ETFs
- BSVO
- BUSM
- BRSV
- BAGX
- BBLU
Contact
Manager Site

ETFs
- BSVO
- BUSM
- BRSV
- BAGX
- BBLU
Contact
Manager Site

ETFs
- BSVO
- BUSM
- BRSV
- BAGX
- BBLU
Contact
Manager Site

Author: Pankaj b

Important Information

The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information is contained in the prospectuses, which may be obtained by following the links: BBLU, BSVO Prospectus, BBLU Summary Prospectus, BSVO Summary Prospectus, BAGX, BRSV, BUSM Prospectus, BAGX Summary Prospectus, BRSV Summary Prospectus, BUSM Summary Prospectus, or by calling +1.215.330.4476. Please read the applicable prospectus carefully before investing.

There is no assurance that the Funds will achieve their investment objectives.

An investment in the Funds involves risk, including possible loss of principal. Exchange-traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs’ net asset value (NAV), and are not individually redeemable directly with the ETFs. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Funds, which should be considered carefully when making investment decisions. For a complete description of each Fund’s principal investment risks, please refer to that Fund’s prospectus.

Tax-efficient management may not prevent losses in declining markets. There is no guarantee that such strategies will be successful. Tax treatment may vary depending on individual circumstances and applicable tax law. Investors should consult their own tax advisors regarding the tax consequences of an investment in the Funds.

Principal Investment Risks

The following principal risks apply to the Funds as indicated above each risk.

Applicable to: BBLU

Blue-Chip Stocks Risk. The Fund is subject to the risk that blue-chip stocks will underperform other kinds of investments for a period of time. This risk is true of any market segment. Large companies do not have the same growth potential of smaller companies, and shareholders of large companies have less overall influence than they would in smaller companies.

Focus Investing Risk. The Fund seeks to hold the stocks of a relatively small number of companies. As a result, the Fund invests a high percentage of its assets in a small number of companies, which may add to Fund volatility.

Inflation Risk. While large companies tend to exhibit less price volatility than small companies, historically they have not recovered as fast from a market decline. Consequently, this Fund may expose shareholders to higher inflation risk (the risk that the Fund value will not keep up with inflation) than some other stock market investments.

Information Technology Sector Risk. The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment and components, and semiconductors and semiconductor equipment. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources, or personnel. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates, and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property, and the loss of patent, copyright, or trademark protections may adversely affect the profitability of these companies.

Applicable to: BAGX, BRSV, BUSM, BBLU, BSVO

Environmental, Social, and Governance (ESG) Investing Risk. The Fund’s incorporation of ESG considerations in its investment strategy may cause it to make different investments than a fund that has a similar investment style but does not incorporate such considerations in its strategy. As with the use of any considerations involved in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations.

Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

Investment Risk. When you sell your Shares, they could be worth less than what you paid for them. The Fund could lose money due to short-term market movements and over longer periods during market downturns. Securities may decline in value due to factors affecting securities markets generally or particular asset classes or industries represented in the markets. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises, and environmental disasters such as earthquakes, fire, and floods, may add to instability in world economies and volatility in markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. The value of a security may also decline due to factors that affect a particular industry or group of industries. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Therefore, you may lose money by investing in the Fund.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Sub-Adviser’s or portfolio managers’ success or failure to implement investment strategies for the Fund. The success of the Fund’s investment program depends largely on the investment techniques and risk analyses applied by the Sub-Adviser and the portfolio managers and the skill of the Sub-Adviser and/or portfolio managers in evaluating, selecting, and monitoring the Fund’s assets. The Fund could experience losses (realized and unrealized) if the judgment of the Sub-Adviser or portfolio managers about markets or sectors or the attractiveness of particular investments made for the Fund’s portfolio prove to be incorrect. It is possible the investment techniques and risk analyses employed on behalf of the Fund will not produce the desired results.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

Applicable to: BAGX

Foreign Companies Risk. Returns on investments in foreign companies could be more volatile than, or trail the returns on, investments in U.S. companies. Investments in foreign companies are subject to special risks, including risks associated with foreign companies generally, including differences in information available about issuers of securities and investor protection standards applicable in other jurisdictions; capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; currency risks; political, diplomatic and economic risks; and regulatory risks.

Applicable to: BAGX, BRSV, BBLU, BSVO

Models and Data Risk. The Sub-Adviser uses statistical analyses and models to select investments for the Fund. Any imperfections, errors or limitations in the models or analyses and therefore any decisions made in reliance on such models or analyses could expose the Fund to potential risks. In addition, the models used by the Sub-Adviser assume that certain historical statistical relationships will continue. These models are constructed based on historical data supplied by third parties and, as a result, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data.

Applicable to: BBLU, BSVO

Financial Sector Risk. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law.

Market Risk. The Fund could lose value if the individual securities in which it has invested and/or the overall stock markets on which the stocks trade decline in price. Stocks and stock markets may experience short-term volatility (price fluctuation) as well as extended periods of price decline or little growth. Individual stocks are affected by many factors, including: (i) corporate earnings; (ii) production; (iii) management; (iv) sales; and (v) market trends, including investor demand for a particular type of stock, such as growth or value stocks, small-or large-cap stocks, or stocks within a particular industry.

Strategy Risk. The Fund utilizes its own distinct investment strategy. Investment strategies tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. As such, there may be periods when the type of stocks that the Fund’s invests in are out of favor, and the Fund’s performance may suffer.

Statistical Approach. The Sub-Adviser uses a statistical approach to manage the Fund and resists overriding the statistical models with qualitative or subjective data. However, the Sub-Adviser will exclude stocks if the issuer of the stock is principally engaged in the tobacco industry. The Sub-Adviser may also exclude stocks based on certain narrow social reasons including, but not limited to, if the issuer of the stock: (i) conducts or has direct investments in business operations in Sudan; or (ii) is substantially engaged in the production or trade of pornographic material. Other than companies principally engaged in the tobacco industry, the number of companies referenced in (i) and (ii) in the Sub-Adviser’s universe is usually “de minimis.”

Applicable to: BAGX, BRSV, BUSM

Risk of Investing in the U.S. Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.

Applicable to: BSVO

Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be affected by supply and demand both for their specific products or services and for industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction.

Applicable to: BAGX, BRSV, BSVO

Small-Cap Company Risk. Investing in small-cap stocks may involve greater volatility and risk than investing in large- or mid-cap stocks because small-cap companies may have less management experience, limited financial resources, and minimal product diversification.

Applicable to: BUSM

Ultra-Small Company Risk. The market prices of ultra-small company shares typically exhibit greater volatility than small-company shares, and even micro-cap company shares, and much greater volatility than large-company shares. Ultra-small companies often have unpredictable earnings, limited product lines, markets, distribution channels, and financial resources, and the management of such companies may be dependent upon one or few people.

Applicable to: BRSV, BSVO

Value Stocks Risk. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock judged to be undervalued by various value measures may actually be appropriately priced. In addition, value stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “growth” stocks.

Fund Reorganizations

BBLU

On or about October 17, 2022, the EA Bridgeway Blue Chip ETF (the “Fund”) acquired the assets and assumed the known liabilities of the Bridgeway Blue Chip Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). The Predecessor Fund had a substantially similar investment objective and investment strategy to the Fund. As the accounting and performance successor to the Predecessor Fund, the Fund has adopted the Predecessor Fund’s performance and financial history, which is used by the Fund from the date of the Reorganization. Prior to the Reorganization, the Fund had not commenced operations. In connection with the Reorganization, shareholders of the Predecessor Fund received shares of the Fund [of equal aggregate net asset value / with a value equal to their Predecessor Fund shares].

BSVO

On or about March 13, 2023, the EA Bridgeway Omni Small-Cap Value ETF (the “Fund”) acquired the assets and assumed the known liabilities of the Bridgeway Omni Tax-Managed Small-Cap Value Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). The Predecessor Fund had a substantially similar investment objective and investment strategy to the Fund. As the accounting and performance successor to the Predecessor Fund, the Fund has adopted the Predecessor Fund’s performance and financial history, which is used by the Fund from the date of the Reorganization. Prior to the Reorganization, the Fund had not commenced operations. In connection with the Reorganization, shareholders of the Predecessor Fund received shares of the Fund [of equal aggregate net asset value / with a value equal to their Predecessor Fund shares].

BAGX

On or about July 24, 2026, the EA Bridgeway Aggressive Investors ETF (the “Fund”) acquired the assets and assumed the known liabilities of the Bridgeway Aggressive Investors 1 (the “Predecessor Fund”) in a reorganization (the “Reorganization”). The Predecessor Fund had a substantially similar investment objective and investment strategy to the Fund. As the accounting and performance successor to the Predecessor Fund, the Fund has adopted the Predecessor Fund’s performance and financial history, which is used by the Fund from the date of the Reorganization. Prior to the Reorganization, the Fund had not commenced operations. In connection with the Reorganization, shareholders of the Predecessor Fund received shares of the Fund [of equal aggregate net asset value / with a value equal to their Predecessor Fund shares].

BRSV

On or about July 24, 2026, the EA Bridgeway Select Small-Cap Value ETF (the “Fund”) acquired the assets and assumed the known liabilities of the Bridgeway Small-Cap Value Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). The Predecessor Fund had a substantially similar investment objective and investment strategy to the Fund. As the accounting and performance successor to the Predecessor Fund, the Fund has adopted the Predecessor Fund’s performance and financial history, which is used by the Fund from the date of the Reorganization. Prior to the Reorganization, the Fund had not commenced operations. In connection with the Reorganization, shareholders of the Predecessor Fund received shares of the Fund [of equal aggregate net asset value / with a value equal to their Predecessor Fund shares].

BUSM

On or about July 24, 2026, the EA Bridgeway Ultra-Small Company Market ETF (the “Fund”) acquired the assets and assumed the known liabilities of the Bridgeway Ultra-Small Company Market Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). The Predecessor Fund had a substantially similar investment objective and investment strategy to the Fund. As the accounting and performance successor to the Predecessor Fund, the Fund has adopted the Predecessor Fund’s performance and financial history, which is used by the Fund from the date of the Reorganization. Prior to the Reorganization, the Fund had not commenced operations. In connection with the Reorganization, shareholders of the Predecessor Fund received shares of the Fund [of equal aggregate net asset value / with a value equal to their Predecessor Fund shares].

Definitions

Median 30-Day Spread. A calculation of a Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each ten-second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Shares of the Funds are not FDIC Insured, may lose value, and have no bank guarantee.

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

ETFAC-5635526-07/26; ETFAC-5635434-07/26; ETFAC-5635385-07/26