ETFsLiterature
Regulatory Resources
- Summary Prospectus and other reports
- Prospectus
- Annual Financial Statements and Additional Information (6-30-25)
- Semi-Annual Financial Statements and Additional Information (12-31-25)
- First quarter portfolio holdings (9-30-25)
- Third quarter portfolio holdings (3-31-26)
- Statement of Additional Information
- Proxy Voting Record (7-1-24 To 6-30-25)
As of 7/1/26, the Value Opportunities Fund’s name changed to Opportunities Fund. There were no changes to the objectives, strategy, or fees of the Fund.
The Opportunities Fund offers both mutual fund share classes and an ETF share class, invested in the same portfolio of securities. ETF shares are listed and traded on a national securities exchange and are not individually redeemable, unlike mutual fund shares. An investment in an ETF share class is not an investment in a mutual fund share class.
You should consider the Hotchkis & Wiley Opportunities Fund’s investment objectives, risks, and charges and expenses carefully before you invest. This and other important information is contained in the Fund’s summary prospectus and prospectus, which can be obtained by calling 800-796-5606. Read carefully before you invest.
Investing involves risk. Principal loss is possible. The Fund is non-diversified and may invest in foreign securities, junk bonds, derivatives, or small/mid cap companies. Please read the fund prospectus for a full list of fund risks.
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.
©2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Hotchkis & Wiley Funds are distributed by Quasar Distributors, LLC