May 2025 - HOTCHKIS & WILEY

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Global Value Portfolio Manager Scott Rosenthal was featured in Graham & Doddsville, an investment newsletter from students of Columbia Business School.

Download complete Spring issue here.

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All investments contain risk and may lose value. This material is for general information purposes and should not be used as the sole basis to make any investment decision. Views expressed are not intended to be relied upon as research regarding a particular industry,investment or the markets in general, nor is it intended to predict performance of any investment or serve as a recommendation to buy or sell securities. Hotchkis & Wiley (“H&W”)is not responsible for any damages or losses arising from any use of this information.

The portfolio manager’s views and opinions expressed are as of May 12, 2025. Such views are subject to change without notice and may differ from others in the firm, or the firm as a whole. The portfolio manager’s comments may include estimated and/or forecasted views, which are believed to be based on reasonable assumptions within the bounds of current and historical information. However, there is no guarantee that any estimates, forecasts or views will be realized. In the event of new information or changed circumstances, H&W reserves the right to change its investment perspective and outlook and has no obligation to provide revised assessments and/or opinions.

Data sources: Graham and Doddsville. Information obtained from independent sources is considered reliable, but H&W cannot guarantee its accuracy or completeness. Certain information contained in this material represents or is based upon forward-looking statements. Due to various risks and uncertainties, actual events/results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained herein may be relied upon as a guarantee, promise, assurance or a representation as to the future. H&W is not responsible for any damages or losses arising from any use of this information.

This is a moderated discussion with personnel from H&W and external parties. The views expressed by each party are their own and H&W does not endorse any of the opinions, products or services offered by external parties.

Past performance is not indicative of future performance.

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Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the SMID Cap Diversified Value ETF please visit www.hwcm.com OR call 1-800-796-5606. Read the prospectus or summary prospectus carefully before investing.

Investing in smaller, medium-sized and/or newer companies involves greater risks than those associated with investing in larger companies. Please read the prospectus for a full list of fund risks. Diversification does not assure a profit nor protect against loss in a declining market.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value (NAV), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

New funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.

Investing involves risk. Principal loss is possible.
The SMID Cap Diversified Value ETF is distributed by Quasar Distributors, LLC