ITAN

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted.

Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. YTD is year-to-date.

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Stocks are assigned to a single “primary” pillar based on Sparkline’s proprietary intangible value scores (i.e., intellectual property, brand equity, human capital, network effects, tangible). Boxes are proportional to position size. Positions are grouped by primary pillar to illustrate aggregate exposure to each pillar of value. As of 3/31/2023.

Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. This and other important information is contained in the prospectus, which may be obtained by following the link above. Please read the prospectus carefully before investing.

Investments involve risk and principal loss is possible. There can be no assurance that the fund will achieve its investment objective. The fund invests in equity securities, which may fall in value in adverse economic and market conditions. The fund expects to have exposure to the information technology, communications, healthcare, and consumer discretionary sectors, which face unique competitive, technological, demand, and regulatory risks. The fund may invest in mid- and small-cap companies, which may have limited liquidity and greater volatility. The fund is actively managed and its success will depend on the skills of the advisor and subadvisor, which has a limited operating history. The fund utilizes quantitative methods, machine learning and alternative data, which are subject to data quality, model, algorithm, regulatory, and technological risks. The fund employs a value investing strategy, which may fail if stocks do not reach the subadvisor’s assessment of fair value. Please see the prospectus for more details of these and other risks.

Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. ETF shares may only be redeemed at NAV by authorized participants in large creation units. There can be no guarantee that an active trading market for shares will exist. The trading of shares may incur brokerage commissions.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. We make no representation or warranty as to the accuracy or completeness of the information contained in this report, including third-party data sources. The views expressed are as of the publication date and subject to change at any time. No part of this material may be reproduced in any form, or referred to in any other publication without express written permission. References to securities or other funds should not to be interpreted as an offer or recommendation of these securities.

The fund is distributed by Quasar Distributors, LLC. The fund’s investment advisor is Empowered Funds, LLC, which is doing business as EA Advisers. The fund’s investment subadvisor is Sparkline Capital LP.