Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. 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 Fund’s Shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Investments in mid cap companies involve limited liquidity and greater volatility than larger companies.
The Securities and Exchange Commission (SEC) does not approve or disapprove of any investment. 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. 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 to be interpreted as an offer of these securities. The Funds are distributed by Quasar Distributors, LLC. Funds' investment advisor is Empowered Funds, LLC which is doing business as Alpha Architect.
Value investing is subject to the risk that intrinsic values of investments may not be recognized by the broad market or that their prices may decline. Investments utilizing quantitative methods may perform differently than the market as a result of characteristics and data used and changes in trends. Momentum investing is subject to the risk that past performance does not predict the future performance of investments. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Funds are not actively managed. Maintaining investments regardless of market conditions or the performance of individual investment could cause the fund’s return to be lower than if the fund employed an active strategy. The performance of the Fund and its Index may differ due to tracking error.
The funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and a free hardcopy of the prospectus may be obtained by calling +1.215.882.9983. Read carefully before investing.
As of February 1, 2017 the funds now operate under passive exemptive relief and no longer operated under active exemptive relief.
*Certain ETFs listed on the BATS exchange participate in the BATS Competitive Liquidity Provider ("CLP") Program. The BATS CLP Program is designed to incent market makers to provide liquidity in less actively traded products to help strengthen their investment appeal. Participation in the program may have potential impacts on the price and liquidity of ETFs in the program. In particular, there could be adverse impacts on a purchaser's sale of an ETF that leaves the program. ValueShares is a former participant in the CLP program. Participants pay a fee for each ETF participating in the BATS CLP Program. Payment of a CLP Fee is intended to generate more quotes and trading than might otherwise exist absent this payment. The ValueShares U.S. Quantitative Value ETF (QVAL) CLP program started 10/22/2014 and fees were $10,000. The ValueShares International Quantitative Value ETF (IVAL) CLP program started 12/17/2014 and fees were $5,000. The BATS CLP Program is a pilot program. Unless extended, the BATS CLP Program is scheduled to be terminated on or about July 28, 2015. ValueShares terminated their participation in the program for both QVAL and IVAL on April 1st, 2015.