Mutual Funds

Important Fund Information

Expense Limitation

F/m Investments, LLC (the “Adviser”) has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive its fees and reimburse expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, borrowing expenses, distribution fees pursuant to Rule 12b-1 plans, taxes, acquired fund fees and expenses, brokerage fees and commissions, dividend expenses on short sales, litigation expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.90% through at least October 31, 2021. Subject to approval by the Fund’s Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three years following the date when the waiver or reimbursement occurred, if the Fund is able to make the payment without exceeding the expense limitation in place at the time of the waiver or reimbursement. Only the Board of Trustees can terminate the contractual agreement before the expiration date.

Holdings and Sectors

Holdings and sector allocations are stated as a percentage of a fund’s total net assets and are subject to change. Totals may not add up to 100% due to rounding.

Morningstar Rating

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) ©2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Indices and Category

The indices shown are for informational purposes only, are not reflective of any investment, nor are they professionally managed. As it is not possible to invest in the indices, the data shown does not reflect or compare features of an actual investment, such as its objectives costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. There is no guarantee that any investment strategy will achieve its objectives, generate profits, or avoid losses.

The S&P 500 Total Return Index is an unmanaged, capitalization-weighted index of the common stocks of 500 widely held U.S. companies, with dividends reinvested.

The Russell 1000 Total Return Index is an unmanaged, capitalization-weighted index of the common stocks of the top 1,000 listed companies in the US, ranked by market capitalization, with dividends reinvested.

The Morningstar Large Growth Category is an average monthly return of all funds in the Morningstar Large Growth Equity Category, including the Fund. The Large Growth Category, as defined by Morningstar, contains a universe of funds that invest primarily in big US companies that are projected to grow faster than other large-cap stocks. Performance of the Morningstar Category Average is generated on the 1st business day of the month.

Glossary

Alpha is a measure of the difference between a fund’s actual returns and its expected performance, give its level of risk as measured by beta.
Beta is a measure of a fund’s sensitivity to market movements.
Standard Deviation, a measure of volatility and risk, is a statistical measure of the dispersion of returns for a given security or market index.
Correlation is a statistical measure of how two securities move in relation to each other, based on historical data.
R-Squared is a statistical measure of the percentage of a fund’s or security’s movements that can be explained by movements in a benchmark index. R-Squared values range from 0 to 1. A high R-Squared reflects performance patterns associated with an index. A low R-Squared reflects performance patterns different from an index.
Sharpe Ratio compares the excess return of an investment to its volatility or standard deviation.
Treynor Ratio compares the excess return of an investment to its market risk or beta.
Maximum Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained.

Data provided by Investors FastTrack.