The Fund’s portfolio manager selects multiple fundamental investment teams with complementary investment approaches to identify securities for inclusion in the Fund’s investment universe. The fundamental equity investment teams use what is sometimes referred to as a “bottom up” approach. In analyzing a prospective investment, the fundamental equity investment teams use fundamental analysis and look at a number of factors, such as business environment, management quality, balance sheet, income statement, anticipated earnings, revenues, dividends and other related measures of valuation and growth potential.
(7) Under the heading “More Information about Risks” in the above referenced Prospectus, a “√” will be added next to “Active Trading Risk” for the Fund in the risk table. “Quantitative Investing Risk” will also be added to the risk table and checked with a “√” for the Fund and the corresponding risk disclosure will be added:
QUANTITATIVE INVESTING RISK — The value of securities or other investments selected using quantitative analysis may perform differently from the market as a whole or from their expected performance for many reasons, including, but not limited to, factors used in building the quantitative analytical framework, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns. The models used may be predictive in nature and such models may result in an incorrect assessment of future events. There may also be technical issues with the construction and implementation of quantitative models (for example, software or other technology malfunctions, or programming inaccuracies). The use of quantitative analysis to support investment decisions may cause the Fund to underperform other funds that have similar investment strategies or that select securities or other investments using other types of analysis. In addition, considerations that affect a security’s or other investment’s value can change over time and these changes may not be reflected in the quantitative model. There can be no assurance that quantitative investing will help the Fund to achieve its investment objective.
(8) Under the heading “The Investment Manager and Sub-Advisers – Portfolio Managers – Quality Value ETF” in the above referenced Prospectus, the portfolio manager information will be deleted in its entirety and replaced with the following:
Thomas S. Simon, CFA, FRM, Senior Managing Director and Portfolio Manager of Wellington Management, has served as a portfolio manager for the Fund since 2026. Mr. Simon joined Wellington Management in 2009 and has been an investment professional since 2001.
To implement the revisions to the investment strategy, it is expected that the Fund will sell certain of the portfolio securities that it currently holds and purchase securities selected by the sub-adviser in accordance with the revised investment strategy. As with any disposition of portfolio securities, these transactions may result in transaction costs and may cause the Fund to realize capital gains, which may increase capital gain distributions to shareholders. Please consult your financial professional or tax advisor for information regarding the tax consequences, if any, applicable to your investment in the Fund.
This Supplement should be retained with your Prospectus for future reference.