NASI

Pax MSCI N. America ESG Index ETF

The Fund seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the FTSE KLD North America SustainabilitySM Index, which is created and maintained by KLD Research & Analytics, Inc. (“KLD”). The Index consists of equity securities of issuers in North America that meet specific environmental, social and governance criteria developed by KLD. The Fund’s investment objective may be changed by the board of trustees without a vote of shareholders.

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the FTSE KLD North America Sustainability Index. Under normal circumstances, the Fund invests more than 80% of its total assets in the component securities of the Index and in Depositary Receipts representing the component securities of the Index. The Fund uses a replication strategy to seek to achieve its investment objective, which means that it generally will hold all of the component securities of the Index in approximately the same proportions as they are represented in the Index. The Fund may use a representative sampling strategy with respect to the Index when a replication strategy might be detrimental, such as when a security becomes temporarily illiquid, unavailable or less liquid. The Fund also may invest up to 20% of its total assets in certain futures, options and swap contracts, cash and cash equivalents, and stocks not included in its Index, but which Pax believes will help the Fund track the price and yield performance of its Index. Such securities and other financial instruments will be evaluated by Pax for satisfaction of Pax’s environmental, social and governance (ESG) criteria.

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