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FMI FUNDS, INC.
2026-10-30
FMI
GLOBAL EQUITY ETF SUMMARY
Investment
Objective:
<p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zP8G0UgkjU95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FMI Global Equity ETF (the “Fund”) seeks long-term capital appreciation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Fees
and Expenses of the Fund:
<p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zrrnd5OaPiz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you may pay if you buy, hold, and sell
shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are
not reflected in the table and Example below.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zNGEAWLpuFKe"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zpK12TdLnLgf" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 95%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="display: none; vertical-align: top">
<td> </td>
<td style="vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1.5pt"> </td>
<td style="vertical-align: bottom"> </td>
<td id="xdx_494_20261030__20261030__oef--ClassAxis__custom--C000279301Member_zEBRKzVD8DD7" style="vertical-align: top; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: top">
<td colspan="4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b><i><span id="xdx_903_eoef--OperatingExpensesCaption_c20261030__20261030__dei--LegalEntityAxis__custom--S000108321Member_gIFOEC-WKH_zZMRJ6iQrg5a">Annual
Fund Operating Expenses </span></i></b></span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_C0F_gIFOEC-WKH_zeDI0olaFhu">(<i>expenses
that you pay each year as a percentage of the value of your investment</i>)</span> </span></span></p></td></tr>
<tr id="xdx_402_eoef--ManagementFeesOverAssets_dp_zitHxyCtayHa">
<td style="width: 1%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="vertical-align: bottom; width: 82%; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Management
Fees <sup id="xdx_F45_z2umivwrAzJ6">(1)</sup></span></span></td>
<td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="vertical-align: top; width: 15%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">0.60%</span></span></td></tr>
<tr id="xdx_404_eoef--OtherExpensesOverAssets_dp_zRoP7Hht1XAb">
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Other
Expenses <sup id="xdx_F47_z7eBqzNO2vNd">(2)</sup></span></span></td>
<td style="vertical-align: bottom"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">0.00%</span></span></td></tr>
<tr id="xdx_404_eoef--ExpensesOverAssets_dp_z9nHuhcnPufk">
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Total
Annual Fund Operating Expenses </span></span></td>
<td style="vertical-align: bottom"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">0.60%</span></span></td></tr>
<tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zDzu9CB8eKK5">
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Fee
Waivers and/or Expense Reimbursement <sup id="xdx_F4F_z5ZujxLLMMyj">(3)</sup></span></span></td>
<td style="vertical-align: bottom"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">-0.05%</span></span></td></tr>
<tr id="xdx_40C_eoef--NetExpensesOverAssets_dp_zayyEFEcCbK">
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Net
Annual Fund Operating Expenses </span></span></td>
<td style="vertical-align: bottom"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="border-bottom: black 2.25pt double; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">0.55%</span></span></td></tr>
<tr>
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td></tr>
<tr>
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td>
<td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><sup id="xdx_F08_znLH8WGq9HZk">1</sup></i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F18_zyqByWNJzK4j">The Fund’s
investment adviser is paid an annual unitary management fee by the Fund equal to 0.60% of the Fund’s average daily net assets and
is responsible for paying all of the Fund’s expenses except for the following excluded expenses: advisory and sub-advisory fees,
costs of holding shareholder meetings, interest charges on any borrowings made for investment purposes, dividends and other expenses
on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities
and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid
by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, legal fees and expenses
relating to arbitration or litigation, and other non-routine or extraordinary expenses.</i></span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><sup id="xdx_F09_z1GeE0wexf1b">2</sup></i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1A_zq5S2r8ux0Ed"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20261030__20261030__dei--LegalEntityAxis__custom--S000108321Member_zCMPmGctlePl">“Other
Expenses” are estimated for the current fiscal year. Actual expenses may differ from estimates.</span></i></span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"> </span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><sup id="xdx_F01_z33E4Tq4aOq4">3</sup></i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F17_zxkXWWXDBZO1">The Fund’s
investment adviser has agreed to limit the Fund’s total annual operating expenses to 0.55% of the Fund’s average daily net
assets through at least <span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261030__20261030__oef--ClassAxis__custom--C000279301Member_zm8pYKcdjoqf">January 31, 2028</span>. This contractual limitation may only be terminated by the Fund’s Board of Directors.</i></span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Annual
Fund Operating Expenses (expenses
that you pay each year as a percentage of the value of your investment)
0.0060
0.0000
0.0060
-0.0005
0.0055
“Other
Expenses” are estimated for the current fiscal year. Actual expenses may differ from estimates.
January 31, 2028
Example
<p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zJ7KV55I6qT3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem 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:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYiiRxTIVhj2"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z8j9oQ5SvZik" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 40%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: top">
<td id="xdx_487_eoef--ExpenseExampleYear01_z2O71WF4lM7c" style="width: 50%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">1
Year</span></b></span></td>
<td id="xdx_48E_eoef--ExpenseExampleYear03_zCtj7lt03vc4" style="width: 50%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">3
Years</span></b></span></td></tr>
<tr id="xdx_410_20261030__20261030__oef--ClassAxis__custom--C000279301Member_znqRxOe1B5Yf">
<td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$56</span></td>
<td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$187</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
56
187
Portfolio
Turnover
<p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zoYA2YCLy817" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover 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. Because the Fund has not yet commenced operations as of the date of the Prospectus, there is no portfolio turnover
information quoted for the Fund.</span></p>
Principal
Investment Strategies:
<p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zC0VKhYJxbVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_eoef--StrategyPortfolioConcentration_c20261030__20261030__dei--LegalEntityAxis__custom--S000108321Member_zZxsefc7dmea">Under normal circumstances, the Fund invests at least 80% of its assets in equity securities.</span> For purposes
of this 80% policy, “assets” means net assets plus the amount of any borrowings for investment purposes, and “equity
securities” means common stocks and other securities representing, or convertible into or exercisable for, an ownership
interest in a company, including preferred stocks, convertible preferred stocks, warrants, rights, American Depositary Receipts
(“ADRs”), and American Depositary Shares (“ADSs”) that themselves invest primarily in equity securities.
Specifically, the Fund invests mainly in a limited number of large capitalization stocks of global companies (namely, U.S. and
non-U.S. companies whose market capitalization is generally not smaller $<span style="text-transform: uppercase">4</span> billion).
U.S. companies are companies listed or traded on a national securities exchange or on a national securities association, including
foreign securities traded on a national securities exchange or on a national securities association. Non-U.S. companies are companies
domiciled or headquartered outside of the United States, or whose primary business activities or principal trading markets are
located outside of the United States in predominantly developed markets, although the Fund may also invest in emerging markets.
Under normal circumstances, the Fund will invest at least 30% of its assets in non-U.S. companies. If the Fund’s investment
adviser deems market conditions less favorable for non-U.S. companies, the Fund could invest less than 30% but would invest at
least 20% of its assets in non-U.S. companies. The Fund may invest a substantial portion of its assets in issuers located in a
limited number of countries, and the Fund’s geographic and industry exposures may differ significantly from broad global
market benchmarks.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest in ADRs through both sponsored and unsponsored arrangements. Issuers of the securities underlying sponsored ADRs,
but not unsponsored ADRs, are contractually obligated to disclose material information in the United States. Therefore, the market
value of unsponsored ADRs is less likely to reflect the effect of such information. The Fund may also invest in ADSs and other
depositary receipt arrangements, which are subject to risks similar to direct investments in foreign securities and may involve
additional expenses, reduced voting rights, reduced information access, and imperfect correlation to the underlying foreign securities.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the Fund’s investments limited in number, a substantial amount of the Fund’s assets (namely, more than 25% of its
assets) may be in issuers located in a limited number of countries, and it is likely that the geographical and industry weightings
of the Fund will differ significantly from popular global benchmarks. The Fund views an investment in the securities of a company
domiciled or headquartered in an emerging market, or whose primary business activities or principal trading markets are located
in an emerging market as an investment in an emerging market.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve
above average performance with below average risk. The Fund believes good businesses have some or all of the following characteristics:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
strong, defendable market niche or products and services niche that is difficult to replicate</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
high degree of relative recurring revenue</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modestly
priced products or services</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attractive
return-on-investment economics (namely, where return on investment exceeds a company’s
cost of capital over a three to five year period)</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Above-average
growth or improving profitability prospects</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund considers valuation:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
both an absolute and relative to the market basis</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilizing
both historical and prospective analysis</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance
varies depending on the type of business or industry and the company being reviewed.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund’s portfolio managers will generally sell a portfolio security when they believe:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
security has achieved its value potential</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
sale is necessary for portfolio diversification</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changing
fundamentals signal a deteriorating value potential</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
securities have better value potential</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment thesis has changed or they determine that another investment offers a more
attractive risk/reward profile</span></td></tr></table>
Under normal circumstances, the Fund invests at least 80% of its assets in equity securities.
There is a risk that you could lose all or a portion of your money on your investment in the Fund.
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zQ9EDgwS7ngd"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF
Risks:</b> As an exchange-traded fund (“ETF”), the Fund is subject to the
following risks:</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PremiumdiscountMember_zXZ670DNTNye"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/Discount:
</b>Fund shares are bought and sold in the secondary market at market prices rather than
NAV and may trade at a premium or discount to NAV. The market price of Fund shares fluctuates
in response to changes in the value of the Fund’s holdings, supply and demand for
shares, and other market factors. During periods of market volatility or market disruption,
shares may trade at a larger premium or discount to NAV and the bid/ask spread may widen.
Because a significant portion of the Fund’s portfolio may trade on foreign markets
that are closed when the Fund’s shares are trading in the United States, the Fund’s
shares may trade at premiums or discounts that are greater than those experienced by
domestic ETFs.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltMember_ztUSvW0JV4h"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
Halt: </b>Trading in Fund shares on NYSE Arca may be halted due to market conditions
or for reasons that, in the view of the exchange, make trading in shares inadvisable.
There can be no assurance that the requirements of NYSE Arca necessary to maintain the
listing of the Fund will continue to be met or will remain unchanged. Trading may also
be halted because of extraordinary market volatility pursuant to exchange “circuit
breaker” rules or due to operational issues affecting the Fund, the exchange, Authorized
Participants, market makers, or other market participants.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zrtg18tjymld"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Transactions Risk:</b> The Fund may effect its creations and redemptions in cash or partially
in cash. As a result, an investment in the Fund may be less tax-efficient than an investment
in other ETFs that effect their creations and redemptions primarily on an in-kind basis.
Cash creations and redemptions may require the Fund to sell portfolio securities and
may cause the Fund to incur brokerage and other transaction costs and recognize capital
gains that it might not have recognized if it had made redemptions in-kind.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationMember_zEl85WqFewGk"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized
Participant Concentration:</b> The Fund may have a limited number of financial institutions
that may act as Authorized Participants. To the extent those Authorized Participants
are unavailable or unwilling to engage in creation or redemption transactions and no
other Authorized Participant steps forward, Fund shares may trade at a premium or discount
to NAV and possibly face trading halts or delisting. The Fund may also rely on a limited
number of market makers and liquidity providers. If market makers, liquidity providers,
or Authorized Participants exit the business or otherwise reduce their activities, the
Fund’s shares may trade at wider bid-ask spreads and/or larger premiums or discounts
to NAV.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zdFMJTdjRLY7"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
of Buying or Selling Shares: </b>Investors buying or selling Fund shares in the secondary
market will pay brokerage commissions or other charges imposed by brokers and may incur
a bid-ask spread. Brokerage commissions are often a fixed amount and may be a significant
proportional cost for investors seeking to buy or sell relatively small amounts of Fund
shares. Frequent trading may significantly reduce investment results and an investment
in Fund shares may not be advisable for investors who anticipate regularly making small
investments.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zXh0gCGQUio"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Trading Risk: </b>There can be no assurance that an active trading market for Fund shares
will develop or be maintained. In stressed market conditions, the liquidity of Fund shares
may begin to reflect the liquidity of the Fund’s underlying holdings, which may
be significantly less liquid than Fund shares. This could lead to greater differences
between the market price of Fund shares and the Fund’s NAV.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketRiskMember_zCeSngeyB7r7"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Market Risk:</b> The prices of the securities in which the Fund invests may decline in
response to adverse issuer, political, regulatory, market, economic or other developments
that may cause broad changes in market value, public perceptions concerning these developments,
and adverse investor sentiment or publicity. The price declines of common stocks, in
particular, may be steep, sudden and/or prolonged. Price and liquidity changes may occur
in the market as a whole, or they may occur in only a particular company, industry, sector,
or geographical region of the market. These effects could negatively impact the Fund’s
performance.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zqFn0PJgbmzc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large
Capitalization Companies Risk: </b>Large capitalization companies may grow more slowly
than the overall economy and tend to go in and out of favor based on market and economic
conditions, and the Fund may underperform investments that focus on small or medium capitalization
companies. Large capitalization companies may be less able than smaller companies to
adapt quickly to changing market conditions, new competitive challenges, or evolving
consumer preferences.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumCapitalizationCompaniesRiskMember_ziKuE98B3Gql"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Medium
Capitalization Companies Risk:</b> Medium capitalization companies tend to be more susceptible
to adverse business or economic events than large capitalization companies, and there
is a risk that the securities of medium capitalization companies may have limited liquidity
and greater price volatility than securities of large capitalization companies.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_zl66wRpuNi8i"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td><td><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Focused
Portfolio Risk:</b> While the Fund is a diversified fund within the meaning of the Investment
Company Act of 1940,the Fund’s portfolio tends to be invested in a relatively small
number of issuers. As a result, the appreciation or depreciation of any one issuer held
by the Fund will have a greater impact on the Fund’s net asset value than it would
if the Fund invested in a larger number of issuers. Although that strategy has the potential
to generate attractive returns over time, it also increases the Fund’s volatility
and may lead to greater losses. The Fund may also invest a substantial portion of its
assets in issuers located in a limited number of countries or regions, which may increase
the Fund’s sensitivity to economic, political, regulatory, or market developments
in those countries or regions.</span></span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zZh2Uzfd7GB6"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value
Investing Risk: </b>The Fund’s portfolio managers may be wrong in their assessment
of a company’s value and the stocks the Fund holds may not reach what the portfolio
managers believe are their full values. From time to time “value” investing
falls out of favor with investors. During these periods, the Fund’s relative performance
may suffer.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundamentalAnalysisRiskMember_zcj3dMmWs1Ad"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fundamental
Analysis Risk: </b>The Adviser uses fundamental analysis in selecting investments for
the Fund. The success of this approach depends in part on the Adviser’s ability
to evaluate business quality, financial condition, competitive position, future earnings,
and valuation. If the information used is inaccurate, incomplete, stale, or misinterpreted,
or if the Adviser’s analysis is incorrect, the Fund may underperform or lose money.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zr2nXfRIjG8d"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large
Shareholder Risk:</b> Certain large shareholders, including Authorized Participants,
may from time to time own a substantial amount of the Fund’s shares. There is no
requirement that these shareholders maintain their investment in the Fund. There is a
risk that such large shareholders or that the Fund’s shareholders generally may
redeem all or a substantial portion of their investments in the Fund in a short period
of time, which could have a significant negative impact on the Fund’s NAV, liquidity,
and brokerage costs. Large redemptions could also result in tax consequences to shareholders
and impact the Fund’s ability to implement its investment strategy.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zyfuuahepK4j"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
Fund Risk:</b> The Fund is a new fund, with a limited operating history, which may result
in additional risks for investors in the Fund. There can be no assurance that the Fund
will grow to an economically viable size, in which case the Fund may cease operations.
In such an event, investors may be required to liquidate or transfer their investments
at an inopportune time. Newer and smaller funds may have wider bid-ask spreads, lower
trading volumes, greater trading costs, and less efficient operation than larger or more
established funds.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zWuJIiwhT6nf"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Preferred
Stock Risk</b>: Preferred stock generally has a preference as to dividends and upon liquidation
over an issuer’s common stock but ranks junior to other income securities in an
issuer’s capital structure. Preferred stock generally pays dividends in cash (or
additional shares of preferred stock) at a defined rate but, unlike interest payments
on other income securities, preferred stock dividends are payable only if declared by
the issuer’s board of directors. Dividends on preferred stock may be cumulative,
meaning that, in the event the issuer fails to make one or more dividend payments on
the preferred stock, no dividends may be paid on the issuer’s common stock until
all unpaid preferred stock dividends have been paid. Preferred stock also may provide
that, in the event the issuer fails to make a specified number of dividend payments,
the holders of the preferred stock will have the right to elect a specified number of
directors to the issuer’s board. Preferred stock also may be subject to optional
or mandatory redemption provisions. In addition, preferred stock may trade less frequently
and in a more limited volume and may be subject to more abrupt or unpredictable price
movements than certain other types of securities.</span></span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zyjb9uMeI3J1"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Convertible
Securities Risk:</b> The Fund may buy securities convertible into common stock or other
equity in a company, such as convertible preferred stocks and warrants. A warrant is
an instrument issued by a corporation that gives the holder the right to subscribe to
a specific amount of the corporation’s capital stock at a set price for a specified
period of time. Warrants do not represent ownership of the underlying securities, but
only the right to buy the securities. The prices of warrants do not necessarily move
parallel to the prices of underlying securities. Warrants may be considered speculative
in that they have no voting rights, pay no dividends, and have no rights with respect
to the assets of a corporation issuing them. Convertible bonds are subject to risks associated
with fixed income investments, such as credit risk, interest rate risk, and maturity
risk. Convertible preferred stocks are subject to the risks of preferred stocks, such
as equity risk and risks that the issuer will not be able to pay any preferred dividend
or other preference. Warrants are subject to risks associated with options, including
the possible lack of a liquid market for resale of the warrants, potential price fluctuations
as a result of speculation or other factors, and failure of the price of the underlying
security to reach or have reasonable prospects of reaching a level at which the warrant
can be prudently exercised (in which event the warrant may expire without being exercised,
resulting in a loss of a Fund’s entire investment therein).</span></span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zSnggS81zsU"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Foreign
Securities Risk:</b> Stocks of non-U.S. companies (whether held directly or in ADRs or
ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may
be less liquid and more volatile than stocks of U.S. companies. The costs associated
with securities transactions are often higher in foreign countries than in the U.S. The
U.S. dollar value of foreign securities traded in foreign currencies (and any dividends
and interest earned) held by the Fund may be affected unfavorably by changes in foreign
currency exchange rates. An increase in the U.S. dollar relative to these other currencies
will adversely affect the Fund, if the positions are not fully hedged. Additionally,
investments in foreign securities, whether or not publicly traded in the United States,
may involve risks which are in addition to those inherent in domestic investments. Foreign
companies may be subject to significantly higher levels of taxation than U.S. companies,
including potentially confiscatory levels of taxation, thereby reducing the earnings
potential of such foreign companies. Substantial withholding taxes may apply to distributions
from foreign companies. Foreign companies may not be subject to the same regulatory requirements
as those of U.S. companies and, as a consequence, there may be less publicly available
information about such companies. Also, foreign companies may not be subject to uniform
accounting, auditing and financial reporting standards and requirements comparable to
those applicable to U.S. companies. Policy and legislative changes in foreign countries
and other events affecting global markets, such as the institution of tariffs by the
U.S., a rise in protectionist trade policies, the possibility of a national or global
recession, risks associated with pandemic and epidemic diseases, trade tensions, the
possibility of changes to some international trade agreements, political events, and
continuing political tension and armed conflicts may contribute to decreased liquidity
and increased volatility in the financial markets. Foreign governments and foreign economies
often are less stable than the U.S. Government and the U.S. economy. Foreign markets
may be open on days when Fund shares are not priced, and Fund shares may trade on days
when foreign markets are closed. This may result in premiums and discounts that are greater
than those associated with funds that invest primarily in domestic securities.</span></span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_znUcm2qUzY42"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
Markets Risk:</b> The risks of investing in non-U.S. securities may be heightened for
securities of issuers located in emerging market countries. Emerging market countries
tend to have economic structures that are less diverse and mature, and political systems
that are less stable, than those of developed countries. Emerging market countries may
also have less developed legal and accounting systems. In addition to all of the risks
of investing in non-U.S. securities, emerging markets are more susceptible to governmental
interference, local taxes being imposed on foreign investments, restrictions on gaining
access to sales proceeds, and less liquid and efficient trading markets.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zzRfIVeeQyBa"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary
Receipts Risk: </b>Depositary receipts, including ADRs and ADSs, are generally subject
to the same risks as the foreign securities they evidence or into which they may be converted.
Depositary receipts may also involve additional risks, including reduced voting rights,
additional expenses, less liquidity, and the possibility that the price of the depositary
receipt may not track the price of the underlying foreign security. Unsponsored depositary
receipts may present greater risks because the issuer of the underlying security is not
obligated to provide shareholder communications or other information to investors.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zOjKIuY1zql9"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
Risk: </b>Liquidity risk is the risk, due to certain investments trading in lower volumes
or to market and economic conditions, that the Fund may be unable to find a buyer for
its investments when it seeks to sell them or to receive the price it expects based on
the Fund’s valuation of the investments. Events that may lead to increased redemptions,
such as market disruptions, may also negatively impact the liquidity of the Fund’s
investments when it needs to dispose of them. If the Fund is forced to sell its investments
at an unfavorable time and/or under adverse conditions in order to meet redemption requests,
such sales could negatively affect the Fund. Liquidity issues may also make it difficult
to value the Fund’s investments.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChangesInTaxLawsMember_zQIb2EfpCYtb"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Changes
in Tax Laws: </b>Tax law is subject to change, possibly with retroactive effect, or to
different interpretations, and such changes or interpretations could adversely affect
the Fund. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum
tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded
corporations and certain affiliates. The One Big Beautiful Bill Act made significant
other changes to the U.S. tax laws, including permanent reductions to tax rates and disallowance
of deductions, that will materially impact funds and their investors. Any future changes
are highly uncertain, and the impact on the Fund or its shareholders cannot be predicted.
Prospective shareholders should consult their own tax advisors regarding the impact to
them of possible changes in tax laws.</span></span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveForeignInvestmentCompanyMember_zr8Ry71Jqpci"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Passive
Foreign Investment Company:</b> The Fund may invest in foreign corporations that are
classified as “passive foreign investment companies” for U.S. federal income
tax purposes, which could result in adverse U.S. federal income tax consequences to the
Fund and its shareholders.</span></span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zZQJVzyCl1T3"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Securities Risk:</b> Equity securities may be subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company’s business
performance, investor perceptions, stock market trends and general economic conditions.
The rights of equity stockholders are subordinate to all other claims on a company’s
assets including, debt holders and preferred stockholders; therefore, the Fund could
lose money if a company in which it invests becomes financially distressed.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegionSectorOrIndustryRiskMember_z9ZmY4cJfUYf"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Region,
Sector or Industry Risk:</b> If the Fund has invested a higher percentage of its total
assets in a particular region, sector or industry, changes affecting that region, sector
or industry, or the perception of that region, sector or industry, may have a significant
impact on the performance of the Fund’s overall portfolio. Individual regions,
sectors or industries may be more volatile, and may perform differently than the broader
market.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Performance:
<p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zLKXDrK6TJs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Fund commenced operations on or after the date of this Prospectus, there is no historical performance information
shown here. <span id="xdx_904_eoef--PerformanceOneYearOrLess_c20261030__20261030__dei--LegalEntityAxis__custom--S000108321Member_zNLVEBZbYy04">Performance history will be presented after the Fund has been in operation for one full calendar year.</span> Current performance
information is available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20261030__20261030__dei--LegalEntityAxis__custom--S000108321Member_z68xpMLa9QU7">www.fmietf.com/current-performance/</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Performance history will be presented after the Fund has been in operation for one full calendar year.
www.fmietf.com/current-performance/