QVAL ETF earns a 11.41% Since-Inception Return, Beating the S&P 500 Value Index by Over 3%

QVAL, the systematic, transparent, active value investing ETF, posted a 6.08% Net Asset Value return YTD (as of March 31, 2015), and a 11.41% Net Asset Value return since-inception (October 22, 2014), besting the S&P 500 Value Index by a wide margin (0.95% return YTD; 8.31% since-inception). According to Morningstar’s ETF Strategist Samuel Lee, “QVAL is one of the best performing value funds in the Morningstar Direct database, both on a YTD and since-inception basis. Of course, we never want to extrapolate short-term performance far into the future, but the concentrated value investing fund is certainly off to a great start.”

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 returns are based upon the midpoint of the bid/ask spread at 4:00 Eastern Time and do not represent the returns you would receive if you traded shares at other times. For performance data current to the most recent month end, please call 215.882.9983 or visit www.valueshares.com.

Founder and CIO Dr. Wesley Gray, Ph.D observed that, “While our clients are thrilled with our strong performance, we continue to communicate to them that our active value strategy does not seek to replicate the performance of a passive index. Our strategy is volatile and success in our strategy may require a long-term horizon (5+ years) and a willingness to deviate from the herd. Closet-indexers need not apply.”

Gray continued: “The typical QVAL investor understands the potential long-term benefits of a concentrated, Warren Buffett-style value investing approach. Accepting large deviations in performance relative to benchmarks and focusing on cheap companies with strong fundamentals requires a strong stomach at times, but is crucial if one’s desired outcome differs from what could be achieved through exposure to a benchmark.”

QVAL pursues its investment objective by investing primarily in U.S. equity securities that the Advisor (Alpha Architect) believes to be the cheapest, highest-quality value stocks in the market. The firm also offers an international version of the strategy (Ticker: IVAL).

Dr. Gray developed his proprietary algorithm 13 years ago when he was a finance Ph.D. student at the University of Chicago, where he studied under Nobel Prize Winner, Eugene Fama. The philosophy underlying the algorithm was later published by John Wiley & Sons in a co-authored book, QUANTITATIVE VALUE: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors.

For more information, visit the ValueShares website at www.ValueShares.com, or visit the Advisor Website at http://www.alphaarchitect.com/.

ABOUT VALUESHARES

ValueShares is advised by Alpha Architect, an SEC-registered investment firm that seeks to design affordable, active-management strategies for Exchange-Traded Funds and Separately Managed Accounts. Alpha Architect’s strategies are rooted in the science of behavioral finance with a goal of beating behavioral bias. For further information, visit www.ValueShares.com.

DISCLOSURE

Investments involve risk. Principal loss is possible. Redemptions are limited and often commissions are charged on each trade. Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund’s Shares and greater risk of loss. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

The Securities and Exchange Commission (SEC) does not approve or disapprove of any investment. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. References to other funds should not to be interpreted as an offer of these securities. The Fund is distributed by Quasar Distributors, LLC. Fund's investment advisor is Empowered Funds, LLC which is doing business as Alpha Architect. Knight Clearing Services is the fund's lead market maker.

Value investing is subject to the risk that intrinsic values of investments may not be recognized by the broad market or that their prices may decline. Investments utilizing quantitative methods may perform differently than the market as a result of characteristics and data used and changes in trends.

The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contains this and other important information about the investment company, and it may be obtained by calling 215-882-9983 or visiting www.ValueShares.com. Read it carefully before investing.

The S&P 500 Value Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The index does not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.