EA Bridgeway Select Small-Cap Value ETF

Investment Objective

The EA Bridgeway Select Small-Cap Value ETF (the “Fund”) seeks to provide long-term total return on capital, primarily through capital appreciation.

Investment Strategy

The Fund invests in a portfolio of small-cap stocks that are listed on the New York Stock Exchange, NYSE American, and Nasdaq.Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in small-cap companies. For purposes of the Fund’s 80% policy, the Fund defines “small-cap companies” as companies with a market capitalization of less than $15 billion at the time of purchase. Generally, the Fund expects to invest in small-cap companies that the Fund’s sub-adviser, Bridgeway Capital Management, LLC (the “Sub-Adviser”), determines are in the lowest 10% of total market capitalization or smaller than the 1,000th largest U.S. company when ranking these stocks in order of market capitalization. 

The Sub-Adviser selects stocks within the small-cap value category for the Fund using a statistical approach. Value stocks are those the Sub-Adviser believes are priced cheaply relative to some financial measures of worth, such as the ratio of price to earnings, price to sales, or price to cash flow. The Sub-Adviser generally selects companies to provide strong portfolio exposure to Quality (e.g., high profit margins and stable earnings), Value (e.g., low valuation multiples), and Sentiment (e.g., positive estimate revisions or price momentum) factors. 

The Sub-Adviser’s investment process incorporates material environmental, social, and governance (“ESG”) information, when available, as a consideration in the ongoing assessment of potential portfolio securities. The Sub-Adviser uses ESG research and/or ratings information provided by third parties in performing this analysis and considering ESG risks. As with any consideration used in assessing portfolio securities, the Sub-Adviser may, at times, utilize ESG information to increase the weighting of an issuer with a 6 good ESG record or decrease the weighting of an issuer with a poor ESG record. However, as ESG information is just one investment consideration, ESG considerations are not solely determinative in any investment decision made by the Sub-Adviser.  

Although the Fund seeks investments across a number of sectors, from time to time the Fund may have significant positions in particular sectors. 

Team Managed

John Montgomery
Elena Khoziaeva, CFA
Christine Wang, CFA, CPA

Jacob Pozharny,  PhD

Fund Basics

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The Morningstar RatingTM (“star rating”) is calculated for funds with at least a three-year history.

Overall Morningstar Rating for BRSV is based on risk adjusted total return out of 453 Small Cap Value Funds.

Exchange-traded and open-end mutual funds are combined into a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance.

The top 10% of funds in each fund 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. The Overall Morningstar RatingTM is a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar RatingTM metrics. 

In the Small Cap Value category, BRSV Fund was rated 2 stars among 453 funds for the 3-year period ending 6/30/2026, 3 stars among 432 funds for the 5-year period ending 6/30/2026, and 5 stars among 362 funds for the 10-year period ending 6/30/2026.

Star ratings are relative to a peer group and do not necessarily mean the fund had high or positive total returns. Morningstar updates its star ratings monthly. Past performance does not guarantee future results.

NAV and Market Price

NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.

Month-End Performance

Quarter-End Performance

The performance data quoted represents past performance and there is no guarantee of future results. Investment returns 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. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. Short term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns.

The Fund is the successor to the Small-Cap Value Fund, a series of Bridgeway Funds, Inc., which operated as a mutual fund (the “Predecessor Mutual Fund”), as a result of the reorganization of the Predecessor Mutual Fund into the Fund, which is expected to take place on July 24, 2026. Accordingly, any performance information for periods prior to July 24, 2026 is that of the Predecessor Mutual Fund. The Fund’s net expense ratio is lower than that of the Predecessor Mutual Fund at the time of the Reorganization. As a result, the performance returns of the Fund for the periods shown would have been different than those of the Predecessor Mutual Fund. Prior to the reorganization, the Fund had not yet commenced operations.

Market Price Return is calculated using the price that investors buy and sell ETF shares in the market. The market returns in the table are based on the midpoint of the bid/ask spread at 4 p.m. EST and do not represent the returns you would have received if you traded shares at other times.

NAV return represents the closing price of the underlying securities.

Historical Premium / Discount

Basis Points (bps): A unit of measure used in quoting yields, changes in yields or differences between yields. One basis point equals 0.01%, or one-hundredth of a percent of yield and 100 basis points equals 1%.

The Premium/Discount shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The table shows the premium or discount of the mid-point price as a percentage of the NAV as well as the number of trading days the Fund traded within the given premium/discount range. 

The amount that the fund’s Market Price is above the reported NAV is called the premium. The amount that the fund’s Market Price is below the reported NAV is called the discount.

Completed Calendar Quarters of Current Year and Most Recent Completed Calendar Year

Fund Distributions

Fund Holdings

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Fund Documentation

Fund Ticker Factsheet Summary Prospectus Statutory Prospectus SAI Part F Q3 Part F Q1 N-PX Proxy Voting Record Annual Financials Annual Schedule of Investments Annual Tailored Shareholder Report Semi-Annual Financials Semi-Annual SOI Semi-Annual TSR
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