The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 855-316-3778 or visit the Fund’s website at www.cvafunds.com. Investing involves risk, including the possible loss of principal Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

For standardized performance of the Greater China Growth ETF, click here.

Disclosures for linked news stories:

• See holdings here

• Note: References to other securities is not an offer to buy or sell.

Definitions for linked news stories:

A. Alpha: Excess return of an investment relative to the return of a benchmark index.

B. Basis point: One basis point is equivalent to 0.01%.

C. MSCI China Index: The MSCI China Index stands for Morgan Stanley Capital International (MSCI), and is an index used to measure equity market performance of large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs).

D. The SZSE Component Index is an index of 500 stocks that are traded at the Shenzhen Stock Exchange. It is the main stock market index of SZSE

E. The ChiNext Index comprises the 100 largest and most liquid A-share stocks listed and traded on the ChiNext Market of the Shenzhen Stock Exchange.

F. The Caixin China General Manufacturing Purchasing Managers' Index (PMI) is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 500 manufacturing companies. Survey responses reflect the change, if any, in the current month compared to the previous month based on data collected mid-month. The manufacturing PMI is a composite index based on five of the individual indexes with the following weights: New Orders - 0.3, Output - 0.25, Employment - 0.2, Suppliers' Delivery Times - 0.15, Stock of Items Purchased - 0.1, with the Delivery Times index inverted so that it moves in a comparable direction. See: https://www.caixinglobal.com/caixin-manufacturing-pmi/

G. The CSI NEV index: CSI New Energy Vehicles Index (399976.SS) selects stocks of listed companies involved in lithium batteries, charging piles, and new energy vehicles as index samples to reflect the overall performance of new energy vehicle-related listed company stocks.https://www.csindex.com.cn/#/indices/family/detail?indexCode=399976

H.The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. https://www.bloomberg.com/quote/SHCOMP:IND?embedded-checkout=true

I. The CSI 300 Shanghai Shenzhen CSI 300 Index is a free-float weighted index that consists of 300 A-share stocks listed on the Shanghai or Shenzhen Stock Exchanges. Index has a base level of 1000 on 12/31/2004. https://www.bloomberg.com/quote/SHSZ300:IND

J. The Shanghai Science and Technology Innovation Board 50 Index (STAR 50) is composed of 50 securities with the largest market capitalization and best liquidity from the Science and Technology Innovation Board of the Shanghai Stock Exchange. It reflects the overall performance of a group of the most market-representative innovative enterprises. https://www.sse.com.cn/market/sseindex/indexlist/basic/i§§ndex.shtml?COMPANY_CODE=000688&INDEX_Code=000688&type=1

Disclosures:

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 855-316-3778 or visit our website at https://cvafunds.com/. Read the prospectus or summary prospectus carefully before investing.

Investing involves risks and the possible loss of principal.

FRDM: The Freedom 100 Emerging Markets ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Life + Liberty Freedom 100 Emerging Markets Index (the “Index”). It has a passive management style. FRDM has net assets of $632.77m as of 10/24/23 – see performance and prospectus. (Defiance team: note links for these two)

TOBAM funds are not registered for sale in the US.

Holdings are subject to change without notice. Any disclosure (such as from Bloomberg or other media source) that references the opinions expressed during the podcast are those of the guests and may not reflect those of CoreValues Alpha.

Growth Investing Risks. The Fund will invest in companies that appear to be growth-oriented. Growth companies are those that the Sub-Adviser believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income.

China Investing Risks. The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. The Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors of U.S. public companies, has warned that it lacks the ability to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in such companies. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations, trade wars and other negative consequences.

Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

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