EVNT

AltShares Event-Driven ETF

Objective

EVNT is a non-diversified, actively managed ETF that pursues an event-driven strategy, which seeks to profit by investing long and/or short in the equity and debt securities of companies whose prices the adviser believes are or will be impacted by a publicly announced or anticipated corporate event. The fund’s objective is to achieve capital appreciation over a full market cycle with lower volatility than the broad equity market.

Why EVNT?

Advised by Water Island Capital, an independent, event-driven specialist with more than 20 years of experience managing event-driven strategies with daily liquidity
Event-driven investing seeks to generate returns from the outcomes of idiosyncratic corporate events, rather than the direction of broader credit or equity markets, and the strategy has historically provided a return profile with lower volatility than broader equity markets
While the fund may invest in a wide array of corporate events (such as mergers and acquisitions, spin-offs, restructurings, refinancings, and more), including both hard catalysts (which tend to be characterized by more definitive outcomes, shorter timelines, and lower levels of volatility) and soft catalysts (which tend to be characterized by less definitive outcomes, longer timelines, and greater levels of volatility – though also greater commensurate return), the adviser expects to focus primarily on hard catalyst opportunities, particularly merger arbitrage investments
The adviser has developed a defined, repeatable investment process that has been honed over more than two decades and maintains a strong culture of risk management focused on mitigating downside risks
By accessing an event-driven strategy in an ETF, investors may realize the benefits of an ETF structure such as tax efficiency, intraday liquidity, and daily holdings transparency

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¹ Net asset value (NAV) represents the value of each share's portion of the fund's underlying net assets (including cash) at the end of the trading day.

² Market price represents the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

³ 30-Day Median Bid/Ask Spread Percentage is based on Rule 6c-11(c)(1)(v). To calculate the median bid-ask spread the fund, (i) identifies the ETF’s National Best Bid and Offer ("NBBO") as of the end of each 10-second interval during each trading day of the last 30 calendar days; (ii) divides the difference between each such bid and offer by the midpoint of the NBBO; and (iii) identify the median of those values.

The performance shown represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. Performance data over 1 year is annualized.

Effective as of September 25, 2026, the fund, a series of The Arbitrage Funds, acquired the assets and assumed the performance, financial, and other historical information of AltShares Event-Driven ETF, a series of AltShares Trust (the “predecessor ETF”). The reorganization did not change the fund's investment objectives, strategies, policies, fees and expenses, portfolio managers, name, or ticker. The predecessor ETF had itself acquired the assets and assumed the performance, financial, and other historical information of Water Island Long/Short Fund (the “predecessor mutual fund”), an open-end mutual fund (incepted December 31, 2014) and a series of The Arbitrage Funds, as of September 17, 2021. The predecessor mutual fund’s investment objectives, strategies, and policies were substantially similar to the fund and predecessor ETF and it was managed by the same portfolio managers, but it had higher operating expenses. Performance for periods prior to September 20, 2021, reflects the predecessor mutual fund, which would have been higher at the fund’s current expense levels. Predecessor mutual fund performance also reflects fee waivers then in effect, without which returns would have been lower. Performance for periods prior to May 12, 2019, does not reflect the fund’s current investment strategy.

IMPORTANT HOLDINGS INFORMATION: Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Brokerage commissions may apply, and will reduce returns. Please visit the glossary for definitions of terms.

RISKS: Investments are subject to risk, including possible loss of principal. There can be no assurance that the fund will achieve its investment objectives. The fund uses investment techniques and strategies with risks that are different from the risks ordinarily associated with equity investments. Such risks include merger arbitrage (in that the proposed reorganizations in which the fund invests may be renegotiated or terminated, in which case the fund may realize losses); short sale; event-driven; special situations; active management; market; high portfolio turnover (which may increase the fund’s brokerage costs, which would reduce performance); hedging transaction; concentration; sector; equity; derivatives; swap; credit; counterparty; temporary investment/cash management; ETF (which include premium-discount, secondary market trading, cash transaction, international closed market trading, flash crash, and authorized participants concentration risks); market capitalization; investment company and ETF; leverage; foreign securities; currency; interest rate; liquidity; and large shareholder risks. Risks may increase volatility, increase costs, and lower performance.

Shares of the fund may be bought or sold throughout the day at their market price on the exchange on which they are listed. The market price of fund shares may be at, above, or below their net asset value ("NAV") and will fluctuate with changes in the NAV as well as with supply and demand in the market for the shares. The market price of fund shares may differ significantly from their NAV during periods of market volatility. Shares of the fund may only be redeemed directly with the fund at NAV by Authorized Participants, in large creation units. There can be no guarantee that an active trading market for fund shares will develop or be maintained or that their listing will continue or remain unchanged. Buying or selling fund shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.