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EXAMPLE <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 73 227 PORTFOLIO TURNOVER. 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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund is newly organized, and, as of the date of this Prospectus, has not had any portfolio turnover. PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to achieve its investment objective by investing all its investable assets in an actively managed portfolio consisting primarily of equity securities of companies in emerging markets as well as securities that are domiciled or have a significant portion of their business active in emerging markets. The Fund invests primarily in a diverse group of companies across market sectors, industry groups and countries and may, at times, emphasize its investments in a particular sector. The Fund may also invest in money market funds or other ETFs. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Under normal market conditions, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities of emerging markets companies. The Adviser considers equity securities to be those of an emerging markets company if the company’s securities meet the criteria for inclusion or are included in the MSCI Emerging Markets Investable Market Index (IMI) (Net Return USD) (the “Index”). The Adviser also considers equity securities to be those of an emerging markets company if the company satisfies at least one of the following criteria and the weight given to each of these factors will vary depending on the circumstances in a given case: (i) its securities are traded principally on stock exchanges in one or more emerging market countries; (ii) it derives 50% or more of its total revenue from goods produced, sales made or services performed in one or more emerging market countries; (iii) it maintains 50% or more of its assets in one or more emerging market countries; (iv) it is organized under the laws of an emerging market country; or (v) its principal executive office is located in an emerging market country. The countries comprising the Index as of the date of this Prospectus include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Emerging markets are generally markets which have yet to reach a level of maturity associated with developed foreign stock markets, and some emerging market countries may be considered to be “frontier market” countries. The Fund will have investment exposure to regional, sector and industry weightings and risk characteristics generally similar to those of the Index, although the Fund may, at times, emphasize one or more particular regions, sectors or industries. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The investment universe will be primarily defined based on the monthly constituents of the Index. The Adviser may not necessarily sell an equity security when it moves out of the Index, and, at times, the Adviser may invest in an equity security that was a historical member of the Index but is not in the Index currently or may invest in an equity security that the Adviser believes will be coming into the Index in the near future. The Index includes large, mid and small capitalization companies across emerging markets countries. In implementing its investment strategies, the Fund will focus on systematic application of fundamental analysis for companies in the Index. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">While the Index includes large-, mid‑ and small‑cap companies, the Fund primarily invests in equity securities of small- and mid‑cap companies. The Adviser selects securities based on a systematic approach that considers fundamental measures such as value (<span style="text-decoration:underline">e.g.</span>, price‑to‑earnings ratio), indicators of quality (<span style="text-decoration:underline">e.g.</span>, return on equity), and investor sentiment (<span style="text-decoration:underline">e.g.</span>, the general prevailing mood of investors toward the price development of a security). The measures are weighted differently depending on the type of company, as determined by the Adviser’s proprietary assessment of the capital intensity of the business. “Capital intensity” varies based on the extent to which the value of the security depends on intangible assets (<span style="text-decoration:underline">e.g.</span>, research and development, software, data, brand, networks, and organizational capital) versus primarily tangible assets (<span style="text-decoration:underline">e.g.</span>, physical plants and stockpiled materials). A differentiated approach to portfolio construction driven by risk analysis relative to the Index will also be a key element of the Fund’s investment strategy. For instance, the portfolio active share contribution by sector and country will be generally proportional to the weight of that sector or country in the Index to avoid excessive concentration of risk in any industry or country. Risk tools will monitor departures of sector and country weightings from the Index. The Adviser will select stocks to buy from higher-ranked stocks and select stocks to sell from those whose rankings have decreased, subject to overall risk controls and portfolio construction criteria. The Fund may invest in equity securities that are denominated in foreign currencies and may also invest in foreign securities that are represented in the U.S. and other securities markets by American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and other similar depositary arrangements. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Adviser’s investment process will incorporate environmental, social, and governance (“ESG”) information (MSCI ESG score), when available, as a consideration in the ongoing assessment of a subset (approximately less than 5% as of the date of the Prospectus) of potential portfolio securities when determining how to align the Fund with the weightings of the Index. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index and may have a higher degree of portfolio turnover than such index funds. The portfolio managers continually analyze market and financial data to make buy, sell, and hold decisions. </div> The Fund seeks to achieve its investment objective by investing all its investable assets in an actively managed portfolio consisting primarily of equity securities of companies in emerging markets as well as securities that are domiciled or have a significant portion of their business active in emerging markets. The Fund invests primarily in a diverse group of companies across market sectors, industry groups and countries and may, at times, emphasize its investments in a particular sector. The Fund may also invest in money market funds or other ETFs. Under normal market conditions, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities of emerging markets companies. <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">MARKET RISK.</span></span><span style="font-weight:bold"> </span>Shareholders of the Fund are exposed to higher risk than the stock market as a whole and could lose money. This may be due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, national and world social and political events, and the fluctuation of other stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">GROWTH STYLE RISK.</span></span> Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downturn and when growth stocks are out of favor. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">EQUITY SECURITIES RISK. </span></span>Equity securities may include common stock, preferred stock or other securities representing an ownership interest or the right to acquire an ownership interest in an issuer. Equity risk is the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods. The value of stocks and other equity securities may be affected by changes in an issuer’s financial condition, factors that affect a particular industry or industries, or as a result of changes in overall market, economic and political conditions that are not specifically related to a company or industry. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">EMERGING MARKETS RISK.</span></span> In addition to all of the risks of investing in foreign securities, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">VALUE STYLE RISK. </span></span>Value<span style="font-weight:bold"> </span>stocks present the risk that the securities may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the security’s true value or because the Adviser misjudged that value. If the Adviser’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, value stocks can continue to be undervalued by the market for long periods of time. Undervalued securities are, by definition, out of favor with investors (meaning they have lost investors’ attention), and there is no way to predict when, if ever, the securities may return to favor. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">FOREIGN SECURITIES RISK. </span></span>Investments in foreign securities can be more volatile than investments in US securities. Foreign securities have additional risk, including exchange rate changes, political and economic upheaval, the relative lack of information about the companies, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">SECTOR RISK. </span></span>Companies with similar characteristics may be grouped together in broad categories called sectors. A certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of the Fund’s portfolio holdings to a particular sector, the Fund’s performance will be more susceptible to any economic, business, or other developments which generally affect that sector. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">CURRENCY RISK. </span></span>Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">ESG INVESTING RISK. </span></span>The Fund’s incorporation of ESG considerations in its investment strategy may cause it to make different investments than a fund that has a similar investment style but does not incorporate such considerations in its strategy. As with the use of any considerations involved in investment decisions, there is no guarantee that the ESG investment considerations </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"> used by the Fund will result in the selection of issuers that will outperform other issuers or help to reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SMALL‑CAP COMPANY RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to adverse economic developments as well as changes in interest rates, government regulation, borrowing costs, and earnings. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MID‑CAP COMPANY RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">Investing in securities of mid‑sized companies may be riskier than investing in larger, more established companies. Mid‑sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund’s net asset value may be subject to rapid and substantial changes. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MONEY MARKET FUND RISK</span>. </span><span style="font-family:times new roman;font-size:9.5pt">An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. It is possible for the Fund to lose money by investing in money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions or impose a fee of up to 2% on amounts the Fund redeems from the money market fund. These measures may result in an investment loss or prohibit the Fund from redeeming shares. Additionally, the Fund indirectly bears the fees and expenses of any money market funds in which it invests. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">HIGH PORTFOLIO TURNOVER RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund’s investment strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund’s performance. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MANAGEMENT RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Adviser uses statistical analyses and models to select investments for the Fund. Any imperfections, errors or limitations in the models or analyses and therefore any decisions made in reliance on such models or analyses could expose the Fund to potential risks. In addition, the models used by the Adviser assume that certain historical statistical relationships will continue. These models are constructed based on historical data supplied by third parties and, as a result, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">OPERATIONAL RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Adviser to the Fund, Sub‑Adviser and other Fund service providers may be subject to operational risk and may experience disruptions and operating errors. In particular, these errors or failures in systems and technology, including operational risks associated with reliance on third party service providers, may adversely affect the Fund’s ability to calculate its NAV in a timely manner, including over a potentially extended period. Moreover, disruptions (for example, pandemics and health crises) that cause prolonged periods of remote work or significant employee absences at the Fund’s service providers could impact the ability to conduct the Fund’s operations. While service providers are required to have appropriate operational risk management policies and procedures in place, their methods of operational risk management may differ from those of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Adviser, through its monitoring and oversight of service providers, seeks to ensure that service providers take appropriate precautions to avoid and mitigate risks that could lead to disruptions and operating errors. However, it is not possible for the Adviser, Sub‑Adviser or other Fund service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">KEY PERSON RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">Key person risk is the risk that results when a Fund’s investment program is highly dependent on the investment skill and dedication of a small number of “key” persons at the Adviser and Sub‑Adviser, which can result in decreased investment results if any of these “key” persons become unable to apply their full attention to the management of the Fund’s investments for health or other reasons. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MODELS AND DATA RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund uses an investment model to implement its investment strategy. The Fund is subject to the risk that the investment model may not perform as intended, including because the model may not adequately take into consideration certain factors relevant to the Fund’s investment strategy, investments, or the market environment, contains design flaws or incorporates faulty assumptions, or is informed by inaccurate or incomplete data. Errors in the data, assumptions and/or the design of the model may occur from time to time and may not be identified and/or corrected by the Sub‑Adviser (defined below) or the Adviser for a significant period or at all, which may magnify the adverse effect on the Fund of any investment decisions made in reliance on the erroneous model results. Any of these circumstances may lead to investment decisions or the inclusion or exclusion of securities that adversely affect the value of the Fund. </span></div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INVESTMENTS IN OTHER INVESTMENT COMPANIES RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund’s investment in another investment company may subject the Fund indirectly to the risks of that investment company. The Fund also will bear its share of the underlying investment company’s fees and expenses, which are in addition to the Fund’s own fees and expenses. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DEPOSITARY RECEIPTS RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund’s<span style="font-weight:bold"> </span>investment in depositary receipts does not eliminate all the risks inherent in investing in securities of non‑U.S. issuers. The market value of depositary receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the depositary receipts and the underlying securities are quoted. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">NEW FUND RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">AUTHORIZED PARTICIPANT CONCENTRATION RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"><span style="font-weight:bold"> </span>is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET TRADING RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"><span style="font-weight:bold"> </span>is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. The securities held by the Fund may be traded in markets that close at a different time than the stock exchange on which the Fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Fund’s listing exchange is open but after the applicable market closing, fixing or settlement times, bid‑ask spreads and the resulting premium or discount to the Shares’ NAV may widen. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. As with all exchange-traded funds, Fund shares may be bought and sold in the secondary market at market prices. When buying or selling Fund shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Fund shares (bid) and the lowest price a seller is willing to accept for Fund shares (ask) (the “bid‑ask spread”). The trading prices of Fund shares in the secondary market may differ from the Fund’s daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) or less than the net asset value per share (discount). This risk is heightened in times of market volatility or periods of steep market declines. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET EVENTS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> relates to the increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets throughout the world during the past decade. These conditions may recur. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">LIQUIDITY RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"><span style="font-weight:bold"> </span>is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value, and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">LARGE SHAREHOLDER RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">Certain shareholders, including other funds or accounts advised by the Advisor, may from time to time own a substantial amount of the Fund’s shares. In addition, a third party investor, the Advisor, an authorized participant, a lead market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"> negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">CYBERSECURITY RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund’s and its service providers’ use of internet, technology and information systems may expose the Fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">CASH REDEMPTION RISK.</span> </span><span style="font-family:times new roman;font-size:9.5pt">The Fund generally redeems shares for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized if it had satisfied such redemption requests with securities held by the Fund (<span style="font-style:italic">i.e.</span>, redeemed its shares in kind). As a result, the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind. These costs could include brokerage costs or losses that might not have been incurred if the Fund had made redemptions in‑kind. In addition, these costs could be imposed on the Fund, and thus decrease the Fund’s net asset value, to the extent that the costs are not offset by a transaction fee payable by an authorized participant. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">ACTIVE MANAGEMENT RISK. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">TEMPORARY INVESTMENTS. </span></span><span style="font-family:times new roman;font-size:9.5pt">The Fund’s actively managed investment process is heavily dependent on quantitative models, which do not adjust to take temporary defensive positions. However, the Fund reserves the right to invest in U.S. government securities, money market instruments, and cash, without limitation, as determined by the Adviser or Sub‑Adviser in response to adverse market, economic, political or other conditions. In the event the Fund engages in temporary defensive strategies that are inconsistent with its investment strategies, the Fund’s ability to achieve its investment objective may be limited. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">VALUATION RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"><span style="font-weight:bold"> </span>is the risk that the purchase or sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;font-weight:bold;">As with any fund, it is possible to lose money on an investment in the Fund. </div> FUND PERFORMANCE <div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Updated performance information for the Fund is available and may be obtained on the Trust’s website at [ ] or by calling (832) 300‑8749. </div> The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (832) 300‑8749 The management fee is structured as a “unitary management fee,” out of which the Fund’s investment adviser, Bridgeway Capital Management, LLC (“BCM”), pays all of the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: (i) the Fund’s management fee; (ii) distribution fees and expenses paid by the Fund, if any, under any distribution plan adopted pursuant to Rule 12b‑1 under the 1940 Act; (iii) interest expenses; (iv) brokerage expenses and other expenses (such as stamp taxes) in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (v) tax expenses; (vi) litigation expenses; (vii) acquired fund fees and expenses; and (viii) extraordinary expenses. “Other Expenses” are based on estimated amounts for the current fiscal year.