OpenAI Lab Ecosystem ETF (OAIW)

Important Information

Investing involves risk, principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. The ETF is new and has limited operating history to judge.

Shares are bought and sold at market price not net asset value (NAV). 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.

There is no guarantee the Fund will achieve its investment objective. Equity and foreign securities, particularly those in emerging markets, are subject to market volatility and political, regulatory, economic, and foreign currency risks that may cause the Fund’s value to decline. The Fund’s performance depends on the success, adoption, and growth of the company identified in the Fund’s name and companies most directly linked to that company’s artificial intelligence (“AI”) ecosystem. The Fund and such companies may be adversely affected by competition, technological disruption, cybersecurity incidents, supply chain constraints, regulation, reputational events, or shifts in market and investor sentiment. AI‑related companies face rapid technological change and evolving legal and regulatory scrutiny that could negatively impact their business, profitability, and market value. The Fund relies on third‑party data and quantitative models that may be inaccurate, incomplete, delayed, or ineffective, and such models may not perform as expected under all market conditions. American Depository Receipts (ADRs), Initial Public Offerings (IPOs), and private company investments involve additional risks, including heightened volatility, limited liquidity, reduced transparency, foreign currency exposure, and uncertain operating histories or valuations. Because the Fund may invest a greater percentage of its assets in a single issuer or a limited number of issuers, it may be more susceptible to risks associated with a particular economic, political, or regulatory event than a more diversified portfolio.

The views expressed herein may not be reflective of current opinions, are subject to change without prior notice, and should not be considered investment advice.

Bid/Ask Mid Price: the midpoint between the highest bid and the lowest offer, as of the time that the Fund’s NAV is calculated, typically 4 p.m. Eastern Time.

Premium/Discount ($): the difference between the Fund’s market price and NAV, expressed as a percentage of NAV. A premium is the amount that the Fund is trading above the reported NAV. A discount is the amount that the Fund is trading below the reported NAV.

30‑Day Median Bid/Ask Spread: calculated by identifying national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage (rounded to the nearest hundredth).

Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.

Price/Book: The price‑to‑book (P/B) ratio evaluates a firm's market value relative to its book value.

Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.

% EPS Growth – Past 3 year: Earnings per share refers to the bottom‑line measure of a company’s profitability defined as net income divided by the number of outstanding shares.

Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.

Forecasted P/E Ratio: a measure of the P/E (price‑to‑earnings) ratio using forecasted earnings for the P/E calculation.