The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost.

*Total annual fund operating expenses are 0.85% gross and 0.65% net. From 8/29/23 until at least 4/30/25, the Adviser has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse other expenses (not including acquired fund fees and expenses, taxes, brokerage expenses, and extraordinary expenses), so that the ratio of expenses to average net assets as reported in the Fund’s Financial Highlights will be no more than 0.65% for such period. This agreement may not be terminated or modified by the Adviser prior to 4/30/25, without the approval of the Board of Trustees.

Please review the Fund’s prospectus for more information regarding the Fund’s fees and expenses. Market price returns are calculated using the closing price and account for distributions from the Fund. For questions regarding the Select Equity ETF, please call toll-free at (800) 836-4265.