Polen Floating Rate Income ETF (PCFI)

About Polen Floating Rate Income ETF

The Polen Floating Rate Income ETF (PCFI) seeks to deliver the benefits of our proven Bank Loan strategy with the added flexibility and accessibility of the ETF format. Focused on generating high income, PCFI primarily invests in senior secured floating rate loans. This provides the security of seniority and collateral backing, along with a built-in hedge against rising interest rates.

Performance

Portfolio

Fund Information

Asset Class	Leveraged Credit
Investment Style	Active
Benchmark Index	Morningstar LSTA
Exchange	NYSE Arca
Ticker	PCFI
Cusip	36087T429
Inception Date	3-24-2025
Distribution Frequency	Monthly
Total Expense Ratio	0.59
Fee Waiver	0.10
Net Expense Ratio	0.49
Total Net Assets of Fund	TBD
30-Day Median Bid/Ask Spread	-
Shares Outstanding	-
Daily Volume	-
30-Day Avg Daily Volume	-

The Adviser has contractually agreed to waive 0.10% (10 basis points) of its investment advisory fee (the “Fee Waiver”). The Fee Waiver will remain in place for one year after the commencement of the Fund’s operations, unless the Board of Trustees approves its earlier termination. 30 Day Median Bid/Ask Spread: The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days, or since the listing date of each Fund if shorter, and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day. Daily Volume: The number of shares or contracts traded in a security or an entire market during a day. Each transaction between a buyer and seller contributes to the count of total volume.

Disclosures

Holdings are subject to change. The top holdings, as well as other data, are as of the period indicated and should not be considered a recommendation to purchase, hold, or sell any particular security. There is no assurance that any of the securities noted will remain in the Fund at the time you receive this fact sheet. It should not be assumed that any of the holdings discussed were or will prove to be profitable or that the investment recommendations or decisions we make in the future will be profitable. A list of all securities held in this Fund in the prior year is available upon request.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Polen Floating Rate Income Exchange Traded Fund before investing. This material must be accompanied by a prospectus. The prospectus and other information about the Fund may be obtained by calling 1-888-678-6024 or visiting the Materials tab. It should be read carefully before investing. All performance is calculated in U.S. Dollars.

The Polen Floating Rate Exchange Traded Fund is distributed by Foreside Funds Distributors LLC., not affiliated with Polen Capital Management

Risks:

ETF fund investing involves risk, including possible loss of principal. It is possible to lose money on an investment in the Fund. ETFs are subject to additional risks that do not apply to conventional funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

Bank Loan Risk: The Fund’s investment in secured and unsecured assignments of (or participations in) bank loans may create substantial risk. In making investments in bank loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest. In addition, the settlement of bank loans occurs on an extended (multi-week) basis, which may prevent the Fund from obtaining liquidity of certain assets within a desired timeframe.

High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered riskier than investment grade, fixed income securities. The total return and yield of high yield securities can be expected to fluctuate more than the total return and yield of higher quality securities.

Debt Securities Risk: Debt securities in which the Fund invests are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk (i.e., the risk that certain debt securities with high interest rates will be prepaid or “called” by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures).

Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation (such as the payment of interest or principal on a debt security).

Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline.

Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. The longer the average maturity of the Fund’s investment portfolio, the greater the fluctuation in value.

Liquidity Risk: The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like.

Limited History of Operations: The Fund is recently organized with a limited operating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size.

The Polen Floating Rate Exchange Traded Fund is not suitable for all investors.

The Polen Floating Rate Exchange Traded Fund is distributed by Foreside Funds Distributors LLC., not affiliated with Polen Capital Management.

Benchmarks:

Morningstar LSTA US Leveraged Loan Index: The Morningstar LSTA U.S. Leveraged Loan Index is a broad, unmanaged high yield index.

Definitions:

30-Day Yield (also known as “SEC yield”): For each share class, SEC yield is a compounded and annualized figure calculated according to a formula set by the SEC. The formula requires a specific methodology for calculating dividends and interest earned, and expenses accrued, during the period, and reflects the maximum offering price per Fund share. The standardized computation is designed to facilitate yield comparisons among different funds. The calculation is based on the 30-day period ended on the last day of the previous month.

Adjusted Effective Duration: With respect to the portfolio, the adjusted effective duration statistic provided is calculated by taking a weighted average of (i) modified duration to next reset date for all floating rate instruments, and (ii) effective duration for all fixed coupon instruments. With respect to the benchmark, duration is shown as effective duration.

Average Blended Yield: Average blended yield is the weighted average of (i) for instruments priced at or above par, yield to worst for bonds and yield to three year take out for loans, and (ii) for instruments trading at a discount, yield to maturity. Yield to worst is the lowest possible yield from owning a bond considering all potential call dates before maturity. It is the statistic provided for the index as it comprises only high yield bonds. Yield to three-year takeout is the yield from owning a senior bank loan assuming the loan is retired in three years or yield to maturity if the loan’s maturity date is in less than three years.

Average Coupon: Average Coupon is the average rate of the coupons of the fixed income securities (i.e., loans and bonds) in a portfolio, weighted based each holding's size relative to the portfolio.

Average Price: The average price is a market value-weighted average price calculated only for the fixed income portion of the account.

The 30-day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. The Subsidized yield includes contractual expense reimbursements and it would be lower without those reimbursements.

The 30-day SEC Unsubsidized Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. The unsubsidized yield specifically excludes any fee waivers or expense reimbursements provided by the fund's manager, reflecting the yield based solely on the fund’s portfolio performance and operating expenses without external subsidies.