Author: Christian Granada

Important Information

The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information is contained in the Funds’ prospectus, which may be obtained at the following links: SMRI and RNIN Prospectus, SMRI Summary Prospectus, and RNIN Summary Prospectus, or by calling +1.215.330.4476.

Applicable to SMRI and RNIN

There is no assurance that the Funds will achieve their investment objectives.

Investment Risk. When you sell your Shares, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Funds. The Funds could lose money due to short-term market movements and over longer periods during market downturns. Securities may decline in value due to factors affecting securities markets generally or particular asset classes or industries represented in the markets. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security, such as geopolitical events and environmental disasters. The value of a security may also decline due to factors that affect a particular industry or group of industries. During a general downturn in the securities markets, multiple asset classes may be negatively affected.

Value-Style Investing Risk. The Sub-Adviser may be wrong in its assessment of a company’s value, and the stocks the Funds own may not reach what the Sub-Adviser believes are their true values. The market may not favor value-oriented stocks and may not favor equities at all, which may cause the Funds’ relative performance to suffer. Value stocks can perform differently from the market as a whole and from other types of stocks. While certain value stocks may increase in value more quickly during periods of anticipated economic upturn, they may also lose value more quickly in periods of anticipated economic downturn. Furthermore, there is the risk that the factors which caused the depressed valuations are longer term or even permanent in nature, and that their valuations may fall or never rise.

Equity Investing Risk. An investment in the Funds involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

Risk of Investing in Other ETFs. Because the Funds may invest in other ETFs, the Funds’ investment performance is impacted by the investment performance of the selected underlying ETFs. An investment in the Funds is subject to the risks associated with the ETFs that then-currently comprise the Funds’ portfolio. At times, certain of the segments of the market represented by the Funds’ underlying ETFs may be out of favor and underperform other segments. The Funds will indirectly pay a proportional share of the expenses of the underlying ETFs in which they invest (including operating expenses and management fees).

Management Risk. The Funds are actively managed and may not meet their investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Funds. The success of the Funds’ investment program depends largely on the investment techniques and risk analyses applied by the Adviser, Sub-Adviser, and the portfolio manager and the skill of the Adviser, Sub-Adviser, and/or portfolio manager in evaluating, selecting, and monitoring the Funds’ assets. The Funds could experience losses (realized and unrealized) if the judgement of the Adviser, Sub-Adviser, or portfolio manager about markets or sectors or the attractiveness of particular investments made for the Funds’ portfolio proves to be incorrect. It is possible the investment techniques and risk analyses employed on behalf of the Funds will not produce the desired results. Absent unusual circumstances (e.g., the Adviser determines a different security has higher liquidity but offers a similar investment profile as a recommended security), the Adviser will generally follow the Sub-Adviser’s investment recommendations to buy, hold, and sell securities and financial instruments.

Applicable only to SMRI

Large-Capitalization Companies Risk. Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better – or worse – than the stock market in general. These periods have, in the past, lasted for as long as several years.

Mid-Capitalization Companies Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

High Portfolio Turnover Risk. The Fund’s investment strategy may result in higher turnover rates. This may increase the Fund’s brokerage commission costs, which could negatively impact the performance of the Fund. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term capital gains, distributions of which would generally be taxed to you as ordinary income and thus cause you to pay higher taxes.

Sector Risk. If the Fund’s portfolio is overweighted in a certain sector, which can include the Consumer Discretionary Sector, Energy Sector, Healthcare Sector, and Information Technology Sector, any negative economic, financial, market, business or other developments affecting that sector will have a greater impact on the Fund than on a fund that is not overweighted in that sector. A certain sector may underperform other sectors or the market as a whole. Economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss associated with an investment in the Fund and increase the volatility of the Fund’s net asset value per share.

Applicable only to RNIN

Small- and Mid-Capitalization Company Risk. Investing in securities of SMID Cap companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. SMID Cap companies and the industries in which they focus may still be evolving and, as a result, they may be more sensitive to changing market conditions. SMID Cap companies often have less predictable earnings, more limited product lines, markets, distribution channels and financial resources, and the management of such companies may be dependent upon one or a few people.

Non-Diversification Risk. Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors and the performance of the Fund could be negatively impacted by events affecting such sectors.

New Fund Risk. The Fund is a recently organized investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. There can be no assurance that the Fund will grow to or maintain an economically viable size.

An investment in the Fund involves risk, including possible loss of principal. Exchange-traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus.

Shares of the Funds are not FDIC insured, may lose value, and have no bank guarantee.

This is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. References to other funds should not be interpreted as an offer of these securities.

30-Day Bid/Ask Spread: is the Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by identifying the Fund’s national best bid and national best offer as of the end of each 10-second interval during each trading day of the last 30 days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Russell 1000 Index tracks the largest 1,000 publicly traded U.S companies by market capitalization. The S&P 500 Index tracks 500 of the largest publicly traded U.S. companies by market capitalization. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly.

The Funds’ Lead Portfolio Manager (the “portfolio manager”) is primarily responsible for the day-to-day management of the Funds.

The Funds are distributed by PINE Distributors LLC. The Funds’ investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sepio Capital, LP serves as the Sub-Adviser to the Funds. PINE Distributors LLC is not affiliated with ETF Architect or Sepio Capital, LP. Learn more about PINE Distributors LLC at FINRA’s BrokerCheck.

ETFAC-5867079-09/26