Applied Finance IVS International Large ETF

IVSI
Inception Date:
12/10/2025
Management Style:
Active
CUSIP:
26923W207
Total Gross Expense Ratio:
0.650%
Asset Class:
Equity
Exchange:
NASDAQ
Advisor:
Applied Finance Advisors
As Of Date:
12/30/2025
NAV ($):
$25.72
Market Price ($):
$25.86
Premium / Discount:
0.520
30 Day Median Bid/Ask Spread:
0.003129
Shares Outstanding:
225,000
Total Net Assets:
$5,787,000.00

Quarter End Performance
Data not yet available

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 833-356-0909. The Fund’s total expense ratio is 0.49%

NAV returns are based on the fund’s reported net asset value (NAV). NAV is typically calculated at 4:00 pm Eastern time on each business day NASDAQ is open for trading. Market price performance is based on the trade price at which shares are bought and sold on NASDAQ using the last share trade. Performance of less than one year is cumulative.

Premium Discount
Number of Days at 2025 Cumul. Q4 2025 Q3 2025 Q2 2025 Q1 2025 2024 Cumul. Q4 2024 Q3 2024 Q2 2024 Q1 2024
Premium 11 11
NAV 1 1
Discount 2 2

Premium - The number of trading days the ETF's closing price exceeds its NAV.
NAV - This is determined by adding up the value of all the assets in the fund, including assets and cash, subtracting any liabilities, and then dividing that value by the number of outstanding shares in the ETF.
Discount - The number of trading days the ETF's closing price is below its NAV.

From 1/1/2025 to 12/30/2025 :
Days traded at Premium
Days traded at NAV
Days traded at Discount
As of Date Discount Premium

Holdings
As Of Date Ticker Name Weight Market Value FIGI Shares Held
12/31/2025 1605 Inpex Corporation 0.12% 7,014.17 BBG000DJ3642 351
12/31/2025 4063 SHIN ETSU CHEMICAL CO LTD 0.34% 19,899.33 BBG000BG24K8 639
12/31/2025 4307 NOMURA RESEARCH INSTITUTE LT 0.19% 11,081.60 BBG000KPFMH8 288
12/31/2025 4502 TAKEDA PHARMACEUTICAL CO LTD 0.33% 18,909.89 BBG000BJPPH4 612
12/31/2025 4503 ASTELLAS PHARMA INC 0.25% 14,445.55 BBG000BCLDW3 1,080
12/31/2025 4519 CHUGAI PHARMACEUTICAL CO LTD 0.36% 20,860.35 BBG000BJVLC1 396
12/31/2025 4568 DAIICHI SANKYO CO LTD 0.21% 11,938.80 BBG000BWPLT1 558
12/31/2025 4578 OTSUKA HOLDINGS CO LTD 0.22% 12,758.34 BBG000DZLC98 225
12/31/2025 5108 BRIDGESTONE CORP 0.20% 11,722.32 BBG000BG87J7 522
12/31/2025 6098 RECRUIT HOLDINGS CO LTD 1.21% 70,219.67 BBG000F2BCY2 1,242
12/31/2025 6146 DISCO CORP 0.14% 8,311.54 BBG000BKFJQ6 27
12/31/2025 6301 Komatsu Ltd 0.46% 26,457.06 BBG000BGGD50 828
12/31/2025 6367 DAIKIN INDS 0.52% 30,027.61 BBG000BLNXT1 234
12/31/2025 6503 MITSUBISHI ELECTRIC CORP 0.28% 16,086.18 BBG000BGHX91 549
12/31/2025 6701 NEC CORP 0.15% 8,856.79 BBG000BGJMB0 261
12/31/2025 6702 FUJITSU LTD 0.22% 12,947.16 BBG000BGJWM6 468
12/31/2025 6752 PANASONIC CORP 0.25% 14,315.02 BBG000C267K7 1,107
12/31/2025 6758 SONY GROUP CORPORA 0.39% 22,449.85 BBG000C26F38 873
12/31/2025 6762 TDK CORP 0.16% 9,028.82 BBG000C26MP9 639
12/31/2025 6861 Keyence Corp 0.34% 19,559.82 BBG000BQF869 54
12/31/2025 6902 DENSO CORP 0.26% 15,266.53 BBG000BGN9N1 1,107
12/31/2025 6981 MURATA MFG CO 0.16% 9,334.74 BBG000BM4K18 450
12/31/2025 7269 SUZUKI MOTOR CORP 0.32% 18,260.66 BBG000BGQTF3 1,224
12/31/2025 7270 SUBARU CORP 0.14% 8,005.85 BBG000BGR1H1 369
12/31/2025 7751 CANON INC 0.15% 8,526.99 BBG000BBZM32 288
12/31/2025 7974 NINTENDO CO LTD 0.19% 10,968.75 BBG000BLCPP4 162
12/31/2025 8001 ITOCHU CORP 1.52% 88,034.41 BBG000B9WJ55 6,975
12/31/2025 8002 MARUBENI CORP 0.51% 29,542.98 BBG000B9Y8X6 1,062
12/31/2025 8015 TOYOTA TSUSHO CORP 0.44% 25,480.21 BBG000BDGFD3 756
12/31/2025 8031 MITSUI & CO LTD 0.14% 8,011.31 BBG000BTXPK9 270
12/31/2025 8035 TOKYO ELECTRON LTD 0.55% 31,582.82 BBG000BB59S7 144
12/31/2025 8053 SUMITOMO CORP 0.32% 18,676.38 BBG000BB6ZY1 540
12/31/2025 8058 Mitsubishi Corporation 0.32% 18,768.75 BBG000BB8GZ0 819
12/31/2025 8306 MITSUBISHI UFJ FINANCIAL GRO 1.73% 100,083.24 BBG000D2VLF3 6,282
12/31/2025 8591 ORIX CORP 0.33% 19,120.51 BBG000BN25M8 657
12/31/2025 8630 SOMPO HOLDINGS I 0.25% 14,731.29 BBG000QDQHZ8 432
12/31/2025 8725 MS&AD INSURANCE GROUP HOLDIN 0.86% 49,567.98 BBG000MD5MH4 2,106
12/31/2025 8750 DAI-ICHI LIFE INSURANCE 0.44% 25,490.22 BBG000HRVPM7 3,060
12/31/2025 8766 TOKIO MARINE HOLDINGS INC 1.46% 84,645.38 BBG000BBN738 2,277
12/31/2025 8830 SUMITOMO REALTY & DEVELOPMEN 0.13% 7,236.81 BBG000BGY432 288
12/31/2025 9022 CENTRAL JAPAN RAILWAY CO 0.15% 8,730.54 BBG000JD6QG9 315
12/31/2025 9101 NIPPON YUSEN KK 0.13% 7,593.63 BBG000BH1S60 234
12/31/2025 9432 NIPPON TELEGRAPH & TELEPHONE 0.51% 29,804.57 BBG000BHBZL6 29,574
12/31/2025 9433 KDDI CORP 0.82% 47,668.77 BBG000BJ7JH8 2,754
12/31/2025 9434 SOFTBANK CORP 0.82% 47,193.40 BBG00MJLWHH3 34,380
12/31/2025 9531 TOKYO GAS CO LTD 0.14% 8,208.30 BBG000BNDP42 207
12/31/2025 9983 FAST RETAILING CO LTD 0.57% 32,749.23 BBG000CLY9H4 90
12/31/2025 ABBN ABB LTD-REG 0.60% 34,980.39 BBG000DM2M32 468
12/31/2025 ABI ANHEUSER BUSCH INBEV SA/NV COMMON STOCK 1.01% 58,631.39 BBG00DQ4YZ36 909
12/31/2025 AD KONINKLIJKE AHOLD DELHAIZE N 0.17% 9,602.28 BBG000BBBBR6 234
12/31/2025 ADM ADMIRAL GROUP PLC 0.15% 8,901.49 BBG000PG2G17 207
12/31/2025 AGS AGEAS 0.15% 8,871.47 BBG000BPXH52 126
12/31/2025 AHT ASHTEAD GROUP PLC 0.33% 19,314.95 BBG000BD41Z3 279
12/31/2025 AI Air Liquide SA 0.23% 13,582.13 BBG000BLGLP9 72
12/31/2025 AIR Airbus Group SE 0.44% 25,233.74 BBG000CSHL18 108
12/31/2025 AKRBP AKER BP 0.16% 9,202.16 BBG000QJ5PT7 360
12/31/2025 ALL Aristocrat Leisure Ltd 0.17% 10,085.43 BBG000G2SMB6 261
12/31/2025 ALV Allianz SE 1.21% 70,169.47 BBG000BBF8T7 153
12/31/2025 AM DASSAULT AVIATION SA 0.15% 8,637.87 BBG000BBR565 27
12/31/2025 AMS AMADEUS IT GROUP SA 0.36% 20,597.49 BBG000QSDXN7 279
12/31/2025 ASM ASM INTERNATIONAL NV 0.19% 10,992.88 BBG000F5L3Q3 18
12/31/2025 ASML ASML HOLDING NV 5.03% 291,226.83 BBG000C1HSN8 270
12/31/2025 ASSABS Assa Abloy AB 0.72% 41,792.00 BBG000BGRXM5 1,071
12/31/2025 ATCO A ATLAS COPCO AB-A SHS 1.02% 59,144.31 BBG000BB5SQ7 3,276
12/31/2025 AZN ASTRAZENECA PLC 3.28% 189,936.05 BBG000C0YGB0 1,026
12/31/2025 BAS BASF SE COMMON STOCK EUR 0 0.15% 8,453.32 BBG000BBVT77 162
12/31/2025 BATS BRITISH AMERICAN TOBACCO PLC 1.64% 95,054.66 BBG000BG9MW8 1,683
12/31/2025 BBVA Banco Bilbao Vizcaya Argentaria S.A. 0.39% 22,710.45 BBG000H90QG6 963
12/31/2025 BHP BHP GROUP LTD COMMON STOCK 1.50% 86,940.34 BBG000D0D358 2,880
12/31/2025 BNZL BUNZL PLC 0.18% 10,373.23 BBG000BD7MQ4 369
12/31/2025 BP. BP PLC 0.23% 13,472.45 BBG000C059M6 2,322
12/31/2025 BTL BT GROUP PLC 0.12% 7,211.97 BBG000C05R19 2,916
12/31/2025 BXB Brambles Limited 0.23% 13,474.91 BBG000Q8XH27 873
12/31/2025 CAP CAPGEMINI 0.52% 30,251.57 BBG000BBY7B7 180
12/31/2025 CARLBC CARLSBERG AS-B 0.63% 36,644.25 BBG000BLW594 279
12/31/2025 Cash&Other Cash & Other 0.40% 23,405.80 23,406
12/31/2025 CCEP COCA-COLA EUROPEAN PARTNERS PLC COMMON STOCK 0.46% 26,380.80 BBG00B6BFWH9 288
12/31/2025 CFR CIE FINANCIERE RICHEMONT-REG 0.41% 23,452.48 BBG000BSJVR7 108
12/31/2025 CLNX CELLNEX TELECOM SAU 0.12% 6,996.55 BBG008G74Z89 216
12/31/2025 CPG COMPASS GROUP PLC COMMON STOCK GBP.1105 0.32% 18,666.44 BBG000FNNYW7 585
12/31/2025 CPU Computershare Limited 0.22% 12,611.65 BBG000BKP120 549
12/31/2025 CS AXA 0.67% 38,701.92 BBG000BC7ZT4 801
12/31/2025 CSL CSL Ltd/Australia 0.38% 21,812.31 BBG000BKBN81 189
12/31/2025 DANSKE DANSKE BANK A/S 0.25% 14,429.44 BBG000BR5SD6 288
12/31/2025 DG VINCI SA 0.75% 43,287.65 BBG000BDXB89 306
12/31/2025 DGE DIAGEO PLC 0.24% 13,786.57 BBG000BS6936 639
12/31/2025 DHL DHL Group 0.34% 19,757.59 BBG000LW3MC0 360
12/31/2025 DNB DNB ASA 0.12% 7,058.33 BBG011M0SYC3 252
12/31/2025 DSY DASSAULT SYSTEMES SE 0.37% 21,193.86 BBG000GVXC37 756
12/31/2025 DTE DEUTSCHE TELEKOM AG-REG 2.35% 135,951.31 BBG000HJTKL0 4,185
12/31/2025 EDEN EDENRED 0.15% 8,727.29 BBG000W90780 396
12/31/2025 ELE ENDESA SA 0.26% 15,266.47 BBG000C1Q594 423
12/31/2025 ENEL Enel SpA 0.35% 20,173.58 BBG000BK4338 1,935
12/31/2025 ENGI ENGIE 0.54% 31,030.69 BBG000BJNP59 1,179
12/31/2025 ENI Eni SpA 0.26% 14,842.29 BBG000FVRTJ1 783
12/31/2025 EQNR EQUINOR ASA /NOK/ 0.56% 32,259.50 BBG000NSV604 1,368
12/31/2025 ERICBS ERICSSON LM-B SHS 0.30% 17,198.98 BBG000BX2SH2 1,746
12/31/2025 EVO EVOLUTION GAMING GROUP /SEK/ 0.18% 10,476.69 BBG0088M4LQ6 153
12/31/2025 FGR EIFFAGE 0.11% 6,442.46 BBG000BC1RY2 45
12/31/2025 FMG FORTESCUE LTD COMMON STOCK AUD 0 0.37% 21,253.15 BBG000J47TP2 1,440
12/31/2025 GALD SW GALDERMA GROUP AG 0.22% 12,889.44 BBG01LYFLBM9 63
12/31/2025 GSK GSK PLC 1.26% 73,195.36 BBG000CT5GJ1 2,970
12/31/2025 HEIA HEINEKEN NV 0.14% 8,097.10 BBG000BW4QS4 99
12/31/2025 HEXA B HEXAGON AB 0.44% 25,608.53 BBG000BF1LW0 2,151
12/31/2025 HLMA HALMA PLC 0.13% 7,300.33 BBG000BDLSV9 153
12/31/2025 HLN HALEON PLC 0.40% 23,404.39 BBG015L9B573 4,653
12/31/2025 HMBS HENNES & MAURITZ AB-B SHS 0.15% 8,731.59 BBG000BM9J25 432
12/31/2025 HNR1 Hannover Ruck SE 0.34% 19,696.29 BBG000MDN4R3 63
12/31/2025 HO Thales SA 0.17% 9,711.79 BBG000BCFRC1 36
12/31/2025 HOLN HOLCIM AG COMMON STOCK CHF 2 0.26% 15,016.13 BBG000BWZDP2 153
12/31/2025 HSBA HSBC HOLDINGS PLC 1.17% 67,663.28 BBG000BS1MT4 4,275
12/31/2025 IAG INTL CONSOLIDATED AIRLINE-DI 0.26% 15,136.12 BBG000C04FX1 2,709
12/31/2025 IFX Infineon Technologies AG 0.30% 17,547.60 BBG000C8L0S4 396
12/31/2025 III 3I GROUP PLC 0.87% 50,314.21 BBG000BZZ7W0 1,152
12/31/2025 IMB IMPERIAL BRANDS PLC 0.70% 40,581.49 BBG000HH0HR6 963
12/31/2025 INPST INPOST SA 0.14% 8,378.69 BBG00Z0FZ8R3 684
12/31/2025 INVE B INVESTOR AB B SHS 1.58% 91,172.08 BBG000BG97S6 2,538
12/31/2025 IPN IPSEN 0.13% 7,547.04 BBG000BWH908 54
12/31/2025 ISP INTESA SANPAOLO 0.24% 13,831.38 BBG000BNSF20 1,989
12/31/2025 ITX INDUSTRIA DE DISENO TEXTIL 0.81% 46,681.28 BBG000C1W6R5 702
12/31/2025 JMT JERONIMO MARTINS 0.14% 8,145.73 BBG000BHWWK1 342
12/31/2025 KBC KBC GROUP NV 0.16% 9,453.88 BBG000BMVWD9 72
12/31/2025 KNIN KUEHNE NAGEL INTL AG REG COMMON STOCK CHF1.0 0.30% 17,507.57 BBG000HXJ2N8 81
12/31/2025 LDO Leonardo Finmeccanica SpA 0.12% 6,755.13 BBG000BVVR77 117
12/31/2025 LLOY LLOYDS BANKING GROUP PLC 0.18% 10,212.00 BBG000BDQGD0 7,713
12/31/2025 LR Legrand SA 0.19% 10,785.71 BBG000NH2QV2 72
12/31/2025 MC LVMH MOET HENNESSY LOUIS VUI 1.87% 108,119.23 BBG000BC7PK5 144
12/31/2025 ML MICHELIN CGDE 0.13% 7,475.69 BBG000BC84V9 225
12/31/2025 MQG Macquarie Group Limited 0.15% 8,594.88 BBG000GYHHY4 63
12/31/2025 MRK Merck KGaA 0.16% 9,071.24 BBG000BX4S53 63
12/31/2025 MUV2 Munich Reinsurance Company 0.82% 47,539.99 BBG000BD9DM6 72
12/31/2025 NDAH NORDEA BANK ABP 0.76% 43,865.09 BBG00LTS7RF7 2,322
12/31/2025 NESN NESTLE SA-REG 1.28% 74,238.02 BBG000CPBD63 747
12/31/2025 NOKIA NOKIA OYJ 0.32% 18,787.98 BBG000BBWYN7 2,871
12/31/2025 NOVN NOVARTIS AG-REG 2.73% 158,112.84 BBG000NQV2C4 1,143
12/31/2025 NSISBC NOVOZYMES A/S-B SHARES 0.51% 29,435.48 BBG000BLL8D5 459
12/31/2025 NST Northern Star Resources Ltd 0.31% 18,047.83 BBG000C82NF9 1,026
12/31/2025 NXT NEXT PLC 0.17% 9,923.93 BBG000BDWPB5 54
12/31/2025 OR LOREAL 1.74% 100,845.96 BBG000BC9821 234
12/31/2025 P911 Dr Ing hc F Porsche AG 0.32% 18,323.87 BBG019QZNV90 342
12/31/2025 PNDORA PANDORA A/S 1.19% 69,102.00 BBG000VGFVT3 621
12/31/2025 PRU PRUDENTIAL PLC 0.16% 9,356.55 BBG000BDY2S6 603
12/31/2025 PRX PROSUS /EUR/ 0.58% 33,511.38 BBG00NQKSQ99 540
12/31/2025 PST POSTE ITALIANE SPA 0.13% 7,719.54 BBG000BMTRX1 306
12/31/2025 PUB Publicis Groupe SA 0.46% 26,417.59 BBG000BCB2K1 252
12/31/2025 QBE QBE Insurance Group Limited 0.35% 20,437.73 BBG000BB1VD8 1,539
12/31/2025 RACE FERRARI NV 0.17% 10,106.05 BBG00BS9K4K2 27
12/31/2025 REL RELX PLC 0.43% 25,106.21 BBG000D03WR1 612
12/31/2025 REP Repsol SA 0.12% 6,927.47 BBG000C2V6W8 369
12/31/2025 RIO Rio Tinto Ltd 1.67% 96,531.31 BBG000BYLWT7 981
12/31/2025 RIO RIO TINTO PLC 1.24% 71,557.48 BBG000DZG349 882
12/31/2025 RKT Reckitt Benckiser Group PLC 0.70% 40,794.99 BBG000C38N82 504
12/31/2025 RMS HERMES INTERNATIONAL 0.78% 44,859.42 BBG000BDYXR9 18
12/31/2025 ROCKB.DC ROCKWOOL A/S-B SHS 0.29% 16,588.65 BBG000BQNKQ1 468
12/31/2025 ROG ROCHE HOLDING AG-GENUSSCHEIN 4.06% 234,872.40 BBG0089X2L01 567
12/31/2025 RYA RYANAIR HOLDINGS PLC 0.34% 19,450.64 BBG000J9N1Z3 558
12/31/2025 SAN SANOFI 0.97% 56,148.26 BBG000BWBBF3 576
12/31/2025 SAND SANDVIK AB 0.14% 7,941.92 BBG000BR0GF5 243
12/31/2025 SAP Sap AG 0.19% 11,011.38 BBG000BG7DY8 45
12/31/2025 SCHP SCHINDLER HOLDING AG COMMON STOCK CHF 0.1 0.12% 6,797.43 BBG000BC8JQ2 18
12/31/2025 SEBAS SKANDINAVISKA ENSKILDA BAN-A 0.42% 24,436.55 BBG000BGX6S1 1,152
12/31/2025 SGO COMPAGNIE DE SAINT GOBAIN 0.14% 8,263.05 BBG000BCCNC3 81
12/31/2025 SGSN SGS SA-REG 0.12% 7,224.76 BBG000BHR3B1 63
12/31/2025 SHBAS SVENSKA HANDELSBANKEN-A SHS 0.25% 14,592.62 BBG000BGX8G0 999
12/31/2025 SHEL SHELL PLC-NEW /GBP/ 0.83% 48,323.00 BBG0149N4YC8 1,314
12/31/2025 SIE Siemens AG 0.48% 27,806.18 BBG000BCCRV3 99
12/31/2025 SIKA SIKA AG COMMON STOCK CHF 0.01 0.22% 12,929.19 BBG000BC97P8 63
12/31/2025 SLHN SWISS LIFE HOLDING AG-REG 0.18% 10,414.24 BBG000BRJTZ5 9
12/31/2025 SOBI SWEDISH ORPHAN BIOVITRUM AB 0.14% 7,815.69 BBG000C3YBM3 216
12/31/2025 SOON SONOVA HOLDING AG 0.12% 7,057.55 BBG000RSPBY9 27
12/31/2025 SREN Swiss Reinsurance 0.39% 22,636.31 BBG001P1Z4F4 135
12/31/2025 STMN STRAUMANN HOLDING AG-REG 0.13% 7,431.50 BBG01TXZ9QV0 63
12/31/2025 STMPA STMicroelectronics NV 0.20% 11,630.21 BBG000BHHJP2 441
12/31/2025 SU Schneider Electric SE 1.34% 77,314.32 BBG000BBWBV8 279
12/31/2025 SWEDAS SWEDBANK AB - A SHARES 0.55% 32,048.90 BBG000BQXJ29 918
12/31/2025 TEF TELEFONICA SA 0.14% 7,891.25 BBG000C20331 1,917
12/31/2025 TLX Talanx AG 0.21% 12,028.75 BBG000CRQVF3 90
12/31/2025 TTEP TOTALENERGIES SE 1.17% 67,524.31 BBG000C1M473 1,035
12/31/2025 UBSG UBS GROUP AG-REG 0.64% 36,946.01 BBG007936GV2 792
12/31/2025 UCG UNICREDIT SPA 0.48% 27,736.31 BBG000BN0KY4 333
12/31/2025 ULVR LN UNILEVER PLC COMMON STOCK GBP 0.031111 1.72% 99,440.94 BBG000C0M8X7 1,521
12/31/2025 UMG UNIVERSAL MUSIC GROUP BV 0.21% 11,897.36 BBG012J967J2 459
12/31/2025 VER VERBUND AG 0.14% 7,864.14 BBG000BFGNH7 108
12/31/2025 VOLVBS VOLVO AB-B SHS 0.47% 26,927.78 BBG000BCH216 837
12/31/2025 VWS VESTAS WIND SYSTEMS 0.35% 20,369.52 BBG000BJBK53 747
12/31/2025 WES Wesfarmers Ltd 0.15% 8,852.59 BBG000BFJYW3 162
12/31/2025 WISE WISE PLC - A 0.28% 16,041.39 BBG011PF19N9 1,332
12/31/2025 WKL WOLTERS KLUWER 0.62% 35,820.31 BBG000BCHRB0 342
12/31/2025 ZURN ZURICH INSURANCE GROUP AG 0.59% 34,180.23 BBG000DM6PM0 45

Portfolio holdings will change and should not be considered investment advice or a recommendation to buy, sell or hold any particular security.


Risk Considerations

Investing involves risk, including the possible loss of principal. Shares of the ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The prices of securities in the Fund’s portfolio will fluctuate due to market conditions and may affect its value. The fund is subject to the risks of the underlying securities it invests in such as convertible securities in which market value may change based on the issuer’s credit rating or the ability of the issuer to pay interest and dividends. Investments in preferred securities may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock tends to fall. The price of a warrant and rights may not necessarily move parallel to the price of the underlying security and is generally more volatile.

The Fund is a non-diversified portfolio, which means that it can take larger positions in a smaller number of securities than a portfolio that is diversified. This can increase the risk that the value of the Fund could go down because of the poor performance of a limited number of investments. The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision.

The Applied Finance Valuation Large Cap ETF is distributed by Foreside Fund Services, LLC, not an adviser affiliate.

Applied Finance Advisors, LLC is the Adviser to the fund.