located inJapan or 50% or more of the issuer’s revenues arederived from Japan).




• AAnn iissssuueerr mmaayy bbee uunnwwiilllliinngg oorr uunnaabbllee ttoo ddeeccllaarreeddiivviiddeennddss iinn tthhee ffuuttuurree,, oorr mmaayy rreedduuccee tthhee lleevveell ooffddiivviiddeennddss ddeeccllaarreedd.. This may result in a reduc-tion in the value of your units.

• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayy wwoorrsseennoorr iittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuullttiinngg iinn aa rreedduucc--

ttiioonn iinn tthhee vvaalluuee ooff yyoouurr uunniittss.. This may occur atany point in time, including during the initialoffering period.

• SSeeccuurriittiieess ooff ffoorreeiiggnn ccoommppaanniieess hheelldd bbyy tthhee ttrruussttpprreesseenntt rriisskkss bbeeyyoonndd tthhoossee ooff UU..SS.. iissssuueerrss.. Theserisks may include market and political factorsrelated to the company’s foreign market, interna-tional trade conditions, less regulation, smaller orless liquid markets, increased volatility, differingaccounting practices and changes in the value offoreign currencies.

• TThhee ttrruusstt iiss ccoonnssiiddeerreedd ttoo bbee ccoonncceennttrraatteedd iinn sseeccuu--rriittiieess ooff JJaappaanneessee ccoommppaanniieess.. Negative develop-ments in Japan will affect the value of your invest-ment more than would be the case in a morediversified investment.

• TThhee ttrruusstt iiss ccoonncceennttrraatteedd iinn sseeccuurriittiieess iissssuueedd bbyyccoonnssuummeerr pprroodduuccttss aanndd sseerrvviicceess ccoommppaanniieess..Negative developments in this sector will affectthe value of your investment more than would bethe case in a more diversified investment.

• TThhee ttrruusstt mmaayy iinnvveesstt iinn sseeccuurriittiieess ooff ssmmaallll aannddmmiidd--ssiizzee ccoommppaanniieess.. These securities are oftenmore volatile and have lower trading volumes thansecurities of larger companies. Small and mid-sizecompanies may have limited products or financialresources, management inexperience and less pub-licly available information.

• TThhee ttrruusstt’’ss ppeerrffoorrmmaannccee mmiigghhtt nnoott ssuuffffiicciieennttllyyccoorrrreessppoonndd ttoo ppuubblliisshheedd hhyyppootthheettiiccaall bbaacckk--tteesstteeddppeerrffoorrmmaannccee ooff tthhee ttrruusstt’’ss iinnvveessttmmeenntt ssttrraatteeggyy..This can happen for reasons such as an inability toexactly replicate the weightings of securities in thestrategy or be fully invested, timing of the trustoffering or timing of your investment, and trustexpenses. Hypothetical back-tested performanceis not actual past performance of this or any trust.Hypothetical back-tested performance is based onapplication of a trust’s investment strategy as of aparticular time.






• to own a defined portfolio of securities ofJapanese companies.




• are uncomfortable with the risks of anunmanaged investment in securities ofJapanese companies.








OOrrggaanniizzaattiioonn CCoossttss 0.49% $4.90





EEXXAAMMPPLLEE



This example assumes that you continue to followthe trust strategy and roll your investment, including alldistributions, into a new series of the trust each year sub-ject to a reduced rollover sales charge of 1.95%.











Ticker Symbol RJPNCX



* As of September 8, 2016 and may vary thereafter.

Rothschild Smart Beta Strategy ERC, Japan Series 2016-3Q(Advisors Disciplined Trust 1715)PortfolioAs of the trust inception date, September 9, 2016


Consumer Discretionary - 21.21%200 2670 JP ABC-Mart, Inc. 2.19% $65.57 $13,114600 9783 JP Benesse Holdings, Inc. 2.41 24.12 14,470300 7458 JP Daiichikosho Co Limited 2.01 40.22 12,066100 9435 JP Hikari Tsushin, Inc. 1.56 93.36 9,336

1,200 7731 JP Nikon Corporation 2.98 14.90 17,877100 9843 JP Nitori Holdings Co., Ltd 1.80 108.05 10,805400 6417 JP Sankyo Co., Ltd. 2.43 36.44 14,578100 8227 JP Shimamura Co., Ltd. 1.98 118.80 11,880200 3092 JP Start Today Co., Ltd. 1.63 48.95 9,790

2,700 9831 JP Yamada Denki Co., Ltd. 2.22 4.93 13,307

Consumer Staples - 38.08%100 3349 JP Cosmos Pharmaceutical Corp 3.19 191.10 19,110200 2206 JP Ezaki Glico Co., Ltd. 1.83 54.86 10,971200 8028 JP FamilyMart Co. Ltd. 2.29 68.80 13,759500 2810 JP House Foods Group Inc. 1.90 22.76 11,382300 2593 JP Ito En, Ltd. 1.60 31.99 9,597600 2811 JP Kagome Co., Ltd. 2.40 23.94 14,363300 2809 JP Kewpie Corporation 1.47 29.46 8,837200 2651 JP Lawson, Inc. 2.44 73.29 14,658

1,000 4912 JP Lion Corp 2.40 14.36 14,364300 2270 JP Megmilk Snow Brand Co. Ltd. 1.65 33.08 9,923

1,000 2201 JP Morinaga & Co., Ltd. 1.43 8.57 8,5671,000 2264 JP Morinaga Milk Industry Co, Ltd. 1.19 7.15 7,1481,000 2871 JP Nichirei Corporation 1.72 10.31 10,314

200 2897 JP Nissin Foods Holdings Co. Ltd. 2.00 59.87 11,974100 4927 JP Pola Orbis Holdings Inc. 1.47 88.43 8,843400 2501 JP Sapporo Holdings Ltd 1.79 26.88 10,750200 7649 JP Sugi Holdings Co. Ltd. 1.74 52.14 10,427300 2587 JP Suntory Beverage & Food Ltd 2.12 42.43 12,729200 2875 JP Toyo Suisan Kaisha, Ltd. 1.45 43.38 8,676500 2212 JP Yamazaki Baking Co. Ltd. 2.00 23.99 11,996

(continued)



Rothschild Smart Beta ERC Strategy, Japan Series 2016-3Q(Advisors Disciplined Trust 1715)Portfolio (Continued)As of the trust inception date, September 9, 2016

Health Care - 5.87%600 4508 JP Mitsubishi Tanabe Pharma Corporation 1.97% $19.71 $11,827200 4516 JP Nippon Shinyaku Co., Ltd. 1.61 48.11 9,622200 4555 JP Sawai Pharmaceutical Co. Ltd. 2.29 68.57 13,715

Industrials - 17.49%100 6465 JP Hoshizaki Electric Co., Ltd. 1.44 86.06 8,606400 9201 JP Japan Airlines Co. Ltd. 2.03 30.45 12,180

1,000 9006 JP Keikyu Corporation 1.65 9.88 9,878700 6005 JP Miura Co. Ltd. 2.23 19.10 13,371

3,000 9048 JP Nagoya Railroad Co. Ltd. 2.56 5.12 15,3572,000 9044 JP Nankai Electric Railway Co. Ltd. 1.66 4.98 9,950

400 4666 JP Park24 Co. Ltd. 2.05 30.65 12,259300 6098 JP Recruit Holdings Co., Ltd. 2.07 41.35 12,404

2,000 9003 JP Sotetsu Holdings, Inc. 1.80 5.41 10,818

Information Technology - 7.42%300 9766 JP Konami Holdings Corp 1.90 37.87 11,360200 4716 JP Oracle Corp Japan 2.02 60.61 12,123200 4768 JP Otsuka Corporation 1.54 46.20 9,240300 9719 JP SCSK Corporation 1.96 39.06 11,718

Materials - 5.53%800 3863 JP Nippon Paper Industries Co. Ltd. 2.48 18.56 14,847

4,000 5232 JP Sumitomo Osaka Cement Co. Ltd. 3.05 4.57 18,280

Real Estate - 2.66%100 1878 JP Daito Trust Construction Co. Ltd. 2.66 159.42 15,942

Telecommunication Services - 1.74%400 9437 JP NTT DOCOMO, Inc. 1.74 26.05 10,419

100.00% $599,527

See “Notes to Portfolio”



Notes to Portfolio

(1) Securities are represented by contracts to purchase securities. The value of each security is based on the evaluation of each security as of the closeof regular trading on the New York Stock Exchange on the business day prior to the trust’s inception date. Accounting Standards Codification 820,“Fair Value Measurements” establishes a framework for measuring fair value and expands disclosure about fair value measurements in financialstatements for the trust. The framework under the standard is comprised of a fair value hierarchy, which requires an entity to maximize the use ofobservable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that maybe used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the trust has the ability to access as of the meas-urement date.

Level 2: Significant observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in mar-kets that are not active, and other inputs that are observable or can be corroborated by observable market data. Certain securities tradedon non-U.S. exchanges may be valued using indications of fair value provided by an independent pricing service to reflect any significantmarket movements between the time the trust values such securities and the earlier closing of such non-U.S. markets. Such fair valuationsare categorized as Level 2 in the fair value hierarchy.

Level 3: Significant unobservable inputs that reflect the trust’s own assumptions about the assumptions that market participants would usein pricing an asset or liability.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level as described above.

The following table summarizes the trust’s investments as of the trust’s inception, based on inputs used to value them:

Level 1 Level 2 Level 3Common Stocks $ 599,527 $ - $ -

(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to thesponsor and the cost of the securities to the trust) are $600,110 and $(583), respectively.



Common stocks comprise 100.00% of the investments in the trust, broken down by country of organization of the issuer as set forth below:

Japan 100.00%


ROTHSCHILD SMART BETA ERC STRATEGY, U.S. SERIES




The trust seeks to achieve its objective byinvesting in a portfolio of securities selected as ofSeptember 8, 2016 (the “U.S. Selection Date”) usingthe Rothschild Smart Beta ERC U.S. Series UITStrategy (the “U.S. Strategy”) developed by RothschildAsset Management Inc. and Risk Based InvestmentSolutions Limited (collectively referred to herein as“Rothschild”).

The U.S. Strategy first identifies all securities meet-ing the following criteria as of the U.S. Selection Date:


• “Country Classification” of U.S. according tothe Markit Group Ltd. database (CountryClassification is determined by MarkitGroup Ltd. based on the issuer’s country oforganization, headquarters, the primary list-ing of the security and, in certain cases, addi-tional indicators such as primary asset andrevenue location);

• Primary listing exchange of NYSE and/orNASDAQ;

• 3-month average daily traded volume greaterthan or equal to one (1) million U.S. dollars;and


From those securities, the U.S. Strategy selects thesecurities with the 500 highest free-float market capital-izations according to the Markit Group Ltd. database(or all of the securities meeting the above criteria if less

than 500 securities met the above criteria as of the U.S.Selection Date). The free-float market capitalization ofa security is calculated by Markit Group Ltd. by takingits free-float factor multiplied by its full market capital-ization (i.e. share price multiplied by number of out-standing shares) based on the most recent closing priceof a security. The free-float factor is an amount calculat-ed by Markit Group Ltd. and is the proportion of theshares outstanding deemed to be available for purchasein the public equity markets by international investorsbased on publicly available shareholder information.

From those securities, the U.S. Strategy eliminatessecurities that have a share price of greater than or equalto $5,000.

From those securities, the U.S. Strategy selects thesecurities with the 100 highest current market capital-izations (i.e. share price multiplied by number of out-standing shares) or all of the securities meeting theabove criteria if less than 100 securities met the abovecriteria as of the U.S. Selection Date.

From those securities, the U.S. Strategy selects the50 securities that had the lowest marginal “RiskContributions” as defined using Rothschild’s propri-etary rules-based formula (or all of the securities meet-ing the above criteria if less than 50 securities met theabove criteria as of the U.S. Selection Date). “RiskContribution” is designed to calculate the amount ofrisk that a particular security would contribute to aportfolio. Rothschild’s “Risk Contribution” formulauses factors including volatility of a security, a security’scorrelation with other securities and a security’s co-movement with other securities.

The 50 (or fewer, if applicable) securities areweighted by the U.S. Strategy using Rothschild’s pro-prietary rules-based “Equal Risk Contribution Model”(referred to as the “ERC Model”). The ERC Model isdesigned to weight a portfolio such that each securitycontributes equal risk to a portfolio based on eachsecurity’s Risk Contribution. However, as a result ofpotential adjustments by the U.S. Strategy as describedbelow, securities in the trust portfolio could have dif-ferent weighted Risk Contributions as of the U.S.Selection Date.


INVESTMENT SUMMARY

If the ERC Model results in one security compris-ing greater than 8% of the portfolio, that security’sweighting is dropped to 8% by the U.S. Strategy andthe remaining securities are reweighted by the U.S.Strategy using the ERC Model. For example, if theERC Model resulted in one security comprising 10%of the portfolio, the U.S. Strategy would adjust thesecurity’s weight down to 8% and use the ERC Modelto re-weight the rest of the portfolio. If the ERCModel results in the sum of securities individuallycomprising greater than 5% of the portfolio compris-ing greater than 40% of the portfolio, then the securitywith the lowest weighting (which was still greater than5%) is dropped to 5% by the U.S. Strategy and theremaining securities are reweighted by the U.S.Strategy using the ERC Model. If this does not reducethe sum of exposures that were individually greaterthan 5% to less than or equal to 40%, then the securi-ty with the next smallest weight (and still larger than5%) is dropped to 5% by the U.S. Strategy and theremaining securities are reweighted by the U.S.Strategy using the ERC Model. This process continuesuntil the sum of securities individually comprisinggreater than 5% of the portfolio comprise less than orequal to 40% of the portfolio. As a result of theseadjustments, securities in the portfolio could have dif-ferent weighted Risk Contributions as of the U.S.Selection Date.

Please note that the U.S. Strategy was applied toselect the portfolio at a particular time. If we* createadditional units of the trust after the trust’s inceptiondate, the trust will purchase the securities originallyselected by applying the U.S. Strategy. This is trueeven if a later application of the U.S. Strategy wouldhave resulted in the selection of different securities.

Under normal circumstances, the trust will investat least 80% of its assets in U.S. securities. For thispurpose, U.S. securities include securities issued byissuers (1) organized in the U.S., (2) with headquartersor principal places of business located in the U.S. or(3) doing a substantial amount of business in the U.S.(either 50% or more of the issuer’s assets are located inthe U.S. or 50% or more of the issuer’s revenues arederived from the U.S.).




• AAnn iissssuueerr mmaayy bbee uunnwwiilllliinngg oorr uunnaabbllee ttoo ddeeccllaarreeddiivviiddeennddss iinn tthhee ffuuttuurree,, oorr mmaayy rreedduuccee tthhee lleevveell ooffddiivviiddeennddss ddeeccllaarreedd.. This may result in a reduc-tion in the value of your units.

• TThhee ffiinnaanncciiaall ccoonnddiittiioonn ooff aann iissssuueerr mmaayy wwoorrsseennoorr iittss ccrreeddiitt rraattiinnggss mmaayy ddrroopp,, rreessuullttiinngg iinn aa rreedduucc--ttiioonn iinn tthhee vvaalluuee ooff yyoouurr uunniittss.. This may occur atany point in time, including during the initialoffering period.

• TThhee ttrruusstt iiss ccoonncceennttrraatteedd iinn sseeccuurriittiieess iissssuueedd bbyyccoonnssuummeerr pprroodduuccttss aanndd sseerrvviicceess ccoommppaanniieess..Negative developments in this sector will affectthe value of your investment more than would bethe case in a more diversified investment.

• TThhee ttrruusstt’’ss ppeerrffoorrmmaannccee mmiigghhtt nnoott ssuuffffiicciieennttllyyccoorrrreessppoonndd ttoo ppuubblliisshheedd hhyyppootthheettiiccaall bbaacckk--tteesstteeddppeerrffoorrmmaannccee ooff tthhee ttrruusstt’’ss iinnvveessttmmeenntt ssttrraatteeggyy..This can happen for reasons such as an inability toexactly replicate the weightings of securities in thestrategy or be fully invested, timing of the trustoffering or timing of your investment, and trustexpenses. Hypothetical back-tested performanceis not actual past performance of this or any trust.Hypothetical back-tested performance is based onapplication of a trust’s investment strategy as of aparticular time.






• to own a defined portfolio of securities ofU.S. companies.




• are uncomfortable with the risks of anunmanaged investment in securities of U.S.companies.








OOrrggaanniizzaattiioonn CCoossttss 0.49% 4.90





EEXXAAMMPPLLEE



This example assumes that you continue to followthe trust strategy and roll your investment, including alldistributions, into a new series of the trust each year sub-ject to a reduced rollover sales charge of 1.95%.











Ticker Symbol RUSACX



* As of September 8, 2016 and may vary thereafter.

Rothschild Smart Beta ERC Strategy, U.S. Series 2016-3Q(Advisors Disciplined Trust 1715)PortfolioAs of the trust inception date, September 9, 2016


Consumer Discretionary - 16.34%9 CHTR Charter Communications, Inc. (3) 1.63% $268.66 $2,418

40 CMCSA Comcast Corporation 1.78 66.16 2,64620 HD The Home Depot, Inc. 1.77 131.26 2,62535 LOW Lowe’s Companies, Inc. 1.75 74.13 2,59526 MCD McDonald’s Corporation 2.03 116.17 3,02047 NKE NIKE, Inc. 1.78 56.17 2,64038 TWX Time Warner, Inc. 2.02 78.92 2,99935 TJX The TJX Companies, Inc. 1.80 76.22 2,66828 DIS The Walt Disney Company 1.78 94.09 2,635

Consumer Staples - 27.02%52 MO Altria Group, Inc. 2.33 66.40 3,45383 KO The Coca-Cola Company 2.44 43.63 3,62136 CL Colgate-Palmolive Company 1.77 72.99 2,62822 COST Costco Wholesale Corporation 2.28 153.47 3,37631 CVS CVS Health Corporation 1.95 93.11 2,88622 KMB Kimberly-Clark Corporation 1.87 125.91 2,77026 KHC The Kraft Heinz Company 1.56 89.19 2,31930 PEP PepsiCo, Inc. 2.16 106.88 3,20630 PM Philip Morris International, Inc. 2.05 101.32 3,04037 PG The Procter & Gamble Company 2.19 87.78 3,24877 RAI Reynolds American, Inc. 2.59 49.83 3,83728 WBA Walgreens Boots Alliance, Inc. 1.60 84.67 2,37146 WMT Wal-Mart Stores, Inc. 2.23 71.83 3,304

Energy - 1.80%30 XOM Exxon Mobil Corporation 1.80 89.05 2,671

Financials - 2.19%49 AXP American Express Company 2.19 66.24 3,246

Health Care - 18.67%41 ABBV AbbVie, Inc. 1.77 64.06 2,62645 BMY Bristol-Myers Squibb Company 1.72 56.81 2,55635 DHR Danaher Corporation 1.86 79.00 2,76530 LLY Eli Lilly & Company 1.62 79.89 2,39743 ESRX Express Scripts Holding Company (3) 2.09 72.11 3,10128 JNJ Johnson & Johnson 2.25 119.47 3,34516 MCK McKesson Corporation 1.97 183.04 2,92938 MRK Merck & Company, Inc. 1.62 63.24 2,40383 PFE Pfizer, Inc. 1.94 34.72 2,88220 UNH UnitedHealth Group, Inc. 1.83 135.44 2,709

(continued)


Percentage of Market Cost ofNumber Ticker Aggregate Offering Value per Securitiesof Shares Symbol Issuer(1) Price Share(1) to Trust(2)

Rothschild Smart Beta ERC Strategy, U.S. Series 2016-3Q(Advisors Disciplined Trust 1715)Portfolio (Continued)As of the trust inception date, September 9, 2016

Industrials - 11.78%17 MMM 3M Company 2.06% $180.10 $3,06218 GD General Dynamics Corporation 1.85 152.40 2,74321 HON Honeywell International, Inc. 1.61 113.82 2,39014 LMT Lockheed Martin Corporation 2.28 241.63 3,38328 UPS United Parcel Service, Inc. 2.06 108.94 3,05027 UTX United Technologies Corporation 1.92 105.75 2,855

Information Technology - 3.33%3 GOOGL Alphabet, Inc. (3) 1.62 802.84 2,409

16 IBM International Business Machines Corporation 1.71 159.00 2,544

Materials - 3.58%39 DD E.I. du Pont de Nemours & Company 1.83 69.68 2,71824 MON Monsanto Company 1.75 108.05 2,593

Telecommunication Services - 4.59%87 T AT&T, Inc. 2.42 41.19 3,58460 VZ Verizon Communications, Inc. 2.17 53.60 3,216

Utilities - 10.70%53 D Dominion Resources, Inc. 2.70 75.51 4,00246 DUK Duke Energy Corporation 2.51 80.81 3,71729 NEE NextEra Energy, Inc. 2.45 125.38 3,63686 SO The Southern Company 3.04 52.47 4,512

100.00% $148,349

Notes to Portfolio(1) Securities are represented by contracts to purchase securities. The value of each security is based on the most recent closing sale price of each

security as of the close of regular trading on the New York Stock Exchange on the business day prior to the trust’s inception date. In accordancewith Accounting Standards Codification 820, “Fair Value Measurements”, the trust’s investments are classified as Level 1, which refers to securityprices determined using quoted prices in active markets for identical securities.

(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to thesponsor and the cost of the securities to the trust) are $148,349 and $0, respectively.



Percentage of Market Cost ofNumber Ticker Aggregate Offering Value per Securitiesof Shares Symbol Issuer(1) Price Share(1) to Trust(2)


HHOOWW TTOO BBUUYY UUNNIITTSS

You can buy units of a trust on any businessday the New York Stock Exchange is open bycontacting your financial professional. Unitprices are available daily on the Internet atwwwwww..AAAAMMlliivvee..ccoomm.. The public offering price ofunits includes:

• the net asset value per unit plus

• organization costs plus

• the sales fee.

The “net asset value per unit” is the value ofthe securities, cash and other assets in your trustreduced by the liabilities of your trust divided bythe total units or your trust outstanding. Weoften refer to the public offering price of units asthe “offer price” or “purchase price.” The offerprice will be effective for all orders received priorto the close of regular trading on the New YorkStock Exchange (normally 4:00 p.m. Easterntime). If we receive your order prior to the closeof regular trading on the New York StockExchange or authorized financial professionalsreceive your order prior to that time and properlytransmit the order to us by the time that we des-ignate, then you will receive the price computedon the date of receipt. If we receive your orderafter the close of regular trading on the New YorkStock Exchange, if authorized financial profes-sionals receive your order after that time or iforders are received by such persons and are nottransmitted to us by the time that we designate,then you will receive the price computed on thedate of the next determined offer price providedthat your order is received in a timely manner onthat date. It is the responsibility of the author-ized financial professional to transmit the orders

that they receive to us in a timely manner.Certain broker-dealers may charge a transactionor other fee for processing unit purchase orders.

VVaalluuee ooff tthhee SSeeccuurriittiieess.. We determine thevalue of the securities as of the close of regulartrading on the New York Stock Exchange on eachday that exchange is open. We generally deter-mine the value of securities using the last sale pricefor securities traded on a national securitiesexchange. For this purpose, the trustee providesus closing prices from a reporting service approvedby us. In some cases we will price a security basedon its fair value after considering appropriate fac-tors relevant to the value of the security. We willonly do this if a security is not principally tradedon a national securities exchange or if the marketquotes are unavailable or inappropriate.

We determined the initial prices of the securi-ties shown under each “Portfolio” section in thisprospectus as described above at the close of regu-lar trading on the New York Stock Exchange onthe business day before the date of this prospectus.On the first day we sell units we will compute theunit price as of the close of regular trading on theNew York Stock Exchange or the time the registra-tion statement filed with the Securities andExchange Commission becomes effective, if later.

OOrrggaanniizzaattiioonn CCoossttss.. During the initial offer-ing period, part of the value of the units repre-sents an amount that will pay the costs of creatingyour trust. These costs include the costs ofpreparing the registration statement and legaldocuments, federal and state registration fees, theinitial fees and expenses of the trustee and the ini-tial audit. Your trust will sell securities to reim-burse us for these costs at the end of the initialoffering period or after six months, if earlier. Thevalue of your units will decline when your trustpays these costs.

UNDERSTANDING YOUR INVESTMENT

20 Understanding Your Investment

TTrraannssaaccttiioonnaall SSaalleess FFeeee.. You pay a fee in con-nection with purchasing units. We refer to this feeas the “transactional sales fee.” The transactionalsales fee has both an initial and a deferred compo-nent and equals 2.45% of the public offering priceper unit based on a $10 public offering price perunit. This percentage amount of the transactionalsales fee is based on the unit price on your trust’sinception date. The transactional sales fee equalsthe difference between the total sales fee and thecreation and development fee. As a result, the per-centage and dollar amount of the transactionalsales fee will vary as the public offering price perunit varies. The transactional sales fee does notinclude the creation and development fee which isdescribed under “Fees and Expenses.”

The maximum sales fee equals 2.95% of thepublic offering price per unit at the time of pur-chase. You pay the initial sales fee at the time youbuy units. The initial sales fee is the differencebetween the total sales fee percentage (maximumof 2.95% of the public offering price per unit)and the sum of the remaining fixed dollardeferred sales fee and the total fixed dollar cre-ation and development fee. The initial sales feewill be approximately 1.00% of the public offer-ing price per unit depending on the public offer-ing price per unit. The deferred sales fee is fixedat $0.145 per unit. Your trust pays the deferredsales fee in equal monthly installments asdescribed under “Investment Summary—Fees andExpenses” for your trust. If you redeem or sellyour units prior to collection of the total deferredsales fee, you will pay any remaining deferred salesfee upon redemption or sale of your units.

If you purchase units after the last deferredsales fee payment has been assessed, the secondarymarket sales fee is equal to 2.95% of the publicoffering price and does not include deferred pay-ments (i.e. unitholders who buy in the secondary

market after collection of the deferred sales feesare not charged deferred sales fees).

MMiinniimmuumm PPuurrcchhaassee.. The minimum amountyou can purchase appears under “InvestmentSummary—Essential Information” for your trust,but such amounts may vary depending on yourselling firm.

RReedduucciinngg YYoouurr SSaalleess FFeeee. We offer a variety ofways for you to reduce the fee you pay. It is yourfinancial professional’s responsibility to alert us ofany discount when you order units. Except asexpressly provided herein, you may not combinediscounts. Since the deferred sales fee and thecreation and development fee are fixed dollaramounts per unit, your trust must charge thesefees per unit regardless of any discounts.However, if you are eligible to receive a discountsuch that your total sales fee is less than the fixeddollar amounts of the deferred sales fee and thecreation and development fee, we will credit youthe difference between your total sales fee andthese fixed dollar fees at the time you buy units.

Large Purchases. You can reduce your sales feeby increasing the size of your investment:

If you purchase: Your fee will be:

Less than $50,000 2.95%$50,000 - $99,999 2.70$100,000 - $249,999 2.45$250,000 - $499,999 2.20$500,000 - $999,999 1.95$1,000,000 or more 1.40

We apply these fees as a percent of the publicoffering price per unit at the time of purchase.The breakpoints will be adjusted to take into con-sideration purchase orders stated in dollars whichcannot be completely fulfilled due to the require-ments that only whole units be issued.

Understanding Your Investment 21

You aggregate initial offering period unitorders submitted by the same person for units ofany of the trusts we sponsor on any single dayfrom any one broker-dealer to qualify for a pur-chase level. If you purchase initial offering periodunits that qualify for the fee account orrollover/exchange discount described below andalso purchase additional initial offering periodunits on a single day from the same broker-dealerthat do not qualify for the fee account orrollover/exchange discount, you aggregate all ini-tial offering period units purchased for purposes ofdetermining the applicable breakpoint level in thetable above on the additional units, but such addi-tional units will not qualify for the fee account orrollover/exchange discount described below.Secondary market unit purchases are not aggregat-ed with initial offering period unit purchases forpurposes of determining the applicable breakpointlevel. You can also include these orders as yourown for purposes of this aggregation:

• orders submitted by your spouse or chil-dren (including step-children) under 21years of age living in the same householdand

• orders submitted by your trust estate orfiduciary accounts.

The discounts described above apply only toinitial offering period purchases.

Fee Accounts. Investors may purchase unitsthrough registered investment advisers, certifiedfinancial planners or registered broker-dealers whoin each case either charge investor accounts (“FeeAccounts”) periodic fees for brokerage services,financial planning, investment advisory or assetmanagement services, or provide such services inconnection with an investment account for whicha comprehensive “wrap fee” charge (“Wrap Fee”)is imposed. You should consult your financial

advisor to determine whether you can benefitfrom these accounts. To purchase units in theseFee Accounts, your financial advisor must pur-chase units designated with one of the FeeAccount CUSIP numbers, if available. Pleasecontact your financial advisor for more informa-tion. If units are purchased for a Fee Accountand the units are subject to a Wrap Fee in suchFee Account (i.e., the trust is “Wrap Fee Eligible”)then investors may be eligible to purchase units inthese Fee Accounts that are not subject to thetransactional sales fee but will be subject to thecreation and development fee that is retained bythe sponsor. For example, this table illustrates thesales fee you will pay as a percentage of the initial$10 public offering price per unit (the percentagewill vary with the unit price).

Initial sales fee 0.00%Deferred sales fee 0.00%

Transactional sales fee 0.00%Creation and development fee 0.50%

Total sales fee 0.50%

This discount applies only during the initialoffering period. Certain Fee Account investorsmay be assessed transaction or other fees on thepurchase and/or redemption of units by their bro-ker-dealer or other processing organizations forproviding certain transaction or account activities.We reserve the right to limit or deny purchases ofunits in Fee Accounts by investors or selling firmswhose frequent trading activity is determined tobe detrimental to a trust.

Employees. We waive the transactional salesfee for purchases made by officers, directors andemployees (and immediate family members) of thesponsor and its affiliates. These purchases are notsubject to the transactional sales fee but will besubject to the creation and development fee. Wealso waive a portion of the sales fee for purchases


made by officers, directors and employees (andimmediate family members) of selling firms.These purchases are made at the public offeringprice per unit less the applicable regular dealerconcession. Immediate family members for thepurposes of this section include your spouse, chil-dren (including step-children) under the age of 21living in the same household, and parents (includ-ing step-parents). These discounts apply to initialoffering period and secondary market purchases.All employee discounts are subject to the policiesof the related selling firm, including but not lim-ited to, householding policies or limitations.Only officers, directors and employees (and theirimmediate family members) of selling firms thatallow such persons to participate in this employeediscount program are eligible for the discount.

Rollover/Exchange Option. We waive a portionof the sales fee on units of the trusts offered in thisprospectus if you buy your units with redemptionor termination proceeds from any unit investmenttrust (regardless of sponsor). The discounted pub-lic offering price per unit for these transactions isequal to the regular public offering price per unitless 1.00%. However, if you invest redemption ortermination proceeds of $500,000 or more inunits, the maximum sales fee on your units will belimited to the maximum sales fee for the applica-ble amount invested in the table under “LargePurchases” above. To qualify for this discount, thetermination or redemption proceeds used to pur-chase units of a trust offered in this prospectusmust be derived from a transaction that occurredwithin 30 calendar days of your purchase of unitsof a trust offered in this prospectus. In addition,the discount will only be available for investorsthat utilize the same broker-dealer (or a differentbroker-dealer with appropriate notification) forboth the unit purchase and the transaction result-ing in the receipt of the termination or redemp-tion proceeds used for the unit purchase. You may

be required to provide appropriate documentationor other information to your broker-dealer to evi-dence your eligibility for this sales fee discount.

Please note that if you purchase units of atrust in this manner using redemption proceedsfrom trusts which assess the amount of anyremaining deferred sales fee at redemption, youshould be aware that any deferred sales feeremaining on these units will be deducted fromthose redemption proceeds. These discountsapply only to initial offering period purchases.

Dividend Reinvestment Plan. We do notcharge any sales fee when you reinvest distribu-tions from your trust into additional units of yourtrust. This sales fee discount applies to initialoffering period and secondary market purchases.Since the deferred sales fee and the creation anddevelopment fee are fixed dollar amounts perunit, your trust must charge these fees per unitregardless of this discount. If you elect the distri-bution reinvestment plan, we will credit you withadditional units with a dollar value sufficient tocover the amount of any remaining deferred salesfee or creation and development fee that will becollected on such units at the time of reinvest-ment. The dollar value of these units will fluctu-ate over time.

RReettiirreemmeenntt AAccccoouunnttss.. Your portfolio may besuitable for purchase in tax-advantaged retirementaccounts. You should contact your financial pro-fessional about the accounts offered and any addi-tional fees imposed.

HHOOWW TTOO SSEELLLL YYOOUURR UUNNIITTSS

You can sell or redeem your units on anybusiness day the New York Stock Exchange isopen by contacting your financial professional.Unit prices are available daily on the Internet at


wwwwww..AAAAMMlliivvee..ccoomm or through your financial pro-fessional. The sale and redemption price of unitsis equal to the net asset value per unit, providedthat you will not pay any remaining creation anddevelopment fee or organization costs if you sellor redeem units during the initial offering period.The sale and redemption price is sometimesreferred to as the “liquidation price.” You payany remaining deferred sales fee when you sell orredeem your units. Certain broker-dealers maycharge a transaction or other fee for processingunit redemption or sale requests.

SSeelllliinngg UUnniittss. We may maintain a secondarymarket for units. This means that if you want tosell your units, we may buy them at the currentnet asset value, provided that you will not pay anyremaining creation and development fee or organ-ization costs if you sell units during the initialoffering period. We may then resell the units toother investors at the public offering price orredeem them for the redemption price. Our sec-ondary market repurchase price is the same as theredemption price. Certain broker-dealers mightalso maintain a secondary market in units. Youshould contact your financial professional for cur-rent repurchase prices to determine the best priceavailable. We may discontinue our secondarymarket at any time without notice. Even if we donot make a market, you will be able to redeemyour units with the trustee on any business dayfor the current redemption price.

RReeddeeeemmiinngg UUnniittss. You may also redeem yourunits directly with the trustee, The Bank of NewYork Mellon, on any day the New York StockExchange is open. The redemption price that youwill receive for units is equal to the net asset valueper unit, provided that you will not pay anyremaining creation and development fee or organ-ization costs if you redeem units during the initialoffering period. You will pay any remaining

deferred sales fee at the time you redeem units.You will receive the net asset value for a particularday if the trustee receives your completedredemption request prior to the close of regulartrading on the New York Stock Exchange.Redemption requests received by authorizedfinancial professionals prior to the close of regulartrading on the New York Stock Exchange that areproperly transmitted to the trustee by the timedesignated by the trustee, are priced based on thedate of receipt. Redemption requests received bythe trustee after the close of regular trading on theNew York Stock Exchange, redemption requestsreceived by authorized financial professionals afterthat time or redemption requests received by suchpersons that are not transmitted to the trusteeuntil after the time designated by the trustee, arepriced based on the date of the next determinedredemption price provided they are received in atimely manner by the trustee on such date. It isthe responsibility of authorized financial profes-sionals to transmit redemption requests receivedby them to the trustee so they will be received ina timely manner. If your request is not receivedin a timely manner or is incomplete in any way,you will receive the next net asset value computedafter the trustee receives your completed request.

If you redeem your units, the trustee will gen-erally send you a payment for your units no laterthan seven days after it receives all necessary doc-umentation (this will usually only take three busi-ness days). The only time the trustee can delayyour payment is if the New York Stock Exchangeis closed (other than weekends or holidays), theSecurities and Exchange Commission determinesthat trading on that exchange is restricted or anemergency exists making sale or evaluation of thesecurities not reasonably practicable, and for anyother period that the Securities and ExchangeCommission permits.


You can request an in-kind distribution of thesecurities underlying your units if you tender atleast 2,500 units for redemption (or such otheramount as required by your financial profession-al’s firm). This option is generally available onlyfor securities traded and held in the United States.The trustee will make any in-kind distribution ofsecurities by distributing applicable securities inbook entry form to the account of your financialprofessional at Depository Trust Company. Youwill receive whole shares of the applicable securi-ties and cash equal to any fractional shares. Youmay not request this option in the last 30 days ofyour trust’s life. We may discontinue this optionupon sixty days notice.

EExxcchhaannggee OOppttiioonn. You may be able toexchange your units for units of our unit trusts at areduced sales fee. You can contact your financialprofessional for more information about trusts cur-rently available for exchanges. Before you exchangeunits, you should read the prospectus carefully andunderstand the risks and fees. You should thendiscuss this option with your financial professionalto determine whether your investment goals havechanged, whether current trusts suit you and todiscuss tax consequences. We may discontinuethis option at any time upon sixty days notice.

RRoolllloovveerr OOppttiioonn.. Your trust’s strategy is along-term investment strategy designed to be fol-lowed on an annual basis. You may achieve moreconsistent long-term investment results by follow-ing the strategy. As part of the strategy, we cur-rently intend to offer a subsequent series of yourtrust for a rollover when the current trust termi-nates. When your trust terminates you will havethe option to (1) participate in a rollover andhave your units reinvested into a subsequent trustseries through a cash rollover as described in thissection, (2) receive an in-kind distribution ofsecurities or (3) receive a cash distribution.

If you elect to participate in a rollover, yourunits will be redeemed on your trust’s terminationdate. As the redemption proceeds become avail-able, the proceeds (including dividends) will beinvested in a new trust series, if available, at thepublic offering price for the new trust. The trusteewill attempt to sell securities to satisfy the redemp-tion as quickly as practicable on the terminationdate. We do not anticipate that the sale period willbe longer than one day, however, certain factorscould affect the ability to sell the securities andcould impact the length of the sale period. Theliquidity of any security depends on the daily trad-ing volume of the security and the amount avail-able for redemption and reinvestment on any day.

We intend to make subsequent trust seriesavailable for sale at various times during the year.Of course, we cannot guarantee that a subsequenttrust or sufficient units will be available or thatany subsequent trusts will offer the same invest-ment strategies or objectives as your current trust.We cannot guarantee that a rollover will avoid anynegative market price consequences resulting fromtrading large volumes of securities. Market pricetrends may make it advantageous to sell or buysecurities more quickly or more slowly than per-mitted by the trust procedures. We may, in oursole discretion, modify a rollover or stop creatingunits of a trust at any time regardless of whetherall proceeds of unitholders have been reinvested ina rollover. We may decide not to offer the rolloveroption upon sixty days notice. Cash which hasnot been reinvested in a rollover will be distrib-uted to unitholders shortly after the terminationdate. Rollover participants may receive taxabledividends or realize taxable capital gains which arereinvested in connection with a rollover but maynot be entitled to a deduction for capital lossesdue to the “wash sale” tax rules. Due to the rein-vestment in a subsequent trust, no cash will bedistributed to pay any taxes. See “Taxes”.


DDIISSTTRRIIBBUUTTIIOONNSS

DDiissttrriibbuuttiioonnss. Your trust generally pays distri-butions of its net investment income along withany excess capital on each distribution date tounitholders of record on the preceding recorddate. The record and distribution dates and thetax status are shown under “Essential Information”in the “Investment Summary” section of thisprospectus for your trust. In some cases, yourtrust might pay a special distribution if it holdsan excessive amount of cash pending distribution.For example, this could happen as a result of amerger or similar transaction involving a compa-ny whose stock is in your portfolio. Your trustwill also generally make required distributions ordistributions to avoid imposition of tax at the endof each year because it is structured as a “regulat-ed investment company” for federal tax purposes.The amount of your distributions will vary fromtime to time as companies change their dividendsor trust expenses change.

EEssttiimmaatteedd AAnnnnuuaall DDiissttrriibbuuttiioonnss.. The estimatednet annual distributions for your trust are shownunder “Essential Information” in the “InvestmentSummary” section of this prospectus related toyour trust. We generally base the estimate of theincome your trust may receive on annualizing themost recent ordinary dividend declared by an issuer(or adding the most recent interim and final divi-dends declared for certain foreign issuers) or onscheduled income payments. However, dividendconventions for certain companies and/or certaincountries differ from those typically used in theUnited States and in certain instances, dividendspaid or declared over several years or other periodswere used to estimate annual distributions. Due tothis and various other factors, actual dividendsreceived by your trust will most likely differ fromthe most recent annualized dividends or scheduledincome payments. The actual net annual distribu-tions you will receive will vary with changes in

your trust’s fees and expenses, in dividends receivedand with the sale of securities.

RReeppoorrttss. The trustee or your financial profes-sional will make available to you a statementshowing income and other receipts of your trustfor each distribution. Each year the trustee willalso provide an annual report on your trust’sactivity and certain tax information. You canrequest copies of security evaluations to enableyou to complete your tax forms and auditedfinancial statements for your trust, if available.

IINNVVEESSTTMMEENNTT RRIISSKKSS

All investments involve risk. This sectiondescribes the main risks that can impact the valueof the securities in your portfolio. You shouldunderstand these risks before you invest. If thevalue of the securities falls, the value of your unitswill also fall. We cannot guarantee that your trustwill achieve its objective or that your investmentreturn will be positive over any period.

MMaarrkkeett RRiisskk.. Market risk is the risk that thevalue of the securities in your trust will fluctuate.This could cause the value of your units to fallbelow your original purchase price. Market valuefluctuates in response to various factors. Thesecan include changes in interest rates, inflation, thefinancial condition of a security’s issuer, percep-tions of the issuer, or ratings on a security. Eventhough we supervise your portfolio, you shouldremember that we do not manage your portfolio.Your trust will not sell a security solely because themarket value falls as is possible in a managed fund.

DDiivviiddeenndd PPaayymmeenntt RRiisskk.. Dividend paymentrisk is the risk that an issuer of a security isunwilling or unable to pay income on a security.Stocks represent ownership interests in the issuersand are not obligations of the issuers. Commonstockholders have a right to receive dividends only


after the company has provided for payment of itscreditors, bondholders and preferred stockholders.Common stocks do not assure dividend pay-ments. Dividends are paid only when declared byan issuer’s board of directors and the amount ofany dividend may vary over time.

SSttrraatteeggyy CCoorrrreellaattiioonn RRiisskk.. Strategy correlationrisk is the risk that your trust’s performance willnot sufficiently correspond with the hypotheticalback-tested performance of the trust’s investmentstrategy. This can happen for reasons such as:

• the impracticability of owning each ofthe strategy stocks with the exact weight-ings at a given time,

• strategy performance is based on a calen-dar year strategy while trusts may be cre-ated at various times during the year andgenerally have 15 month terms,

• your trust may not be fully invested at alltimes, and

• trust fees and expenses.

Hypothetical back-tested performance is notactual past performance of this or any trust.Hypothetical back-tested performance is based onapplication of a trust’s investment strategy as of aparticular time.

SSeeccttoorr CCoonncceennttrraattiioonn RRiisskk.. Sector concentra-tion risk is the risk that the value of your trust ismore susceptible to fluctuations based on factorsthat impact a particular sector because the portfo-lio concentrates in securities issued by companieswithin that sector. A portfolio “concentrates” in asector when securities in a particular sector makeup 25% or more of the portfolio. Refer to the“Principal Risks” in the “Investment Summary”section for your trust in this prospectus for sectorconcentrations.

Your trust may invest significantly in securitiesof ccoonnssuummeerr pprroodduuccttss aanndd sseerrvviicceess companies.These companies manufacture or sell various con-sumer products and/or services. General risks ofthese companies include the general state of theeconomy, intense competition and consumerspending trends. A decline in the economy whichresults in a reduction of consumers’ disposableincome can negatively impact spending habits.Competitiveness in the retail industry will requirelarge capital outlays for the installation of auto-mated checkout equipment to control inventory,track the sale of items and gauge the success ofsales campaigns. Retailers who sell their productsand services over the Internet have the potential toaccess more consumers, but will require sophisti-cated technology to remain competitive.

SSmmaallll aanndd MMiidd--SSiizzee CCoommppaanniieess.. Your trust mayinvest in securities issued by small and mid-sizecompanies. The share prices of these companiesare often more volatile than those of larger compa-nies as a result of several factors common to manysuch issuers, including limited trading volumes,products or financial resources, management inex-perience and less publicly available information.

FFoorreeiiggnn IIssssuueerr RRiisskk.. An investment in securi-ties of foreign issuers involves certain risks that aredifferent in some respects from an investment insecurities of domestic issuers. These include risksassociated with future political and economicdevelopments, international trade conditions, for-eign withholding taxes, liquidity concerns, curren-cy fluctuations, volatility, restrictions on foreigninvestments and exchange of securities, potentialfor expropriation of assets, confiscatory taxation,difficulty in obtaining or enforcing a court judg-ment, potential inability to collect when a compa-ny goes bankrupt and economic, political or socialinstability. Moreover, individual foreigneconomies may differ favorably or unfavorably


from the U.S. economy for reasons including dif-ferences in growth of gross domestic product,rates of inflation, capital reinvestment, resources,self-sufficiency and balance of payments positions.There may be less publicly available informationabout a foreign issuer than is available from adomestic issuer as a result of different accounting,auditing and financial reporting standards. Someforeign markets are less liquid than U.S. marketswhich could cause securities to be bought at ahigher price or sold at a lower price than would bethe case in a highly liquid market.

Securities of certain foreign issuers may bedenominated or quoted in currencies other than theU.S. dollar. Foreign issuers also make paymentsand conduct business in foreign currencies. Manyforeign currencies have fluctuated widely in valueagainst the U.S. dollar for various economic andpolitical reasons. Changes in foreign currencyexchange rates may affect the value of foreign secu-rities and income payments. Generally, when theU.S. dollar rises in value against a foreign currency,a security denominated in that currency loses valuebecause the currency is worth fewer U.S. dollars.Conversely, when the U.S. dollar decreases in valueagainst a foreign currency, a security denominatedin that currency gains value because the currency isworth more U.S. dollars. The U.S. dollar value ofincome payments on foreign securities will fluctuatesimilarly with changes in foreign currency values.

Brokerage and other transaction costs on for-eign exchanges are often higher than in the U.S.and there is generally less governmental supervi-sion of exchanges, brokers and issuers in foreigncountries. The increased expense of investing inforeign markets may reduce the amount aninvestor can earn on its investments and typicallyresults in a higher operating expense ratio thaninvestments in only domestic securities. Custodyof certain securities may be maintained by a glob-al custody and clearing institution. Settlement

and clearance procedures in certain foreign mar-kets differ significantly from those in the U.S.Foreign settlement and clearance procedures andtrade regulations also may involve certain risks(such as delays in payment for or delivery of secu-rities) not typically associated with the settlementof domestic securities. Round lot trading require-ments exist in certain foreign securities marketswhich could cause the proportional compositionand diversification of the portfolio to vary whenthe trust buys or sells securities.

Certain foreign securities may be held in theform of American Depositary Receipts (“ADRs”),Global Depositary Receipts (“GDRs”), or othersimilar receipts. Depositary receipts representreceipts for foreign securities deposited with acustodian (which may include the trustee of thetrust). Depository receipts may not be denomi-nated in the same currency as the securities intowhich they may be converted. ADRs typicallytrade in the U.S. in U.S. dollars and are registeredwith the Securities and Exchange Commission.GDRs are similar to ADRs, but GDRs typicallytrade outside of the U.S. and outside of the coun-try of the issuer in the currency of the countrywhere the GDR trades. Depositary receipts gen-erally involve most of the same types of risks asforeign securities held directly but typically alsoinvolve additional expenses associated with thecost of the custodian’s services. Some depositaryreceipts may experience less liquidity than theunderlying securities traded in their home market.Certain depositary receipts are unsponsored (i.e.issued without the participation or involvementof the issuer of the underlying security). Theissuers of unsponsored depositary receipts are notobligated to disclose information that may beconsidered material in the U.S. Therefore, theremay be less information available regarding theseissuers which can impact the relationship betweencertain information impacting a security and themarket value of the depositary receipts.


EEuurrooppeeaann IIssssuueerr RRiisskkss.. The Rothschild SmartBeta ERC Strategy, Eurozone Series trust invests insecurities issued by companies in Europe. The trustis therefore subject to certain risks associated specifi-cally with Europe. A significant number of coun-tries in Europe are member states in the EuropeanUnion, and the member states no longer controltheir own monetary policies by directing independ-ent interest rates for their currencies. In these mem-ber states, the authority to direct monetary policiesincluding money supply and official interest rates forthe Euro is exercised by the European CentralBank. Furthermore, the European sovereign debtcrisis and the related austerity measures in certaincountries have had, and continue to have, a signifi-cant impact on the economies of certain Europeancountries and their future economic outlooks.

JJaappaanneessee IIssssuueerr RRiisskk.. The Rothschild SmartBeta ERC Strategy, Japan Series trust invests insecurities issued by companies in Japan. At times,the growth of Japan’s economy has lagged that ofmany of its Asian neighbors and other major devel-oped economies. The Japanese economy is heavilydependent on international trade and has some-times been adversely affected by trade tariffs, otherprotectionist measures, competition from emergingeconomies and the economic conditions of its trad-ing partners. China has become an importanttrading partner with Japan, yet the countries’political relationship has often been strained.Should political tension increase, it could adverse-ly affect the economy, especially the export sector,and destabilize the region as a whole. Japan alsoremains heavily dependent on oil imports andhigher commodity prices could have a negativeimpact on the economy. The Japanese economyfaces several other concerns, including a financialsystem with large levels of nonperforming loans,over-leveraged corporate balance sheets, extensivecross-ownership by major corporations, a changingcorporate governance structure, and large govern-ment deficits. These issues may cause a slowdown

of the Japanese economy. The Japanese yen hasfluctuated widely at times and any increase in itsvalue may cause a decline in exports that couldweaken the Japanese economy. Japan has, in thepast, intervened in the currency markets to attemptto maintain or reduce the value of the yen.Japanese intervention in the currency markets couldcause the value of the yen to fluctuate sharply andunpredictably and could cause losses to investors.

LLeeggiissllaattiioonn oorr LLiittiiggaattiioonn RRiisskk.. Legislation orlitigation risk is the risk that various legislative ini-tiatives will be proposed from time to time in theUnited States and abroad which may have a nega-tive impact on certain of the companies representedin your trust. In addition, litigation regarding anyof the issuers of the securities or of the industriesrepresented by these issuers may negatively impactthe share prices of these securities. No one can pre-dict what impact any pending or threatened litiga-tion will have on the share prices of the securities.

LLiiqquuiiddiittyy RRiisskk.. Liquidity risk is the risk that thevalue of a security will fall if trading in the securityis limited or absent. No one can guarantee that aliquid trading market will exist for any security.

NNoo FFDDIICC GGuuaarraanntteeee.. An investment in atrust is not a deposit of any bank and is not insuredor guaranteed by the Federal Deposit InsuranceCorporation or any other government agency.

HHYYPPOOTTHHEETTIICCAALL BBAACCKK--TTEESSTTEEDD PPEERRFFOORRMMAANNCCEE

IINNFFOORRMMAATTIIOONN

The following table compares hypotheticalback-tested performance information for the strat-egy employed by each trust and the actual per-formance of various indexes in each of the yearslisted below (and as of the most recent month).These hypothetical back-tested returns do notguarantee and should not be used to predict futureperformance of any trust. Returns from your


trust will differ from the hypothetical strategyreturns for several reasons, including:

• total return figures shown do not reflectcommissions paid by your trust on the pur-chase of securities or taxes you will incur;

• strategy returns are for calendar years (andthrough the most recent month), whiletrusts begin and end on various dates;

• extraordinary market events that are notexpected to be repeated and may haveaffected performance;

• your trust has a scheduled term longerthan one year;

• your trust may not be fully invested at alltimes or match the strategy weightings inall securities comprising its strategy; and

• your trust often purchases or sells securi-ties at prices different from the closingprices used in buying and selling units.

You should note that the trusts are notdesigned to parallel movements in any index, andit is not expected that they will do so. In fact,each trust’s strategy underperformed its compara-tive index in certain years and we cannot guaran-tee that any trust will outperform its related indexover the life of the trust or over consecutiverollover periods, if available.

Hypothetical Back-Tested Comparison of Total Returns

Eurozone Strategy Euro Japan Strategy U.S. Strategy Standard &Hypothetical STOXX 50® Hypothetical TOPIX 100 Hypothetical Poor’s 100®

Year Performance1 Index Performance2 Index Performance3 Index

2000 -5.28% -7.93% -12.39%+ -37.36% 4.67% -13.45%2001 -12.97 -23.21 -18.88 -32.82 -12.44 -14.062002 -15.65 -24.70 -6.37 -11.65 -18.28 -22.982003 30.64 42.35 18.68 32.43 13.78 25.522004 35.02 17.82 21.21 11.95 9.70 5.652005 6.77 7.89 6.84 22.27 -0.43 0.542006 36.28 32.07 14.35 7.12 16.55 17.732007 20.15 21.38 -2.44 -5.82 -1.22 5.402008 -37.62 -45.14 7.86+ -29.53 -27.05 -35.762009 12.36 29.69 -18.48 6.26 18.77 21.332010 -2.11 -9.13 4.13 14.24 6.13 11.772011 -11.05 -16.92 2.82 -16.36 9.02 2.482012 19.25 19.78 0.32 9.80 10.24 15.132013 26.32 26.99 19.72 26.80 28.25 29.492014 -7.85 -8.66 0.51 -4.51 12.13 11.992015 2.03 -4.47 23.55 8.90 -0.89 1.942016 thru 8/31 2.71 -2.69 5.50 2.02 4.50 6.56

Source: Bloomberg L.P.+ These returns are the result of extraordinary market events and are not expected to be repeated.1 The hypothetical back-tested performance of the strategy's stocks for 0 of the 17 periods shown are the result of extraordinary market

events and are not expected to be repeated.2 The hypothetical back-tested performance of the strategy's stocks for 2 of the 17 periods shown are the result of extraordinary market

events and are not expected to be repeated.3 The hypothetical back-tested performance of the strategy's stocks for 0 of the 17 periods shown are the result of extraordinary market

events and are not expected to be repeated.


Hypothetical back-tested performance is noguarantee of future results. Hypothetical back-tested performance of each trust’s strategy’s stocks(the “strategy securities”) is hypothetical (does notrepresent any actual trust), is shown for illustra-tive purposes only and is not intended to indicatethe future performance of any investment, includ-ing your trust. The strategy securities for a givenyear consist of the securities selected by applyingthe strategy on the last business day of each year(and not the date a trust actually sells units).Total return represents the sum of the change inmarket value of each group of securities betweenthe first and last trading day of a period plus thetotal dividends paid on each group of stocks dur-ing such period divided by the opening marketvalue of each group of securities as of the firsttrading day of a period.

Securities are selected through application ofeach strategy at a particular point in time and if asecurity which is a component of a strategy ismerged out of existence, de-listed or suffers a simi-lar fate during the period in which the strategy per-formance is being measured, such security will notbe replaced by another security during that period.The strategies are not rebalanced during each oneyear period and as a result the securities used fordetermining hypothetical back-tested performancewill not take into account subsequent changes tothe starting points for the strategies.

One security that would have been selected byapplying the Eurozone Strategy as of the EurozoneSelection Date is not permitted to be held by non-European Union investors, including theRothschild Smart Beta ERC Strategy, EurozoneSeries trust. As a result, that security was eliminat-ed from the list of securities with the 100 highestcurrent market capitalizations (i.e. share price mul-tiplied by number of outstanding shares) in theEurozone Strategy and the security with the next

highest current market capitalization was includedin this list of 100 securities with the remainingsteps of the Eurozone Strategy applied to those100 securities as of the Eurozone Selection Date.The hypothetical strategy returns do not reflectthe elimination of securities not permitted to beheld by non-European Union investors.

Total return figures shown above in the tableassume that all dividends are reinvested as of theirdistribution date. Strategy figures reflect the deduc-tion of sales charges and expenses but have not beenreduced by estimated brokerage commissions andother transaction costs paid by a trust in acquiringsecurities or any taxes incurred by investors.

Hypothetical back-tested returns are hypothet-ical, meaning that they do not represent actualtrading, and, thus, may not reflect material eco-nomic and market factors, such as liquidity con-straints, that may have had an impact on actualdecision making. The hypothetical back-testedperformance is the retroactive application of thestrategy designed with the full benefit of hindsight.

The S&P 100® Index is designed to measurethe performance of the large-capitalization sectorof the U.S. equity market. It is a subset of theS&P 500® Index and consists of blue chip stocksfrom a broad range of industries in the S&P 500Index with exchange listed options. The EUROSTOXX 50® Index is designed to represent theperformance of some of the largest companiesacross components of the 20 EURO STOXXSupersector Indexes. The EURO STOXXSupersector Indexes are subsets of the EUROSTOXX Index. The EURO STOXX Index is abroad yet liquid subset of the STOXX Europe 600Index. The TOPIX 100 Index is a capitalization-weighted index designed to measure the perform-ance of the 100 most liquid stocks with the largestmarket capitalization that are members of the


TOPIX Index. The TOPIX Index is a free-floatadjusted market capitalization-weighted index thatis calculated based on all the domestic commonstocks listed on the Tokyo Stock Exchange FirstSection. The indexes are unmanaged, not subjectto fees, and not available for direct investment.The publishers of the indexes are not affiliatedwith us and have not participated in creating yourtrust or selecting the securities for your trust, norhave they reviewed or approved of any of theinformation contained herein.

HHOOWW TTHHEE TTRRUUSSTT WWOORRKKSS

YYoouurr TTrruusstt.. Your trust is a unit investmenttrust registered under the Investment Company Actof 1940. We created your trust under a trust agree-ment between Advisors Asset Management, Inc. (asdepositor/sponsor, evaluator and supervisor) andThe Bank of New York Mellon (as trustee). To cre-ate your trust, we deposited securities with thetrustee (or contracts to purchase securities alongwith an irrevocable letter of credit or other consid-eration to pay for the securities). In exchange, thetrustee delivered units of your trust to us. Eachunit represents an undivided interest in the assets ofyour trust. These units remain outstanding untilredeemed or until your trust terminates. At theclose of the New York Stock Exchange on yourtrust’s inception date, the number of units may beadjusted so that the public offering price per unitequals $10. The number of units and fractionalinterest of each unit in your trust will increase ordecrease to the extent of any adjustment.

CChhaannggiinngg YYoouurr PPoorrttffoolliioo. Your trust is not amanaged fund. Unlike a managed fund, wedesigned your portfolio to remain relatively fixed.Your trust will generally buy and sell securities:

• to pay expenses,

• to issue additional units or redeem units,

• in limited circumstances to protect yourtrust,

• to make required distributions or avoidimposition of taxes on your trust, or

• as permitted by the trust agreement.

When your trust sells securities, the composi-tion and diversification of the securities in theportfolio may be altered. If a public tender offerhas been made for a security or a merger, acquisi-tion or similar transaction has been announcedaffecting a security, the trustee may either sell thesecurity or accept a tender offer if the supervisordetermines that the action is in the best interest ofunitholders. The trustee will distribute any cashproceeds to unitholders. If an offer by the issuerof any of the portfolio securities or any otherparty is made to issue new securities, or toexchange securities, for trust portfolio securities,the trustee will at the direction of the sponsor,vote for or against, or accept or reject, any offerfor new or exchanged securities or property inexchange for a trust portfolio security. If anysuch issuance, exchange or substitution occurs(regardless of any action or rejection by a trust),any securities and/or property received will bedeposited into your trust and will be promptlysold by the trustee pursuant to the sponsor’sdirection, unless the sponsor advises the trustee tokeep such securities or property. If any contractfor the purchase of securities fails, the sponsorwill refund the cash and sales fee attributable tothe failed contract to unitholders on or before thenext distribution date unless substantially all ofthe moneys held to cover the purchase are rein-vested in substitute securities in accordance withthe trust agreement. The sponsor may direct thereinvestment of security sale proceeds if the sale isthe direct result of serious adverse credit factorswhich, in the opinion of the sponsor, would makeretention of the securities detrimental to your


trust. In such a case, the sponsor may, but is notobligated to, direct the reinvestment of sale pro-ceeds in any other securities that meet the criteriafor inclusion in your trust on your trust’s incep-tion date. The sponsor may also instruct thetrustee to take action necessary to ensure that theportfolio continues to satisfy the qualifications ofa regulated investment company.

We will increase the size of your trust as we sellunits. When we create additional units, we willseek to replicate the existing portfolio. When yourtrust buys securities, it may pay brokerage or otheracquisition fees. You could experience a dilution ofyour investment because of these fees and fluctua-tions in security prices between the time we createunits and the time your trust buys the securities.When your trust buys or sells securities, we maydirect that it place orders with and pay brokeragecommissions to brokers that sell units or are affili-ated with us, your trust or the trustee.

Pursuant to an exemptive order, your trustmay be able to purchase securities from othertrusts that we sponsor when we create additionalunits. Your trust may also be able to sell securitiesto other trusts that we sponsor to satisfy unitredemption, pay deferred sales charges or expenses,in connection with periodic tax compliance or inconnection with the termination of your trust.The exemption may enable each trust to eliminatecommission costs on these transactions. The pricefor those securities will be the closing price on thesale date on the exchange where the securities areprincipally traded as certified by us to the trustee.

AAmmeennddiinngg tthhee TTrruusstt AAggrreeeemmeenntt.. The sponsorand the trustee can change the trust agreementwithout your consent to correct any provisionthat may be defective or to make other provisionsthat will not materially adversely affect your inter-est (as determined by the sponsor and the

trustee). We cannot change this agreement toreduce your interest in your trust without yourconsent. Investors owning two-thirds of the unitsin your trust may vote to change this agreement.

TTeerrmmiinnaattiioonn ooff YYoouurr TTrruusstt.. Your trust will ter-minate on the termination date set forth under“Essential Information” in the “InvestmentSummary” section of this prospectus for your trust.The trustee may terminate your trust early if thevalue of the trust is less than 40% of the originalvalue of the securities in your trust at the time ofdeposit. At this size, the expenses of your trustmay create an undue burden on your investment.Investors owning two-thirds of the units in yourtrust may also vote to terminate the trust early.The trustee will liquidate your trust in the eventthat a sufficient number of units not yet sold to thepublic are tendered for redemption so that the networth of your trust would be reduced to less than40% of the value of the securities at the time theywere deposited in the trust. If this happens, wewill refund any sales charge that you paid.

The trustee will notify you of any termina-tion and sell any remaining securities. Thetrustee will send your final distribution to youwithin a reasonable time following liquidation ofall the securities after deducting final expenses.Your termination distribution may be less thanthe price you originally paid for your units.

TThhee SSppoonnssoorr.. The sponsor of your trust isAdvisors Asset Management, Inc. We are a bro-ker-dealer specializing in providing trading andsupport services to broker-dealers, registered rep-resentatives, investment advisers and other finan-cial professionals. Our headquarters are located at18925 Base Camp Road, Monument, Colorado80132. You can contact our unit investment trustdivision at 8100 East 22nd Street North, Building800, Suite 102, Wichita, Kansas 67226 or by


using the contacts listed on the back cover of thisprospectus. AAM is a registered broker-dealerand investment adviser, a member of theFinancial Industry Regulatory Authority, Inc.(FINRA) and Securities Investor ProtectionCorporation (SIPC) and a registrant of theMunicipal Securities Rulemaking Board (MSRB).If we fail to or cannot perform our duties as spon-sor or become bankrupt, the trustee may replaceus, continue to operate your trust without a spon-sor, or terminate your trust.

We and your trust have adopted a code ofethics requiring our employees who have access toinformation on trust transactions to report per-sonal securities transactions. The purpose of thecode is to avoid potential conflicts of interest andto prevent fraud, deception or misconduct withrespect to your trust.

The sponsor or an affiliate may use the listof securities in your trust in its independentcapacity (which may include acting as an invest-ment adviser or broker-dealer) and distributethis information to various individuals and enti-ties. The sponsor or an affiliate may recommendor effect transactions in the securities. This mayalso have an impact on the price your trust paysfor the securities and the price received uponunit redemption or trust termination. Thesponsor may act as agent or principal in connec-tion with the purchase and sale of securities,including those held by your trust, and may actas a specialist market maker in the securities.The sponsor may also issue reports and makerecommendations on the securities in your trust.The sponsor or an affiliate may have participatedin a public offering of one or more of the securi-ties in your trust. The sponsor, an affiliate ortheir employees may have a long or short posi-tion in these securities or related securities. Anofficer, director or employee of the sponsor or an

affiliate may be an officer or director for theissuers of the securities.

TThhee TTrruusstteeee.. The Bank of New YorkMellon is the trustee of your trust with its prin-cipal unit investment trust division offices locat-ed at 2 Hanson Place, 12th Floor, Brooklyn,New York 11217. You can contact the trusteeby calling the telephone number on the backcover of this prospectus or by writing to its unitinvestment trust office. We may remove andreplace the trustee in some cases without yourconsent. The trustee may also resign by notify-ing us and investors.

RRootthhsscchhiilldd.. Rothschild Asset Management,Inc. is a New York headquartered registeredinvestment adviser that manages investments cov-ering a range of securities for a broad range ofclients. Risk Based Investment Solutions Limitedis a company registered in England with regis-tered offices in London, United Kingdom.Rothschilds Continuation Holdings AG is a com-pany registered in Switzerland with registeredoffices in Switzerland. Rothschild is the strategyprovider of the Rothschild Smart Beta ERCEurozone Series UIT Strategy, the RothschildSmart Beta ERC Japan Series UIT Strategy andthe Rothschild Smart Beta ERC U.S. Series UITStrategy (collectively, the “Strategies”). All rightsin the Strategies vest in Rothschild. All informa-tion is provided for information purposes only.Every effort is made to ensure that all informationprovided for herein is accurate, but no responsi-bility or liability can be accepted by Rothschild orits licensors for any errors or for any loss from useof any information provided for herein. NeitherRothschild nor any of its licensors makes anyclaim, prediction, warranty or representationwhatsoever, expressly or impliedly, either as to theresults to be obtained from the use of theStrategies or the fitness or suitability of the



Strategies for any particular purpose to which itmight be put. Distribution of Rothschild data tocreate financial products requires a license withRothschild and/or its licensors. Risk BasedInvestment Solutions Limited and RothschildsContinuation Holdings AG are not investmentadvisers, and nothing herein constitutes financialor investment advice, or constitutes an offer orinvitation by Rothschild to buy or sell any invest-ment or participate in any investment activity.

The Strategies are trademarks or servicemarksof Risk Based Investment Solutions Limitedand/or Rothschilds Continuation Holdings AGand have been licensed for use by Advisors AssetManagement, Inc. for use in connection withthe trusts.

HHooww WWee DDiissttrriibbuuttee UUnniittss.. We sell units tothe public through broker-dealers and otherfirms. These distribution firms each pay part ofthe sales fee when they sell units. During the ini-tial offering period, the broker-dealer concessionor agency commission for broker-dealers andother firms is as follows:

Transaction Concession orAmount: Agency Commission:

Less than $50,000 2.25%$50,000 - $99,999 2.00$100,000 - $249,999 1.75$250,000 - $499,999 1.50$500,000 - $999,999 1.25$1,000,000 or more 0.70

We apply these concessions or agency com-missions as a percent of the public offering priceper unit at the time of the transaction. The bro-ker-dealer concession or agency commission is65% of the sales fee for secondary market sales.For transactions involving unitholders of otherunit investment trusts who use their redemption

or termination proceeds to purchase units of yourtrust, the broker-dealer concession or agencycommission is 1.30% of the public offering priceper unit. No broker-dealer concession or agencycommission is paid to broker-dealers, investmentadvisers or other selling firms in connection withunit sales in Fee Accounts subject to a Wrap Fee.

Broker-dealers and other firms that sell unitsof certain unit investment trusts for which AAMacts as sponsor are eligible to receive additionalcompensation for volume sales. The sponsoroffers two separate volume concession structuresfor certain trusts that are referred to as “VolumeConcession A” and “Volume Concession B.” Thetrusts offered in this prospectus are VolumeConcession A trusts. Broker-dealers and otherfirms that sell units of any Volume Concession Atrust are eligible to receive the additional compen-sation described below. Such payments will be inaddition to the regular concessions paid to firmsas set forth in the applicable trust’s prospectus.The additional concession is based on total initialoffering period sales of all Volume Concession Atrusts during a calendar quarter as set forth in thefollowing table:

Initial Offering Period Sales VolumeDuring Calendar Quarter Concession

Less than $10,000,000 0.000%$10,000,000 but less than $25,000,000 0.050$25,000,000 but less than $50,000,000 0.100$50,000,000 but less than $75,000,000 0.110$75,000,000 but less than $100,000,000 0.120$100,000,000 but less than $250,000,000 0.125$250,000,000 but less than $500,000,000 0.135$500,000,000 or more 0.150

This volume concession will be paid on unitsof all Volume Concession A trusts sold in the ini-tial offering period, except as described below.For a trust to be eligible for this additional

Volume Concession A compensation for calendarquarter sales, the trust’s prospectus must includedisclosure related to this additional VolumeConcession A compensation; a trust is not eligiblefor this additional Volume Concession A compen-sation if the prospectus for such trust does notinclude disclosure related to this additionalVolume Concession A compensation. Broker-dealer firms will not receive additional compensa-tion unless they sell at least $10.0 million of unitsof Volume Concession A trusts during a calendarquarter. For example, if a firm sells $9.5 millionof units of Volume Concession A trusts in the ini-tial offering period during a calendar quarter, thefirm will not receive any additional compensationwith respect to such trusts. Once a firm reaches aparticular breakpoint during a quarter, the firmwill receive the stated volume concession on allinitial offering period sales of Volume ConcessionA trusts during the applicable quarter. For exam-ple, if a firm sells $12.5 million of units ofVolume Concession A trusts in the initial offeringperiod during a calendar quarter, the firm willreceive additional compensation of 0.05% of$12.5 million and if a firm sells $27.0 million ofunits of Volume Concession A trusts in the initialoffering period during a calendar quarter, the firmwill receive additional compensation of 0.100%of $27.0 million.

In addition, dealer firms will not receive vol-ume concessions on the sale of units which arenot subject to a transactional sales charge.However, such sales will be included in determin-ing whether a firm has met the sales level break-points for volume concessions subject to the poli-cies of the related selling firm. Secondary marketsales of all unit trusts are excluded for purposes ofthese volume concessions. We will pay theseamounts out of our own assets within a reason-able time following each calendar quarter.

Any sales fee discount is borne by the broker-dealer or selling firm out of the broker-dealerconcession or agency commission. We reserve theright to change the amount of concessions oragency commissions from time to time.

We currently may provide, at our ownexpense and out of our own profits, additionalcompensation and benefits to broker-dealers whosell units of your trust and our other products.This compensation is intended to result in addi-tional sales of our products and/or compensatebroker-dealers and financial advisors for past sales.A number of factors are considered in determin-ing whether to pay these additional amounts.Such factors may include, but are not limited to,the level or type of services provided by the inter-mediary, the level or expected level of sales of ourproducts by the intermediary or its agents, theplacing of our products on a preferred or recom-mended product list and access to an intermedi-ary’s personnel. We may make these payments formarketing, promotional or related expenses,including, but not limited to, expenses of enter-taining retail customers and financial advisors,advertising, sponsorship of events or seminars,obtaining information about the breakdown ofunit sales among an intermediary’s representativesor offices, obtaining shelf space in broker-dealerfirms and similar activities designed to promotethe sale of our products. We make such pay-ments to a substantial majority of intermediariesthat sell our products. We may also make certainpayments to, or on behalf of, intermediaries todefray a portion of their costs incurred for thepurpose of facilitating unit sales, such as the costsof developing or purchasing trading systems toprocess unit trades. Payments of such additionalcompensation described in this paragraph and thevolume concessions described above, some ofwhich may be characterized as “revenue sharing,”may create an incentive for financial intermediaries


and their agents to sell or recommend our prod-ucts, including your trust, over other products.These arrangements will not change the price youpay for your units.

We generally register units for sale in variousstates in the U.S. We do not register units forsale in any foreign country. This prospectus doesnot constitute an offer of units in any state orcountry where units cannot be offered or soldlawfully. We may reject any order for units inwhole or in part.

We may gain or lose money when we holdunits in the primary or secondary market due tofluctuations in unit prices. The gain or loss isequal to the difference between the price we payfor units and the price at which we sell or redeemthem. We may also gain or lose money when wedeposit securities to create units. The amount ofour profit or loss on the initial deposit of securi-ties into your trust is shown in the “Notes toPortfolio” section for your trust.

TTAAXXEESS——RREEGGUULLAATTEEDD IINNVVEESSTTMMEENNTT CCOOMMPPAANNIIEESS

This section summarizes some of the mainU.S. federal income tax consequences of owningunits of your trust if your trust intends to qualifyas a “regulated investment company” under feder-al tax laws. The tax structure of your trust is setforth under “Essential Information—TaxStructure” in the “Investment Summary” sectionfor your trust in this prospectus.

This section is current as of the date of thisprospectus. Tax laws and interpretations changefrequently, and these summaries do not describeall of the tax consequences to all taxpayers. Forexample, these summaries generally do notdescribe your situation if you are a corporation, anon-U.S. person, a broker/dealer, or other

investor with special circumstances. In addition,this section does not describe your state, local orforeign tax consequences.

This federal income tax summary is based inpart on the advice of counsel to the sponsor. TheInternal Revenue Service could disagree with anyconclusions set forth in this section. In addition,our counsel was not asked to review, and has notreached a conclusion with respect to the federalincome tax treatment of the assets to be depositedin your trust. This may not be sufficient for youto use for the purpose of avoiding penalties underfederal tax law.

As with any investment, you should seekadvice based on your individual circumstancesfrom your own tax advisor.

TTrruusstt SSttaattuuss.. Your trust intends to qualify asa “regulated investment company” under the fed-eral tax laws. If your trust qualifies as a regulatedinvestment company and distributes its income asrequired by the tax law, your trust generally willnot pay federal income taxes. If your trust investsin a partnership, an adverse federal income taxaudit of that partnership could result in the trustbeing required to pay federal income tax or pay adeficiency dividend (without having receivedadditional cash).

DDiissttrriibbuuttiioonnss.. Trust distributions are general-ly taxable. After the end of each year, you willreceive a tax statement that separates your trust’sdistributions into three categories, ordinaryincome distributions, capital gain dividends andreturn of capital. Ordinary income distributionsare generally taxed at your ordinary tax rate, how-ever, as further discussed below, certain ordinaryincome distributions received from your trustmay be taxed at the capital gains tax rates.Generally, you will treat all capital gain dividends


as long-term capital gains regardless of how longyou have owned your units. To determine youractual tax liability for your capital gain dividends,you must calculate your total net capital gain orloss for the tax year after considering all of yourother taxable transactions, as described below. Inaddition, your trust may make distributions thatrepresent a return of capital for tax purposes andthus will generally not be taxable to you. A returnof capital, although not initially taxable to you,will result in a reduction in the basis in your unitsand subsequently result in higher levels of taxablecapital gains in the future. In addition, if the non-dividend distribution exceeds your basis in yourunits, you will have long-term or short-term gaindepending upon your holding period. The taxstatus of your distributions from your trust is notaffected by whether you reinvest your distributionsin additional units or receive them in cash. Theincome from your trust that you must take intoaccount for federal income tax purposes is notreduced by amounts used to pay a deferred salesfee, if any. The tax laws may require you to treatdistributions made to you in January as if you hadreceived them on December 31 of the previousyear. Income from your trust may also be subjectto a 3.8 percent “medicare tax.” This tax generallyapplies to your net investment income if youradjusted gross income exceeds certain thresholdamounts, which are $250,000 in the case of mar-ried couples filing joint returns and $200,000 inthe case of single individuals.

DDiivviiddeennddss RReecceeiivveedd DDeedduuccttiioonn.. A corporationthat owns units generally will not be entitled to thedividends received deduction with respect to manydividends received from your trust because the div-idends received deduction is generally not availablefor distributions from regulated investment compa-nies. However, certain ordinary income dividendson units that are attributable to qualifying divi-dends received by your trust from certain corpora-

tions may be reported by the trust as being eligiblefor the dividends received deduction.

SSaallee oorr RReeddeemmppttiioonn ooff UUnniittss.. If you sell orredeem your units, you will generally recognize ataxable gain or loss. To determine the amount ofthis gain or loss, you must subtract your tax basisin your units from the amount you receive in thetransaction. Your tax basis in your units is gener-ally equal to the cost of your units, generallyincluding sales charges. In some cases, however,you may have to adjust your tax basis after youpurchase your units.

CCaappiittaall GGaaiinnss aanndd LLoosssseess aanndd CCeerrttaaiinn OOrrddiinnaarryyIInnccoommee DDiivviiddeennddss.. If you are an individual, themaximum marginal stated federal tax rate for netcapital gain is generally 20% for taxpayers in the39.6% tax bracket, 15% for taxpayers in the25%, 28%, 33% and 35% tax brackets and 0%for taxpayers in the 10% and 15% tax brackets.Some portion of your capital gain dividends maybe subject to higher maximum marginal statedfederal income tax rates. Some portion of yourcapital gain dividends may be attributable to thetrust’s interest in a master limited partnershipwhich may be subject to a maximum marginalstated federal income tax rate of 28%, rather thanthe rates set forth above. In addition, capital gainreceived from assets held for more than one yearthat is considered “unrecaptured section 1250gain” (which may be the case, for example, withsome capital gains attributable to equity interestsin real estate investment trusts that constituteinterests in entities treated as real estate invest-ment trusts for federal income tax purposes) istaxed at a maximum stated tax rate of 25%. Inthe case of capital gain dividends, the determina-tion of which portion of the capital gain divi-dend, if any, is subject to the 28% tax rate or the25% tax rate, will be made based on rules pre-scribed by the United States Treasury. Capital


gains may also be subject to the “medicare tax”described above.

Net capital gain equals net long-term capitalgain minus net short-term capital loss for the tax-able year. Capital gain or loss is long-term if theholding period for the asset is more than one yearand is short-term if the holding period for theasset is one year or less. You must exclude thedate you purchase your units to determine yourholding period. However, if you receive a capitalgain dividend from your trust and sell your unitat a loss after holding it for six months or less, theloss will be recharacterized as long-term capitalloss to the extent of the capital gain dividendreceived. The tax rates for capital gains realizedfrom assets held for one year or less are generallythe same as for ordinary income. The InternalRevenue Code treats certain capital gains as ordi-nary income in special situations.

Ordinary income dividends received by anindividual unitholder from a regulated investmentcompany such as your trust are generally taxed atthe same rates that apply to net capital gain (asdiscussed above), provided certain holding periodrequirements are satisfied and provided the divi-dends are attributable to qualifying dividendsreceived by your trust itself. Distributions withrespect to shares in real estate investment trustsare qualifying dividends only in limited circum-stances. Your trust will provide notice to itsunitholders of the amount of any distributionwhich may be taken into account as a dividendwhich is eligible for the capital gains tax rates.

IInn--KKiinndd DDiissttrriibbuuttiioonnss.. Under certain circum-stances, as described in this prospectus, you mayreceive an in-kind distribution of trust securitieswhen you redeem units or when your trust termi-nates. This distribution will be treated as a salefor federal income tax purposes and you will gen-

erally recognize gain or loss, generally based onthe value at that time of the securities and theamount of cash received. The Internal RevenueService could however assert that a loss could notbe currently deducted.

RRoolllloovveerrss aanndd EExxcchhaannggeess.. If you elect to haveyour proceeds from your trust rolled over into afuture trust, the exchange would generally be con-sidered a sale for federal income tax purposes.

DDeedduuccttiibbiilliittyy ooff TTrruusstt EExxppeennsseess.. Expensesincurred and deducted by your trust will generallynot be treated as income taxable to you. In somecases, however, you may be required to treat yourportion of these trust expenses as income. Inthese cases you may be able to take a deductionfor these expenses. However, certain miscella-neous itemized deductions, such as investmentexpenses, may be deducted by individuals only tothe extent that all of these deductions exceed 2%of the individual’s adjusted gross income. Someindividuals may also be subject to further limita-tions on the amount of their itemized deductions,depending on their income.

FFoorreeiiggnn TTaaxx CCrreeddiitt.. If your trust invests inany foreign securities, the tax statement that youreceive may include an item showing foreign taxesyour trust paid to other countries. In this case,dividends taxed to you will include your share ofthe taxes your trust paid to other countries. Youmay be able to deduct or receive a tax credit foryour share of these taxes.

IInnvveessttmmeennttss iinn CCeerrttaaiinn FFoorreeiiggnn CCoorrppoorraattiioonnss..If your trust holds an equity interest in any “pas-sive foreign investment companies” (“PFICs”),which are generally certain foreign corporationsthat receive at least 75% of their annual grossincome from passive sources (such as interest, div-idends, certain rents and royalties or capital gains)


or that hold at least 50% of their assets in invest-ments producing such passive income, the trustcould be subject to U.S. federal income tax andadditional interest charges on gains and certaindistributions with respect to those equity inter-ests, even if all the income or gain is timely dis-tributed to its unitholders. Your trust will not beable to pass through to its unitholders any creditor deduction for such taxes. Your trust may beable to make an election that could amelioratethese adverse tax consequences. In this case, yourtrust would recognize as ordinary income anyincrease in the value of such PFIC shares, and asordinary loss any decrease in such value to theextent it did not exceed prior increases includedin income. Under this election, your trust mightbe required to recognize in a year income inexcess of its distributions from PFICs and its pro-ceeds from dispositions of PFIC stock during thatyear, and such income would nevertheless be sub-ject to the distribution requirement and would betaken into account for purposes of the 4% excisetax. Dividends paid by PFICs are not treated asqualified dividend income.

FFoorreeiiggnn IInnvveessttoorrss.. If you are a foreign investor(i.e., an investor other than a U.S. citizen or resi-dent or a U.S. corporation, partnership, estate ortrust), you should be aware that, generally, subjectto applicable tax treaties, distributions from yourtrust will be characterized as dividends for federalincome tax purposes (other than dividends whichyour trust properly reports as capital gain divi-dends) and will be subject to U.S. income taxes,including withholding taxes, subject to certainexceptions described below. However, distribu-tions received by a foreign investor from yourtrust that are properly reported by your trust ascapital gain dividends may not be subject to U.S.federal income taxes, including withholding taxes,provided that your trust makes certain electionsand certain other conditions are met.

Distributions from your trust that are properlyreported by the trust as an interest-related divi-dend attributable to certain interest incomereceived by the trust or as a short-term capitalgain dividend attributable to certain net short-term capital gain income received by the trustmay not be subject to U.S. federal income taxes,including withholding taxes when received by cer-tain foreign investors, provided that the trustmakes certain elections and certain other condi-tions are met. In addition, distributions inrespect of units may be subject to a U.S. with-holding tax of 30% in the case of distributions to(i) certain non-U.S. financial institutions thathave not entered into an agreement with the U.S.Treasury to collect and disclose certain informa-tion and are not resident in a jurisdiction that hasentered into such an agreement with the U.S.Treasury and (ii) certain other non-U.S. entitiesthat do not provide certain certifications andinformation about the entity’s U.S. owners.Dispositions of units by such persons may be sub-ject to such withholding after December 31,2018. You should also consult your tax advisorwith respect to other U.S. tax withholding andreporting requirements.

EEXXPPEENNSSEESS

Your trust will pay various expenses to con-duct its operations. The “Fees and Expenses”section of the “Investment Summary” in thisprospectus shows the estimated amount of theseexpenses.

The sponsor will receive a fee from yourtrust for creating and developing the trust,including determining the trust’s objectives,policies, composition and size, selecting serviceproviders and information services and for pro-viding other similar administrative and ministe-rial functions. This “creation and development


fee” is a charge of $0.05 per unit. The trusteewill deduct this amount from your trust’s assetsas of the close of the initial offering period. Noportion of this fee is applied to the payment ofdistribution expenses or as compensation forsales efforts. This fee will not be deducted fromproceeds received upon a repurchase, redemp-tion or exchange of units before the close of theinitial public offering period.

Your trust will pay a fee to the trustee for itsservices. The trustee also benefits when it holdscash for your trust in non-interest bearingaccounts. Your trust will reimburse us as supervi-sor, evaluator and sponsor for providing portfoliosupervisory services, for evaluating your portfolioand for providing bookkeeping and administrativeservices. Our reimbursements may exceed thecosts of the services we provide to your trust butwill not exceed the costs of services provided to allof our unit investment trusts in any calendar year.All of these fees may adjust for inflation withoutyour approval.

Your trust will also pay its general operatingexpenses. Your trust may pay expenses such astrustee expenses (including legal and auditingexpenses), various governmental charges, fees forextraordinary trustee services, costs of takingaction to protect your trust, costs of indemnifyingthe trustee and the sponsor, legal fees and expens-es, expenses incurred in contacting you and anyapplicable license fee for the use of certain servicemarks, trademarks and/or trade names. Yourtrust may pay the costs of updating its registrationstatement each year. Your trust will pay a licensefee for the use of certain strategies, service marks,trademarks, trade names and/or other property ofRothschild. The trustee will generally pay trustexpenses from distributions received on the secu-rities but in some cases may sell securities to paytrust expenses.

EEXXPPEERRTTSS

LLeeggaall MMaatttteerrss.. Chapman and Cutler LLP actsas counsel for your trust and has given an opinionthat the units are validly issued. Dorsey &Whitney LLP acts as counsel for the trustee.

IInnddeeppeennddeenntt RReeggiisstteerreedd PPuubblliicc AAccccoouunnttiinnggFFiirrmm.. Grant Thornton LLP, independent regis-tered public accounting firm, audited the state-ments of financial condition and the portfoliosincluded in this prospectus.

AADDDDIITTIIOONNAALL IINNFFOORRMMAATTIIOONN

This prospectus does not contain all theinformation in the registration statement thatyour trust filed with the Securities and ExchangeCommission. The Information Supplement,which was filed with the Securities and ExchangeCommission, includes more detailed informationabout the securities in your portfolio, investmentrisks and general information about your trust.You can obtain the Information Supplement bycontacting us or the Securities and ExchangeCommission as indicated on the back cover ofthis prospectus. This prospectus incorporates theInformation Supplement by reference (it is legallyconsidered part of this prospectus).


RReeppoorrtt ooff IInnddeeppeennddeenntt RReeggiisstteerreedd PPuubblliicc AAccccoouunnttiinngg FFiirrmm

UUnniitthhoollddeerrssAAddvviissoorrss DDiisscciipplliinneedd TTrruusstt 11771155

We have audited the accompanying statements of financial condition, including the trust portfolios on pages 6 to 8, 12 to 14, and 18 to 19of Advisors Disciplined Trust 1715, as of September 9, 2016, the initial date of deposit. The statements of financial condition are theresponsibility of the trusts’ sponsor. Our responsibility is to express an opinion on these statements of financial condition based on our audits.

We conducted our audits in accordance with auditing standards of the Public Company Accounting Oversight Board (United States). Thosestandards require that we plan and perform the audits to obtain reasonable assurance about whether the statements of financial condition arefree of material misstatement. We were not engaged to perform audits of the trusts’ internal control over financial reporting. Our auditsincluded consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the trusts’ internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosuresin the statements of financial condition, assessing the accounting principles used and significant estimates made by the sponsor, as well asevaluating the overall financial statement presentation. Our procedures included confirmation with The Bank of New York Mellon, trustee,of cash or an irrevocable letter of credit deposited for the purchase of securities as shown in the statements of financial condition as ofSeptember 9, 2016. We believe that our audits of the statements of financial condition provide a reasonable basis for our opinion.

In our opinion, the statements of financial condition referred to above present fairly, in all material respects, the financial position of AdvisorsDisciplined Trust 1715 as of September 9, 2016, in conformity with accounting principles generally accepted in the United States of America.

Chicago, Illinois GRANT THORNTON LLPSeptember 9, 2016

Advisors Disciplined Trust 1715 Rothschild Smart Rothschild Smart Rothschild SmartBeta ERC Strategy, Beta ERC Strategy, Beta ERC Strategy,

Statements of Financial Condition as of September 9, 2016 Eurozone Series Japan Series U.S. Series

IInnvveessttmmeenntt iinn sseeccuurriittiieessContracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . $ 148,022 $ 599,527 $ 148,349

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,022 $ 599,527 $ 148,349

LLiiaabbiilliittiieess aanndd iinntteerreesstt ooff iinnvveessttoorrssLiabilities:

Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 733 $ 2,967 $ 734Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,168 8,781 2,173Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . 748 3,028 749

3,649 14,776 3,656Interest of investors:

Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,520 605,580 149,850Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,498 6,053 1,501Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . . . . . 3,649 14,776 3,656Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,373 584,751 144,693Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,022 $ 599,527 $ 148,349

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,952 60,558 14,985Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.656 $ 9.656 $ 9.656

(1) Aggregate cost of the securities is based on the closing sale price evaluations as determined by the evaluator.(2) Cash or an irrevocable letter of credit has been deposited with the trustee covering the funds (aggregating $1,100,000 with $700,000 allocated to

the Rothschild Smart Beta ERC Strategy, Japan Series and $200,000 allocated to each of the Rothschild Smart Beta ERC Strategy, Eurozone Seriesand the Rothschild Smart Beta ERC Strategy, U.S. Series) necessary for the purchase of securities in the trusts represented by purchase contracts.

(3) A portion of the public offering price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing the trusts.These costs have been estimated at $0.049 per unit for each trust. A distribution will be made as of the earlier of the close of the initial offeringperiod or six months following the trust’s inception date to an account maintained by the trustee from which this obligation of the investors willbe satisfied. To the extent the actual organization costs are greater than the estimated amount, only the estimated organization costs added tothe public offering price will be reimbursed to the sponsor and deducted from the assets of the trust.

(4) The total sales fee consists of an initial sales fee, a deferred sales fee and a creation and development fee. The initial sales fee is equal to thedifference between the maximum sales fee and the sum of the remaining deferred sales fee and the total creation and development fee. Themaximum sales fee is 2.95% of the public offering price per unit. The deferred sales fee is equal to $0.145 per unit and the creation anddevelopment fee is equal to $0.05 per unit.

(5) The aggregate cost to investors includes the applicable sales fee assuming no reduction of sales fees.


ContentsInvestment Summary

Rothschild Smart Beta ERC 2 Investment ObjectiveStrategy, Eurozone Series 2 Principal Investment StrategyA concise description 4 Principal Risksof essential information 5 Who Should Investabout the portfolio 5 Essential Information

5 Fees and Expenses6 Portfolio

Rothschild Smart Beta 9 Investment ObjectiveERC Strategy, Japan Series 9 Principal Investment StrategyA concise description 10 Principal Risksof essential information 11 Who Should Investabout the portfolio 11 Essential Information


Rothschild Smart Beta 15 Investment ObjectiveERC Strategy, U.S. Series 15 Principal Investment StrategyA concise description 16 Principal Risksof essential information 17 Who Should Investabout the portfolio 17 Essential Information


Understanding Your Investment

Detailed information to 20 How to Buy Unitshelp you understand 23 How to Sell Your Unitsyour investment 26 Distributions

26 Investment Risks29 Hypothetical Back-Tested

Performance Information32 How the Trust Works37 Taxes—Regulated

Investment Companies40 Expenses41 Experts41 Additional Information42 Report of Independent Registered

Public Accounting Firm42 Statements of Financial Condition

Additional Information

This prospectus does not contain all information filed with theSecurities and Exchange Commission. To obtain or copy this infor-mation including the Information Supplement (a duplication fee maybe required):

E-mail: [email protected]: Public Reference Section

Washington, D.C. 20549Visit: http://www.sec.gov

(EDGAR Database)Call: 1-202-551-8090

(only for information on the operation of thePublic Reference Section)

Refer to:Advisors Disciplined Trust 1715Securities Act file number: 333-213180Investment Company Act file number: 811-21056

ROTHSCHILD SMART BETAERC STRATEGY, EUROZONE

SERIES 2016-3Q

ROTHSCHILD SMART BETAERC STRATEGY, JAPAN

SERIES 2016-3Q

ROTHSCHILD SMART BETAERC STRATEGY, U.S.

SERIES 2016-3Q

PROSPECTUS

SEPTEMBER 9, 2016

Where to Learn More

You can contact us for Visit us on the Internetfree information about http://www.AAMlive.comthis and other investments, Call Advisors Assetincluding the Information Management, Inc.Supplement (877) 858-1773

Call The Bank of New York Mellon(800) 848-6468

rothschild smart beta erc strategy, eurozone series … smart beta erc strategy, ... model is...

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