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2022 Shareholder Letter for Guru Favorite Stocks ETF (GFGF)
GuruFocus Announces Launch of Guru Favorite Stocks ETF

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IMPORTANT INFORMATION

1. ROIC: Return on Invested Capital is a profitability ratio that aims to measure the percentage return that a company earns on invested capital.

2. Price-to-Earnings Ratio (“P/E Ratio”): Current share price of a stock divided by its earnings per share.

3. Price-to-Book Ratio (“P/B Ratio”): A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter’s book value per share. Also known as the price-equity ratio.

4. Price-to-Sales Ratio: Is calculated by dividing a stock’s current price by its sales per share over the trailing 12 months.

5. Discounted cash flow: A method of valuation used to determine the value of an investment based on its return in the future–called future cash flows. It helps to calculate how much an investment is worth today based on the return in the future.

The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The Prospectus and Summary Prospectus contains this and other important information about the investment company, and it may be obtained by calling 215-330-4476 or visiting www.GuruFocusETF.com/gfgf/. Read it carefully before investing.

Investments involve risk. Principal loss is possible. The Fund is a new ETF with limited operating history to evaluate. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

ETFs may trade at a premium or discount to their net asset value. Redemptions are limited and often brokerage commissions are charged on each trade which may reduce returns.

The Sub‐Adviser considers a Guru to be a prominent long‐term investor and must have a long‐term, publicly available, track record of at least ten years. In addition, the Guru must follow an investment strategy of investing in companies that the Guru considers to be high‐quality. Securities recommended for the Fund is based on publicly available information, however, it may not always reflect real‐time portfolio holdings. As a result, the Fund may purchase or retain securities that are no longer favored by the Gurus, which may hurt the Fund’s performance.

The Fund may be subject to quantitative security selection risk. Data for some companies may be less available or current and could perform differently from the financial markets as a whole. Because the Fund’ portfolio is reconstituted on a semi‐annual basis, the Fund’ market exposure may be affected by significant market movements following a reconstitution or may lag a significant change in the market’s direction. Such lags between market performance and changes to the Fund’s exposure may result in significant underperformance relative to the market.

The fund may invest in medium‐capitalization companies which may be subject to greater risks than large company stocks due to limited resources and inventory as well as more sensitivity to adverse market conditions.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. GuruFocus Investments, LLC serves as the Sub-adviser to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or GuruFocus Investments, LLC. Learn more about PINE Distributors LLC at FINRA’s BrokerCheck.

ETF Architect is a research-intensive asset management firm with a focus on high-conviction factor exposures. ETF Architect empowers investors through education. We believe in transparency, systematic evidence-based decision making, and forming win-win client relationships.

GuruFocus Investments, LLC is a research and data-intensive asset management firm that focuses on fundamental research and learning from the best investors in the world. We believe that this approach, which we call “standing on the shoulders of the giants” is the key to investing success.