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DocumentsWes Gray2018-01-15T21:17:37-04:00

Fund Documentation

Ticker	wdt_ID	Factsheet	Summary Prospectus	Statutory Prospectus	SAI	Semi-Annual Report	Annual Report
QVAL	1	Download	Download	Download	Download	Download	Download
IVAL	2	Download	Download	Download	Download	Download	Download
QMOM	3	Download	Download	Download	Download	Download	Download
IMOM	4	Download	Download	Download	Download	Download	Download
VMOT	5	Download	Download	Download	Download	Download	Download
	6

Important Disclosures

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. Because the Funds are non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund's Shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

The Securities and Exchange Commission (SEC) does not approve or disapprove of any investment. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. References to other funds should not to be interpreted as an offer of these securities. The Fund is distributed by Quasar Distributors, LLC. Fund's investment advisor is Empowered Funds, LLC which is doing business as Alpha Architect. Knight Clearing Services is the fund's lead market maker.

Value investing is subject to the risk that intrinsic values of investments may not be recognized by the broad market or that their prices may decline. Investments utilizing quantitative methods may perform differently than the market as a result of characteristics and data used and changes in trends. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods.

Momentum Style Risk. Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. Returns on securities that have previously exhibited momentum may be less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments, and stocks that previously exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of the Fund using a momentum strategy may suffer.

Because it invests primarily in other funds, the Value Momentum Trend Fund’s investment performance largely depends on the investment performance of those underlying Alpha Architect ETFs. An investor will indirectly bear the principal risks and its share of the fees and expenses of the underlying funds. Derivatives can be volatile and involve various types and degrees of risks including hedging risk. The use of derivatives in connection with the Alpha Architect Value Momentum Trend Index’s hedging strategies may expose the Index (and therefore the Value Momentum Trend Fund) to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity securities.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and a free hardcopy of the prospectus may be obtained by calling +1.215.882.9983. Read carefully before investing.

As of February 1, 2017 the funds now operate under passive exemptive relief and no longer operate under active exemptive relief.

*Certain ETFs listed on the BATS exchange participate in the BATS Competitive Liquidity Provider ("CLP") Program. The BATS CLP Program is designed to incent market makers to provide liquidity in less actively traded products to help strengthen their investment appeal. Participation in the program may have potential impacts on the price and liquidity of ETFs in the program. In particular, there could be adverse impacts on a purchaser's sale of an ETF that leaves the program. ValueShares is a former participant in the CLP program. Participants pay a fee for each ETF participating in the BATS CLP Program. Payment of a CLP Fee is intended to generate more quotes and trading than might otherwise exist absent this payment. The ValueShares U.S. Quantitative Value ETF (QVAL) CLP program started 10/22/2014 and fees were $10,000. The ValueShares International Quantitative Value ETF (IVAL) CLP program started 12/17/2014 and fees were $5,000. The BATS CLP Program is a pilot program. Unless extended, the BATS CLP Program is scheduled to be terminated on or about July 28, 2015. ValueShares terminated their participation in the program for both QVAL and IVAL on April 1st, 2015.

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