BLOOMBERG RADIO – BILL DAVIS INTERVIEWED: “ESG AND ETFS”

AUGUST 2023

Bill Davis, Hennessy Stance ESG ETF Portfolio Manager, believes ESG considerations in investing are here to stay and that there are risks that are existential to investor performance, such as those around climate.

Information about the Hennessy Stance ESG ETF (the “Fund”), a semi-transparent actively managed exchange-traded fund (“ETF”) with a Portfolio Reference Basket structure:

• The Fund is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. The Fund will not. This may create additional risks for your investment. For example:

• You may have to pay more money to trade the Fund’s shares. The Fund will provide less information to traders, who tend to charge more for trades when they have less information.

• The price you pay to buy Fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for the Fund compared to other ETFs because it provides less information to traders.

• These additional risks may be even greater in bad or uncertain market conditions.

• The Fund will publish on its website each day a “Portfolio Reference Basket” designed to help trading in shares of the Fund. While the Portfolio Reference Basket includes all the names of the Fund’s holdings, it is not the Fund’s actual portfolio.

The differences between the Fund and other ETFs may also have advantages. By keeping certain information about the Fund portfolio secret, the Fund may face less risk that other traders can predict or copy its investment strategy. This may improve the Fund’s performance. If other traders are able to copy or predict the Fund’s investment strategy, however, this may hurt the Fund’s performance.

For additional information regarding the unique attributes and risks of the Fund, see the Prospectus and SAI.

Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

Index performance is not indicative of fund performance.

Future dividend payments are not guaranteed.

References to other funds should not be interpreted as an offer of these securities.

DOE refers to the Department of Energy. EIA refers to the U.S.Energy Information Administration. FERC refers to the Federal Energy Regulatory Commission.

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. The holdings of the ETF can be found here.