Click here for FRDM’s standardized performance, 30-Day SEC yield, and Morningstar rating information. The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. 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 receive if you traded shares at other times. NAV Return represents the closing price of underlying securities. For performance data current to the most recent month-end and a list of holdings, please call 215.30.4476 or visit freedometfs.com/frdm/. Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the website for complete holdings information.

The funds referenced here are not identical and differ in investment objective, index methodology, holdings, sector and issuer exposure, fees and expenses, liquidity, tax characteristics, distribution policies, and principal-risk profile. References to other funds should not be interpreted as an offer of these securities. Any comparison should be evaluated in light of these material differences.

The information and strategies discussed here are for informational purposes only and should not be considered as personalized recommendation or investment advice of any investment strategy or product for a particular investor. There is no guarantee that the strategies will be successful. Investors should review investment strategies for their own situations before making any investment decisions and should consult a financial professional/financial consultant before making any investment decisions. Investments in securities entail risk and are not suitable for all investors. Please refer to the disclosure and offering documents for more information concerning specific products or services. Tax features may vary based on individual circumstances. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager. All expressions of opinion are as of the date of production and are subject to change anytime without notice due to various factors, including changing market conditions. Data presented that was prepared by third-party providers, the source of the data will be cited, and are considered reliable sources. However, its accuracy, completeness or reliability are not guaranteed.

Disclosures for Linked News Stories:

1. Investment Objectives of FRDM, EMXC, KEMX, XCEM and VWO
   1. FRDM: The Freedom 100 Emerging Markets ETF seeks to track the total return performance, before fees and expenses, of the Freedom 100 Emerging Markets Index.
   2. EMXC: The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China.
   3. KEMX: The KraneShares MSCI Emerging Markets ex China Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the MSCI Emerging Markets ex China Index (the “Underlying Index”).
   4. XCEM: Columbia EM Core ex-China ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Beta Thematic Emerging Markets ex-China Index (the Index).
   5. VWO: Vanguard FTSE Emerging Markets ETF, an exchange-traded share class of Vanguard Emerging Markets Stock Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries.
   6. EEM: The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities.
   7. IEMG: The iShares Core MSCI Emerging Markets ETF seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities.
2. Gross Expense Ratio of FRDM, EMXC, KEMX, XCEM, VWO, EEM, and IEMG
   1. FRDM: 0.49%
   2. EMXC: 0.25%
   3. KEMX: 0.24%
   4. XCEM: 0.16%
   5. VWO: 0.06%
   6. EEM: 0.72%
   7. IEMG: 0.09%
3. Risks of each fund
   1. EMXC: International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets or in concentrations of single countries. Click here for the fund’s standardized performance.
   2. KEMX: There can be no assurance that a Fund will achieve its stated objectives. The Funds are subject to political, social or economic instability within China which may cause decline in value. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. Emerging markets involve heightened risk related to the same factors as well as increase volatility and lower trading volume. Narrowly focused investments typically exhibit higher volatility. The ability of the KraneShares Emerging Markets Consumer Technology Index ETF to achieve its investment objective is dependent, in part, on the continuous availability of A Shares and the ability to obtain, if necessary, additional A Shares quota. The fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. The Fund may engage in securities lending. The Fund is non-diversified. Click here for the fund’s standardized performance.
   3. XCEM:Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The fund is passively managed and seeks to track the performance of an index. The fund may not sell a poorly performing security unless it was removed from the index. There is no guarantee that the index will achieve positive returns. Risk exists that the index provider may not follow its methodology for index construction. Errors may result in a negative fund performance. The fund‘s net value will generally decline when the market value of its targeted index declines. Foreign investments subject the fund to risks, including political, economic, market, social and other risks impacting a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. These risks are enhanced for emerging market issuers. Investment in or exposure to foreign currencies subjects the fund to currency fluctuation and risk of loss. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The fund concentrates its investments in issuers of one or more particular industries to the same extent as the underlying index. Although the fund’s shares are listed on an exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained. Active market trading may increase portfolio turnover, transaction costs and tracking error to the targeted index. The fund may have portfolio turnover, which may cause an adverse cost impact. There may be additional portfolio turnover risk as active market trading of the fund’s shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions as well as tracking error to the Index and as high levels of transactions increase brokerage and other transaction costs and may result in increased taxable capital gains. Click here for the fund’s standardized performance. 
   4. VWO: Investments in securities issued by non-U.S. companies are subject to risks including country/regional risk and currency risk. These risks are especially high in emerging markets. Click here for the fund’s standardized performance.
   5. EEM: As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks, any of which may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. For more information on the specific risks of the fund please read the Prospectusof the fund. Click here for the fund’s standardized performance. 
   6. IEMG: The Fund is subject to risks associated with investing in emerging market countries, including political and economic instability, less developed legal and regulatory systems, and lower levels of transparency and investor protection. Government actions such as expropriation, nationalization, capital controls, or changes in taxation and regulation may adversely affect investments. The Fund is also exposed to currency risk, as fluctuations in foreign exchange rates may reduce returns. Market and liquidity risks may be heightened because emerging markets often have less efficient trading systems, lower trading volumes, and restrictions on foreign ownership. As an index fund, the Fund does not take defensive positions and will remain invested in securities included in its underlying index regardless of market conditions. In addition, the Fund may experience increased volatility due to its exposure to particular countries, sectors, and smaller-capitalization companies, and may be affected by operational risks, including securities lending, the use of derivatives, and the potential for the Fund’s market price to differ from its net asset value. Click here for the fund’s standardized performance.
4. Investment Objectives of DEMIX, WCMWX HIEMX, EMQQ, and MELIX
   1. DEMIX: The fund seeks long-term capital appreciation by investing primarily in a broad range of equity securities of companies in emerging markets. Click here for the fund’s holdings, fund’s risks, and standardized performance.
   2. WCMWX: The Focused Emerging Markets ex China Fund seeks long-term capital appreciation by investing mainly in equities of emerging and frontier markets, excluding China, using a focused, bottom-up strategy. Click here for the fund’s holdings, fund’s risks, and standardized performance.
   3. HIEMX: The Virtus SGA Emerging Markets Equity Fund seeks long-term capital appreciation by investing in equity securities of companies in emerging markets. Click here for the fund’s holdings, fund’s risks, and standardized performance.
   4. EMQQ: The Emerging Markets Internet ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of EMQQ The Emerging Markets Internet Index. Click here for the fund’s holdings, fund’s risks, and standardized performance.
   5. MELIX: The Emerging Markets Leaders Portfolio Seeks long-term capital appreciation. Click here for the fund’s holdings, fund’s risks, and standardized performance.
5. Gross Expense Ratios of DEMIX, WCMWX HIEMX, EMQQ, and MELIX
   1. DEMIX: 0.32%
   2. WCMWX: 0.25%
   3. HIEMX: 0.32%
   4. EMQQ: 0.86%
   5. MELIX: 0.16%
6. Definitions
   1. Alpha: The excess return on an investment relative to the return on a benchmark index.
   2. Bid/Ask Spread: is the difference between the ask price and bid price for an asset in the market
   3. Dividend Yield: is the amount of money an asset pays shareholders represented as a percent of the current market price of the asset.
   4. Price/Book: is the comparison of the market price of an asset to its book value.
   5. Price/Earings(P/E ratio): is the ratio for valuing a company that measures its current share price relative to its per-share earnings
   6. Price/Sales:is the ratio for valuing a company that measures its current share price relative to its annual sales per share.
   7. Price/Cash Flow: is a stock valuation indicator or multiple that measures the value of a stock’s price relative to its operating cash flow per share.
   8. Human Freedom Index (HFI): is a comprehensive annual report, co-published by the Cato Institute and the Fraser Institute, that measures the state of human freedom in countries and jurisdictions worldwide.
7. Index performance returns do not reflect any management fees, transaction costs or expenses and is not illustrative of the performance of the FRDM ETF. Indexes are unmanaged. You cannot invest directly in an index.
   1. MSCI Emerging Markets Index captures large and mid-cap representation across 24 Emerging Markets (EM) countries. With 1,204 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
   2. MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,515 constituents, the index covers approximately 85% of the global investable equity opportunity set.
   3. MSCI Brazil 10/40 Index is designed to measure the performance of the large and mid-cap segments of the Brazilian market.
   4. S&P 500 Index: is an unmanaged index of 500 common stocks primarily traded on the New York Stock Exchange, weighted by market capitalization.
8. Click here to view a prospectus with standardized returns for the iShares MSCI Emerging Markets ETF.
   1. The Freedom 100 Emerging Markets Index is an unmanaged index the performance of which does not include fees, expenses, taxes or other costs associated with a Fund. It is not possible to invest directly in an index.
   2. ESG refers to Environmental, Social and Governance which are factors used for analysis and screening purposes to determine holdings for a portfolio. FRDM is not managed as an ESG fund.
9. Freedom 100 Emerging Markets ETF is in the Foreign Small/Mid Growth Category derived from a weighted average of the fund’s three-, five- and 10-year risk-adjusted returns as of (05/31/2022). For the 3yr period the fund was rated 5 stars (Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.)
   1. Morningstar Rating™ 
      The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
10. 30-Day SEC Yield as of 12/31/2023 is 2.77%. Market returns is 5.56%, and NAV return is 6.03% as of 12/31/2023.
    1. 30-Day SEC Yield: A calculation based on a 30-day period ending on the last of the previous month. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.
    2. Dividend yield: A ratio between the dividends paid by a company relative to its stock price.
11. Other important information
    1. AI-exposed companies face profitability challenges due to high research costs, competition, IP reliance, and regulatory risk. AI use does not guarantee better investment outcomes or protection from loss, and investors may lose money, including principal.

ETFAC-5379806-05/26