The Predecessor All-Cap Core Fund was reorganized on January 26, 2024 from a series of Investment Managers Series Trust, a Delaware statutory trust, to a series of the Zacks Trust (the “Prior Reorganization”), and thereafter, was a continuation of an identically-named predecessor fund (the “Prior Predecessor Fund”) that was managed by Zacks Investment Management, Inc. In connection with the Prior Reorganization, Institutional Class shares of the Prior Predecessor Fund were exchanged for Institutional Class shares of the Predecessor All-Cap Core Fund. The Prior Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Predecessor All-Cap Core Fund, and were managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Predecessor All-Cap Core Fund. The performance information set forth below reflects the historical performance of the Prior Predecessor Fund’s shares. Prior to October 31, 2016, Institutional Class shares were designated as Class A shares, which were subject to a 5.75% sales charge that is not reflected in the total return figures below.

Additionally, on November 20, 2026, the Predecessor All-Cap Core Fund expects to be reorganized into the Fund, and upon completion of such reorganization the Fund will commence operations as an exchange-traded fund (“ETF”). The Fund will adopt the performance of the Predecessor All-Cap Core Fund, and thus, the performance information shown below for the period prior to November 20, 2026 reflects that of the Institutional Class of the Predecessor All-Cap Core Fund, which had a different fee structure than the Fund. You should be aware that the past performance of the Predecessor All-Cap Core Fund (before and after taxes) may not be an indication of how the Fund will perform in the future.

You should be aware that the Predecessor All-Cap Core Fund’s (and that of the Prior Predecessor Fund) past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Performance information for the Predecessor All-Cap Core Fund is available at: www.zacksfunds.com or by calling 855-813-3507. Performance information about the Fund will be available on Fund’s website at: https://zacksetfs.com/ALLZ or by calling 855-813-3507.

After-tax performance is presented only for Institutional Class shares of the Predecessor All-Cap Core Fund. Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (“IRAs”). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

The Predecessor Small-Cap Core Fund was reorganized on January 26, 2024 from a series of Investment Managers Series Trust, a Delaware statutory trust, to a series of the Zacks Trust (the “Prior Reorganization”), and thereafter, operated a continuation of an identically-named predecessor fund (the “Prior Predecessor Fund”) that was managed by Zacks Investment Management, Inc. The Prior Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Predecessor Small-Cap Core Fund, and were managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of Predecessor Small-Cap Core Fund. The performance information set forth below reflects the historical performance of the Predecessor Small-Cap Core Fund.

Additionally, on or around November 6, 2026 (the “Share Class Collapse Date”), it is expected that the Investor Class of the Predecessor Small-Cap Core Fund will collapse into the Institutional Class of the Predecessor Small-Cap Core Fund, such that following the Share Class Collapse Date, the Institutional Class of the Predecessor Small-Cap Core Fund will remain. Thereafter, on November 20, 2026, the Predecessor Small-Cap Core Fund expects to be reorganized into the Fund (the “Reorganization”), and upon completion thereof, the Fund will commence operations as an ETF and adopt the performance of the Predecessor Small-Cap Core Fund’s Institutional Class. Accordingly, the performance information shown below is for the period prior to the Reorganization and reflects the performance of the Predecessor Small-Cap Core Fund’s Institutional Class.

You should be aware that the Predecessor Small-Cap Core Fund’s (and that of the Prior Predecessor Fund) past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Performance information for the Predecessor Small-Cap Core Fund is available at: www.zacksfunds.com or by calling 855-813-3507 and performance information about the Fund will be available on Fund’s website at: https://zacksetfs.com/ZCAP or by calling 855-813-3507.

After-tax performance is presented only for Institutional Class shares of the Predecessor Small-Cap Core Fund. The after-tax returns for the Institutional Class of the Predecessor Small-Cap Core Fund may vary. Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (“IRAs”). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.