The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Global Infrastructure ETF. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

This example is intended to help you compare the cost of investing in the Global Infrastructure ETF with the cost of investing in other mutual funds.

The table assumes that an investor invests $10,000 in the Global Infrastructure ETF for the time periods indicated and then redeems all of his or her shares at the end of those periods. The table also assumes that the investment has a 5% return each year and that the Global Infrastructure ETF’s operating expenses remain the

Institutional Class

MSCI ACWI (Net) Index

FTSE Global Infrastructure Opportunities Index

same throughout those periods. Although an investor’s actual expenses may be higher or lower than those shown in the table, based on these assumptions his or her expenses would be:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These transaction costs, which are not reflected in “Annual Fund Operating Expenses” or in the “Example of Expenses,” affect the Global Infrastructure ETF’s performance. During the Impax Global Sustainable Infrastructure Fund’s (the “Predecessor Mutual Fund”) most recent fiscal year, the Predecessor Mutual Fund’s portfolio turnover rate was 53% of the average value of its portfolio.