# EDGAR Filing Document

**Accession Number:** 0002097519
**File Stem:** 0002071844-26-000130
**Filing Date:** 2026-1
**Character Count:** 471601
**Document Hash:** ab4b1439796d4d2e425e286814aaf949
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071844-26-000130.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0002071844-26-000130

**CONFORMED SUBMISSION TYPE**: N-1A/A

**PUBLIC DOCUMENT COUNT**: 71

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bridgeway ETF Trust
- **CENTRAL INDEX KEY:** 0002097519

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24140
- **FILM NUMBER:** 26581724

**BUSINESS ADDRESS:**
- **STREET 1:** 20 GREENWAY PLAZA
- **STREET 2:** SUITE 930
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** (713) 661-3500

**MAIL ADDRESS:**
- **STREET 1:** 20 GREENWAY PLAZA
- **STREET 2:** SUITE 930
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bridgeway ETF Trust
- **CENTRAL INDEX KEY:** 0002097519

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291737
- **FILM NUMBER:** 26581723

**BUSINESS ADDRESS:**
- **STREET 1:** 20 GREENWAY PLAZA
- **STREET 2:** SUITE 930
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** (713) 661-3500

**MAIL ADDRESS:**
- **STREET 1:** 20 GREENWAY PLAZA
- **STREET 2:** SUITE 930
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

## Series and Classes Contracts Data

### Bridgeway Emerging Markets Core Equity ETF (Series ID: S000101264)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000271372 | Bridgeway Emerging Markets Core Equity ETF |  |

#### AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 30, 2026

#### <br>

#### 1933 Act No. 333-291737

#### 1940 Act No. 811-24140

#### <br>

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### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM N-1A

### REGISTRATION STATEMENT

#### UNDER

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| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ☒ |
| **Pre-Effective Amendment No. 1**<br>| ☒ |
| **Post-Effective Amendment No.**<br>| □ |

---

#### <br>

#### and/or

#### <br>

### REGISTRATION STATEMENT

#### UNDER

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| | |
|:---|:---|
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒ |
| **Amendment No. 1**<br>| ☒ |
| **(Check appropriate box or boxes)** |  |

---

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## BRIDGEWAY ETF TRUST

#### (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

#### <br>

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#### 20 GREENWAY PLAZA, SUITE 930

#### HOUSTON, TEXAS 77046

#### (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)

#### Registrant's Telephone Number, including Area Code: (713) 661-3500

#### <br>

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#### Send Copies of Communications to:

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| | |
|:---|:---|
| **JOHN N. R. MONTGOMERY**<br> **20 GREENWAY PLAZA, SUITE 930**<br> **HOUSTON, TEXAS 77046** | **PRUFESH R. MODHERA, ESQ.**<br> **STRADLEY, RONON, STEVENS, & YOUNG LLP**<br> **2000 K STREET, NW, SUITE 700**<br> **WASHINGTON, DISTRICT OF COLUMBIA 20006**<br>|
| **(NAME AND ADDRESS OF AGENT FOR SERVICE)** | **(NAME AND ADDRESS OF AGENT FOR SERVICE)** |

---

**Approximate date of proposed public offering**: As soon as practicable after the effective date of this registration statement.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file an amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

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![](image00001.jpg)

#### BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS [__], 2026 <br>

#### BRIDGEWAY ETF TRUST

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| | | |
|:---|:---|:---|
| **FUND** | **TICKER** | **STOCK EXCHANGE** |
| BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF | [BEMC] | [ ] |

---

#### PRELIMINARY PROSPECTUS DATED JANUARY 30 , 2026

#### SUBJECT TO COMPLETION

**THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SEURITIES, AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.**

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The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 1

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![](image00001.jpg)

#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| **3**<br>| **FUND SUMMARY** |
| **10** | **INVESTMENT ADVISER** |
| **11** | **MANAGEMENT FEES** |
| **12** | **FUND MANAGEMENT** |
| **13** | **OTHER FUND SERVICES** |
| **14** | **PURCHASING AND SELLING SHARES** |
| **15** | **ACCOUNT POLICIES AND OTHER INFORMATION** |
| **18** | **DIVIDENDS AND DISTRIBUTIONS** |
| **19** | **TAX CONSIDERATIONS** |
| **21** | **SECURITIES, TECHNIQUES AND RISKS** |
|  | ADDITIONAL INFORMATION ON INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS, DESCRIPTION OF SECURITIES AND COMMON INVESTMENT TECHNIQUES |
| **27**  | **GENERAL INFORMATION ABOUT THE TRUST**  |
| **28** | **FINANCIAL HIGHLIGHTS** |
| **29** | **FOR MORE INFORMATION** |

---

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 2

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![](image00001.jpg)

#### FUND SUMMARY

#### BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF

#### INVESTMENT OBJECTIVE
The Fund's investment objective is to seek long-term capital appreciation.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in shares of the Fund, which are not reflected in the table or the example below.**

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a<br> percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a<br> percentage of the value of your investment) |
|  Management Fees(1)<br>| [0.70]% |
|  Other Expenses(2)<br>| [ ]% |
|  Acquired Fund Fees and Expenses <br>| [ ]%  |
| &nbsp;&nbsp;&nbsp; **Total Annual Fund Operating Expenses**<br>| [ ]% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The management fee is structured as a "unitary management fee," out of which the Fund's investment adviser, Bridgeway Capital Management, LLC ("BCM"), pays all of the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: (i) the Fund's management fee; (ii) distribution fees and expenses paid by the Fund, if any, under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iii) interest expenses; (iv) brokerage expenses and other expenses (such as stamp taxes) in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (v) tax expenses; (vi) litigation expenses; (vii) acquired fund fees and expenses; and (viii) extraordinary expenses.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *"Other Expenses" are based on estimated amounts for the current fiscal year.* 

#### EXAMPLE
The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[___] | $[___] |

---

**PORTFOLIO TURNOVER.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The Fund is newly organized, and, as of the date of this Prospectus, has not had any portfolio turnover.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 3

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#### PRINCIPAL INVESTMENT STRATEGIES

The Fund seeks to achieve its investment objective by investing all its investable assets in an actively managed portfolio consisting primarily of equity securities of companies in emerging markets as well as securities that are domiciled or have a significant portion of their business active in emerging markets. The Fund invests primarily in a diverse group of companies across market sectors, industry groups and countries and may, at times, emphasize its investments in a particular sector. The Fund may also invest in money market funds or other ETFs.

Under normal market conditions, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities of emerging markets companies. The Adviser considers equity securities to be those of an emerging markets company if the company's securities meet the criteria for inclusion or are included in the MSCI Emerging Markets Investable Market Index (IMI) (Net Return USD) (the "Index"). The Adviser also considers equity securities to be those of an emerging markets company if the company satisfies at least one of the following criteria and the weight given to each of these factors will vary depending on the circumstances in a given case: (i) its securities are traded principally on stock exchanges in one or more emerging market countries; (ii) it derives 50% or more of its total revenue from goods produced, sales made or services performed in one or more emerging market countries; (iii) it maintains 50% or more of its assets in one or more emerging market countries; (iv) it is organized under the laws of an emerging market country; or (v) its principal executive office is located in an emerging market country. The countries comprising the Index as of the date of this Prospectus include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Emerging markets are generally markets which have yet to reach a level of maturity associated with developed foreign stock markets, and some emerging market countries may be considered to be "frontier market" countries. The Fund will have investment exposure to regional, sector and industry weightings and risk characteristics generally similar to those of the Index, although the Fund may, at times, emphasize one or more particular regions, sectors or industries.

The investment universe will be primarily defined based on the monthly constituents of the Index. The Adviser may not necessarily sell an equity security when it moves out of the Index, and, at times, the Adviser may invest in an equity security that was a historical member of the Index but is not in the Index currently or may invest in an equity security that the Adviser believes will be coming into the Index in the near future. The Index includes large, mid and small capitalization companies across emerging markets countries. In implementing its investment strategies, the Fund will focus on systematic application of fundamental analysis for companies in the Index.

While the Index includes large-, mid- and small-cap companies, the Fund primarily invests in equity securities of small- and mid-cap companies. The Adviser selects securities based on a systematic approach that considers fundamental measures such as value (<u>e.g.</u>, price-to-earnings ratio), indicators of quality (<u>e.g.</u>, return on equity), and investor sentiment (<u>e.g.</u>, the general prevailing mood of investors toward the price development of a security). The measures are weighted differently depending on the type of company , as determined by the Adviser's proprietary assessment of the capital intensity of the business. "Capital intensity" varies based on the extent to which the value of the security depends on intangible assets (<u>e.g.</u>, research and development, software, data, brand, networks, and organizational capital) versus primarily tangible assets (<u>e.g.</u>, physical plants and stockpiled materials) . A differentiated approach to portfolio construction driven by risk analysis relative to the Index will also be a key element of the Fund's investment strategy. For instance, the portfolio active share contribution by sector and country will be generally proportional to the weight of that sector or country in the Index to avoid excessive concentration of risk in any industry or country. Risk tools will monitor departures of sector and country weightings from the Index. The Adviser will select stocks to buy from higher-ranked stocks and select stocks to sell from those whose rankings have decreased, subject to overall risk controls and portfolio construction criteria. The Fund may invest in equity securities that are denominated in foreign currencies and may also invest in foreign securities that are represented in the U.S. and other securities markets by American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and other similar depositary arrangements.

The Adviser's investment process will incorporate environmental, social, and governance ("ESG") information (MSCI ESG score) , when available, as a consideration in the ongoing assessment of a subset (approximately less than 5% as of the date of the Prospectus) of potential portfolio securities when determining how to align the Fund with the weightings of the Index .

The Fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index and may have a higher degree of portfolio turnover than such index funds. The portfolio managers continually analyze market and financial data to make buy, sell, and hold decisions.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 4

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#### PRINCIPAL RISKS
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could underperform that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV"), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.

**MARKET RISK.** Shareholders of the Fund are exposed to higher risk than the stock market as a whole and could lose money. This may be due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, national and world social and political events, and the fluctuation of other stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

**[GROWTH STYLE RISK.** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund's return may be adversely affected during a market downturn and when growth stocks are out of favor.]

**EQUITY SECURITIES RISK.** Equity securities may include common stock, preferred stock or other securities representing an ownership interest or the right to acquire an ownership interest in an issuer. Equity risk is the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods. The value of stocks and other equity securities may be affected by changes in an issuer's financial condition, factors that affect a particular industry or industries, or as a result of changes in overall market, economic and political conditions that are not specifically related to a company or industry.

**EMERGING MARKETS RISK.** In addition to all of the risks of investing in foreign securities, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.

**[VALUE STYLE RISK.** Value stocks present the risk that the securities may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the security's true value or because the Adviser misjudged that value. If the Adviser's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, value stocks can continue to be undervalued by the market for long periods of time. Undervalued securities are, by definition, out of favor with investors (meaning they have lost investors' attention), and there is no way to predict when, if ever, the securities may return to favor.]

**FOREIGN SECURITIES RISK.** Investments in foreign securities can be more volatile than investments in US securities. Foreign securities have additional risk, including exchange rate changes, political and economic upheaval, the relative lack of information about the companies, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

**SECTOR RISK.** Companies with similar characteristics may be grouped together in broad categories called sectors. A certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic, business, or other developments which generally affect that sector.

**CURRENCY RISK.** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 5

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the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses.

**ESG INVESTING RISK.** The Fund's incorporation of ESG considerations in its investment strategy may cause it to make different investments than a fund that has a similar investment style but does not incorporate such considerations in its strategy. As with the use of any considerations involved in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of issuers that will outperform other issuers or help to reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations.

**SMALL-CAP COMPANY RISK.** The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to adverse economic developments as well as changes in interest rates, government regulation, borrowing costs, and earnings.

**MID-CAP COMPANY RISK.** Investing in securities of mid-sized companies may be riskier than investing in larger, more established companies. Mid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund's net asset value may be subject to rapid and substantial changes.

**MONEY MARKET FUND RISK**. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. It is possible for the Fund to lose money by investing in money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions or impose a fee of up to 2% on amounts the Fund redeems from the money market fund. These measures may result in an investment loss or prohibit the Fund from redeeming shares. Additionally, the Fund indirectly bears the fees and expenses of any money market funds in which it invests.

**HIGH PORTFOLIO TURNOVER RISK.** The Fund's investment strategy may result in a high portfolio turnover rate. Higher portfolio turnover may result in the Fund paying higher transaction costs and the distribution of additional capital gains, which may generate greater tax liabilities for shareholders who hold the shares in taxable accounts. Increased transaction costs and distributions of capital gains may negatively affect the Fund's performance.

**MANAGEMENT RISK.** The Adviser uses statistical analyses and models to select investments for the Fund. Any imperfections, errors or limitations in the models or analyses and therefore any decisions made in reliance on such models or analyses could expose the Fund to potential risks. In addition, the models used by the Adviser assume that certain historical statistical relationships will continue. These models are constructed based on historical data supplied by third parties and, as a result, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data.

**OPERATIONAL RISK.** The Adviser to the Fund, Sub-Adviser and other Fund service providers may be subject to operational risk and may experience disruptions and operating errors. In particular, these errors or failures in systems and technology, including operational risks associated with reliance on third party service providers, may adversely affect the Fund's ability to calculate its NAV in a timely manner, including over a potentially extended period. Moreover, disruptions (for example, pandemics and health crises) that cause prolonged periods of remote work or significant employee absences at the Fund's service providers could impact the ability to conduct the Fund's operations. While service providers are required to have appropriate operational risk management policies and procedures in place, their methods of operational risk management may differ from those of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Adviser, through its monitoring and oversight of service providers, seeks to ensure that service providers take appropriate precautions to avoid and mitigate risks that could lead to disruptions and operating errors. However, it is not possible for the Adviser, Sub-Adviser or other Fund service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

**KEY PERSON RISK.** Key person risk is the risk that results when a Fund's investment program is highly dependent on the investment skill and dedication of a small number of "key" persons at the Adviser and Sub-Adviser, which can result in

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 6

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decreased investment results if any of these "key" persons become unable to apply their full attention to the management of the Fund's investments for health or other reasons.

**MODELS AND DATA RISK.** The Fund uses an investment model to implement its investment strategy. The Fund is subject to the risk that the investment model may not perform as intended, including because the model may not adequately take into consideration certain factors relevant to the Fund's investment strategy, investments, or the market environment, contains design flaws or incorporates faulty assumptions, or is informed by inaccurate or incomplete data. Errors in the data, assumptions and/or the design of the model may occur from time to time and may not be identified and/or corrected by the Sub-Adviser (defined below) or the Adviser for a significant period or at all, which may magnify the adverse effect on the Fund of any investment decisions made in reliance on the erroneous model results. Any of these circumstances may lead to investment decisions or the inclusion or exclusion of securities that adversely affect the value of the Fund.

**INVESTMENTS IN OTHER INVESTMENT COMPANIES RISK.** The Fund's investment in another investment company may subject the Fund indirectly to the risks of that investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses.

**DEPOSITARY RECEIPTS RISK.** The Fund's investment in depositary receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of depositary receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the depositary receipts and the underlying securities are quoted.

**NEW FUND RISK.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

**AUTHORIZED PARTICIPANT CONCENTRATION RISK** is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants ("Authorized Participants"). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.

**MARKET TRADING RISK** is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. The securities held by the Fund may be traded in markets that close at a different time than the stock exchange on which the Fund's shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Fund's listing exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares' NAV may widen.

Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund's holdings. As with all exchange-traded funds, Fund shares may be bought and sold in the secondary market at market prices. When buying or selling Fund shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Fund shares (bid) and the lowest price a seller is willing to accept for Fund shares (ask) (the "bid-ask spread"). The trading prices of Fund shares in the secondary market may differ from the Fund's daily net asset value per share and there may be times when the market price of the shares is more than the net asset value per share (premium) or less than the net asset value per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.

**MARKET EVENTS RISK** relates to the increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets throughout the world during the past decade. These conditions may recur.

**LIQUIDITY RISK** is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund's investments and its

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 7

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returns. In addition, less liquid securities may be more difficult to value, and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund's ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund's performance.

**LARGE SHAREHOLDER RISK.** Certain shareholders, including other funds or accounts advised by the Advisor, may from time to time own a substantial amount of the Fund's shares. In addition, a third party investor, the Advisor, an authorized participant, a lead market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares.

**CYBERSECURITY RISK.** The Fund's and its service providers' use of internet, technology and information systems may expose the Fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.

**CASH REDEMPTION RISK.** The Fund generally redeems shares for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result, the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind. These costs could include brokerage costs or losses that might not have been incurred if the Fund had made redemptions in-kind. In addition, these costs could be imposed on the Fund, and thus decrease the Fund's net asset value, to the extent that the costs are not offset by a transaction fee payable by an authorized participant.

**ACTIVE MANAGEMENT RISK.** The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

**TEMPORARY INVESTMENTS.** The Fund's actively managed investment process is heavily dependent on quantitative models, which do not adjust to take temporary defensive positions. However, the Fund reserves the right to invest in U.S. government securities, money market instruments, and cash, without limitation, as determined by the Adviser or Sub-Adviser in response to adverse market, economic, political or other conditions. In the event the Fund engages in temporary defensive strategies that are inconsistent with its investment strategies, the Fund's ability to achieve its investment objective may be limited.

**VALUATION RISK** is the risk that the purchase or sale price the Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.

#### As with any fund, it is possible to lose money on an investment in the Fund.

#### FUND PERFORMANCE
The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 8

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Updated performance information for the Fund is available and may be obtained on the Trust's website at [ ] or by calling [ ].

#### MANAGEMENT

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| | |
|:---|:---|
| **ADVISER** | Bridgeway Capital Management, LLC |
| **SUB-ADVISER** | Vident Asset Management ("Vident" or "Sub-Adviser") |
| **PORTFOLIO MANAGERS** | Jacob Pozharny, PhD, Portfolio Manager for BCM; Christine L. Wang, CFA, CPA, Portfolio Manager for BCM; Elena Khoziaeva, CFA, Portfolio Manager for BCM; Austin Wen, CFA, Senior Portfolio Manager of Vident; and Devin Ryder, CFA, Senior Portfolio Manager of Vident are responsible for the day-to-day management of the Fund. |

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#### <br>

#### PURCHASE AND SALE OF FUND SHARES
The Fund is an exchange-traded fund (commonly referred to as an "ETF"). The Fund's shares may be issued and redeemed only by certain large institutions, referred to as "Authorized Participants," that enter into agreements with the Fund's principal underwriter. Retail investors may acquire and sell Fund shares in the secondary market through a broker-dealer. The price of Fund shares is based on market price, and because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market ("the bid-ask spread"). Recent information, including information about the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is included on the Fund's website at [ ].

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or individual retirement account. Withdrawals from such tax-advantaged arrangements may be taxed as ordinary income when withdrawn from the account.

#### PAYMENTS TO BROKERS-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), BCM and its related companies may pay the intermediary for activities related to the marketing and promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 9

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#### INVESTMENT ADVISER
The Board of Trustees of Bridgeway ETF Trust (the "Board" or "Board of Trustees") oversees the Fund's management, decide on matters of general policy and review the activities of the Fund's Adviser. Bridgeway Capital Management, LLC, 20 Greenway Plaza, Suite 930, Houston, Texas 77046, acts as the investment adviser ("BCM" or the "Adviser") to the Fund pursuant to an Investment Advisory Agreement ("Advisory Agreement") approved by the Board.

BCM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. BCM has overall responsibility for the general management and administration of the Fund and will be primarily responsible for determining the portfolio securities to purchase and sell for the Fund. The Adviser arranges for sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate.

#### Sub-Adviser
The Adviser has retained Vident Advisory, LLC (d/b/a Vident Asset Management) to serve as sub-adviser for the Fund pursuant to a Sub-Advisory Agreement. Vident is responsible for the day-to-day management of the Fund. Vident, a registered investment adviser, is owned by Vident Capital Holdings, LLC. Vident Capital Holdings, LLC is controlled by MM VAM, LLC which is owned by Casey Crawford. Vident's principal office is located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009. Vident was formed in 2016 and provides investment advisory services to ETFs, including the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser, subject to the supervision of the Adviser and the Board.

For its services, the Sub-Adviser is paid a fee by the Adviser from the unitary management fee paid to the Adviser by the Fund, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of the Fund allocated to the Sub-Adviser as follows:

[0.05% on the first $250 million

0.045% on the next $250 million

0.04% on all assets thereafter subject to an annual minimum of $50,000]

A discussion regarding the basis for the Board's approval of the Advisory Agreement and Sub-Advisory Agreement will be available in the Fund's [financial statements] included in the Form N-CSRS for the semi-annual period ended June 30, 2026.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 10

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#### MANAGEMENT FEES
The Adviser provides oversight of the Sub-Adviser, monitoring the Sub-Adviser's buying and selling of securities for the Fund, and review of the Sub-Adviser's performance. For the services it provides to the Fund, the Fund pays the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate based on the Fund's average daily net assets as set forth in the table below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Fund** | **Unitary Management Fees (as a percentage of average daily net assets)** |
| BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF | [0.70]% |

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Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund, except for: the fee paid to the Adviser pursuant to the Investment Advisory Agreement; payments under the Fund's 12b-1 plan, if any; brokerage expenses; taxes; interest; litigation expenses; acquired fund fees and expenses; and other extraordinary expenses.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 11

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#### FUND MANAGEMENT
The Adviser, among other things, provides oversight of the Sub-Adviser, monitoring the Sub-Adviser's buying and selling of securities for the Fund, and review of the Sub-Adviser's performance. Collectively, the following individuals of the Adviser are jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

**Jacob Pozharny, PhD**, is Co-Chief Investment Officer and Portfolio Manager and began working at the Adviser in 2018. Jacob received his PhD in Applied Statistics from the University of California, Riverside; an MS in Statistics from the University of California, riverside; an MS in Applied Economics and Finance from the University of California, Santa Cruz; and a BA in Economics, also from the University of California, Santa Cruz.

**Elena Khoziaeva, CFA**, is a Co-Chief Investment Officer and Portfolio Manager and began working at the Adviser in 1998. Her responsibilities include portfolio management, investment research, and statistical modeling. Elena earned a Bachelor of Economic Sciences degree from Belarussian State Economic University in Minsk and graduated with highest honors from the University of Houston with an MBA in accounting.

**Christine L. Wang, CFA, CPA**, is a Portfolio Manager and began working for the Adviser in 2008. Her responsibilities include portfolio management, investment research, and statistical modeling. Christine holds an MS in Accounting from the University of Virginia and a BA in Sociology and Managerial Studies from Rice University. Christine is a Certified Public Accountant licensed in the State of Texas. Prior to joining the Adviser, Christine worked in public accounting with a focus on energy trading and risk management from 2004 to 2008.

**Austin Wen, CFA**, is a Senior Portfolio Manager of Vident and has over a decade of investment experience. Mr. Wen specializes in portfolio management and trading of equity, derivative, and commodities-based portfolios, as well as risk monitoring and investment analysis. Previously, he was a financial analyst for Vident Financial, focusing on the development and review of various investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA from the University of Georgia and holds the Chartered Financial Analyst designation.

**Devin Ryder, CFA**, is a Senior Portfolio Manager of Vident and has over five years of industry experience. Prior to joining Vident, Ms. Ryder was a Senior Software Engineer at Bloomberg, where she designed and built systems to connect ETF market participants and facilitate ETF primary market transactions. Before that, she was a Portfolio Manager at ETF Managers Group, where she specialized in domestic and international equity thematic strategies. Ms. Ryder holds a Bachelor of Science in Mathematics of Finance and Risk Management from the University of Michigan and holds the Chartered Financial Analyst designation.

#### COMMODITY EXCHANGE ACT EXCLUSION
The Adviser has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") with respect to the Fund and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA.

#### LEGAL PROCEEDINGS
There are no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Fund's investment adviser or principal underwriter is a party.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 12

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#### OTHER FUND SERVICES

#### ADMINISTRATOR, CUSTODIAN, TRANSFER AGENT AND SECURITIES LENDING AGENT
The Bank of New York Mellon ("BNY") is the administrator, custodian, transfer agent and securities lending agent for the Fund.

#### DISTRIBUTOR
Foreside Fund Services, LLC, a Delaware limited liability company and wholly owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group, (the "Distributor"), serves as the distributor of Creation Units (as defined below) for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine, 04101. The Distributor is not affiliated with BCM or its affiliates.

Additional shareholder information is available free of charge by calling toll-free: [ ] or visiting the Trust's website at [ ].

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 13

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#### PURCHASING AND SELLING SHARES
The description in the Fund Summary may help you decide whether the Fund fits your investment needs. Keep in mind, however, that no guarantee can be made that the Fund will meet its investment objective, and the Fund should not be relied upon as a complete investment program.

#### BUYING AND SELLING SHARES
Shares of the Fund trade on national securities exchanges during the trading day. Shares can be bought and sold throughout the trading day like other shares of publicly traded securities. There is no minimum investment. When buying or selling shares through a broker, you will incur customary brokerage commissions and charges. In addition, you will also incur the cost of the "spread," which is the difference between what professional investors are willing to pay for Fund shares (the "bid" price) and the price at which they are willing to sell Fund shares (the "ask" price). The commission is frequently a fixed amount and may be a significant proportional cost for investors seeking to buy or sell small amounts of shares. The spread with respect to shares of the Fund varies over time based on the Fund's trading volume and market liquidity, and is generally lower if the Fund has a lot of trading volume and market liquidity and higher if the Fund has little trading volume and market liquidity. Because of the costs of buying and selling Fund shares, frequent trading may reduce investment return and an investment in the Fund may not be advisable for investors who anticipate regularly making small investments.

Shares of the Fund may be acquired or redeemed directly from the Fund only in aggregate blocks of shares or multiples thereof ("Creation Units"). Once created, shares of the Fund generally trade in the secondary market in amounts less than a Creation Unit.

Shares of the Fund trade under the trading symbol listed for the Fund on the front cover of this Prospectus.

The national securities exchanges on which the Fund is listed are open for trading Monday through Friday and are closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

#### BOOK ENTRY
Shares of the Fund are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares of the Fund and is recognized as the owner of all shares for all purposes.

Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares of the Fund. DTC participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares.

Therefore, to exercise any rights as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any securities that you hold in book entry or "street name" form.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 14

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#### ACCOUNT POLICIES AND OTHER INFORMATION

#### SHARE PRICES
The trading price of Fund shares in the secondary market may differ in varying degrees from their daily NAVs and can be affected by market forces such as supply and demand, economic conditions and other factors.

A Fund may determine to have the approximate value of its shares, known as the "indicative optimized portfolio value" ("IOPV"), disseminated every fifteen seconds throughout the trading day by the national securities exchange on which the Fund is listed or by other information providers or market data vendors. Any IOPV disseminated is based on the current market value of the securities and cash required to be deposited in exchange for a Creation Unit. Any IOPV disseminated does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time nor the best possible valuation of the current portfolio. Any IOPV disseminated should not be viewed as a "real-time" update of the NAV, because the IOPV may not be calculated in the same manner as the NAV, which is computed once a day as discussed below. Any IOPV disseminated is generally determined by using current market quotations and/or price quotations obtained from broker-dealers that may trade in the portfolio securities held by the Fund. The quotations of certain Fund holdings may not be updated during U.S. trading hours if such holdings do not trade in the U.S. The Fund is not involved in, or responsible for, the calculation or dissemination of an IOPV and makes no warranty as to the accuracy of any disseminated IOPV.

#### DETERMINATION OF NET ASSET VALUE
The NAV for the Fund is calculated by dividing the value of the Fund's net assets by the number of the Fund's outstanding shares. The NAV for the Fund is calculated on each Business Day (see "Business Day") as of 3:00 p.m. Central time. Shares of the Fund may be priced on days when the [ ] (the "Exchange") is closed if the Securities Industry and Financial Markets Association ("SIFMA") recommends that the bond markets remain open for all or part of the day or on the days when the Federal Reserve Bank of New York is open.

Equity securities listed on a recognized U.S. securities exchange or quoted on the [ ], including shares of other ETFs, are priced at the last quoted sale price, or the official closing price on the primary exchange or market on which they are traded on the valuation date. Securities with no reported sale on the valuation date are priced at the most recent quoted bid price.

The Board has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to the Fund's investments, subject to oversight by the Board. Accordingly, any securities for which market quotations are not readily available, or for which the available price has been determined to not represent a reliable, current market value, are valued at fair value as determined in good faith by the Adviser in accordance with valuation procedures approved by the Board (the "Valuation Procedures"). Circumstances in which securities may be fair valued include periods when trading in a security is suspended, the exchange or market on which a security trades closes early, the trading volume in a security is limited, corporate actions and announcements take place, or regulatory news is released such as governmental approvals. The Adviser, in its discretion, may make adjustments to the prices of securities held by the Fund if an event occurs after the publication of market values normally used on behalf of the Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and the Valuation Procedures. This may occur particularly with respect to certain foreign securities held by the Fund, in which case the Adviser may use adjustment factors obtained from an independent fair value pricing service that are intended to reflect more accurately the value of those securities as of the time the Fund's NAV is calculated. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, governmental actions, or natural disasters. The use of fair valuation involves the risk that the values used by the Adviser to price the Fund's investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. Short-term obligations, which are debt instruments with a maturity of 60 days or less, held by the Fund are valued at their amortized cost which, according to the Adviser, approximates fair value.

The Fund may hold foreign securities that trade on weekends or other days when the Fund does not price its shares. Therefore, the value of such securities may change on days when shareholders will not be able to purchase or sell shares.

If the Fund invests in other underlying funds, other than funds that are exchange-traded, the investing Fund will calculate its NAV using the NAV of the underlying fund in which it invests.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 15

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#### DISTRIBUTION AND SERVICE PLAN
The Fund has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act that allows it to pay distribution and other fees for the sale and distribution of its shares. Because these fees would be paid out of the Fund's assets on an on-going basis, over time these fees would increase the cost of your investment and may cost you more than paying other types of sales charges. Payments to financial intermediaries under the Plan are tied directly to their own out-of-pocket expenses. As of this date, the Plan has not been implemented with respect to the Fund. The Plan may not be implemented without further Board of Trustees approval. The maximum distribution fee is 0.25% of the Fund's average net assets under the Plan. The Fund does not expect to pay any 12b-1 fees during the current and next fiscal years.

#### POLICIES AND PROCEDURES ON EXCESSIVE TRADING PRACTICES
The Board of Trustees has adopted a policy whereby the Fund does not monitor for frequent purchases and redemptions of Fund shares ("frequent trading"). The Board of Trustees believes that a frequent trading monitoring policy is unnecessary for the Fund because shares of the Fund are listed and traded on national securities exchanges.

Only Authorized Participants are authorized to purchase and redeem shares directly from the Fund, and their purchase and redemption transactions are essential to the operation of the Fund. In addition to helping to ensure there is an adequate supply of Fund shares to meet secondary market trading demand, Authorized Participants' purchase and redemption transactions also generally help to keep the trading prices of the Fund shares in line with their NAV per share. The Fund may engage in in-kind transactions with Authorized Participants. In-kind purchase and redemption transactions generally do not give rise to the adverse consequences commonly associated with frequent purchases and redemptions of fund shares because they do not require a fund to sell portfolio holdings to raise cash to meet redemptions, which may increase portfolio transaction costs and potentially result in adverse tax consequences, such as the realization of capital gains, or to hold a significant amount of cash to meet redemptions or while awaiting investment opportunities to invest share purchase proceeds, which can lead to increased tracking error or reduced returns.

Therefore, it is unlikely that a shareholder could take advantage of a potential arbitrage opportunity presented by a lag between a change in the value of the Fund's portfolio securities after the close of the primary markets for the Fund's portfolio securities and the reflection of that change in the Fund's NAV, because the Fund sells and redeems its shares directly through transactions that are in-kind and/or for cash.

#### PORTFOLIO HOLDINGS
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI. The top holdings of the Fund can be found at [ ]. The Fund's fact sheet provides information regarding the Fund's top holdings and may be requested by calling [ ] or visiting the Trust's website at [ ].

#### PREMIUM/DISCOUNT INFORMATION
Information about the differences between the daily market prices on secondary markets for shares of the Fund and the Fund's net asset values for various time periods, as applicable, is available by visiting the Trust's website at [ ].

#### HOUSEHOLDING
Householding is an option available to certain investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 16

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#### [TAX EFFICIENCY
The following discussion is not applicable to shareholders in tax-advantaged accounts, such as 401(k) plans and IRAs.

An important aspect of fund ownership in a taxable account is the tax efficiency of the Fund. A fund may have great performance, but if a large percentage of that return is paid in taxes, the purpose of professional management may be defeated. Tax efficiency is the ratio of after-tax total returns to before-tax total returns. The first column of the following table illustrates the tax efficiency of the Fund through December 31, 202[ ]. It assumes that a shareholder was invested in the Fund for the full period since inception, had paid taxes at the applicable maximum federal marginal rates and continues to hold the shares. These calculations exclude any state and local taxes. 100% tax efficiency means that the shareholder had no taxable distributions and paid no taxes. This measure of tax efficiency ignores potential future taxes represented by unrealized gains, stocks which have appreciated in value but have not been sold. It also ignores the taxes you would pay if you sold your shares.

The second column is the same tax efficiency number, but considers taxes paid if a shareholder sold his or her shares at the end of the calendar year, December 31, 202[ ].

#### Bridgeway ETF Trust Tax Efficiency

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| | | |
|:---|:---|:---|
| **Fund** | **% Tax<br> Efficiency for<br> Shares Held** | **% Tax<br> Efficiency for<br> Shares Sold** |
|  Bridgeway Emerging Markets Core Equity ETF ([BEMC]) | [ ] | [ ] |

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]

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 17

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#### DIVIDENDS AND DISTRIBUTIONS
The following table summarizes the general distribution policies for the Fund. The Fund may, in some years, pay additional dividends or make additional distributions to the extent necessary for the Fund to avoid incurring tax liabilities or for other reasons.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Dividends, if any,<br> Declared and Paid** | **Capital Gains, if any,<br> Declared and Paid** | **Returns of Capital, if any, Declared and Paid** |
| BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF | Quarterly | Quarterly  | Quarterly  |

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Distributions of net realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis for the Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to improve tracking error, to preserve its status as a regulated investment company or to avoid imposition of income or excise taxes on undistributed income or realized gains.

Dividends and other distributions on shares are distributed on a pro rata basis to beneficial owners of such shares.

Dividend payments are made through DTC participants to beneficial owners then of record with proceeds received from the Fund. Dividends and securities gains distributions are distributed in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

No dividend reinvestment service is provided by the Trust. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 18

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#### TAX CONSIDERATIONS
The Fund intends to elect and qualify each year as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). As a regulated investment company, the Fund generally pays no federal income tax on the income and gains it distributes to shareholders. The Fund expects to distribute substantially all of its net investment income and its net realized capital gains, if any, at least annually but may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee the Fund will pay either an income dividend or a capital gains distribution. Distributions declared in October, November, or December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December.

#### FUND DISTRIBUTIONS
The Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional shares or receive them in cash. For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares.

The use of derivatives by the Fund may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain.

#### SALE OF FUND SHARES
A sale of shares is a taxable event and, accordingly, a capital gain or loss may be recognized. Currently, any capital gain or loss realized upon a sale of shares generally is treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. The ability to deduct capital losses may be limited.

#### TAX TREATMENT OF FUND SHAREHOLDERS
An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from taxable dispositions of shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

Fund distributions and gains from the sale of your shares generally are subject to state and local taxes.

Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by the Fund from net long-term capital gains, interest-related dividends and short-term capital gain dividends, if such amounts are reported by the Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Under the Foreign Account Tax Compliance Act ("FATCA"), a 30% withholding tax is imposed on income dividends paid by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of shares; however, based on proposed regulations issued by the Internal Revenue Service ("IRS"), which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). Information about a shareholder in the Fund may be disclosed to the IRS, non-U.S. taxing

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 19

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authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the appropriate certifications or other documentation concerning its status under FATCA.

#### WITHHOLDING
By law, if you do not provide your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains or proceeds from the sale of your shares. Withholding is also imposed if the IRS requires it. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

#### CREATION UNITS
An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of purchase (plus any cash received by the Authorized Participant as part of the issue) and the Authorized Participant's aggregate basis in the securities surrendered (plus any cash paid by the Authorized Participant as part of the issue).

If Creation Units are issued and redeemed by the Fund solely for cash, an Authorized Participant generally will recognize neither gain nor loss on the issuance of Creation Units, but may recognize gain or loss on the redemption of Creation Units equal to the difference between the Authorized Participant's basis in the Creation Units and the cash received by the Authorized Participant as part of the redemption.

The IRS may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether the wash sale rules apply and when a loss might be deductible.

Under current federal tax laws, any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as a short-term capital gain or loss if the shares have been held for one year or less, assuming such Creation Units are held as a capital asset.

If the Fund redeems Creation Units in cash, it may recognize more capital gains than it would have if it redeemed Creation Units in kind.

This discussion "Tax Considerations" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local or foreign tax consequences before making an investment in the Fund. For additional information, see the "Taxes" section of the Statement of Additional Information.

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 20

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#### SECURITIES, TECHNIQUES AND RISKS

#### ADDITIONAL INFORMATION ON THE INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS, DESCRIPTION OF SECURITIES AND COMMON INVESTMENT TECHNIQUES
The following provides additional information regarding the Fund's investment objective, principal investment strategies and related risks discussed in the Fund Summary-Principal Investment Strategies section for the Fund, as well as information about additional investment strategies and techniques that the Fund may employ in pursuing its investment objective. The Fund also may make other types of investments to the extent permitted by applicable law. Additional information about the Fund, its investment strategies and risks can also be found in the Fund's SAI. Future legislative, regulatory, or tax developments may affect the investments or investment strategies available to BCM in connection with managing the Fund, which may also adversely affect the Fund's return potential and ability of the Fund to achieve its investment objective.

All investments carry some degree of risk that will affect the value of the Fund's investments, its investment performance and the price of its shares. As a result, loss of money is a risk of investing in the Fund.

**INVESTMENT OBJECTIVES.** The Fund's investment objective may be changed by the Trust's Board of Trustees without shareholder approval. Shareholders will, however, be notified of any changes to the Fund's investment objective.

**[GROWTH STYLE RISK.** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund's return may be adversely affected during a market downturn and when growth stocks are out of favor.]

**EQUITY SECURITIES RISK.** Equity securities may include common stock, preferred stock or other securities representing an ownership interest or the right to acquire an ownership interest in an issuer. Equity risk is the risk that stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or extended periods. The value of stocks and other equity securities may be affected by changes in an issuer's financial condition, factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry, or as a result of changes in overall market, economic and political conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

**EMERGING MARKETS RISK.** In addition to all of the risks of investing in foreign securities, emerging market securities involve risks attendant to less mature and stable governments and economies, lower trading volume, trading suspension, security price volatility, proceeds repatriation restrictions, withholding and other taxes, some of which may be confiscatory, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.

**[VALUE STYLE RISK.** Value stocks present the risk that the securities may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the security's true value or because the Adviser misjudged that value. If the Adviser's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, value stocks can continue to be undervalued by the market for long periods of time. Undervalued securities are, by definition, out of favor with investors (meaning they have lost investors' attention), and there is no way to predict when, if ever, the securities may return to favor.]

**FOREIGN SECURITIES RISK.** Investments in foreign securities can be more volatile than investments in US securities. Foreign securities have additional risk, including exchange rate changes, political and economic upheaval, the relative lack of information about the companies, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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**SECTOR RISK.** Companies with similar characteristics may be grouped together in broad categories called sectors. A certain sector may underperform other sectors or the market as a whole. As the Adviser allocates more of the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic, business, or other developments which generally affect that sector.

**CURRENCY RISK.** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses.

**ESG INVESTING RISK.** The Fund's incorporation of ESG considerations in its investment strategy may cause it to make different investments than a fund that has a similar investment style but does not incorporate such considerations in its strategy. As with the use of any considerations involved in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of issuers that will outperform other issuers or help to reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations.

**SMALL-CAP COMPANY RISK.** Since the Fund invests in companies of any size and because there are a larger number of small and less liquid companies that the Fund could invest in, the Fund may bear the short-term risk (volatility) associated with small companies, especially in the early stages of an economic or stock market downturn.

**MID-CAP COMPANY RISK.** Investing in securities of mid-sized companies may be riskier than investing in larger, more established companies. Mid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund's net asset value may be subject to rapid and substantial changes.

**MONEY MARKET FUND RISK**. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. It is possible for the Fund to lose money by investing in money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions or impose a fee of up to 2% on amounts the Fund redeems from the money market fund. These measures may result in an investment loss or prohibit the Fund from redeeming shares. Additionally, the Fund indirectly bears the fees and expenses of any money market funds in which it invests.

**HIGH PORTFOLIO TURNOVER RISK.** A higher portfolio turnover rate increases transaction costs and as a result may adversely impact the Fund's performance and may increase share price volatility. Moreover, a higher portfolio turnover rate may result in higher taxes when Fund shares are held in a taxable account.

**MANAGEMENT RISK.** The Adviser uses statistical analyses and models to select investments for the Fund. Any imperfections, errors or limitations in the models or analyses and therefore any decisions made in reliance on such models or analyses could expose the Fund to potential risks. In addition, the models used by the Adviser assume that certain historical statistical relationships will continue. These models are constructed based on historical data supplied by third parties and, as a result, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data.

**OPERATIONAL RISK.** The Adviser to the Fund, Sub-Adviser and other Fund service providers may be subject to operational risk and may experience disruptions and operating errors. In particular, these errors or failures in systems and technology, including operational risks associated with reliance on third party service providers, may adversely affect the Fund's ability to calculate its NAV in a timely manner, including over a potentially extended period. Moreover, disruptions (for example, pandemics and health crises) that cause prolonged periods of remote work or significant employee absences at the Fund's service providers could impact the ability to conduct the Fund's operations. While service providers are required to have appropriate operational risk management policies and procedures in place, their methods of operational risk management may differ from those of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Adviser, through its monitoring and oversight of service providers, seeks to ensure that service providers take appropriate precautions to avoid and mitigate risks that could lead to disruptions and operating errors. However, it is not possible for the Adviser, Sub-Adviser or other Fund service providers to identify all of the

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operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

**DEPOSITARY RECEIPTS RISK.** The Fund's Investment in depositary receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of depositary receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the depositary receipts and the underlying securities are quoted.

**KEY PERSON RISK** is the risk that results when a Fund's investment program is highly dependent on the investment skill and dedication of a small number of "key" persons at the Adviser and Sub-Adviser, which can result in decreased investment results if any of these "key" persons become unable to apply their full attention to the management of the Fund's investments for health or other reasons.

**MODELS AND DATA RISK.** The Fund uses an investment model to implement its investment strategy. The Fund is subject to the risk that the investment model may not perform as intended, including because the model may not adequately take into consideration certain factors relevant to the Fund's investment strategy, investments, or the market environment, contains design flaws or incorporates faulty assumptions, or is informed by inaccurate or incomplete data. Errors in the data, assumptions and/or the design of the model may occur from time to time and may not be identified and/or corrected by the Sub-Adviser or the Adviser for a significant period or at all, which may magnify the adverse effect on the Fund of any investment decisions made in reliance on the erroneous model results. Any of these circumstances may lead to investment decisions or the inclusion or exclusion of securities that adversely affect the value of the Fund.

**INVESTMENTS IN OTHER INVESTMENT COMPANIES RISK.** The Fund's investment in another investment company may subject the Fund indirectly to the risks of that investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses.

**DEPOSITARY RECEIPTS RISK.** Investments in depositary receipts do not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of depositary receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the depositary receipts and the underlying securities are quoted.

**NEW FUND RISK.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

**AUTHORIZED PARTICIPANT CONCENTRATION RISK.** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized Participants and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened for the Fund if it invests in non-U.S. securities or other securities or instruments that are less widely traded. Such securities or instruments often involve greater settlement and operational issues and capital costs for Authorized Participants.

**CASH REDEMPTION RISK.** The Fund generally redeems shares for cash or otherwise includes cash as part of its redemption proceeds. The Fund may be required to sell or unwind its portfolio investments to obtain the cash needed to pay out redemption proceeds. This may cause the Fund to recognize capital gains that it might not have recognized if it had satisfied such redemption requests with securities held by the Fund (*i.e.*, redeemed its shares in kind). As a result, the Fund may pay out higher annual capital gains distributions than a fund that redeems its shares in kind.

**LIQUIDITY RISK** is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like or difficult to value. A Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. In addition, certain assets that the Fund wants to buy may be difficult or impossible to purchase. Any of these events could have a negative effect on portfolio management or performance. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market for certain securities. As a general matter, dealers recently have been less willing to make markets for certain fixed income securities. The potential for liquidity risk may be magnified in a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 23

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may be higher than normal, potentially causing increased supply in the market due to selling activity. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives or securities with potential market and/or credit risk tend to have the greatest exposure to liquidity risk. All of these risks may increase during periods of market volatility. The liquidity of certain assets, such as privately issued and non-investment grade mortgage- and asset-backed securities, may be difficult to ascertain and may change over time. Transactions in less liquid securities may entail transaction costs that are higher than those for transactions in more liquid securities.

**MARKET RISK** is the risk that the value of the securities in which the Fund invests may go up or down in response to the prospects of individual issuers and/or general economic conditions. Securities markets may experience great short-term volatility and may fall sharply at times. Different markets may behave differently from each other and a foreign market may move in the opposite direction from the U.S. market. Price changes may be temporary or last for extended periods. You could lose money over short periods due to fluctuation in the Fund's NAV in response to market movements, and over longer periods during market downturns. With respect to equity investments, stock prices have historically risen and fallen in periodic cycles. In general, the values of equity investments fluctuate in response to the activities of individual companies and in response to general market and economic conditions. Price changes may be temporary or last for extended periods. Accordingly, the values of the equity investments that the Fund holds may decline over short or extended periods. This volatility means that the value of your investment in the Fund may increase or decrease.

The United States and international markets have periodically experienced extraordinary volatility including, substantial price volatility, substantially lower valuations, reduced liquidity, credit downgrades, increased likelihood of default and valuation difficulties. As a result, many of the risks described in this Prospectus may be heightened. The U.S. government has historically taken numerous steps to alleviate these market concerns, including without limitation, acquiring ownership interests in distressed institutions. However, there is no assurance that such actions will be successful or that the U.S. Government will continue to support distressed institutions. Continuing market problems and government intervention in the economy may adversely affect the Fund.

**MARKET EVENTS RISK** relates to the increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets throughout the world during the past decade. These conditions may recur.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken steps to support financial markets, including through interest rate changes. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Governmental or central bank actions, including interest rate increases, measures to address budget deficits, or contrary actions by different governments, as well as downgrades of sovereign debt, fluctuations in oil and commodity prices, dramatic changes in currency exchange rates and geopolitical events (including war and terror attacks) could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.

Policy and legislative changes in the United States and in other countries may also contribute to decreased liquidity and increased volatility in the financial markets.

Political turmoil within the U.S. and abroad may also impact the Fund. Although the U.S. government has historically honored its credit obligations, it remains possible that the U.S. could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund's investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many Fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, natural disasters, public health emergencies (including pandemics and epidemics) and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund directly invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.

*RECENT MARKET EVENTS.* Geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund's investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

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Governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes to fiscal and monetary policy, including but not limited to, direct capital infusions, new monetary programs, and dramatically lower interest rates. Such policy changes may adversely affect the value, volatility and liquidity of dividend and interest paying securities.

Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. To the extent the Fund may overweight its investments in certain countries, companies, industries or market sectors, such position will increase the Fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors. These conditions could result in the Fund's inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark indices, adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, negatively impact the Fund's performance, and cause losses on your investment in the Fund. You should also review this prospectus and the SAI to understand the Fund's discretion to implement temporary defensive measures, as well as the circumstances in which the Fund may satisfy redemption requests in-kind.

#### MARKET TRADING RISKS
*Absence of Active Market*

Although the shares of the Fund described in this Prospectus are listed for trading on a listing exchange and may be listed on certain foreign exchanges, there can be no assurance that an active trading market for such shares will be developed or maintained.

*Lack of Market Liquidity*

Secondary market trading in Fund shares may be halted by a listing exchange because of market conditions or for other reasons. In addition, trading in Fund shares is subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules. There can be no assurance that the requirements necessary to maintain the listing of the shares of the Fund will continue to be met or will remain unchanged.

*Shares of the Fund May Trade at Prices Other Than NAV*

Shares of the Fund may trade at, above or below their most recent NAV. The per share NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of such Fund's holdings since the prior most recent calculation. The trading prices of the Fund's shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund's holdings. The trading prices of the Fund's shares may deviate significantly from NAV during periods of market volatility. These factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. While the creation/redemption feature is designed to make it likely that the Fund's shares normally will trade close to the Fund's NAV, exchange prices are not expected to correlate exactly with the Fund's NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions including disruptions at market makers, Authorized Participants, or market participants or during periods of significant volatility, may result in trading prices that differ significantly from NAV. For example, during a "flash crash," the market prices of the Fund's shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause Authorized Participants and other market makers to limit or cease trading in Fund shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell Fund shares at these temporarily low market prices. If a shareholder purchases at a time when the market price of the Fund is at a premium to its NAV or sells at a time when the market price is at a discount to the NAV, the shareholder may sustain losses that are in addition to any losses caused by a decrease in NAV.

Since foreign exchanges may be open on days when certain Funds do not price their shares, the value of the securities in these Fund's portfolios may change on days when shareholders will not be able to purchase or sell the Fund's shares.

*Secondary Market Trading Risk*

A Fund may experience low trading volume and wide bid/ ask spreads. Bid/ask spreads vary over time based on trading volume and market liquidity (including for the underlying securities held by the Fund), and are generally lower if shares of the Fund have more trading volume and market liquidity and higher if shares of the Fund have little trading volume and market liquidity. In stressed market conditions, the market for the Fund's shares may become less liquid in response to declining liquidity in the markets for the Fund's portfolio holdings, which may cause a variance in the market price of the Fund's shares and their underlying value.

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**VALUATION RISK.** The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology. Because portfolio securities of certain Funds may be traded on non-U.S. exchanges, and non-U.S. exchanges may be open on days when the Fund does not price its shares, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares. In addition, the Fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**CYBERSECURITY RISK.** With the increased use of the Internet and because information technology ("IT") systems and digital data underlie most of the Fund's operations, the Fund and its Adviser, Sub-Adviser, custodian, transfer agent, distributor and other service providers and the financial intermediaries of each (collectively "Service Providers") are exposed to the risk that their operations and data may be compromised as a result of internal and external cyber-failures, breaches or attacks ("Cyber Risk"). This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain unauthorized access to or release confidential information, (iii) shut down the Fund or Service Provider website through denial-of-service attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate cyber-attacks.

Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers may adversely impact the Fund or its shareholders. For instance, such attacks, failures or other events may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, or cause reputational damage. Such attacks, failures or other events could also subject the Fund or its Service Providers to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. Insurance protection and contractual indemnification provisions may be insufficient to cover these losses. The Fund or its Service Providers may also incur significant costs to manage and control Cyber Risk. While the Fund and its Service Providers have established IT and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate Cyber Risk, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated. Furthermore, the Fund have limited ability to prevent or mitigate cybersecurity incidents affecting Service Providers, and such Service Providers may have limited indemnification obligations to the Fund or its investment adviser or sub-adviser, and the Fund cannot control the cybersecurity plans and systems put in place by the Service Providers or any other third parties whose operation may affect the Fund or its shareholders. The Fund and its shareholders could be negatively impacted as a result.

**LARGE SHAREHOLDER RISK.** Certain shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. In addition, a third-party investor, the Adviser or an affiliate of the Adviser, an authorized participant, a market maker, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the Fund's listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares.

To the extent a significant percentage of the shares of the Fund are owned or controlled by a small number of account shareholders (or a single account shareholder), including funds or accounts over which the Adviser or an affiliate of the Adviser has investment discretion, the Fund is subject to the risk that those shareholders may purchase or redeem Fund shares in significant amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser or an affiliate of the Adviser and may adversely affect the Fund's performance if the Adviser is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of the Fund's portfolio, increase the Fund's transaction costs, and accelerate the realization of taxable income and/or gains. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in such Fund's gross expense ratio. Large purchases of the Fund's shares may also adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would to the extent that the Fund accepts cash for an order for the purchase of creation units of the Fund's shares.

**ACTIVE MANAGEMENT RISK.** The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

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**TEMPORARY INVESTMENTS.** The Fund's actively managed investment process is heavily dependent on quantitative models, which do not adjust to take temporary defensive positions. However, the Fund reserves the right to invest in U.S. government securities, money market instruments, and cash, without limitation, as determined by the Adviser or Sub-Adviser in response to adverse market, economic, political or other conditions. In the event the Fund engages in temporary defensive strategies that are inconsistent with its investment strategies, the Fund's ability to achieve its investment objective may be limited.

The Fund may invest in other securities and are subject to further restrictions and risks that are described in the SAI. Additional information about the Fund, its investments and related risks can also be found in "Investment Objectives and Strategies" in the SAI.

#### General Information About the Trust

The Agreement and Declaration of Trust of the Trust (the "Declaration of Trust") provides that any suit, action or proceeding brought by or in the right of any Shareholder or any person claiming any interest in any Shares seeking to enforce any provision of, or based on any matter arising out of, or in connection with, this Declaration of Trust or the Trust, any Series or Class or any Shares, including any claim of any nature against the Trust, any Series or Class, the Trustees or officers of the Trust, shall be brought exclusively in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, in the Superior Court of Delaware, and all Shareholders and other such Persons hereby irrevocably consent to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the laying of the venue of any such suit, action or proceeding in such courts or that any such suit, action or proceeding brought in any such courts has been brought in an inconvenient forum; and further, in connection with any such suit, action, or proceeding brought in such courts, all Shareholders and all other such Persons irrevocably waive the right to a trial by jury to the fullest extent permitted by law. All Shareholders and other such Persons agree that service of summons, complaint or other process in connection with any proceedings may be made by registered or certified mail or by overnight courier addressed to such Person at the address shown on the books and records of the Trust for such Person or at the address of the Person shown on the books and records of the Trust with respect to the Shares that such Person claims an interest in. Service of process in any such suit, action or proceeding against the Trust or any Trustee or officer of the Trust may be made at the address of the Trust's registered agent in the State of Delaware. Any service so made shall be effective as if personally made in the State of Delaware. This exclusive jurisdiction provision may make it more expensive for a shareholder to bring a suit and may limit a shareholder's ability to litigate a claim in the jurisdiction and in a manner that may be more favorable to the shareholder. A court may choose not to enforce this provision of the Declaration of Trust. There is a question regarding the enforceability of the exclusive forum in the Declaration of Trust because the Securities Act and 1940 Act permit shareholders to bring claims arising under such statutes in both state and federal courts.

Reference should be made to the Declaration of Trust on file with the Securities and Exchange Commission ("SEC") for the full text of these provisions.

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#### FINANCIAL HIGHLIGHTS

The Fund is newly organized and therefore has not yet had any operations prior to the date of this Prospectus.

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#### FOR MORE INFORMATION

#### ANNUAL/SEMIANNUAL REPORTS AND STATEMENT OF ADDITIONAL INFORMATION
Additional information about the Fund's investments will be available in the Fund's annual and semiannual reports to shareholders and in Form N-CSR. In the Fund's annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

Additional information about the Fund and its policies is also available in the Fund's SAI. [The SAI is incorporated by reference](#SAI) into this Prospectus (and is legally considered part of this Prospectus).

The Fund's annual and semiannual reports (once available), the SAI, and other information such as Fund financial statements are available free upon request by calling [ ] at [ ], by sending an email request to: [ ].com, or on Bridgeway ETF Trust's website at [ ]. The SAI and other information are available from a financial intermediary (such as a broker-dealer or bank) through which the Fund's shares may be purchased or sold.

#### TO OBTAIN OTHER INFORMATION AND FOR SHAREHOLDER INQUIRIES:

#### BY TELEPHONE
Call [ ]

#### BY MAIL
Bridgeway ETF Trust

20 Greenway Plaza, Suite 930

Houston, Texas 77046

#### ON THE INTERNET
The Fund's documents are available online and may be downloaded from:

<br> ◾ The EDGAR database on the SEC's website at www.sec.gov (text-only).

<br> ◾ Bridgeway ETF Trust's website at [ ].

Reports and other information about the Fund are available on the EDGAR database on the SEC's internet site at http://www.sec.gov. You also may obtain copies of the Fund's documents, after paying a duplicating fee, by electronic request to: publicinfo@sec.gov.

811-24140

BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF PROSPECTUS 29

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#### SUBJECT TO COMPLETION, PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 30 , 2026 <br>

**THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SEC IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.**

#### BRIDGEWAY ETF TRUST

#### (THE "TRUST")

#### STATEMENT OF ADDITIONAL INFORMATION

#### [ ], 2026

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| | | |
|:---|:---|:---|
| **FUND** | **TICKER** | **STOCK EXCHANGE** |
| **BRIDGEWAY EMERGING MARKETS CORE EQUITY ETF** | **BEMC** | **[ ]** |

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This Statement of Additional Information dated [ ], 2026 (the "SAI") is not a prospectus. This SAI should be read in conjunction with the Prospectus dated [ ], 2026 , as amended or supplemented from time to time (the "Prospectus"), for the series of the Trust referenced above (the "Fund"). Copies of the Prospectus may be obtained without charge by visiting [ ], writing to Bridgeway ETF Trust, [ ] or by calling [ ]. Capitalized terms not otherwise defined have the same meaning as in the Prospectus.

Audited financial statements are not presented for the Fund because the Fund is newly formed and has not yet commenced operations prior to the date of this SAI. Once available, copies of the annual and semi-annual reports and the Fund's financial statements may be obtained upon request and without charge by calling [ ] (toll-free).

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS NOT CONTAINED IN THIS SAI OR IN THE PROSPECTUS IN CONNECTION WITH THE OFFERING MADE BY THE PROSPECTUS AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST OR ITS DISTRIBUTOR. THE PROSPECTUS DOES NOT CONSTITUTE AN OFFERING BY THE TRUST OR BY THE DISTRIBUTOR IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE.

#### An investment in a Fund involves investment risks, including possible loss of principal.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  **ADDITIONAL INVESTMENT INFORMATION** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classification and History | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Objectives and Strategies | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Restrictions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuous Offering | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Portfolio Holdings | 19  |
|  **ADDITIONAL TRUST INFORMATION** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officers | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leadership Structure | 22  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Oversight | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Experience | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standing Board Committees | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Ownership of Fund Shares | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee and Officer Compensation | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Codes of Ethics | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Adviser, Sub-Adviser, Administrator, Transfer Agent and Custodian | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel and Independent Registered Public Accounting Firm | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage Transactions | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Lending | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of Interest | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Voting | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributor | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book-Entry Only System | 35 |
|  **PURCHASE AND REDEMPTION OF CREATION UNIT AGGREGATIONS** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation Unit Aggregations | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase and Issuance of Creation Unit Aggregations | 36 |
|  **NET ASSET VALUE** | **43** |
|  **TAXES** | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxation of the Fund | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxation of Fund Distributions | 48  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of Fund Shares | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Treatment of Portfolio Transactions | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Backup Withholding | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-US. Investors | 53  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Future Legislation; Local Tax Considerations | 55  |
| **DESCRIPTION OF SHARES** | **55** |
| **FINANCIAL STATEMENTS** | **57** |
| **OTHER INFORMATION** | **58** |
| **APPENDIX A** | **A-1** |

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#### ADDITIONAL INVESTMENT INFORMATION

#### CLASSIFICATION AND HISTORY
The Trust is an open-end management investment company.

The Fund is an exchange-traded fund ("ETF") series of the Trust, which was formed as a Delaware statutory trust on November 6 , 2025 under an Agreement and Declaration of Trust, as amended from time to time (the "Trust Agreement"). Bridgeway Capital Management, LLC (the "Adviser," or "BCM") is the investment adviser of the Fund.

The Fund offers and issues shares at their net asset value per share ("NAV") only in aggregations of a specified number of shares (each, a "Creation Unit" or a "Creation Unit Aggregation"), generally in exchange for a specified basket of securities (the "Deposit Securities"), together with the deposit of a specified cash payment (the "Cash Component"). The shares of the Fund are listed and traded on the [ ], a national securities exchange (the "Listing Exchange"). Shares trade in the secondary market and elsewhere at market prices that may be at, above or below NAV. Shares are redeemable only in Creation Unit Aggregations, and, generally, in exchange for portfolio securities and a Cash Component. The number of shares of a Creation Unit of the Fund are as follows:

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| | |
|:---|:---|
| **NAME OF FUND** | **NUMBER OF**<br> **SHARES**<br> **PER CREATION**<br> **UNIT** |
| Bridgeway Emerging Markets Core Equity ETF | [______] |

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The Trust reserves the right to offer a "cash" option for creations and redemptions of shares as more fully described in the "Purchase and Redemption of Creation Unit Aggregations" section of this SAI. Shares may be issued in advance of receipt of Deposit Securities subject to various conditions including a requirement to maintain on deposit with the Trust cash at least equal to 110%, which percentage BCM may change from time to time, of the market value of the missing Deposit Securities. See the "Purchase and Redemption of Creation Unit Aggregations" section of this SAI. In each instance of cash creations or redemptions, transaction fees may be imposed that will be higher than the transaction fees associated with in-kind creations or redemptions. In all cases, such conditions and fees will be limited in accordance with the requirements of the U.S. Securities and Exchange Commission (the "SEC") applicable to management investment companies offering redeemable securities.

A discussion of exchange listing and trading matters associated with an investment in the Fund is contained in the Prospectus in the "Purchasing and Selling Shares" section. The discussion below supplements, and should be read in conjunction with, that section of the Prospectus.

Shares of the Fund are listed for trading on the Listing Exchange, and trade throughout the day on the Listing Exchange and other secondary markets. In addition, certain Funds may be traded on certain foreign exchanges. There can be no assurance that the requirements of the Listing Exchange necessary to maintain the listing of shares of any Fund will continue to be met. The Listing Exchange may, but is not required to, remove the shares of a Fund from listing if: (1) the Listing Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the 1940 Act; (2) any of the other listing requirements set forth in the Listing Exchange's listing rules are not continuously maintained; (3) following the initial twelve-month period after the commencement of trading of a Fund, there are fewer than fifty (50) beneficial holders of the Fund; or (4) any other event shall occur or condition exist that, in the opinion of the Listing Exchange, makes further dealings on the Listing Exchange inadvisable. The Listing Exchange will remove the shares of a Fund from listing and trading upon termination of the Fund.

As in the case of other publicly traded securities, brokers' commissions on transactions will be based on negotiated commission rates at customary levels.

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The Trust reserves the right to adjust the share prices of the Fund in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

#### INVESTMENT OBJECTIVES AND STRATEGIES
The following supplements the investment objectives, strategies and risks of the Fund as set forth in the Prospectus. The investment objective of the Fund may be changed by the Board of Trustees of the Trust (the "Board") without shareholder approval. Except as expressly noted below, the Fund's investment strategies may be changed without shareholder approval. In addition to the instruments discussed below and in the Prospectus, the Fund may purchase other types of financial instruments, however designated, whose investment and credit quality characteristics are determined by Bridgeway Capital Management, LLC (the "Adviser" or "BCM") to be substantially similar to those of any other investment otherwise permitted by the Fund's investment strategies.

**EMERGING MARKETS.** The Fund invests in securities from issuers located in emerging markets. Securities of issuers associated with emerging market countries, including, but not limited to, issuers that are organized under the laws of, maintain a principal place of business in, derive significant revenues from, or issue securities backed by the government (or, its agencies or instrumentalities) of emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets. These risks include, but are not limited to (i) social, political and economic instability; (ii) government intervention, including policies or regulations that may restrict a Portfolio's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to an emerging market country's national interests; (iii) less transparent and established taxation policies; (iv) less developed legal systems which may limit the rights and remedies available to a Portfolio against an issuer and with respect to the enforcement of private property rights and/or redress for injuries to private property; (v) the lack of a capital market structure or market-oriented economy which could limit reliable access to capital; (vi) higher degree of corruption and fraud and potential for market manipulation; (vii) counterparties and financial institutions with less financial sophistication, creditworthiness and/or resources as those in developed foreign markets; (viii) the possibility that the process of easing restrictions on foreign investment occurring in some emerging market countries may be slowed or reversed by unanticipated economic, political or social events in such countries, or the countries that exercise a significant influence over those countries; and (ix) differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards that could impede the Advisor's ability to evaluate issuers.

In addition, many emerging market countries have experienced substantial, and during some periods, extremely high rates of inflation, for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of these countries. Moreover, the economies of some emerging market countries may differ unfavorably from the U.S. economy in such respects as growth of gross domestic product, currency depreciation, debt burden, capital reinvestment, resource self-sufficiency and balance of payments position.

A Portfolio may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of emerging market issuers. Potential counterparties may not possess, adopt or implement creditworthiness standards, financial reporting standards or legal and contractual protections similar to those in developed foreign markets. Currency and other hedging techniques may not be available or may be limited. The local taxation of income and capital gains accruing to nonresidents varies among emerging market countries and may be comparatively high. Emerging market countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that a Portfolio could in the future become subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets. Custodial services and other investment-related costs in emerging market countries are often more expensive, compared to developed foreign markets and the U.S., which can reduce a Portfolio's income from investments in securities or debt instruments of emerging market country issuers.

Some emerging market currencies may not be internationally traded or may be subject to strict controls on foreign investment by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including a Portfolio's securities, denominated in that currency. Some

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emerging market governments restrict currency conversions and/or set limits on repatriation of invested capital. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some emerging market countries may be convertible into U.S. dollars, the conversion rates may be different than the actual market values and may be adverse to a Portfolio's shareholders.

**EXCHANGE-TRADED FUNDS RISK.** The Fund may purchase shares of ETFs. ETFs are open-end investment companies or unit investment trusts that are registered under the 1940 Act. The shares of ETFs are listed and traded on stock exchanges at market prices. Since ETF shares can be bought and sold like stocks throughout the day, the Fund may invest in ETFs in order to place short-term cash in market-based securities instead of short-term cash instruments, achieve exposure to a broad basket of securities in a single transaction, or for other reasons. Under certain circumstances, the Fund may invest more than 10% of its net assets in certain ETFs, subject to their investment objectives, policies and strategies as described in the Prospectus.

An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e. one that is not exchange traded) that has the same investment objectives, strategies, and policies. The price of an ETF can fluctuate up or down, and a Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (1) the market price of an ETF's shares may trade above or below their net asset value; (2) an active trading market for an ETF's shares may not develop or be maintained; or (3) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

To the extent the Fund invests in ETFs, the shareholders of the Fund would indirectly pay a portion of the operating costs of the ETFs. As with traditional mutual funds, ETFs charge asset-based fees. ETFs do not charge initial sales charges or redemption fees and the Fund pays only customary brokerage fees to buy and sell ETF shares.

**SOCIAL EXCLUSION RISK.** The Adviser may exclude stocks based on certain narrow social reasons including, but not limited to, if the issuer of the stock: (i) conducts or has direct investments in business operations in Sudan; (ii) is principally engaged in the tobacco industry; or (iii) is substantially engaged in the production or trade of pornographic material. The number of such companies in the Adviser's universe is typically "de minimis."

**BORROWINGS.** The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments in an effort to increase the Fund's investment returns. Reverse repurchase agreements may be considered to be a type of borrowing.

When the Fund invests borrowing proceeds in other securities, the Fund will be at risk for any fluctuations in the market value of the securities in which the proceeds are invested. Like other leveraging risks, this makes the value of an investment in the Fund more volatile and increases the Fund's overall investment exposure. In addition, if a Fund's return on its investment of the borrowing proceeds does not equal or exceed the interest that the Fund is obligated to pay under the terms of a borrowing, engaging in these transactions will lower the Fund's return.

The Fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to their borrowing obligations. This could adversely affect the Fund's strategy and result in lower returns. Interest on any borrowings will be a Fund expense and will reduce the value of the Fund's shares. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. During the term of the borrowing, the Fund will remain at risk for any fluctuations in the market value of these assets in addition to any securities purchased with the proceeds of the loan. In addition, the Fund may be unable to sell the collateral at a time when it would be advantageous to do so, which could adversely affect the Fund's strategy and result in lower returns. The Fund would also be subject to the risk that the lender may file for bankruptcy, become insolvent, or otherwise default on its obligations to return the collateral to the Fund. In the event of a default by the lender, there may be

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delays, costs and risks of loss involved in a Fund's exercising its rights with respect to the collateral or those rights may be limited by other contractual agreements or obligations or by applicable law.

**CALCULATION OF PORTFOLIO TURNOVER RATE.** The portfolio turnover rate for the Fund is calculated by dividing the lesser of purchases or sales of portfolio investments for the reporting period by the monthly average value of the portfolio investments owned during the reporting period. The calculation excludes all securities, including options, whose maturities or expiration dates at the time of acquisition are one year or less. Portfolio turnover may vary from year to year as well as within a particular year, and may be affected by changes in the holdings of specific issuers, changes in country and currency weightings, cash requirements for redemption of shares and by requirements that enable the Fund to receive favorable tax treatment.

The Fund is not restricted by policy with regard to portfolio turnover and will make changes in their investment portfolios from time to time as business and economic conditions as well as market prices may dictate.

**CASH REDEMPTIONS RISK.** Paying redemption proceeds entirely in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security or other financial instrument and recognize a capital gain or loss that might not have been incurred if it had not effected a redemption order entirely for cash. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that meet redemption orders entirely in-kind with portfolio securities. The use of all cash creations and redemption orders may also cause the Fund' shares to trade in the secondary market at wider bid-ask spreads and/or greater premiums or discounts to the Fund' NAV. To the extent that the maximum additional variable charge for cash creation or cash redemption transactions is insufficient to cover the transaction costs of purchasing or selling portfolio securities, the Fund' performance could be negatively impacted.

**CYBERSECURITY RISK.** With the increased use of technologies such as mobile devices and Web-based or "cloud" applications, and the dependence on the Internet and computer systems to conduct business, the Fund are susceptible to operational, information security and related risks. In general, cybersecurity incidents can result from deliberate attacks or unintentional events (arising from external or internal sources) that may cause the Fund to lose proprietary information, suffer data corruption, physical damage to a computer or network system or lose operational capacity. Cybersecurity attacks include, but are not limited to, infection by malicious software, such as malware or computer viruses or gaining unauthorized access to digital systems, networks or devices that are used to service the Fund' operations (*e.g.*, through "hacking," "phishing" or malicious software coding) or other means for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cybersecurity attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the Fund' websites (*i.e.*, efforts to make network services unavailable to intended users). In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund' systems. Geopolitical tensions may, from time to time, increase the scale and sophistication of deliberate cyberattacks.

Cybersecurity incidents affecting the Adviser, other service providers (including, but not limited to, the sub-administrator, custodian, sub-custodians, transfer agent and financial intermediaries) or the Fund' shareholders have the ability to cause disruptions and impact business operations, potentially resulting in financial losses to both the Fund and their shareholders, interference with the Fund' ability to calculate their net asset values ("NAV"), impediments to trading, the inability of Fund shareholders to transact business and the Fund to process transactions (including fulfillment of Fund share purchases and redemptions), violations of applicable privacy and other laws (including the release of private shareholder information) and attendant breach notification and credit monitoring costs, regulatory fines, penalties, litigation costs, reputational damage, reimbursement or other compensation costs, forensic investigation and remediation costs, and/or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Fund invest, counterparties with which the Fund engage in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and other service providers) and other parties. In addition, substantial costs may be incurred in order to safeguard against and reduce the risk of any cybersecurity incidents in the future. In addition to administrative, technological and procedural safeguards, the Adviser has established business continuity plans in the event of, and risk management systems to prevent or reduce the impact of, such cybersecurity incidents. However, there are

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inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, as well as the rapid development of new threats. Furthermore, the Fund and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser, and the Fund cannot control the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect the Fund or their shareholders. The Fund and their shareholders could be negatively impacted as a result.

**FOREIGN CURRENCY TRANSACTIONS.** To the extent consistent with their investment objectives and strategies, the Fund may enter into forward foreign currency exchange contracts in order to protect against a possible loss on investments resulting from a decline or appreciation in the value of a particular foreign currency against the U.S. dollar or another foreign currency or for other reasons, the Fund are authorized to enter into forward foreign currency exchange contracts. These contracts involve an obligation to purchase or sell a specified currency at a future date at a price set at the time of the contract. Forward foreign currency exchange contracts do not eliminate fluctuations in the values of portfolio securities but rather allow a Fund to establish a rate of exchange for a future point in time.

When entering into a contract for the purchase or sale of a security, a Fund may enter into a forward foreign currency exchange contract for the amount of the purchase or sale price to protect against variations, between the date the security is purchased or sold and the date on which payment is made or received, in the value of the foreign currency relative to the U.S. dollar or other foreign currency.

When the Adviser anticipates that a particular foreign currency may decline relative to the U.S. dollar or other leading currencies, in order to reduce risk, a Fund may enter into a forward contract to sell, for a fixed amount, the amount of foreign currency approximating the value of some or all of the Fund's securities denominated in such foreign currency. Similarly, when the securities held by a Fund create a short position in a foreign currency, a Fund may enter into a forward contract to buy, for a fixed amount, an amount of foreign currency approximating the short position. With respect to any forward foreign currency exchange contract, it generally will not be possible to match precisely the amount covered by that contract and the value of the securities involved due to the changes in the values of such securities resulting from market movements between the date the forward contract is entered into and the date it matures. In addition, while forward contracts may offer protection from losses resulting from declines or appreciation in the value of a particular foreign currency, they also limit potential gains, which might result from changes in the value of such currency. A Fund also may incur costs in connection with forward foreign currency exchange contracts and conversions of foreign currencies and U.S. dollars.

In addition, to the extent consistent with their investment objectives and strategies, the Fund may purchase or sell forward foreign currency exchange contracts to seek to increase total return or for cross-hedging purposes and may engage in cross-hedging by using forward contracts in one currency to hedge against fluctuations in the value of securities denominated in a different currency if the investment management team believes that there is a pattern of correlation between the two currencies. Additionally, to the extent consistent with their investment objectives and strategies, the Fund may also purchase or sell forward foreign currency exchange contracts to gain exposure to certain currencies.

**FOREIGN INVESTMENTS—GENERAL.** To the extent consistent with its investment objectives and strategies, the Fund may invest in foreign securities, including bonds and other fixed income securities of foreign issuers. Foreign fixed-income securities may include eurodollar convertible securities, which are fixed-income securities that are issued in U.S. dollars outside the U.S. and are convertible into or exchangeable for equity securities of the same or a different issuer.

To the extent consistent with their investment objectives and strategies, the Fund also may invest in U.S. dollar-denominated obligations issued or guaranteed by one or more foreign governments or any of their political subdivisions, agencies, instrumentalities or sponsored enterprises, as well as other foreign issuers. These obligations may be issued by supranational entities, including international organizations (such as the International Bank for Reconstruction and Development (also known as the World Bank)) designed or supported by governmental entities to promote economic reconstruction or development and international banking institutions and related government agencies.

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Investment in foreign securities involves special risks. These include market risk, interest rate risk, market trading risk and currency risk. Market risk involves the possibility that security prices will decline over short or even extended periods. The markets tend to be cyclical, with periods of generally rising prices and periods of generally declining prices. These cycles will affect the value of a Fund to the extent that it invests in foreign securities. The holdings of a Fund, to the extent that it invests in fixed-income securities, will be sensitive to changes in interest rates and the interest rate environment. Generally, the prices of bonds and debt securities fluctuate inversely with interest rate changes. In addition, the performance of investments in securities denominated in a foreign currency will depend on the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Absent other events that could otherwise affect the value of a foreign security (such as a change in the political climate or an issuer's credit quality), appreciation in the value of the foreign currency generally can be expected to increase the value of a foreign currency-denominated security in terms of U.S. dollars. A rise in foreign interest rates or decline in the value of the foreign currency relative to the U.S. dollar generally can be expected to depress the value of a foreign currency-denominated security. Generally, the prices of bonds and debt securities fluctuate inversely with interest rate changes.

There are other risks and costs involved in investing in foreign securities, which are in addition to the usual risks inherent in domestic investments. Investment in foreign securities involves higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Foreign investments also involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability. Future political, financial, social and economic developments in foreign countries (including, for example, military confrontations, war and terrorism), the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls, or freezes on the convertibility of currency, trade restrictions (including tariffs) or the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Additionally, foreign banks and foreign branches of domestic banks are subject to less stringent reserve requirements, and to different accounting, auditing and recordkeeping requirements. Also, the legal remedies for investors may be more limited than the remedies available in the U.S. Additionally, many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline. For example, the decline in the U.S. subprime mortgage market quickly spread throughout global credit markets, triggering a liquidity crisis that affected fixed-income and equity markets around the world.

The energy, materials and agriculture sectors may account for a large portion of a foreign country's exports. Any changes in these sectors or fluctuations in the commodity markets could have an adverse impact on a country's economy. Commodity prices may be influenced or characterized by unpredictable factors, including where applicable, high volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, changes in interest rates and monetary and other governmental policies, action and inaction. Securities of companies held by a Fund that are dependent on a single commodity, or are concentrated in a single commodity sector, may typically exhibit even higher volatility attributable to commodity prices.

Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and without Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

To the extent consistent with their investment objectives and strategies, the Fund may invest in foreign debt, including the securities of foreign governments, in both developed and emerging markets. Several risks exist concerning such investments, including the risk that foreign governments may default on their obligations, may not respect the integrity of such debt, may attempt to renegotiate the debt at a lower rate, and may not honor investments by U.S. entities or citizens.

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Although the Fund may invest in securities denominated in foreign currencies, its portfolio securities and other assets are valued in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time causing, together with other factors, a Fund's NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the U.S. or abroad. To the extent that a Fund's total assets, adjusted to reflect a Fund's net position after giving effect to currency transactions, are denominated in the currencies of foreign countries, a Fund will be more susceptible to the risk of adverse economic and political developments within those countries.

Dividends and interest payable on a Fund's foreign portfolio securities may be subject to foreign withholding taxes. To the extent such taxes are not offset by credits or deductions allowed to investors under U.S. federal income tax law, they may reduce the net return to the shareholders. See "Taxes."

A Fund's income and, in some cases, capital gains from foreign stocks and securities will be subject to applicable taxation in certain of the countries in which they invest, and treaties between the U.S. and such countries may not be available in some cases to reduce the otherwise applicable tax rates. See "Taxes."

A Fund also is subject to the possible imposition of exchange control regulations or freezes on the convertibility of currency. In addition, through the use of forward currency exchange contracts with other instruments, the respective net currency positions of a Fund may expose the Fund to risks independent of its securities positions. Although the net long and short foreign currency exposure of the Fund will not exceed their respective total asset values, to the extent that a Fund is fully invested in foreign securities while also maintaining currency positions, it may be exposed to greater risk than it would have if it did not maintain the currency positions.

Investors should understand that the expense ratios of the Fund that invest primarily in foreign securities can be expected to be higher than those funds investing primarily in domestic securities. The costs attributable to investing abroad usually are higher for several reasons, such as the higher cost of investment research, higher costs of custody of foreign securities, higher commissions paid on comparable transactions on foreign markets and additional costs arising from delays in settlements of transactions involving foreign securities.

Foreign securities are generally held outside the U.S. in the primary market for the securities in the custody of certain eligible foreign banks and trust companies appointed by a Fund's custodian, as permitted under the 1940 Act ("foreign sub-custodians"). Settlement practices for foreign securities may differ from those in the U.S. Some foreign sub-custodians may be recently organized or new to the foreign custody business. Some countries have limited governmental oversight and regulation of industry practices, stock exchanges, depositories, registrars, brokers and listed companies, which increases the risk of corruption and fraud and the possibility of losses to the Fund. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a foreign sub-custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Under certain circumstances, foreign securities may settle on a delayed delivery basis, meaning that the Fund may be required to make payment for securities before the Fund have actually received delivery of the securities or deliver securities prior to the receipt of payment. Typically, in these cases, the Fund will receive evidence of ownership in accordance with the generally accepted settlement practices in the local market entitling the Fund to deliver payment at a future date, but there is a risk that the security will not be delivered to the Fund or that payment will not be received, although the Fund and their foreign sub-custodians take reasonable precautions to mitigate this risk.

Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Such delays in settlement could result in temporary periods when a portion of the assets of a Fund remains uninvested and no return is earned on such assets. The inability of a Fund to make intended security purchases or sales due to settlement problems could result in missed attractive investment opportunities, losses to the Fund due to subsequent declines in value of the portfolio securities or, if the Fund has

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entered into a contract to sell the securities, possible liability to the purchaser. Losses can also result from lost, stolen or counterfeit securities; defaults by brokers and banks; failures or defects of the settlement system; or poor and improper record keeping by registrars and issuers.

Share blocking refers to a practice in certain foreign markets under which an issuer's securities are blocked from trading at the custodian or sub-custodian level for a specified number of days before and, in certain instances, after a shareholder meeting where a vote of shareholders takes place. The blocking period can last up to several weeks. Share blocking may prevent the Fund from buying or selling securities during this period, because during the time shares are blocked, trades in such securities will not settle. It may be difficult or impossible to lift blocking restrictions, with the particular requirements varying widely by country.

**FOREIGN INVESTMENTS – EMERGING AND FRONTIER MARKETS.** To the extent consistent with their investment objectives and strategies, the Funds may invest in issuers based in or economically tied to emerging and frontier markets countries. Emerging and frontier market countries are generally located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may be undergoing significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristics of more developed countries.

In general, the securities markets of emerging and frontier countries are less liquid, subject to greater price volatility, and have a smaller market capitalization than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging and frontier country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging and frontier country issuers than is available about issuers in the U.S.

Emerging and frontier country securities markets are typically marked by a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of ownership of such securities by a limited number of investors. The markets for securities in certain emerging and frontier countries are in the earliest stages of their development. Even the markets for relatively widely traded securities in emerging and frontier countries may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited size of many of these securities markets can cause prices to be erratic for reasons apart from factors that affect the soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of emerging and frontier country securities may also affect a Fund's ability to accurately value its portfolio securities or to acquire or dispose of securities at the price and time it wishes to do so or in order to meet redemption requests.

Certain emerging and frontier market countries may have antiquated legal systems, which may adversely impact the Funds. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the corporation is generally limited to the amount of the shareholder's investment, the notion of limited liability is less clear in certain emerging and frontier market countries. Similarly, the rights of investors in emerging and frontier market companies may be more limited than those of shareholders in U.S. corporations. In addition, the systems of corporate governance to which issuers in certain emerging and frontier countries are subject may be less advanced than the systems to which issuers located in more developed countries are subject, and therefore, shareholders of such issuers may not receive many of the protections available to shareholders of issuers located in more developed countries.

Transaction costs, including brokerage commissions or dealer mark-ups, in emerging and frontier countries may be higher than in developed securities markets. In addition, existing laws and regulations are often inconsistently applied. As legal systems in emerging and frontier countries develop, foreign investors may be

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adversely affected by new or amended laws and regulations. In circumstances where adequate laws exist, it may not be possible to obtain swift and equitable enforcement of the law.

Certain emerging and frontier countries may restrict or control foreign investments in their securities markets. These restrictions may limit a Fund's investment in those countries and may increase the expenses of the Fund. Certain emerging and frontier countries require governmental approval prior to investments by foreign persons or limit investment by foreign persons to only a specified percentage of an issuer's outstanding securities or a specific class of securities, which may have less advantageous terms (including price) than securities of the company available for purchase by nationals. In addition, the repatriation of both investment income and capital from emerging and frontier countries may be subject to restrictions that require governmental consents or prohibit repatriation entirely for a period of time. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of the operation of the Fund.

Emerging and frontier countries may be subject to a substantially greater degree of economic, political and social instability and disruption than more developed countries. This instability may result from, among other things, the following: (i) authoritarian governments or military involvement in political and economic decision making, including changes or attempted changes in governments through extra-constitutional means; (ii) social unrest associated with demands for improved political, economic or social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; (v) ethnic, religious and racial disaffection or conflict; and (vi) the absence of developed legal structures governing foreign private investments and private property. Such economic, political and social instability could disrupt the principal financial markets in which a Fund may invest and adversely affect the value of the Fund's assets. A Fund's investments can also be adversely affected by any increase in taxes or by political, economic or diplomatic developments.

The economies of emerging and frontier countries may suffer from unfavorable growth of gross domestic product, rates of inflation and hyperinflation, capital reinvestment, resources, self-sufficiency and balance of payments. Many emerging and frontier countries have experienced in the past, and continue to experience, high rates of inflation. In certain countries inflation has at times accelerated rapidly to hyperinflationary levels, creating a negative interest rate environment and sharply eroding the value of outstanding financial assets in those countries. Other emerging and frontier countries, on the other hand, have recently experienced deflationary pressures and are in economic recessions. The economies of many emerging and frontier countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. In addition, the economies of some emerging and frontier countries are vulnerable to weakness in world prices for their commodity exports.

Risks related to currencies and corporate actions are also greater in emerging and frontier countries than in developed countries. For example, some emerging and frontier countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain emerging and frontier countries may experience sudden and large adjustments in their currency, which can have a disruptive and adverse effect on foreign investors. Some emerging and frontier countries have a higher risk of currency devaluations, and some of these countries may experience sustained periods of high inflation or rapid changes in inflation rates, which can have negative effects on a country's economy and securities markets. There may be no significant foreign exchange market for certain currencies making it difficult for the Funds to engage in foreign currency transactions designed to protect the value of the Funds' investments denominated in such currencies. Some emerging and frontier countries may impose restrictions on the free conversion of their currencies into foreign currencies, including the U.S. dollar. Corporate action procedures in emerging and frontier countries may be less reliable and have limited or no involvement by the depositories and central banks. Lack of standard practices and payment systems can lead to significant delays in payment.

Many emerging and frontier countries are highly dependent on foreign loans for their operations. There have been moratoria on, and refinancing of, repayments with respect to these loans. Some of the refinancings have imposed restrictions and conditions on the economies of such nations that have adversely affected their economic growth.

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Frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

Investment exposure to China subjects a Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed markets. The Chinese government has undertaken reform of economic and market practices and expansion of the sphere for private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. The Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions of its primary trading partners, such as the U.S., Japan and South Korea, would adversely impact the Chinese economy. Reduction in spending on Chinese products and services or the institution of tariffs or other trade barriers by China's key trading partners may also have an adverse impact on the Chinese economy. Recently, the U.S. has instituted trade tariffs on certain goods from China to which China has initiated retaliatory tariffs on certain goods from the U.S. Further escalation of a trade war between the U.S. and China may have an adverse effect on both the U.S. and Chinese economies. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the United States, may negatively impact the value of such securities held by a Fund. Further, from time to time, certain companies in which a Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance.

The Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program (both programs collectively referred to as the Stock Connect Program) are securities trading and clearing programs through which the Funds can trade eligible listed China A-shares. The Stock Connect Program is subject to quota limitations, which may restrict or preclude a Fund's ability to invest in Stock Connect securities. Foreign investors, individually and in the aggregate, are subject to ownership limitations from Shanghai- or Shenzhen-listed companies, including those purchased through the Stock Connect Program. Once the daily quota is reached orders to purchase additional China A-shares through the Stock Connect Program will be rejected. Only certain China A-shares are eligible to be accessed through the Stock Connect Program. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Program. Because the Stock Connect Program is in its early stages, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. The Stock Connect Program is subject to regulations promulgated by regulatory authorities for the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited, and the Shenzhen Stock Exchange, and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the Stock Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. There is no guarantee that all three exchanges will continue to support the Stock Connect Program in the future and no assurance that further regulations will not adversely affect the availability of securities under the Stock Connect Program or other operational arrangements. In addition, the Shanghai and Shenzhen markets may be open at a time when the Connect Program is not trading, with the result that prices of China A-shares may fluctuate at times when the Fund is unable to add to or exit its position.

Investments in China A-shares may not be covered by the securities investor protection programs of the exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository of the Shanghai Stock Exchange and the Shenzhen Stock Exchange defaulted, a Fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on the Stock Connect Program in respect of eligible China A-shares must be settled in Renminbi ("RMB"), the Chinese currency, the Funds investing through the Stock Connect Program must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The existence of a liquid trading market for China A-shares may depend on whether there is supply of, and demand for, such China A-shares. Market volatility and settlement difficulties in the China A-shares markets may also result in significant fluctuations in the prices of the securities traded on such markets.

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China A-shares purchased through the Stock Connect Program are held in nominee name and not the Fund's name as the beneficial owner. It is possible, therefore, that a Fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a Fund may not be able to participate incorporate actions affecting China A-shares held through the Stock Connect Program due to time constraints or for other operational reasons. Trades on the Stock Connect Program are subject to certain requirements prior to trading. Additionally, there are foreign ownership limitations that may result in limitation on investment or the return of profits if a Fund purchases and sells shares of an issuer in which it owns above a certain threshold determined by China's securities rules. As a result, a Fund may not be able to execute trading freely in accordance with its investment strategy and the profits that the Fund derives from such investments may be limited.

A Fund's investments in emerging markets may also include investments in US- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the China-based business through a structure known as a variable interest entity ("VIE"). Instead of directly owning the equity interests in the Chinese company, the listed company has contractual arrangements with the Chinese company, which are expected to provide the listed company with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. By entering into contracts with the listed company that sells shares to US investors, the China-based companies and/or related individuals/entities indirectly raise capital from US investors without distributing ownership of the China-based companies to US investors. Although VIEs are a longstanding industry practice, to the Adviser's knowledge, the Chinese government has never approved VIE structures. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. It is uncertain whether any new laws, rules, or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders.

Even though the listed company does not own any equity in the China-based company, the listed company expects to exercise power over and obtain economic rights from the China-based company based on the contractual arrangements. All or most of the value of an investment in these companies depends on the enforceability of the contracts between the listed company and the China-based VIE. Risks associated with such investments include the risk that the Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law, which may result in a significant loss in the value of an investment in a listed company that uses a VIE structure; that a breach of the contractual agreements between the listed company and the China-based VIE (or its officers, directors, or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, which raises questions about whether and how the listed company or its investors could seek recourse in the event of an adverse ruling as to its contractual rights; and that investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of investments of the listed company.

The contractual arrangements permit the listed issuer to include the financial results of the China-based VIE as a consolidated subsidiary. The listed company often is organized in a jurisdiction other than the U.S. or China (e.g., the Cayman Islands), which likely will not have the same disclosure, reporting, and governance requirements as the U.S. As with other Chinese companies with securities listed on U.S. exchanges, U.S.-listed VIEs and ADRs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Funds to transact in such securities and may increase the cost of the Funds if required to seek other markets in which to transact in such securities.

**FOREIGN INVESTMENTS – LIQUIDITY AND TRADING VOLUME RISKS.** A Fund that invests a significant percentage of its assets in foreign securities may be subject to the liquidity and trading volume risks associated with international investing. Due to market conditions, including uncertainty regarding the price of a security, it may be difficult for the Fund to buy or sell foreign portfolio securities at a desirable time or price, which could result in investment losses. This risk of portfolio illiquidity is heightened with respect to small- and mid-capitalization securities, generally, and foreign small- and mid-capitalization securities in particular. A Fund may have to lower the selling price, liquidate other investments, or forego another, more appealing investment

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opportunity as a result of illiquidity in the markets. The Adviser will fair value in good faith any securities it deems to be illiquid under consistently applied procedures established by the Board. Market conditions are always changing and vary by country and industry sector, and investing in international markets involves unique risks. Although it is difficult to accurately assess trends in trading volumes in foreign markets, because some amount of activity has migrated to alternative trading venues, a reduction in trading volumes may pose challenges to a Fund. This is particularly so for Funds that invest in small- and mid-capitalization companies, which usually have lower trading volumes and take sizeable positions in portfolio companies. As a result of lower trading volumes, it may take longer to buy or sell the securities of such companies, which can exacerbate a Fund's exposure to volatile markets. A Fund may also be limited in its ability to execute favorable trades in foreign portfolio securities in response to changes in company prices and fundamentals. If a Fund is forced to sell securities to meet redemption requests or other cash needs, or in the case of an event affecting liquidity in a particular market or markets, it may be forced to dispose of those securities under disadvantageous circumstances and at a loss. As a Fund grows in size, these considerations take on increasing significance and may adversely impact performance.

**MONEY MARKET FUND INVESTMENTS.** Certain money market funds in which the Fund may invest calculate their NAV per share to the fourth decimal place (e.g., $1.0000) reflecting market-based values of the money market fund's holdings. Because the share price of these money market funds will fluctuate, when the Fund sells its shares they may be worth more or less than what the Fund originally paid for them. These money market funds may impose a "liquidity fee" upon the redemption of their shares and generally must impose a fee when net sales of the fund's shares exceed certain levels. These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. If a liquidity fee is imposed, an investing Fund may have to sell other investments at less than opportune times to raise cash to meet shareholder redemptions or for other purposes.

The Fund may also invest in money market funds that operate as "government money market funds" under Rule 2a-7. Government money market funds may seek to maintain a stable price of $1.00 per share and are generally not subject to requirements related to liquidity fees. However, government money market funds typically offer lower yields than other money market funds with fluctuating share prices. Government money market funds face a risk that the money market fund will not be able to maintain a NAV per share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the government money market fund, especially at a time when the fund needs to sell securities to meet shareholder redemption requests, could cause the value of the government money market shares to decrease to a price less than $1.00 per share.

The Fund could lose money invested in a money market fund. An investment in a money market fund, including a government money market fund, is not insured or guaranteed by the fund sponsor, FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the money market fund, and you should not expect that the sponsor or any person will provide financial support to a money market fund at any time.

Money market funds are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**ILLIQUID OR RESTRICTED INVESTMENTS.** Pursuant to Rule 22e-4 under the 1940 Act ("Rule 22e-4"), the Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may purchase commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act and investments that are not registered under the 1933 Act, including restricted securities that can be offered and sold to "qualified institutional buyers" under Rule 144A under the 1933 Act ("Rule 144A securities") and securities of U.S. and non-U.S. issuers offered through private offerings pursuant to Regulation S of the 1933 Act ("Regulation S securities"). The Adviser will consider whether restricted securities are liquid or illiquid, taking into account relevant market trading and investment-specific considerations consistent with applicable SEC guidance. Investing in Rule 144A securities could increase the level of illiquidity during any period that qualified institutional buyers become uninterested in purchasing these investments. Offerings of Regulation S securities may be conducted outside of the United States, and Regulation S securities may be relatively less liquid as a result of legal or contractual

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restrictions on resale. Although Regulation S securities may be resold in privately negotiated transactions, the price realized from these sales could be less than that originally paid by the Fund. To the extent an investment held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to greater liquidity risk.

The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Trustees have approved the designation of the Adviser to administer the Trust's liquidity risk management program and related procedures.

A Fund may be limited in pursuing investment opportunities, particularly those in emerging and frontier markets by the limits on its ability to hold illiquid investments. Certain investments trade in lower volume and may be less liquid than securities of large established companies. Because Rule 22e-4 places a limit of 15% of net assets that can be invested in illiquid investments, a Fund may be forced to forego investments in securities that are deemed illiquid.

**INVESTMENT COMPANIES.** To the extent consistent with their investment objectives and strategies, the Fund may invest in the securities of other affiliated and unaffiliated investment companies. Investments by a Fund in other investment companies, including ETFs, will be subject to the limitations of the 1940 Act except as permitted by an SEC exemptive order or rule that permits them to invest in certain other investment companies, including ETFs, beyond the limits contained in the 1940 Act, subject to certain terms and conditions.

Certain investment companies in which the Fund may invest may be new funds. There can be no assurance that a new investment company will grow to an economically viable size, in which case the investment company may cease operations. In such an event, the Fund may be required to liquidate or transfer its investment at an inopportune time.

Rule 12d1-4 under the 1940 Act allows a fund to acquire the securities of another investment company in excess of the limitations imposed by Section 12 of the 1940 Act without obtaining an exemptive order from the SEC, subject to certain limitations and conditions. Rule 12d1-4 also is designed to limit the use of complex fund structures. Under Rule 12d1-4, an acquired fund is prohibited from purchasing or otherwise acquiring the securities of another investment company or private fund if, immediately after the purchase, the securities of investment companies and private funds owned by the acquired fund have an aggregate value in excess of 10% of the value of the acquired fund's total assets, subject to certain limited exceptions. Accordingly, to the extent a Fund's shares are sold to other investment companies in reliance on Rule 12d1-4, the Fund will be limited in the amount it could invest in other investment companies and private funds. In addition to Rule 12d1-4, the 1940 Act and related rules provide certain other exemptions from these restrictions. If required by the 1940 Act or the rules thereunder, the Fund expects to vote the shares of other investment companies that are held by it in the same proportion as the vote of all other holders of such securities.

In addition to the fees and expenses that a Fund directly bears, the Fund indirectly bears the fees and expenses of any investment company in which it invests, including affiliated funds. By investing in another investment company, a Fund will be exposed to the investment risks of the investment company in direct proportion to such investment. The investment company may not achieve its investment objective.

**LIQUIDITY RISK.** Liquidity risk is the risk that the Fund will not be able to pay redemption proceeds within the time periods described in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing a Fund's ability to sell particular securities or close out derivative positions at an advantageous market price or other reasons. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like or difficult to value. The Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. For the same reason, less liquid securities that a Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease a Fund's ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on portfolio management or performance.

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Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities derivatives or securities with potential market and/or credit risk tend to have the greatest exposure to liquidity risk. All of these risks may increase during periods of market volatility. The liquidity of certain assets, such as privately issued and non-investment grade mortgage- and asset-backed securities, may be difficult to ascertain and may change over time. Transactions in less liquid securities may entail transaction costs that are higher than those for transactions in more liquid securities.

**OPERATIONAL RISK.** The Adviser and other Fund service providers may experience disruptions or operating errors arising from factors such as processing errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third-party service providers or trading counterparties. In particular, these errors or failures in systems and technology, including operational risks associated with reliance on third party service providers, may affect a Fund's ability to calculate its NAV in a timely manner, including over a potentially extended period. Moreover, disruptions (for example, pandemics and health crises) that cause prolonged periods of remote work or significant employee absences at the Fund' service providers could impact the ability to conduct the Fund' operations. While service providers are required to have appropriate operational risk management policies and procedures, their methods of operational risk management may differ from those of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Adviser, through its monitoring and oversight of the other service providers, seeks to ensure that service providers take appropriate precautions to avoid and mitigate risks that could lead to disruptions and operating errors. However, it is not possible for the Adviser or other Fund service providers to identify all of the operational risks that may affect a Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

**TEMPORARY INVESTMENTS.** The Fund temporarily may hold cash and/or invest in short-term obligations including U.S. government obligations, high quality money market instruments (including commercial paper and obligations of foreign and domestic banks such as certificates of deposit, bank and deposit notes, bankers' acceptances and fixed time deposits), and repurchase agreements with maturities of 13 months or less. The Fund temporarily may hold cash or invest all or any portion of their assets in short-term obligations pending investment or to meet anticipated redemption requests. The Fund also may hold cash or invest in short-term obligations as a temporary measure mainly designed to limit a Fund's losses in response to adverse market, economic or other conditions when the Adviser believes that it is in the best interest of the Fund to pursue such defensive strategy. The Adviser may, however, choose not to make such temporary investments even in very volatile or adverse conditions. The Fund may not achieve their investment objectives when they hold cash or invest their assets in short-term obligations or otherwise make temporary investments. The Fund also may miss investment opportunities and have a lower total return during these periods.

#### INVESTMENT RESTRICTIONS
The Fund is subject to the fundamental investment restrictions enumerated below which may be changed only by a vote of the holders of a majority of the Fund's outstanding shares as described in "Description of Shares" below. The vote of a majority of the outstanding voting securities of a company means the vote, at the annual or a special meeting of the security holders of such company duly called, (A) of 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of such company are present or represented by proxy; or (B) of more than 50% of the outstanding voting securities of such company, whichever is the less.

The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Make loans, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchase or sell real estate or real estate limited partnerships, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be

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amended or interpreted from time to time. This restriction shall not prevent the Fund from investing directly or indirectly in portfolio instruments secured by real estate or interests therein or acquiring securities of REITs or other issuers that deal in real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Invest in commodities or commodity contracts, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Act as underwriter of securities, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Concentrate its investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Borrow money or issue senior securities, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

The following descriptions may assist shareholders in understanding the requirements of the 1940 Act and interpretations thereunder in connection with the above policies and restrictions for the Fund.

The following descriptions are limited by any fundamental investment restrictions described above and are subject to the Fund's investment objective and general investment strategies as stated in the Fund's Prospectus and this SAI.

The Fund is "diversified" as that term is defined in the 1940 Act.

**Concentration and Industry Classification.** The SEC has presently defined concentration as investing more than 25% of an investment company's net assets in an industry or group of industries, with certain exceptions.

Except to the extent otherwise provided in each of the Investment Restrictions above, for the purpose of determining industry classification, the Fund may use the industry classification provided by a third party service provider. For the purpose of determining the percentage of the Fund's total assets invested in securities of issuers having their principal business activities in a particular industry, (i) an asset-backed security will be classified separately based on the nature of its underlying assets; (ii) state and municipal governments and their agencies and authorities are not deemed to be industries; (iii) as to utility companies, the gas, electric, water and telephone businesses are considered separate industries; (iv) personal credit finance companies and business credit finance companies are deemed to be separate industries; and (v) wholly owned financial companies are considered to be in the industries of their parents if their activities are primarily related to financing the activities of their parents.

**Borrowing.** The 1940 Act presently allows a Fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33-1/3% of its total assets, including the amount borrowed (not including temporary borrowings not in excess of 5% of its total assets).

**Senior Securities.** Senior securities may include any obligation or instrument issued by a Fund evidencing indebtedness. The 1940 Act generally prohibits Funds from issuing senior securities, except that the Fund may borrow money as described in the above policies and restrictions. Rule 18f-4 under the 1940 Act permits a Fund to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act so long as such transactions are entered into in compliance with Rule 18f-4 under the 1940 Act.

**Lending.** Under the 1940 Act, a Fund is required to have a fundamental investment policy governing making loans to other persons. Current SEC staff interpretations under the 1940 Act prohibit a Fund from lending more than 33-1/3% of its total assets, except through the lending of portfolio securities, the purchase of debt obligations or the use of repurchase agreements.

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**Diversification.** Under the 1940 Act, a diversified fund may not, with respect to 75% of its total assets, purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and (ii) securities of other investment companies) if, as a result, (a) more than 5% of the Fund's total assets would be invested in securities of that issuer or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer.

**Underwriting.** Under the 1940 Act, underwriting securities involves a Fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified Fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

**Real Estate.** The 1940 Act does not directly restrict a Fund's ability to invest in real estate, but does require that every Fund have a fundamental investment policy governing such investments.

Securities held in escrow or separate accounts in connection with the Fund's investment practices described in this SAI and the Prospectus are not deemed to be mortgaged, pledged or hypothecated for purposes of the foregoing restrictions.

Any Investment Restriction that involves a maximum percentage (other than the restriction set forth above with respect to borrowing money) will not be considered violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition of securities or assets of, or borrowings by a Fund. The 1940 Act requires a Fund to continuously maintain an "asset coverage" of at least 300% of the amount of its borrowings. If the asset coverage for borrowings at any time falls below 300% of the amount borrowed a Fund will, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the net asset coverage of such borrowings shall conform to such limits.

#### CONTINUOUS OFFERING
The method by which Creation Unit Aggregations of shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Unit Aggregations of shares are issued and sold by the Fund on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act, may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Unit Aggregations after placing an order with the Transfer Agent, breaks them down into constituent shares, and sells such shares directly to customers, or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter. Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. Firms that incur a prospectus delivery obligation with respect to shares of the Fund are reminded that, pursuant to Rule 153 under the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Listing Exchange is satisfied by the fact that the prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange.

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#### DISCLOSURE OF PORTFOLIO HOLDINGS
The Board has adopted a policy on disclosure of portfolio holdings, which it believes is in the best interest of the Fund' shareholders. The policy provides that neither the Fund nor their Adviser, Distributor or any agent, or any employee thereof ("Fund Representative") will disclose the Fund's portfolio holdings information to any person other than in accordance with the Trust's policies and procedures. For purposes of the policy, "portfolio holdings information" means the Fund's actual portfolio holdings, as well as non-public information about its trading strategies or pending transactions including the portfolio holdings, trading strategies or pending transactions of any commingled fund portfolio which contains identical holdings as the Fund. Under the policy, neither the Fund nor any Fund Representative may solicit or accept any compensation or other consideration in connection with the disclosure of portfolio holdings information. A Fund Representative may provide portfolio holdings information to third parties if such information has been included in a Fund's public filings with the SEC or is disclosed on the Fund's publicly accessible website. Information posted on the Fund's website may be separately provided to any person commencing the day after it is first published on the Fund's website.

Under the policy, the Fund's portfolio holdings information will be provided by the Fund Administrator/Custodian to the National Securities Clearing Corporation ("NSCC") each business day for dissemination through the NSCC's facilities and/or other fee-based subscription services to NSCC members and/or subscribers to those other fee-based subscription services, including Authorized Participants, which are generally large institutional investors that have been authorized by the Fund' distributor to purchase and redeem from the Fund, and to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of Funds in the secondary market. The Fund discloses its portfolio holdings and the percentages they represent of the Fund's net assets on the Fund's website prior to the opening of regular trading on the primary listing exchange of the Fund's shares each day the Fund is open for business. The Distributor may also make available portfolio holdings information to other institutional market participants and entities that provide information services. This information typically reflects the Fund's anticipated holdings on the following business day. Certain BCM employees discuss custom basket proposals with Authorized Participants and market makers as described under "Custom Baskets" in the "Purchase and Redemption of Creation Unit Aggregations" section of this SAI. As part of these custom basket discussions, these BCM employees may discuss the securities a Fund is willing to accept for a creation order, and securities that a Fund will provide for a redemption order. BCM employees may also discuss the Fund's portfolio holdings-related information with broker-dealers, in connection with settling the Fund's transactions, as may be necessary to conduct business in the ordinary course and in a manner consistent with the Trust's policies and procedures.

Portfolio holdings will be disclosed through required filings with the SEC. The Fund files its portfolio holdings with the SEC and the holdings are publicly made available twice each fiscal year on Form N-CSR (with respect to each annual period and semiannual period) and twice each fiscal year on Form N-PORT (with respect to the first and third fiscal quarters of the Fund's fiscal year). Shareholders may obtain the Fund's Forms N-CSR and N-PORT filings on the SEC's website at sec.gov. You may call the SEC at 1-800-SEC-0330 for information about the SEC's website.

Under the Trust's policies and procedures, the Board is to receive information, on a quarterly basis, regarding any other disclosures of non-public portfolio holdings information that were permitted during the preceding quarter.

#### ADDITIONAL TRUST INFORMATION

#### TRUSTEES AND OFFICERS
The Board is responsible for the management and business and affairs of the Fund. Set forth below is information about the Trustees and the Officers of the Bridgeway ETF Trust as of the date of this SAI. Each Trustee has served in that capacity since he or she was originally elected or appointed to the Board. As of the date of this SAI, each Trustee oversees one portfolio in the Bridgeway ETF Trust Complex.

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#### INDEPENDENT TRUSTEES

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, YEAR OF BIRTH, ADDRESS<sup>(1)</sup>,**<br> **POSITIONS HELD WITH**<br> **TRUST AND TERM OF**<br> **OFFICE AND LENGTH OF**<br> **SERVICE AS TRUSTEE<sup>(2)</sup>** |  | **PRINCIPAL OCCUPATIONS**<br> **DURING PAST FIVE YEARS** | **NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE** |  | **OTHER DIRECTORSHIPS HELD**<br> **BY TRUSTEE<sup>(3)</sup>** |
| Miles Douglas Harper, III\*<br> Age: 63<br> Trustee since November 2025 | •  | Retired; formerly, Partner, Carr, Riggs & Ingram, LLC (accounting firm), 2013 to June 2022; | One | •  | Lead Independent Director, Bridgeway Funds, Inc., 1994 to present. |
|  | •  | Assurance Partner, PricewaterhouseCoopers LLP from 1997 to 2018. |  | •  | Calvert Funds (45 portfolios) |
| Evan Harrel<br> Age: 64<br> Trustee since November 2025 | •  | Chief Operating Officer, Center for Compassionate Leadership since January 2020; | One | •  | Independent Director, Bridgeway Funds, Inc., 2006 to present. |
|  | •  | Member of the Board of Directors of Bank Leumi USA from 2016 to 2022; |  |  |  |
|  | •  | Partner in Accenture (global management consulting and professional services firm) from 1987 to 2012; |  |  |  |
|  | •  | Member of the Board of Directors, Member of Nominating and Governance and Compensating Committees of Carver Bancorp from 2014 to 2018. |  |  |  |

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\* Independent Chairman

(1) Each Trustee may be contacted by writing to the Trustee, c/o the Secretary of the Trust, Bridgeway ETF Trust, 20 Greenway Plaza, Suite 930, Houston, Texas 77046.

(2) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor.

(3) This column includes only directorships of companies required to report to the SEC under the Exchange Act (*i.e.*, public companies) or other investment companies registered under the 1940 Act.

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#### INTERESTED TRUSTEE

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, YEAR OF BIRTH, ADDRESS(1),**<br> **POSITIONS HELD WITH**<br> **TRUST AND TERM OF**<br> **OFFICE AND LENGTH OF**<br> **SERVICE AS TRUSTEE<sup>(2)</sup>** | | **PRINCIPAL OCCUPATIONS**<br> **DURING PAST FIVE YEARS** | **NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE** | | **OTHER DIRECTORSHIPS HELD**<br> **BY TRUSTEE<sup>(3)</sup>** |
| John N. R. Montgomery<sup>(4)</sup><br> Age: 71<br> Trustee since November 2025 | •  | &nbsp;&nbsp; Chairman, Bridgeway Capital Management, 1993 to 2023; President and Chief Executive Officer, Bridgeway Capital Management, since 2023; Vice President, Bridgeway Funds, 2005 to May 2015 and since June 2016 | One | •  | &nbsp;&nbsp; Interested Director, Bridgeway Funds, Inc., 1993 to present. |

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(1) Each Trustee may be contacted by writing to the Trustee, c/o the Secretary of the Trust, Bridgeway ETF Trust, 20 Greenway Plaza, Suite 930,
 Houston, Texas 77046.

(2) Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement or
 inability otherwise to serve, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees or consent of Shareholders in lieu thereof for the election of Trustees, and until the
 election and qualification of his or her successor.

(3) This column includes only directorships of companies required to report to the SEC under the Exchange Act (*i.e.*, public companies) or other investment companies registered under the 1940 Act.

(4) John Montgomery is chairman, director and majority shareholder, and control person of Bridgeway Investments, Inc., which is the immediate parent company of the
 Adviser.

#### <br>

#### OFFICERS OF THE TRUST

#### <br>

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| | |
|:---|:---|
| **NAME, YEAR OF BIRTH, ADDRESS,**<br> **POSITIONS HELD WITH**<br> **TRUST AND TERM OF OFFICE**<br> **AND LENGTH OF SERVICE<sup>(1)(2)</sup>** | **PRINCIPAL OCCUPATIONS**<br> **DURING PAST FIVE YEARS** |
| John N. R. Montgomery<br> Age: 71<br> President/Principal Financial Officer/Principal Accounting Officer and Treasurer since 2025 | Vice President and Director of Bridgeway Funds, Inc. since 1993; Chairman, Bridgeway Capital Management, 1993 to 2023; President and Chief Executive Officer, Bridgeway Capital Management. |
| Amanda Wachsmuth Heavens<br> Age: [ ]<br> Secretary since 2025 | [ ] |
| Chris Kemp Age: [ ]<br> Chief Compliance Officer and Anti-Money Laundering Compliance Officer since 2025 | [ ] |

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(1) Each Officer serves until his or her resignation, removal or retirement, or the election of his or her successor.

(2) The address of all of the Officers of Bridgeway ETF Trust is 20 Greenway Plaza, Suite 930, Houston, Texas 77046.

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**LEADERSHIP STRUCTURE.** The Board is currently composed of three Trustees, two of whom are not "interested persons" as defined in the 1940 Act ("Independent Trustee"), and one of whom is an "interested person" as defined in the 1940 Act ("Interested Trustee"). The Chairperson of the Board, Miles Harper, is an Independent Trustee. John Montgomery is considered an Interested Trustee because he is chairman, director and majority shareholder, and control person of Bridgeway Investments, Inc., which is the immediate parent company of the Adviser. Each Trustee was nominated to serve on the Board because of his or her experience, skills and qualifications. See "Trustee Experience." The Board believes that its leadership structure is consistent with industry practices and is appropriate in light of the size of the Trust and the nature and complexity of its business. In particular:

• **Board Composition.** The Trustees believe that having a majority of Independent Trustees is appropriate and in the best interest of
 shareholders. The Trustees also believe that having Mr. Montgomery serve as an Interested Trustee brings management and financial insight that is important to certain of the Board's decisions and is also in the best interest of shareholders.

• **Independent Trustee Meetings and Executive Sessions.** The Trustees believe that meetings of the Independent Trustees and meetings in
 executive session, including with independent counsel, help prevent conflicts of interest from occurring. The Trustees also believe that these sessions allow the Independent Trustees to deliberate candidly and constructively, separately from
 management, in a manner that affords honest disagreement and critical questioning.

**RISK OVERSIGHT.** The Board has not established a standing risk committee. Rather, the Board requires the Adviser to report to the full Board, on a regular and as-needed basis, on actual and potential risks to the Fund and Bridgeway ETF Trust as a whole. As a result, the day-to-day management of the Fund's operations, including risk management, is the responsibility of the Adviser, subject to oversight by the Board. For instance, the Adviser reports to the Board on the various elements of risk, including investment risk, credit risk, liquidity risk and operational risk, as well as overall business risks relating to the Fund. In addition, the Board has appointed a Chief Compliance Officer ("CCO") who reports directly to the Board's Independent Trustees, provides presentations to the Board at its quarterly meetings and an annual report to the Board concerning compliance matters. The CCO also communicates particularly significant compliance-related issues to the Board in between Board meetings. The CCO oversees the development and implementation of compliance policies and procedures that are reasonably designed to prevent violations of the federal securities laws ("Compliance Policies"). The Board has approved the Compliance Policies, which seek to reduce risks relating to the possibility of non-compliance with the federal securities laws. The CCO also regularly discusses the relevant risk issues affecting the Bridgeway ETF Trust during private meetings with the Independent Trustees, including concerning the Adviser, as applicable.

**TRUSTEE EXPERIENCE.** Described below for each Trustee are specific experiences, qualifications, attributes, or skills that support a conclusion that he or she should serve as a Trustee of the Bridgeway ETF Trust as of the date of this SAI and in light of the Fund's business and structure. The role of an effective Director inherently requires certain personal qualities, such as integrity, as well as the ability to comprehend, discuss and critically analyze materials and issues that are presented so that the Trustee may exercise judgment and reach conclusions in fulfilling his or her duties and fiduciary obligations. It is believed that the specific background of each Trustee evidences those abilities and is appropriate to his or her serving on the Bridgeway ETF Trust's Board. Further information about each Trustee is set forth in the table above describing the business activities of each Trustee during the past five years.

#### INDEPENDENT TRUSTEES
<u>Miles Harper</u>: Mr. Harper has been a Trustee of the Bridgeway ETF Trust since November 2025 and Director of Bridgeway Funds since 1994 and served as Chairman of the Board since 2004. He has also served as Chair of the Audit Committee of the Board since the Audit Committee's inception. In addition, Mr. Harper is a CPA and former partner in the firm of Carr, Riggs & Ingram, LLC and has been, and currently serves as, an independent director and chairman of the board of directors of the Calvert Funds. Those positions have provided Mr. Harper with a strong background in the areas of accounting, finance, control systems and the operations of a mutual fund complex.

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<u>Evan Harrel</u>: Mr. Harrel has been a Trustee of the Bridgeway ETF Trust since November 2025 and Director of Bridgeway Funds since 2006. Mr. Harrel is the Co-founder of the Center for Compassionate Leadership and has served as the Chief Operating Officer since 2020. From 2004 to 2012, Mr. Harrel served as the Executive Director of Small Steps Nurturing Center, a non-profit organization. Prior to that, Mr. Harrel was a Senior Portfolio Manager at AIM Management, an investment adviser to many mutual funds. His experience as a Board member has provided him with knowledge of the operations and business of the Funds. Moreover, his experience as a Portfolio Manager has provided him with extensive experience in investments, portfolio management, investment risks and the operations of an investment adviser.

#### INTERESTED TRUSTEE
<u>John Montgomery</u>: Mr. Montgomery has been a Trustee of the Bridgeway ETF Trust since November 2025 and Director of Bridgeway Funds since Bridgeway Funds' inception in 1993. He is the President and Chief Executive Officer of the Adviser, which he founded in 1993. Mr. Montgomery is a Portfolio Manager for all of the Funds. His experience as a Board member has provided him with knowledge of the operations and business of the Corporation and its Funds. Moreover, his experience as a Portfolio Manager has provided him with extensive experience in investments, portfolio management, investment risks and the operations of an investment adviser.

**STANDING BOARD COMMITTEES.** The Board has established two standing committee in connection with its governance of the Trust: Audit Committee and Nominating and Corporate Governance.

The Board has an Audit Committee, which is comprised only of Independent Trustees. The Audit Committee has adopted a charter. Its members are Mr. Harper, Independent Chairman of the Board and Chairman of the Audit Committee and Evan Harrel (each an Independent Trustee). The purposes of the Audit Committee are to: (i) oversee the Fund's accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of the Fund; (ii) oversee the Fund's financial statements and the independent audit thereof; (iii) oversee, or assist, as appropriate, in the oversight of the Fund's compliance with legal and regulatory requirements that relate to the Fund's accounting and financial reporting, internal controls over financial reporting and independent audits; (iv) evaluate the independence of the Fund's independent auditors and approve their selection; and (v) report to the full Board on its activities and recommendations. The function of the Audit Committee is oversight; it is management's responsibility to maintain appropriate systems for accounting and internal control, and the independent auditors' responsibility to plan and carry out a proper audit. The independent auditors are ultimately accountable to the Board and the Audit Committee, as representatives of the Fund's shareholders. In addition, the Audit Committee provides ongoing oversight of Bridgeway ETF Trust's independent auditors, including meeting with the auditors at least once each fiscal year. The Audit Committee met once in fiscal year 2025.

The Board also has a Nominating and Corporate Governance Committee and such committee has adopted a charter. Its members are Mr. Harper, Independent Chairman of the Board, [Mr. Harrel], who is the Chairperson of the Nominating and Corporate Governance Committee (all Independent Trustees.) The Nominating and Corporate Governance Committee's responsibilities include, but are not limited to: (1) evaluating, from time to time, the appropriate size of the Board, and recommending any increase or decrease in the size of the Board; (2) recommending any changes in the composition of the Board so as to best reflect the objectives of the 1940 Act, the Fund and the Board; (3) establishing processes for developing candidates for Independent Board members and for conducting searches with respect thereto; (4) coordinating the Board's annual self-assessment; and (5) recommending and selecting to the Independent Board members (a) a slate of Independent Board members to be elected at shareholder meetings, or (b) nominees to fill Independent Board member vacancies on the Board, where and when appropriate. The Nominating and Corporate Governance Committee did not meet in fiscal year 2025.

The Nominating and Corporate Governance Committee shall also consider recommendations for Independent Trustee nominees submitted to it by shareholders (a "Qualifying Shareholder") that (i) own of record, or beneficially through a financial intermediary, $10,000 or more of the Fund's shares; (ii) has been a shareholder of $10,000 or more of the Fund's shares for 12 months or more prior to submitting the recommendation to the Nominating and Corporate Governance Committee; and (iii) provides a written notice to the Nominating and Corporate Governance Committee containing the following information: (1) the name and address of the Qualifying Shareholder making

------

the recommendation; (2) the number of shares of the Fund that are owned of record and beneficially by such Qualifying Shareholder, and the length of time that such shares have been so owned by the Qualifying Shareholder; (3) a description of all relationships, arrangements and understandings between such Qualifying Shareholder and any other person(s) (naming such person(s)) pursuant to which the recommendation is being made; (4) the name, age, date of birth, business address and residence address of the person(s) being recommended; (5) such other information regarding each person recommended by such Qualifying Shareholder as would be required to be included in a proxy statement filed pursuant to the proxy rules of the Securities and Exchange Commission had the nominee been nominated by the Board; (6) whether the shareholder making the recommendation believes the person recommended would or would not be an "interested person" of the Fund, as defined in Section 2(a)(19) of the 1940 Act; and (7) the written consent to serve as a Trustee of the Fund of each person recommended if so nominated and elected/appointed.

As stated above, each Trustee holds office for an indefinite term until the occurrence of certain events. In filling Board vacancies, the Nominating and Corporate Governance Committee will consider nominees recommended by shareholders. Nominee recommendations should be submitted to the Secretary of the Trust, Bridgeway ETF Trust, 20 Greenway Plaza, Suite 930, Houston, Texas 77046.

**TRUSTEE OWNERSHIP OF FUND SHARES.** The following table shows the dollar range of shares of the Fund owned by each Trustee in the Fund included in this SAI and other investment portfolios managed by the Adviser.

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| | | |
|:---|:---|:---|
| **Information as of December 31, 2025**  | **Information as of December 31, 2025**  | **Information as of December 31, 2025**  |
| **Name of Independent Trustee** | **Dollar Range of Equity Securities in the Fund**<br> **included in this SAI** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered Investment**<br> **Companies Overseen by Trustee in Family**<br> **of Investment Companies(1)** |
|  Miles Douglas Harper, III |  | Over $100,000 |
|  Evan Harrel |  | Over $100,000 |

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(1) The Bridgeway ETF Trust consists of the Bridgeway Emerging Markets Core Equity ETF.

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---

| | | |
|:---|:---|:---|
| **Information as of December 31, 2025**  | **Information as of December 31, 2025**  | **Information as of December 31, 2025**  |
| **Name of Interested Trustee** | **Dollar Range of Equity Securities in the Fund**<br> **included in this SAI** | **Aggregate Dollar Range of Equity**<br> **Securities in All Registered Investment**<br> **Companies Overseen by Trustee in Family**<br> **of Investment Companies(1)** |
|  John N. R. Montgomery<sup>(2)</sup> |  | Over $100,000 |

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(1) The Bridgeway ETF Trust consists of the Bridgeway Emerging Markets Core Equity ETF.

(2) Mr. John Montgomery chairman, director and majority shareholder, and control person of Bridgeway Investments, Inc., which is the immediate parent company of the
 Adviser.

**TRUSTEE AND OFFICER COMPENSATION.** No trustee, officer or employee of the Adviser receives any compensation from the Bridgeway ETF Trust for serving as a Trustee of the Bridgeway ETF Trust. Independent Trustees are paid an annual retainer of $35,000, with an additional retainer of $5,000 paid to the Independent Chairman of the Board and an additional retainer of $2,500 paid to each Committee Chair. The retainer is paid quarterly (one quarter of retainer is paid each quarter). Independent Trustees are reimbursed for any expenses incurred in attending meetings and conferences as well as expenses for subscriptions or printed materials.

The Fund is newly organized and therefore has not yet made any payments to the Trustees prior to the date of this SAI. The following tables set forth certain information with respect to the compensation of each Independent and Interested Trustee of the Trust for the fiscal year ended December 31, 2025 .

#### Independent Trustees

#### <br>

---

| | | |
|:---|:---|:---|
|  | **Aggregate<br> Compensation<br> from Trust(2)** | **Total<br> Compensation<br> from Fund<br> Complex(1)(2)** |
|  Miles Douglas Harper, III | $[ ] | $[ ] |
|  Evan Harrel | [ ] | [ ] |

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(1) The Bridgeway ETF Trust consists of the Bridgeway Emerging Markets Core Equity ETF.

(2) The Fund is newly organized and therefore has not yet had any operations prior to the date of this SAI. The information in this table is for the fiscal year
 ended December 31, 2025 .

#### Interested Trustee

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| | | |
|:---|:---|:---|
|  | **Aggregate<br> Compensation<br> from Trust(1)(2)** | **Total<br> Compensation<br> from Fund<br> Complex(1)(2)** |
|  John N. R. Montgomery(2)(4) |  |  |

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(1) The Bridgeway ETF Trust consists of the Bridgeway Emerging Markets Core Equity ETF.

(2) The Fund is newly organized and therefore has not yet had any operations prior to the date of this SAI. The information in this table is for the fiscal year
 ended December 31, 2025 .

#### CODES OF ETHICS
Pursuant to Rule 17j-1 of the 1940 Act and Rule 204A-1 of the Investment Advisers Act of 1940, the Adviser and Sub-Adviser have adopted Codes of Ethics that applies to the personal trading activities of its staff members. Bridgeway Funds also adopted the same Code of Ethics pursuant to Rule 17j-1 of the 1940 Act. The Codes of Ethics establish standards for personal securities transactions by staff members covered under the Codes of Ethics. The

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Codes of Ethics seeks to ensure that securities transactions by staff members are consistent with the Adviser's and Sub-Adviser's fiduciary duty to its clients and to ensure compliance with legal requirements and the Adviser's and Sub-Adviser's standards of business conduct. Under the Codes of Ethics, staff members have a duty at all times to place the interests of shareholders above their own, and never to take inappropriate advantage of their position. To help prevent conflicts of interest, all staff members must comply with the Codes of Ethics, which imposes restrictions on the purchase or sale of securities for their own accounts and the accounts of certain affiliated persons. Among other things, the Code of Ethics requires pre-clearance (in certain circumstances) and monthly reporting of all personal securities transactions, except for certain exempt transactions and exempt securities. In addition, the Adviser and Sub-Adviser has adopted policies and procedures concerning the misuse of material non-public information that are designed to prevent insider trading by any staff member.

Copies of the Code of Ethics are on file with and publicly available from the SEC.

#### INVESTMENT ADVISER, SUB-ADVISER, ADMINISTRATOR, TRANSFER AGENT AND CUSTODIAN

#### Investment Adviser
Bridgeway Capital Management, LLC is a Delaware limited liability company and was initially organized as Bridgeway Capital Management, Inc. in July 1993 to act as investment adviser to the Fund ("BCM" or the "Adviser") pursuant to the terms of an Investment Advisory Agreement. BCM is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

BCM is a wholly-owned subsidiary of Bridgeway Investments, Inc., a Texas corporation, which is controlled by John N. R. Montgomery. John is also a Director and Vice President of Bridgeway Funds and a Portfolio Manager on all of the Bridgeway Funds, Inc. Funds. From 1985 to 1992 John gained extensive experience managing his own investment portfolio utilizing the techniques he now uses in managing each Bridgeway Fund. Prior to 1985, John served as a research engineer/project manager at the Massachusetts Institute of Technology, and served as an executive with transportation agencies in North Carolina and Texas. He has graduate degrees from both the Massachusetts Institute of Technology and Harvard Business School.

#### Sub-Adviser
The Adviser has retained Vident Asset Management, 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009, to serve as sub-adviser for the Fund pursuant to the terms of a Sub-Advisory Agreement. The Sub-Adviser was established in 2016 and is owned by Vident Capital Holdings, LLC. Vident Capital Holdings, LLC is controlled by MM VAM, LLC which is owned by Casey Crawford.

Pursuant to a Sub-Advisory Agreement between the Trust, the Adviser, and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser is responsible for trading portfolio securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser, subject to the supervision of the Adviser and the Board. For the services it provides to the Fund, the Sub-Adviser is compensated by the Adviser from the unitary management fee paid by the Fund to the Adviser. Vident's sub-advisory fee is calculated daily and paid monthly, at an annual rate based on the Fund's average daily net assets.

The Sub-Advisory Agreement was approved by the Trustees (including all the Independent Trustees) and the Adviser, as sole shareholder of the Fund, in compliance with the 1940 Act. The Sub-Advisory Agreement will

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continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement is renewable from year to year for the Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares of the Fund. The Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Board or, with respect to the Fund, by a majority of the outstanding Shares, on not less than 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser on 90 days' written notice to the Adviser and the Trust. The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, fraud, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

#### Investment Advisory Agreement
The Investment Advisory Agreement has been approved by the Board, including the Independent Trustees.

The Investment Advisory Agreement provides that generally in selecting brokers or dealers to place orders, the Adviser shall use its best judgment to obtain the best overall terms available. Purchases by the Fund from underwriters of portfolio securities normally include a commission or concession paid by the issuer to the underwriter, and purchases from dealers include the spread between the dealer's cost for a given security and the resale price of the security. The Sub-Adviser is responsible for the day-to-day management of the Fund and, consequently, for managing the risks associated with those aspects for which it is responsible.

Transactions on U.S. stock exchanges involve the payment of negotiated brokerage commissions. On exchanges on which commissions are negotiated, the cost of transactions may vary among different brokers. The Investment Advisory Agreement permits the Adviser to select the brokers and dealers to execute transactions on behalf of the Fund and the Adviser is directed to use its best efforts to seek to obtain the best overall terms available under the circumstances. Subject to the investment objectives established for the Fund, the Adviser selects brokers on the basis of price and execution, consistent with its duty to seek "best execution." In selecting a broker for a particular transaction, the Adviser considers the fees and expenses to be charged by the broker and the efficiency of the broker. Where multiple competing markets (or exchanges) exist for listed stocks, the Adviser makes sure that the security is executed on the best market (or exchange, or by the best market maker). In seeking best execution, the Adviser considers all factors it deems relevant, including, but not limited to: (1) quality of overall execution services provided by the broker; (2) promptness of execution; (3) promptness and accuracy of oral, hard copy or electronic reports of execution; (4) ease of use of the broker's order entry system; (5) the market where the security trades; (6) any expertise the broker may have in executing trades for the particular type of security; (7) commission and other fees charged by the broker; (8) reliability of the broker; (9) size of the order; (10) whether the broker can maintain and commit adequate capital when necessary to complete trades; and (11) whether the broker can respond during volatile market periods.

The Adviser does not consider a broker's sales of shares of the Funds when determining whether to select such broker to execute portfolio transactions for the Funds. The Adviser does not receive any compensation from brokers. The Adviser's present policy is to (1) conduct essentially all of its own financial research and (2) not to participate in any pre-arranged soft dollar commission arrangements.

In assessing the best overall terms available for any Fund transaction, the Adviser will consider all factors it deems relevant, including, but not limited to, the breadth of the market in the security or other asset, the price of the security or other asset, the financial condition and execution capability of the broker or dealer and the reasonableness of the commission, if any, for the specific transaction and on a continuing basis. In selecting broker-dealers to execute a particular transaction, and in evaluating the best overall terms available, the Adviser is authorized to consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended ("1934 Act")) provided to the Fund and/or other funds and accounts over which the Adviser or its affiliates exercise investment discretion. Consistent with any guidelines established by the Board and Section 28(e) of the 1934 Act, the Adviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the

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Adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that particular transaction or in terms of the overall responsibilities of the Adviser to its discretionary clients, including that Fund. In addition, the Adviser is authorized to allocate purchase and sale orders for securities or other assets to brokers or dealers (including brokers and dealers that are affiliated with the Adviser or the Trust's principal underwriter) if the Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. The Trust hereby authorizes any person directly or indirectly controlling, controlled by or under common control with Adviser that is a member of a national securities exchange ("Affiliated Member") to effect any transaction on such exchange for the account of any Fund, which transaction is permitted by Section 11(a) of the 1934 Act and the rules thereunder, and the Trust hereby consents to the retention of compensation by such Affiliated Member in connection with such transaction.

On occasions where the Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other fiduciary or agency accounts ("other accounts") managed by the Adviser, the Investment Advisory Agreement provides that the Adviser, to the extent permitted by applicable laws and regulations, may aggregate or bunch orders for the purchase or sale of securities or other assets for a Fund with orders for its other clients and accounts where: (a) such aggregation or bunching of order is not inconsistent with the Fund's investment objectives, policies, strategies and limitations, (b) the allocation of the securities or other assets so purchased or sold, as well as the expenses incurred in any such transaction, shall be made by the Adviser in a manner that is fair and equitable in the judgment of the Adviser, and (c) the Adviser shall be cognizant of its fiduciary obligations to each Fund and each of its other clients and shall enter into such transactions only where the rights of each client are considered and protected.

Unless sooner terminated, the Trust's Investment Advisory Agreement with respect to the Fund is in effect with the Fund for an initial two-year period. Thereafter, the Investment Advisory Agreement will continue in effect for successive 12-month periods, provided that the continuance is approved at least annually (i) by the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreement or "interested persons" (as such term is defined in the 1940 Act) of any party thereto, cast at a meeting called for the purpose of voting on such approval and (ii) by the Trustees or by the vote of a majority of the outstanding shares of the Fund (as defined under "Description of Shares"). The Investment Advisory Agreement is terminable at any time without penalty by the Trust (by specified Trustee or shareholder action) or by the Adviser on 60 days' written notice.

The Investment Advisory Agreement provides that the Adviser may render similar services to others so long as their services under the Investment Advisory Agreement are not impaired thereby. The Investment Advisory Agreement also provides that the Trust will indemnify the Adviser against certain liabilities (including, with respect to the advisory services provided by the Adviser under the Investment Advisory Agreement, liabilities under the federal securities laws relating to untrue statements or omissions of material fact and actions that are in accordance with the terms of the Investment Advisory Agreement) or, in lieu thereof, contribute to resulting losses.

In the Investment Advisory Agreement, the Adviser agrees that Bridgeway ETF Trust has the non-exclusive right to use the name "Bridgeway" or a derivative or similar name to designate itself and any current or future series of shares only so long as the Adviser, or an affiliate thereof, serves as investment adviser to the Trust with respect to such series of shares. In the event that the Adviser or any affiliate thereof ceases to act as the investment adviser to the Fund, the Trust shall cease using the name "Bridgeway" or any derivative or similar name.

As compensation for advisory services and the assumption of related expenses, BCM is entitled to a unitary management fee, computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of the Fund's average daily net assets). From the unitary management fee, BCM pays most of the ordinary operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. However, it is not responsible for: (i) distribution fees and expenses, if any, paid by the Fund under the distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (ii) brokerage expenses; (iii) taxes; (iv) interest; (v) litigation expenses; (vi) acquired fund fees and expenses; and (vii) other extraordinary expenses.

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| | |
|:---|:---|
|  | **CONTRACTUAL UNITARY MANAGEMENT FEE RATE** |
|  Bridgeway Emerging Markets Core Equity ETF | [0.70]% |

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 ***Since the Fund had not commenced operations prior to the date of this SAI, there are no advisory fees paid to the Adviser or aggregate advisory fees paid to the Sub-Adviser to report for the last three fiscal years.***

<br> #### Administrator
Bridgeway ETF Trust has entered into a Fund Administration and Accounting Agreement with The Bank of New York Mellon ("BNY") , located at [ ], whereby BNY provides various administrative and accounting services to the Fund, including, but not limited to, daily valuation of the Fund's shares, preparation of financial statements, tax returns, and regulatory reports, and presentation of quarterly reports to the Board. For fund accounting and administration services, Bridgeway ETF Trust pays to BNY administration fees for the Fund, computed daily and paid monthly, at annual rates some of which are based on fixed rates for the Fund and some of which are based on the average daily net assets of the Fund.

#### Transfer Agent
The Bank of New York Mellon ("BNY") , located at [ ], acts as transfer agent for the Fund and receives fees for providing such services to the Fund.

#### Custodian
The Bank of New York Mellon , located at [ ], is custodian of all securities and cash of the Fund. Under the terms of the Custody Agreement, BNY maintains the portfolio securities of the Fund, administers the purchases and sales of portfolio securities, collects interest and dividends and other distributions made on securities held by the Fund and performs other ministerial duties. These services do not include any supervisory function over management or provide any protection against any depreciation of assets.

#### Independent Registered Public Accounting Firm
[ ], located at [ ], serves as the independent registered public accounting firm for the Fund.

#### Legal Counsel
Stradley Ronon Stevens & Young, LLP, 2000 K Street, N.W., Suite 700, Washington, DC 2006, acts as legal counsel to the Fund and Adviser.

#### BROKERAGE TRANSACTIONS
The amount of brokerage commissions paid by the Fund may vary substantially from year to year due to differences in shareholder purchase and redemption activity, portfolio turnover rates and other factors. The Fund is newly formed and has not paid any brokerage commissions as of the date of this SAI.

To the extent that the Fund effects brokerage transactions with any broker/dealer affiliated directly or indirectly with the Adviser, such transactions, including the frequency thereof, the receipt of any commissions payable in connection therewith, and the selection of the affiliated broker/dealer effecting such transactions, will be fair and reasonable to the shareholders of the Fund. Transactions on U.S. stock exchanges, and increasingly equity securities traded over-the-counter, involve the payment of negotiated brokerage commissions and the cost of transactions may vary among different brokers. Over-the-counter transactions in equity securities also may involve the payment of negotiated commissions to brokers. Transactions on foreign stock exchanges involve payment for brokerage commissions, which generally are fixed by applicable regulatory bodies. Many over-the-counter issues, including corporate debt and government securities, are often traded on a "net" basis (*i.e.*, without commission) through dealers, or otherwise involve transactions directly with the issuer of an instrument. With respect to over-the-

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counter transactions, the Adviser will normally deal directly with dealers who make a market in the instruments involved except in those circumstances where more favorable prices and execution are available elsewhere. The cost of foreign and domestic securities purchased from underwriters includes an underwriting commission or concession, and the prices at which securities are purchased from and sold to dealers include a dealer's mark-up or mark-down.

The Adviser may use an affiliated person of the Adviser as a broker for a Fund. In order for an affiliate, acting as agent, to effect any portfolio transactions for the Fund, the commissions, fees or other remuneration received by the affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts. Furthermore, the Board, including a majority of the Trustees who are not "interested" Trustees, has adopted procedures, which are reasonably designed to provide that any commissions, fees or other remuneration paid to an affiliate are consistent with the foregoing standard.

The Fund is newly formed and did not pay commissions to any brokers or dealers as of the date of this SAI.

The Trust is required to identify any securities of its "regular brokers or dealers" as defined in Rule 10b-1 under the 1940 Act or of their parents that the Fund acquired during the most recent fiscal year. "Regular brokers or dealers" under Rule 10b-1 include: (a) the ten brokers or dealers that received the greatest amount of brokerage commissions by virtue of direct or indirect participations in the company's portfolio transactions; (b) the ten brokers or dealers that engaged as principal in the largest dollar amount of portfolio transactions of the investment company; and (c) the ten brokers or dealers that sold the largest amount of securities of the investment company. The Fund is newly formed and therefore there are no regular brokers or dealers whose securities (or whose parent companies' securities) the Fund acquired as of the date of this SAI.

The Sub-Adviser is responsible, subject to oversight by the Adviser and the Board, for placing orders on behalf of the Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities of the Fund and/or one or more other investment companies or clients supervised by the Sub-Adviser are considered at or about the same time, transactions in such securities are allocated among the several investment companies and clients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Sub-Adviser. In some cases, this procedure could have a detrimental effect on the price or volume of the security so far as the Fund is concerned. However, in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial to the Fund. The primary consideration is prompt execution of orders at the most favorable net price.

#### SECURITIES LENDING
The Fund may lend its securities to brokers or dealers, provided any such loans are continuously secured in the form of cash or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the US Government or its agencies or instrumentalities. The amount of the collateral on a current basis must equal or exceed the market value of the loaned securities, and the Fund must be able to terminate such loans upon notice at any time. As a general matter, securities on loan will not be recalled to facilitate proxy voting. However, the Fund can exercise their right to terminate a securities loan in order to preserve their right to vote upon matters of importance affecting holders of the securities.

The advantage of such loans is that the Fund continues to receive the equivalent of the interest earned or dividend payments paid by the issuers on the loaned securities while at the same time earning interest on the cash or equivalent collateral that may be invested in accordance with the Fund's investment objectives, policies, and restrictions. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The value of securities loaned may not exceed 33 1/3% of the value of the Fund's total assets, which includes the value of collateral received.

Securities loans are usually made to broker-dealers and other financial institutions to facilitate their delivery of such securities. As with any extension of credit, there may be risks of delay in recovery and possibly loss of rights in the loaned securities should the borrower of the loaned securities fail financially. If the borrowing broker failed to perform, the Fund might experience delays in recovering their assets (even though fully collateralized); the Fund would bear the risk of loss from any interim change in securities prices. However, the Fund will make loans of their

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securities only to those firms the Adviser deems creditworthy and only on terms the Adviser believes compensate for such risk. On termination of the loan, the borrower is obligated to return the securities to the Fund. Any gain or loss in the market value of a security during the loan period accrues to the Fund that loaned the security.

The Fund is newly formed and did not engage in any securities lending activity for its most recent fiscal year ended December 31, 2025 .

#### PORTFOLIO MANAGERS
The portfolio managers for the Fund are listed in the chart below.

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| | |
|:---|:---|
| **Fund** | **Portfolio Manager(s)** |
| Bridgeway Emerging Markets Core Equity ETF | Jacob Pozharny, PhD<br> Elena Khoziaeva, CFA<br> Christine L. Wang, CFA, CPA<br> Austin Wen, CFA, Vident<br> Devin Ryder, CFA, Vident |

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#### Other Accounts Managed by the Portfolio Managers
The following tables describe certain information with respect to accounts for which the portfolio managers have day-to-day responsibility, including all Bridgeway ETF Trust Funds managed by the portfolio manager.

The table below discloses the accounts within each type of category listed below for which **Jacob Pozharny, PhD** was jointly and primarily responsible for day-to-day portfolio management as of [_______].

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total<br> Number of<br> Accounts<br> Managed** | **Total Assets<br> (in Millions)** | **Number of Accounts<br> Managed that<br> Advisory Fee<br> is Based on<br> Performance** | **Total Assets that<br> Advisory Fee<br> is Based on<br> Performance<br> (in Millions)** |
|  Other Registered Investment Companies: | [__] | [__] | 0 | 0 |
|  Other Pooled Investment Vehicles: | [__] | [__] | 0 | 0 |
|  Other Accounts: | [__] | [__] | 0 | 0 |

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The table below discloses the accounts within each type of category listed below for which **Elena Khoziaeva, CFA** was jointly and primarily responsible for day-to-day portfolio management as of [_______].

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total<br> Number of<br> Accounts<br> Managed** | **Total Assets<br> (in Millions)** | **Number of Accounts<br> Managed that<br> Advisory Fee<br> is Based on<br> Performance** | **Total Assets that<br> Advisory Fee<br> is Based on<br> Performance<br> (in Millions)** |
|  Other Registered Investment Companies: | [__] | [__] | 0 | 0 |
|  Other Pooled Investment Vehicles: | [__] | [__] | 0 | 0 |
|  Other Accounts: | [__] | [__] | 0 | 0 |

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The table below discloses the accounts within each type of category listed below for which **Christine L. Wang, CFA, CPA** was jointly and primarily responsible for day-to-day portfolio management as of [_______].

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total<br> Number of<br> Accounts<br> Managed** | **Total Assets<br> (in Millions)** | **Number of Accounts<br> Managed that<br> Advisory Fee<br> is Based on<br> Performance** | **Total Assets that<br> Advisory Fee<br> is Based on<br> Performance<br> (in Millions)** |
|  Other Registered Investment Companies: | [__] | [__] | 0 | 0 |
|  Other Pooled Investment Vehicles: | [__] | [__] | 0 | 0 |
|  Other Accounts: | [__] | [__] | 0 | 0 |

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The table below discloses the accounts within each type of category listed below for which **Austin Wen, CFA** was jointly and primarily responsible for day-to-day portfolio management as of [_______].

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total<br> Number of<br> Accounts<br> Managed** | **Total Assets<br> (in Millions)** | **Number of Accounts<br> Managed that<br> Advisory Fee<br> is Based on<br> Performance** | **Total Assets that<br> Advisory Fee<br> is Based on<br> Performance<br> (in Millions)** |
|  Other Registered Investment Companies: | [__] | [__] | 0 | 0 |
|  Other Pooled Investment Vehicles: | [__] | [__] | 0 | 0 |
|  Other Accounts: | [__] | [__] | 0 | 0 |

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The table below discloses the accounts within each type of category listed below for which **Devin Ryder, CFA** was jointly and primarily responsible for day-to-day portfolio management as of [_______].

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total<br> Number of<br> Accounts<br> Managed** | **Total Assets<br> (in Millions)** | **Number of Accounts<br> Managed that<br> Advisory Fee<br> is Based on<br> Performance** | **Total Assets that<br> Advisory Fee<br> is Based on<br> Performance<br> (in Millions)** |
|  Other Registered Investment Companies: | [__] | [__] | 0 | 0 |
|  Other Pooled Investment Vehicles: | [__] | [__] | 0 | 0 |
|  Other Accounts: | [__] | [__] | 0 | 0 |

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#### Portfolio Manager Fund Ownership.
The Fund is required to show the dollar ranges of the portfolio managers' "beneficial ownership" of Shares of the Fund as of the end of the most recently completed fiscal year or a more recent date for a new portfolio manager. Dollar amount ranges disclosed are established by the SEC. "Beneficial Ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. The Fund is newly organized and therefore has not yet had any operations prior to the date of this SAI. As of the date of [ ], 202[ ], the portfolio managers did not beneficially own any Shares of the Fund.

#### CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a Portfolio Manager has day-to-day management responsibilities with respect to more than one fund or other account. Set forth below is a description of material conflicts of interest that may arise in connection with a Portfolio Manager who manages multiple funds and/or other accounts:

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The management of multiple funds and/or other accounts may result in a Portfolio Manager devoting varying periods of time and attention to the management of each fund and/or other account. As a result, the Portfolio Manager may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he or she were to devote substantially more attention to the management of a single fund. The Adviser believes this problem may be significantly mitigated by Bridgeway's use of statistical models.

If a Portfolio Manager identifies an investment opportunity that may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. Accordingly, the Adviser has developed guidelines to address the priority order in allocating investment opportunities.

At times, a Portfolio Manager may determine that an investment opportunity may be appropriate for only some of the funds or other accounts for which he or she exercises investment responsibility, or may decide that certain of the funds or other accounts should take differing positions with respect to a particular security. In these cases, the Portfolio Manager may place separate transactions for one or more funds or other accounts, which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other funds or accounts.

With respect to securities transactions for the Fund, the Adviser determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. The Adviser may place separate, non-simultaneous, transactions for a fund and another account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the fund or the other account. The Adviser seeks to mitigate this problem through a random rotation of order in the allocation of executed trades.

With respect to securities transactions for the Fund, the Adviser determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts (such as other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, the Adviser or its affiliates may place separate, non-simultaneous, transactions for a fund and another account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the fund or the other account.

The appearance of a conflict of interest may arise where the Adviser has an incentive, such as a performance based management fee or other differing fee structure, which relates to the management of one fund or other account but not all funds and accounts with respect to which a Portfolio Manager has day-to-day management responsibilities.

The Adviser and the Fund have adopted certain compliance policies and procedures that are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which an actual or potential conflict may arise.

***Vident Description of Material Conflicts of Interest.*** A Portfolio Manager's management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the International Fund's and the Small/Mid Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objectives as a Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby a Portfolio Manager could favor one account over another. Another potential conflict could include a Portfolio Manager's knowledge about the size, timing and possible market impact of Fund trades, whereby a Portfolio Manager could use this information to the advantage of other accounts and to the disadvantage of the International Fund and Small/Mid Fund they manage. However, the Sub-Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts the Sub-Adviser manages are fairly and equitably allocated.

#### Portfolio Manager Compensation Structure
The objective of the Adviser's compensation program is to provide pay and long-term compensation for its staff members (who are all referred to as "Partners") that is competitive with the mutual fund/investment advisory

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market relative to the Adviser's size. The Adviser evaluates competitive market compensation by reviewing compensation survey results conducted by independent third parties involved in investment industry compensation.

The Portfolio Managers, including Elena Khoziaeva, Jacob Pozharny and Christine L. Wang, participate in a compensation program that includes a base salary that is fixed annually, bonus and long-term compensation. Each Portfolio Manager's base salary is a function of review of market salary data for their respective role and an assessment of individual execution of responsibilities related to goals, integrity, team work, and leadership. Profit sharing bonuses are driven by company performance and an assessment of individual execution of responsibilities. The Adviser's profitability is primarily affected by a) assets under management, b) management fees, for which some actively managed accounts have performance-based fees relative to stock market benchmarks, and c) operating costs of the Adviser.

Finally, all Portfolio Managers participate in long-term compensation programs including a 401(k) Plan and equity programs linked to the Adviser's value which is a function of the profitability and growth of the Adviser. Although Mr. Montgomery does not participate in the ESOP, the value of his ownership stake is impacted by the profitability and growth of the Adviser.

Historically, the Adviser has voluntarily disclosed the annual compensation of John Montgomery, Portfolio Manager for all of the Bridgeway Funds. Annual compensation for each of the three most recent calendar years ended December 31, includes a salary and bonus, plus a 401(k) contribution. John Montgomery's cash compensation component was $457,500, $541,000 and $[ ] for 2023, 2024 and 2025, respectively. The 401(k) contribution for John Montgomery was $16,250 in 2023 , $17,250 in 2024 and $[ ] in 2025 . These figures are based on the Adviser's audited financial records and individual W-2 forms.

As an "S" Corporation, the federal income taxes of Bridgeway Investments, Inc. ("Bridgeway Investments"), which is the immediate parent company of the Adviser, are paid at the shareholder rather than corporate level. The Adviser distributes an amount to Bridgeway Investments to enable its shareholders to cover these taxes at the maximum individual tax rate. These amounts are not included in Mr. Montgomery's annual compensation disclosed herein.

***Vident Portfolio Manager Compensation***. The Vident Portfolio Managers receive a fixed base salary and discretionary bonus that are not tied to the performance of the Funds.

#### PROXY VOTING
The Trust's Board has approved the delegation of the authority to vote proxies relating to the securities held in the portfolios of the Funds to the Adviser after the Board reviewed and considered the proxy voting policies and procedures used by the Adviser. Please refer to Appendix A of this SAI for the Adviser's Proxy Voting Policy.

Bridgeway ETF Trust's proxy voting record for the most recent 12-month period ended December 31, will be available at [ ] and available without charge, upon request, by calling 800-[ ]-[ ], or emailing [ ], and will also available on the SEC website at www.sec.gov.

#### DISTRIBUTOR
Foreside Fund Service, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group, (the "Distributor") serves as the principal underwriter of the Trust in connection with the review and approval of all purchase and redemption orders of Creation Units of the Fund by Authorized Participants (defined below), pursuant to a Distribution Agreement between the Trust and Distributor. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101. The Distributor is a broker-dealer registered under the 1934 Act, and a member of the FINRA. Shares will be continuously offered for sale by the Trust through the Distributor only in whole Creation Units, as described in the section of this SAI entitled "Purchase and Redemption of Creation Units Aggregations." The Distributor also acts as an agent for the Trust for those activities described within the Distribution Agreement. The Distributor will deliver a prospectus to Authorized Participants purchasing Shares in Creation Units and will maintain records of both orders and confirmations of acceptance to Authorized Participants. The Distributor has no role in determining the investment policies of the Fund or which securities are to be

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purchased or sold by the Fund. No compensation is payable by the Trust to Distributor for such distribution services. However, the Adviser has entered into an agreement with Distributor under which it makes payments to Distributor in consideration for its services under the Distribution Agreement. The payments made by the Adviser to Distributor do not represent an additional expense to the Trust or its shareholders.

#### Distribution and Service Plan
As stated in the Fund's Prospectus, the Trust has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 with respect to shares of the Fund. However, no 12b-1 fee is currently charged to the Fund, and there are no plans in place to impose a Rule 12b-1 fee at this time. Pursuant to the Plan, the Fund may enter into agreements from time to time with financial intermediaries providing for support and/or distribution services to customers of the financial intermediaries who are the beneficial owners of Fund shares. Under the agreements, the Fund may pay financial intermediaries up to 0.25% (on an annualized basis) of the average daily NAV of the shares beneficially owned by their customers. Distribution services may include: (i) services in connection with distribution assistance; or (ii) payments to financial institutions and other financial intermediaries, such as broker-dealers and mutual fund "supermarkets," as compensation for services or reimbursement of expenses incurred in connection with distribution assistance.

Any amendment to increase materially the costs under the Plan with respect to Creation Units of the Fund for distribution must be approved by the holders of a majority of the outstanding shares of the Fund. So long as the Plan is in effect, the selection and nomination of the members of the Board who are not "interested persons" (as defined in the 1940 Act) of the Trust will be committed to the discretion of such Non-Interested Trustees.

#### BOOK-ENTRY ONLY SYSTEM
The Depository Trust Company ("DTC") acts as Securities Depository for the Shares of the Trust. Shares of the Fund are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC.

DTC, a limited-purpose trust company, was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities' certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is a subsidiary of the Depository Trust and Clearing Corporation ("DTCC"), which is owned by its member firms including international broker/dealers, correspondent and clearing banks, mutual fund companies and investment banks. Access to the DTC system is also available to others such as banks, brokers, dealers and Trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Fund shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of shares. The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form. Such laws may impair the ability of certain investors to acquire beneficial interests in shares.

Beneficial Owners of shares are not entitled to have shares registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and are not considered the registered holder thereof. Accordingly, each Beneficial Owner must rely on the procedures of DTC, the DTC Participant and any Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of

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shares. The Trust understands that under existing industry practice, in the event the Trust requests any action of holders of shares, or a Beneficial Owner desires to take any action that DTC, as the record owner of all outstanding shares, is entitled to take, DTC would authorize the DTC Participants to take such action and that the DTC Participants would authorize the Indirect Participants and Beneficial Owners acting through such DTC Participants to take such action and would otherwise act upon the instructions of Beneficial Owners owning through them. As described above, the Trust recognizes DTC or its nominee as the owner of all shares for all purposes.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the share holdings of each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding shares of the Fund, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all shares of the Trust. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in shares as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants. The Trust has no responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to shares of the Trust at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action either to find a replacement for DTC to perform its functions at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Listing Exchange on which shares are listed.

#### PURCHASE AND REDEMPTION OF CREATION UNIT AGGREGATIONS

#### CREATION UNIT AGGREGATIONS
The Trust issues and sells shares of the Fund only in Creation Unit Aggregations. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of any Fund of the Trust, and to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

#### PURCHASE AND ISSUANCE OF CREATION UNIT AGGREGATIONS
**General.** The Trust issues and sells shares of the Fund only in Creation Units on a continuous basis through the Distributor, without a sales load, at the Fund's NAV next determined after receipt by the Transfer Agent, on any Business Day (as defined herein), of an order in proper form. A "Business Day" with respect to the Fund is any day on which the Listing Exchange is open for business. As of the date of this SAI, each Listing Exchange observes the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

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**Portfolio Deposit.** Unless cash purchases are specified for the Fund, under normal circumstances the consideration for purchase of a Creation Unit of shares of the Fund generally consists of the in-kind deposit of a designated portfolio of securities and other instruments (the "Deposit Securities") generally corresponding pro rata (except in certain circumstances) to the Fund's portfolio positions, and an amount of cash computed as described below (the "Cash Component") plus, in either case, a purchase transaction fee as described below in the section entitled "Purchase Transaction Fee." Together, the Deposit Securities and the Cash Component constitute the "Portfolio Deposit," which represents the minimum initial and subsequent investment amount for shares of the Fund. The Cash Component may include a Balancing Amount. The "Balancing Amount" is an amount equal to the difference between (x) the NAV (attributable to a Creation Unit) of the Fund and (y) the "Deposit Amount", which is the market value (attributable to a Creation Unit) of the securities deposited with the Trust. The Balancing Amount serves the function of compensating for any differences between the NAV per Creation Unit and the Deposit Amount. If the Balancing Amount is a positive number *(i.e.,* the NAV attributable to a Creation Unit is more than the Deposit Amount), the Authorized Participant will deliver the Balancing Amount. If the Balancing Amount is a negative number *(i.e.,* the NAV per Creation Unit is less than the Deposit Amount), the Authorized Participant will receive the Balancing Amount. Payment of any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities shall be the sole responsibility of the Authorized Participant that purchased the Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

BCM makes available through the NSCC on each Business Day, prior to the opening of business on the Listing Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required quantity of each Deposit Security to be included in the current Portfolio Deposit (based on information at the end of the previous Business Day) for the Fund. Such Portfolio Deposit is applicable, subject to any adjustments as described below, in order to effect purchases of Creation Units of the Fund until such time as the next-announced Portfolio Deposit composition is made available.

On a given Business Day, the Trust may require all Authorized Participants purchasing Creation Units on that day to deposit an amount of cash (that is a "cash in lieu" amount) to replace any Deposit Security that may not be eligible for transfer through the systems of DTC or the Clearing Process (discussed below) or, in the case of a non-U.S. Deposit Security, the security or instrument is not eligible for trading due to local trading restrictions, local restrictions on securities transfers or other similar circumstances. The Trust also reserves the right to permit a "cash in lieu" amount to replace any Deposit Security which may not be available in sufficient quantity or which may not be eligible for trading by an Authorized Participant or the investor on whose behalf the Authorized Participant is acting. On a given Business Day, the Trust may announce before the open of trading that all purchases of Creation Units of the Fund on that day will be made entirely in cash or, upon receiving a purchase order for Creation Units of a Fund from an Authorized Participant, the Trust may determine to require that purchase to be made entirely in cash, rather than in-kind.

In addition to the list of names and numbers of securities constituting the current Deposit Securities of a Portfolio Deposit, on each Business Day, the Cash Component effective through and including the previous Business Day, per outstanding Creation Unit of the Fund, will be made available.

**Procedures For Creation of Creation Units.** To be eligible to place orders to create a Creation Unit of a Fund, an entity must be a DTC Participant, and must have executed an agreement with the Distributor, with respect to creations and redemptions of Creation Units ("Participant Agreement") (discussed below). A DTC Participant who has executed a Participant Agreement is referred to as an "Authorized Participant." Investors should contact the Distributor for the names of Authorized Participants. All shares of a Fund, however created, will be entered on the records of DTC in the name of Cede & Co. for the account of a DTC Participant.

Except as described below, all creation orders must be placed for one or more Creation Units and must be received in proper form no later than the closing time of the regular trading session of the Listing Exchange (normally 4:00 p.m., Eastern time) ("Closing Time") on any Business Day in order for creation of Creation Units to be effected based on the NAV of shares of a Fund as next determined on such date. The date on which an order to create Creation Units (or an order to redeem Creation Units, as discussed below) is timely received in proper form is referred to as the "Transmittal Date." Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement, as described below. Economic or market disruptions or changes, or telephone or other communication failure, may impede the ability to reach the Transfer Agent or an Authorized Participant.

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All orders to create Creation Units shall be placed with an Authorized Participant in the form required by such Authorized Participant. In addition, an Authorized Participant may request that an investor make certain representations or enter into agreements with respect to an order (e.g., to provide for payments of cash). Investors should be aware that their particular broker may not have executed a Participant Agreement and, therefore, orders to create Creation Units of a Fund will have to be placed by the investor's broker through an Authorized Participant. In such cases, there may be additional charges to such investor. A limited number of broker-dealers have executed a Participant Agreement and only a small number of such Authorized Participants have international capabilities. Investors placing orders for Creation Units of the Fund should ascertain the applicable deadline for DTC and the Federal Reserve Bank wire system, as well as cash transfers, by contacting the operations department of the broker or depositary institution making the transfer of the Deposit Securities and/or Cash Component. This deadline is likely to be significantly earlier than the closing time of the regular trading session on the applicable Listing Exchange. Investors should be aware that the Authorized Participant may require orders for Creation Units placed with it to be in the form required by the individual Authorized Participant, which form may not be the same as the form of purchase order specified by the Trust that the Authorized Participant must deliver to the Transfer Agent.

**Placement of Creation Orders For The Fund.** The clearance and settlement of Creation Units will depend on the nature of each security, consistent with the processes discussed below. Fund Deposits made outside the Continuous Net Settlement System of the NSCC (the Clearing Process) must be delivered through a DTC Participant that has executed a Participant Agreement. A DTC participant who wishes to place an order creating Creation Units to be effected outside the Clearing Process does not need to be a broker-dealer or other participant in the Clearing Process NSCC ("Participating Party"), but such orders must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will instead be effected through a transfer of securities (other than U.S. government securities) directly through DTC, or through a transfer of U.S. government securities and cash directly through the Federal Reserve System. The Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Fund by no later than 2:00 p.m., Eastern time, on the "Settlement Date." The Settlement Date is typically the first Business Day, but could be up to the second Business Day, following the Transmittal Date. In certain cases, Authorized Participants will create and redeem Creation Units of the same Fund on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis. All questions as to the number of Deposit Securities to be delivered, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination shall be final and binding.

The amount of cash equal to the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than 2:00 p.m., Eastern time, on the Settlement Date. An order to create Creation Units outside the Clearing Process will be received by the Transfer Agent on the Transmittal Date if: (i) such order is received by the Transfer Agent not later than the Closing Time on such Transmittal Date; and (ii) all other procedures set forth in the Participant Agreement are properly followed. However, if the Custodian does not receive both the required Deposit Securities and the Cash Component by 2:00 p.m., Eastern time on the Settlement Date, such order may be canceled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of the Fund. The delivery of Creation Units so created generally will occur no later than the Settlement Date.

With respect to any non-U.S. Deposit Securities, BCM shall cause the sub-custodians of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, the securities included in the designated Deposit Securities and/or cash. Deposit Securities must be delivered to an account maintained at the applicable local sub-custodian(s). Orders to purchase Creation Unit Aggregations must be received by the Transfer Agent from an Authorized Participant on its own or the applicable Listing Exchange on the relevant Business Day. However, when a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period. Settlement must occur by 2:00 p.m., Eastern time, on the contractual settlement date.

The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the Cash Component next determined after acceptance of the purchase order, together with the applicable purchase transaction fee. Any excess funds will be returned following settlement of the issue of the Creation Unit.

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**Acceptance of Purchase Order.** Subject to the conditions that (i) an irrevocable purchase order has been submitted by the Authorized Participant (either on its own or another investor's behalf) and (ii) arrangements satisfactory to the Trust are in place for payment of the Cash Component and any other cash amounts which may be due, the Trust will accept the order, subject to its right (and the right of the Distributor and BCM) to reject any order until acceptance.

Once the Trust has accepted an order, upon next determination of the NAV of the shares, the Trust will confirm the issuance of a Creation Unit of the Fund, against receipt of payment, at such NAV. The Transfer Agent will then transmit a confirmation of acceptance to the Authorized Participant that placed the order.

The Trust reserves the absolute right to reject or revoke acceptance of a purchase order transmitted to it by the Transfer Agent in respect of any Fund if: (a) the purchase order is not in proper form; (b) the purchaser or group of purchasers, upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of any Fund; (c) the Deposit Securities delivered are not as specified by BCM as described above; (d) the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; or (e) in the event that circumstances outside the control of the Trust, the Distributor, Transfer Agent, Custodian, a sub-custodian or BCM make it for all practical purposes impossible to process purchase orders. Examples of such circumstances include acts of God; public service or utility problems; fires, floods or extreme weather conditions; power outages resulting in telephone, telecopy or computer failures; market conditions or activities causing trading halts; systems failures involving computer or other informational systems affecting the Trust, the Distributor, DTC, NSCC, BCM, Transfer Agent, Custodian, a sub-custodian or any other participant in the creation process; and similar extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or Authorized Participant acting on behalf of such creator of its rejection of the purchase order. The Trust, Transfer Agent, Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Portfolio Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust reserves the right, in its sole discretion, to suspend the offering of Shares of a Fund or to reject purchase orders when, in its judgment, such suspension or rejection would be in the best interests of the Trust or the Fund.

**Issuance of a Creation Unit.** Except as provided herein, a Creation Unit of shares of the Fund will not be issued until the transfer of good title to the Trust of the Deposit Securities and the payment of the Cash Component, or transfer of cash, as applicable, have been completed. In addition, a transaction fee, as listed below, will be charged. If the Authorized Participant does not place its purchase order by the Closing Time for the Fund or the Custodian does not receive federal funds in the appropriate amount by the applicable time for the relevant order, then the order will be rejected and the Authorized Participant shall be liable to the Fund for any resulting losses. With respect to any non-U.S. Deposit Securities, when the applicable local sub-custodian(s) have confirmed to the Custodian that the required securities included in the Portfolio Deposit (or the cash value thereof) have been delivered to the account of the applicable local sub-custodian or sub-custodians, the Transfer Agent and the Adviser shall be notified of such delivery, and the Trust will issue, and cause the delivery of the Creation Unit. Creation Units typically are issued on a "T+1" basis (one Business Day after trade date) unless the Fund and Authorized Participant agree to a different Settlement Date. However, the Fund reserves the right to settle Creation Unit transactions on a basis other than T+1 basis in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates or ex-dividend dates (the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances.

To the extent contemplated by an Authorized Participant's agreement with the Distributor, the Trust will issue Creation Units to such Authorized Participant notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral having a value at least equal to 110%, which BCM may change from time to time, of the value of the missing Deposit Securities. Such cash collateral must be delivered to the Custodian no later than 2:00 p.m., Eastern time, on the contractual settlement date. The Trust's current procedures require, among other things, that any cash collateral shall be in the form of U.S. dollars in immediately available funds and shall be held by the Trust's Custodian and marked to market daily, and that the fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the cash collateral shall be payable by the Authorized Participant. The cash collateral posted by the Authorized Participant may be invested at the risk of the Authorized Participant, and income, if any, on invested cash collateral will be paid to that Authorized Participant. Circumstances under which the Trust may use the cash collateral to purchase the missing Deposit Securities include

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when missing Deposit Securities are not received by 2:00 p.m., Eastern time, on the Settlement Date or in the event a marked-to-market payment is not made within one Business Day following notification by the Transfer Agent that such a payment is required. Information concerning the Trust's current procedures for collateralization of missing Deposit Securities is available from the Transfer Agent. The Trust reserves the right to buy the missing Deposit Securities at any time and the Authorized Participant will be liable to the Trust for any shortfall between the cost to the Trust of purchasing such securities and the value of the cash collateral. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the transmittal date plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the cash collateral once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The delivery of Creation Units so created generally will occur no later than the Settlement Date.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis. All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

**Cash Transactions.** The Fund may effect purchases and redemption orders of a Creation Unit of shares of the Fund solely for cash. A Fund that intends to effect all or a portion of redemptions, as applicable, for cash, rather than in-kind, may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If a Fund recognizes gain on these sales, this generally will cause the recognition of gain that might not otherwise have been recognized if it had not effected a redemption order either partly or entirely with cash, or to recognize such gain sooner than would otherwise be required. The Fund generally intends to distribute these gains to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF that satisfies redemption in-kind with portfolio securities.

**Cash Purchase Method.** When cash purchases of Creation Units are specified for the Fund, they will be effected in essentially the same manner as in-kind purchases thereof. The investor must pay the cash equivalent of the designated Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser. In addition, to offset the Trust's brokerage and other transaction costs associated with using the cash to purchase the requisite Deposit Securities, the investor will be required to pay a fixed purchase transaction fee, plus an additional variable charge for cash purchases. The transaction fees for in-kind and cash purchases of Creation Units are described below.

**Purchase Transaction Fee.** Purchasers of Creation Units are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. Investors who use the services of a broker, or other such intermediary, may be charged a fee for such services. A fixed purchase transaction fee payable to the Trust is imposed to compensate the Trust for the transfer and other transaction costs of a Fund associated with the issuance of Creation Units. The standard purchase transaction fee will be the same with respect to an order regardless of the number of Creation Units purchased. The Trust may from time to time waive the standard transaction fee. The Authorized Participant may also be required to pay an additional variable charge to compensate the relevant Fund for certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from cash purchases of Creation Units (up to the maximum amount shown below). Where the Trust permits an in-kind purchaser to substitute cash in lieu of depositing a portion of the Deposit Securities, the purchaser also will be assessed an additional variable transaction charge (up to the maximum amount shown below). To the extent a Fund cannot recoup the amount of transaction costs incurred in connection with a purchase, those transaction costs will be borne by a Fund's remaining shareholders and negatively affect a Fund's performance.

The purchase transaction fees for in-kind purchases and cash purchases (when available) vary and apply to offset transaction costs associated with cash creations and/or redemptions, but not to exceed maximum allowed by the [Sponsor].

**Redemption of Creation Units.** Shares of the Fund may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. The Trust will not redeem shares in amounts less than Creation Units. Beneficial owners

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also may sell shares in the secondary market, but must accumulate enough Fund shares to constitute a Creation Unit in order to have such shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation Unit.

With respect to the Fund, BCM makes available through the NSCC prior to the opening of business on the Listing Exchange (currently 9:30 a.m., Eastern time) on each Business Day, the portfolio securities or instruments that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Unless cash redemptions are specified for the Fund, the redemption proceeds for a Creation Unit generally consist of Fund Securities as announced by BCM through the NSCC on the Business Day of the request for redemption, plus cash in an amount equal to the difference between the NAV of the shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities, less the redemption transaction fee described below ("Cash Redemption Amount"). The redemption transaction fee described below is deducted from such redemption proceeds. In the event that the Fund Securities have a value greater than the NAV of the Fund shares, a compensating cash payment equal to such difference is required to be made by or through an Authorized Participant by the redeeming shareholder.

On a given Business Day, the Trust may require all Authorized Participants redeeming Creation Units on that day to receive an amount of cash (that is a "cash in lieu" amount) to replace any Fund Security that may not be eligible for transfer through the systems of DTC or the Clearing Process (discussed above) or, in the case of a non-U.S. Fund Security, the security or instrument is not eligible for trading due to local trading restrictions, local restrictions on securities transfers or other similar circumstances. The Trust also reserves the right to permit a "cash in lieu" amount to replace any Fund Security which may not be eligible for trading by an Authorized Participant or the investor on whose behalf the Authorized Participant is acting or if a shareholder would be subject to unfavorable income tax treatment if the shareholder received redemption proceeds in kind. On a given Business Day, the Trust may announce before the open of trading that all redemptions of Creation Units of a Fund on that day will be made entirely in cash or, upon receiving a redemption order for Creation Units of the Fund from an Authorized Participant, the Trust may determine to require that redemption to be made entirely in cash, rather than in-kind.

When cash redemptions of Creation Units are specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. The investor will receive the cash equivalent of the designated Fund Securities it would otherwise have received through an in-kind redemption, plus the same Cash Redemption Amount required to be paid to an in-kind redeemer. In addition, to offset the Trust's brokerage and other transaction costs associated with a cash redemption, the investor will be required to pay a fixed redemption transaction fee, plus an additional variable charge for cash redemptions, which is expressed as a percentage of the value per Creation Unit. The transaction fees for in-kind and cash redemptions of Creation Units are described below.

Investors will bear the costs of transferring the Fund Securities from the Trust to their account on the order. Investors who use the services of a broker or other such intermediary may be charged a fee for such services. A fixed redemption transaction fee payable to the Trust is imposed to offset transfer and other transaction costs that may be incurred by the relevant Fund. The standard redemption transaction fee will be the same with respect to an order regardless of the number of Creation Units redeemed. The Trust may from time to time waive the standard transaction fee. The Authorized Participant may also be required to pay a variable transaction fee to compensate the relevant Fund for certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from cash redemptions of Creation Units (up to the maximum amount shown below). Where the Trust requires or permits an in-kind redeemer to substitute cash in lieu of receiving a portion of the Deposit Securities, the redeemer also will be assessed an additional variable transaction charge (up to the maximum amount shown below). To the extent the Fund cannot recoup the amount of transaction costs incurred in connection with a redemption, those transaction costs will be borne by the Fund's remaining shareholders and negatively affect the Fund's performance.

The redemption transaction fee for redemptions in-kind and for cash varies and applies to offset transaction costs associated with cash creations and/or redemptions, but not to exceed maximum allowed by the [Sponsor].

**Placement of Redemption Orders For The Fund.** Orders to redeem Creation Units of a Fund must be delivered through a DTC Participant that has executed the Participant Agreement. A DTC Participant who wishes to place an order for redemption of Creation Units to be effected outside the Clearing Process does not need to be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that

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redemption of Creation Units will instead be effected through transfer of shares directly through DTC. An order in good form to redeem Creation Units outside the Clearing Process will be received by the Trust on the Transmittal Date if: (i) such order is received by the Transfer Agent not later than the Closing Time on such Transmittal Date; (ii) such order is accompanied or followed by the requisite number of shares of the Fund specified in such order, which delivery must be made through DTC to the Transfer Agent no later than 10:00 a.m., Eastern time, on the contracted settlement date; and (iii) all other procedures set forth in the Participant Agreement are properly followed. After the Trust has received an order for redemption outside the Clearing Process, the Trust will initiate procedures to transfer the requisite Fund Securities, which are generally expected to be delivered within one Business Day (unless the Fund and Authorized Participant agree to a different Settlement Date) and the Cash Redemption Amount to the Authorized Participant on behalf of the redeeming Beneficial Owner by the Settlement Date. Due to the schedule of holidays in certain countries, however, the delivery of in-kind redemption proceeds for a Fund may take longer than one Business Day (unless the Fund and Authorized Participant agree to a different Settlement Date) after the Transmittal Date. In such cases, the local market settlement procedures will not commence until the end of local holiday periods. In certain cases, Authorized Participants will redeem and create Creation Units of the same Fund on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

Investors should be aware that their particular broker may not have executed a Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed a Participant Agreement. At any given time there will be only a limited number of broker-dealers that have executed an Authorized Participant Agreement. Investors making a redemption request through an Authorized Participant should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request through an Authorized Participant to redeem Creation Units should allow sufficient time to permit proper submission of the request by such Authorized Participant and transfer of the shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

In connection with taking delivery of shares of non-U.S. Fund Securities upon redemption of shares of a Fund, a redeeming Beneficial Owner or Authorized Participant acting on behalf of such Beneficial Owner must maintain appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.

**Issuance of Redemption Proceeds.** To the extent permitted by an Authorized Participant's agreement with the Distributor, in the event the Authorized Participant has submitted a redemption order in proper form but is unable to transfer all of the Fund shares required to redeem the redemption order to the Custodian at or prior to 10:00 a.m., Eastern time, on the next Business Day following the Transmittal Date, the Fund at its discretion may, in reliance on the undertaking by the Authorized Participant to deliver all of the Fund shares required to redeem the redemption order as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral having a value at least equal to 110%, which BCM may change from time to time, of the value of the entire redemption order (marked-to-market daily). Such cash collateral must be requested no later than 10:00 a.m. Eastern time, and delivered to the Custodian no later than 2:00 p.m., Eastern time, on the Listing Exchange business day after the date of submission of such redemption request. The Trust's current procedures require, among other things, that any cash collateral shall be in the form of U.S. dollars in immediately available funds and shall be held by the Trust's Custodian and marked to market daily, and that the fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the cash collateral shall be payable by the Authorized Participant. The cash collateral posted by the Authorized Participant may be invested at the risk of the Authorized Participant, and income, if any, on invested cash collateral will be paid to that Authorized Participant. The Trust reserves the right to purchase Fund shares or acquire portfolio securities underlying such shares at any time and the Authorized Participant will be liable to the Trust for any shortfall between the cost to the Trust of purchasing such shares or portfolio securities and the value of the cash collateral. The Fund will only return the collateral provided by the Authorized Participant once the Fund verifies that all Fund shares for the corresponding redemption order have settled at the Trust's Custodian.

The calculation of the value of the Fund Securities and the Cash Redemption Amount to be delivered upon redemption will be made by the Trust according to the procedures set forth under "Determination of Net Asset Value" in the Fund' Prospectus and "Net Asset Value" below computed on the Business Day on which a redemption

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order is deemed received in good form by the Trust. Therefore, if a redemption order in proper form is submitted to the Transfer Agent by a DTC Participant not later than Closing Time on the Transmittal Date, and the requisite number of shares of the relevant Fund are delivered to Transfer Agent prior to the DTC Cut-Off-Time, then the value of the Fund Securities and the Cash Redemption Amount to be delivered will be determined by Trust on such Transmittal Date. If, however, a redemption order is submitted to the Transfer Agent by a DTC Participant not later than the Closing Time on the Transmittal Date but either (i) the requisite number of shares of the relevant Fund are not delivered by the DTC Cut-Off-Time, as described above, on such Transmittal Date, or (ii) the redemption order is not submitted in proper form, then the redemption order may be rejected and the investor will be liable to the Trust for losses, if any, resulting therefrom. In such case, the value of the Fund Securities and the Cash Redemption Amount to be delivered will be computed on the Business Day that such order is received in good order by the Trust, (i.e., the Business Day on which the shares of the relevant Fund are delivered through DTC to the Transfer Agent by the DTC Cut-Off-Time) on such Business Day pursuant to a properly submitted redemption order.

If it is not possible to effect deliveries of the portfolio securities, the Trust may in its discretion exercise its option to redeem such shares in cash, and the redeeming Beneficial Owner will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the net asset value of its shares based on the NAV of shares of the relevant Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional variable charge for cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of portfolio securities of the Fund).

Redemptions of shares for Fund Securities will be subject to compliance with applicable U.S. federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Fund could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to particular securities included in the Fund Securities applicable to the redemption of a Creation Unit may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming Beneficial Owner of the shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment.

Because the portfolio securities of a Fund may trade on the relevant exchange(s) on days that the Listing Exchange is closed or are otherwise not Business Days for the Fund, shareholders may not be able to redeem their shares of the Fund, or to purchase or sell shares of the Fund on the Listing Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant foreign markets.

The right of redemption may be suspended or the date of payment postponed with respect to any Fund (1) for any period during which the New York Stock Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the New York Stock Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the shares of the Fund's portfolio securities or determination of its NAV is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**Custom Baskets.** The Fund will accept "custom baskets" and as a result Creation Unit baskets may differ. A custom basket may consist of the following: (i) a basket that is composed of a non-representative selection of a Fund's portfolio holdings; (ii) a basket that is representative of a Fund's portfolio holdings and is different from the initial basket used in transactions earlier on the same business day; or (iii) a basket that contains bespoke cash substitutions for a single Authorized Participant. The Fund have adopted policies and procedures that govern the construction and acceptance of baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom baskets that are in the best interests of the Fund and its shareholders, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of BCM employees who are required to review each custom basket for compliance with those parameters. The policies and procedures impose different requirements for different types of custom baskets. BCM has established a governance process to oversee basket compliance for the Fund, as set forth in the Fund' policies and procedures.

#### NET ASSET VALUE
Securities are valued at fair value. Securities traded on U.S. securities exchanges or in the [ ], including shares of ETFs, are valued at the regular trading session closing price on the exchange or system in which such

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securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities that are not reported in the [ ] also generally are valued at the most recent quoted bid price. Fixed-income securities, however, may be valued on the basis of evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities. Such prices may be determined taking into account other similar securities prices, yields, maturities, call features, ratings, strength of issuer, insurance guarantees, institutional size trading in similar groups of securities and developments related to specific securities. The values of securities of foreign issuers generally are based upon market quotations which, depending upon local convention or regulation, may be the last sale price, the last bid or asked price or the mean between the last bid and asked price as of, in each case, the close of the appropriate exchange or other designated time. Foreign fixed-income securities, however, may, like domestic fixed-income securities, be valued based on evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities. Shares of open-end investment companies are valued at NAV. Spot and forward currency exchange contracts generally are valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established by the exchange on which they are traded. Over-the-counter options are valued at broker-provided bid prices, as are swaps, caps, collars and floors. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. Short-term investments are valued at amortized cost, which the Adviser has determined, pursuant to Board authorization, approximates fair value. If the Fund invests in other underlying funds, other than funds that are exchange-traded, the investing Fund will calculate its NAV using the NAV of the underlying fund in which it invests.

The Board has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, any securities for which market quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by the Adviser. Circumstances in which securities may be fair valued include periods when trading in a security is limited, corporate actions and announcements take place, or regulatory news is released such as government approvals. Additionally, the Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. The Adviser, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used on behalf of a Fund but before the time as of which a class of shares of a Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance. This may occur particularly with respect to certain foreign equity securities held by a Fund, in which case the Adviser may use adjustment factors obtained from an independent fair value pricing service that are intended to reflect more accurately the fair value of those securities as of the time a class of shares of a Fund's NAV is calculated. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, government actions, or natural disasters. The use of fair valuation involves the risk that the values used by the Adviser to price a Fund's investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

The time at which transactions and shares are priced and the time by which orders must be received may be changed in case of an emergency or if regular trading on the New York Stock Exchange is stopped at a time other than 4:00 p.m. Eastern Standard Time. On any business day when the Securities Industry and Financial Markets Association ("SIFMA") recommends that the bond markets close early, the Fund reserve the right to close at or prior to the SIFMA recommended closing time and credit will be given on the next business day. The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC. In addition, the Fund may compute its NAV as of any time permitted pursuant to any exemption, order or statement of the SEC or its staff. The Trust reserves the right to reprocess purchase and redemption transactions that were processed at a NAV other than the Fund's official closing NAV. For instance, if a pricing error is discovered that impacts a Fund's NAV, the corrected NAV would be the official closing NAV and the erroneous NAV would be a NAV other than the Fund's official closing NAV. Those transactions that were processed using the erroneous NAV may then be reprocessed using the official closing NAV.

A "business day" is defined as each Monday through Friday that the New York Fed is open for business, except as noted below. The New York Fed is closed on the following national holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day and Christmas Day.

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The Adviser is not required to calculate the NAV of a Fund on days during which no shares are tendered to a Fund for redemption and no orders to purchase or sell shares are received by a Fund, or on days on which there is an insufficient degree of trading in the Fund's portfolio securities for changes in the value of such securities to affect materially the NAV per share.

#### TAXES
The following is a summary of certain additional tax considerations generally affecting the Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

This "Taxes" section is based on the Code and applicable regulations in effect on the date of this SAI. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

***This is for general information only and not tax advice. All investors should consult their own tax advisors as to the federal, state, local and foreign tax provisions applicable to them.***

#### TAXATION OF THE FUND
**Election to be Taxed as a Regulated Investment Company***.* The Fund intends to elect and qualify, each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC" or "Fund") under Subchapter M of the Code. If the Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment as a regulated investment company, the Fund must satisfy the following requirements:

● Distribution Requirement — the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

● Income Requirement — the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ("QPTPs").

● Asset Diversification Test — the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of<br>

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an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities or securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.<br>

In some circumstances, the character and timing of income realized by the Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, the Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund's income and performance.

If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on the Fund's income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Fund will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Fund may be subject to a monetary sanction of $50,000 or more. [Moreover, the Board reserves the right not to maintain the qualification of the Fund as a regulated investment company if it determines such a course of action to be beneficial to shareholders.]

**Portfolio Turnover***.* For investors that hold their Fund shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce the Fund's after-tax performance. See "Taxation of Fund Distributions - Distributions of Capital Gains" below. For non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital gains being recognized by the Fund may cause such investors to be subject to increased U.S. withholding taxes. See "Non-U.S. Investors – Capital Gain Dividends" and "–Interest-Related Dividends and Short-Term Capital Gain Dividends" below.

**Capital Loss Carryovers***.* The capital losses of the Fund, if any, do not flow through to shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of the Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund. An ownership change generally results when shareholders owning 5% or more of a Fund increase their aggregate holdings by more than 50% over a three-year lookback period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to the Fund's shareholders could result from an ownership change. The Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free

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reorganization with another fund. Moreover, because of circumstances beyond the Fund's control, there can be no assurance that the Fund will not experience, or has not already experienced, an ownership change. Additionally, if the Fund engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by the Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

**Deferral of Late Year Losses***.* The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see "Taxation of Fund Distributions—Distributions of capital gains" below). A "qualified late year loss" includes: (i) any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year ("post-October capital losses"), and (ii) the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year. The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence.

**Undistributed Capital Gains**. The Fund may retain or distribute to shareholders its net capital gain for each taxable year. The Fund currently intends to distribute net capital gains. If the Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If the Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

**Federal Excise Tax**. To avoid a 4% non-deductible excise tax, the Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior year undistributed ordinary income and capital gain net income. The Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year which is after the beginning of the Fund's taxable year. Also, the Fund will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, the Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Fund having to pay an excise tax.

**Foreign Income Tax***.* Investment income received by the Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The U.S. has entered into tax treaties with many foreign countries that may entitle the Fund to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within the control of the individual country.

Information required on these forms may not be available such as shareholder information; therefore, the Fund may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause the Fund not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the Fund on sale or disposition of securities of that

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country to taxation. It is impossible to determine the effective rate of foreign tax in advance since the amount of the Fund's assets to be invested in various countries is not known.

#### TAXATION OF FUND DISTRIBUTIONS
The Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by the Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund. You will receive information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

**Distributions of Net Investment Income***.* The Fund receives ordinary income generally in the form of dividends and/or interest on its investments. The Fund may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of a Fund's earnings and profits. See the discussion below under the headings, "–Qualified Dividend Income for Individuals" and "– Dividends-Received Deduction for Corporations"

**Distributions of Capital Gains***.* The Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund. Any net short-term or long-term capital gain realized by the Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

**Returns of Capital***.* Distributions by the Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in its shares; any excess will be treated as gain from the sale of its shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in its Fund shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Fund shares. Return of capital distributions can occur for a number of reasons including, among others, the Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts ("REITs").

**Qualified Dividend Income for Individuals***.* Ordinary income dividends reported by the Fund as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to the Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both the Fund and the investor must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, the Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by the Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

**** 

<br> **Dividends-Received Deduction for Corporations**. For corporate shareholders, a portion of the dividends paid by the Fund may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by the Fund that so qualifies will be reported by the Fund each year and cannot exceed the gross amount of dividends received by the Fund from domestic corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both the Fund and the investor. Specifically, the

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amount that the Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Fund shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Fund dividends on your shares may also be reduced or eliminated. Income derived by the Fund from investments in derivatives, fixed-income and foreign securities generally is not eligible for this treatment.

**Impact of Realized but Undistributed Income and Gains, and Net Unrealized Appreciation of Portfolio Securities**. At the time of your purchase of shares, the price of shares may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. The Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

**U.S. Government Securities***.* Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by the Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations, commercial paper and federal agency-backed obligations (e.g., GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

**Dividends Declared in October, November, or December and Paid in January**. Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

**Medicare Tax**. A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from a Fund and net gains from taxable dispositions of Fund shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

#### SALES OF FUND SHARES
Sales of Fund shares are taxable transactions for federal and state income tax purposes. If you sell your Fund shares, the IRS requires you to report any gain or loss on your sale. If you held your shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

**Taxes on Purchase and Redemption of Creation Units***.* An Authorized Participant who exchanges equity securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of purchase (plus any cash received by the Authorized Participant as part of the issue) and the Authorized Participant's aggregate basis in the securities surrendered (plus any cash paid by the Authorized Participant as part of the issue). An Authorized Participant who exchanges Creation Units for equity securities generally will recognize a gain or loss equal to the difference between the Authorized Participant's basis in the Creation Units (plus any cash paid by the Authorized Participant as part of the redemption)

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and the aggregate market value of the securities received (plus any cash received by the Authorized Participant as part of the redemption). The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Under current federal tax laws, any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as a short-term capital gain or loss if the shares have been held for one year or less, assuming that such Creation Units are held as a capital asset.

If the Fund redeems Creation Units in cash, it may recognize more capital gains than it will if it redeems Creation Units in-kind.

**Tax Basis Information***.* A shareholder's cost basis information will be provided on the sale of any of the shareholder's shares, subject to certain exceptions for exempt recipients. Please contact the broker (or other nominee) that holds your shares with respect to reporting of cost basis and available elections for your account.

**Wash Sales**. All or a portion of any loss that you realize on a sale of your Fund shares will be disallowed to the extent that you buy other shares in the Fund (through reinvestment of dividends or otherwise) within 30 days before or after your share sale. Any loss disallowed under these rules will be added to your tax basis in the new shares.

**Sales at a Loss Within Six Months of Purchase**. Any loss incurred on a sale of shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.

**Reportable Transactions***.* Under U.S. Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

#### TAX TREATMENT OF PORTFOLIO TRANSACTIONS
Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to the Funds and, in turn, affect the amount, character and timing of dividends and distributions payable by the Fund to its shareholders.

**In General**. In general, gain or loss recognized by the Fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character, of certain gains or losses.

**Options, Futures, Forward Contracts, Swap Agreements and Hedging Transactions***.* In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any

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termination of the Fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by the Fund as well as listed non-equity options written or purchased by the Fund on U.S. exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, the Fund's transactions in other derivative instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivative instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid the Fund-level tax.

Certain of the Fund's investments in derivatives and foreign currency-denominated instruments, and the Fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If the Fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If the Fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

**Foreign Currency Transactions***.* The Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease the Fund's ordinary income distributions to you, and may cause some or all of the Fund's previously distributed income to be classified as a return of capital. In certain cases, the Fund may make an election to treat such gain or loss as capital.

**PFIC investments**. The Fund may invest in securities of foreign companies that may be classified under the Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, the Fund intends to mark-to-market these securities under certain provisions of the Code and recognize any unrealized gains as ordinary income at the end of the Fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that the Fund is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will

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cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by the Fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, the Fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Fund to make a mark-to-market election. If the Fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains.

**Securities Lending**. While securities are loaned out by the Fund, the Fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

**Investments in Convertible Securities***.* Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

**Investments in Securities of Uncertain Tax Character***.* The Fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it could affect the timing or character of income recognized by the Fund, requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

#### BACKUP WITHHOLDING
By law, a portion of your taxable dividends and sales proceeds may be withheld unless you:

● provide your correct social security or taxpayer identification number,

● certify that this number is correct,

● certify that you are not subject to backup withholding, and

● certify that you are a U.S. person (including a U.S. resident alien).

Withholding is also imposed if the IRS requires it. When withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S.

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tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

#### NON-U.S. INVESTORS
Non-U.S. investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations, or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

**In General**. The United States imposes a flat 30% withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income dividends paid to you by the Fund, subject to certain exemptions described below. However, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Fund shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

**Capital Gain Dividends**. In general, capital gain dividends reported by the Fund as paid from its net long-term capital gains, other than long-term capital gains realized on the disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax unless you are a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year.

**Interest-related dividends and short-term capital gain dividends***.* Generally, dividends reported by the Fund as interest-related dividends and paid from its qualified net interest income from U.S. sources are not subject to U.S. withholding tax. "Qualified interest income" includes, in general, U.S. source (1) bank deposit interest, (2) short-term original discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation that is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Fund is a 10-percent shareholder or is contingent interest, and (4) any interest-related dividend from another regulated investment company. Similarly, short-term capital gain dividends reported by the Fund as paid from its net short-term capital gains, other than short-term capital gains realized on the disposition of certain U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax unless you were a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year. The Fund reserves the right to not report interest-related dividends or short-term capital gain dividends. Additionally, the Fund's reporting of interest-related dividends or short-term capital gain dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

**Net Investment Income from Dividends on Stock and Foreign Source Interest Income Continue to be Subject to Withholding Tax; Foreign Tax Credits**. Ordinary dividends paid by the Fund to non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to U.S. withholding tax.

Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% on the income resulting from an election to pass-through foreign tax credits to shareholders, but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

**Income Effectively Connected with a U.S. Trade or Business**. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax return.

**U.S. Estate Tax***.* Transfers by gift of shares of the Fund by a foreign shareholder who is a nonresident alien individual will not be subject to U.S. federal gift tax. An individual who, at the time of death, is a non-U.S. shareholder will nevertheless be subject to U.S. federal estate tax with respect to Fund shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. estate tax return to claim the exemption in order to obtain a

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U.S. federal transfer certificate, which permits the decedent's property to be transferred without federal estate tax liability. The transfer certificate will identify the property (i.e., Fund shares) as to which the U.S. federal estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to U.S. situs assets with a value of $60,000). For estates with U.S. situs assets of not more than $60,000, an affidavit from an appropriate individual that states that the decedent's U.S. situs assets are below this threshold amount may be sufficient to transfer the Fund shares.

**U.S. Tax Certification Rules**. Special U.S. tax certification requirements may apply to non-U.S. shareholders both to avoid U.S. backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the United States and the shareholder's country of residence. In general, if you are a non-U.S. shareholder, you must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the United States has an income tax treaty. A Form W-8 BEN provided without a U.S. taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign tax.

**Foreign Account Tax Compliance Act ("FATCA")***.* Under FATCA, a 30% withholding tax is imposed on income dividends paid by the Fund to certain foreign entities, referred to as foreign financial institutions ("FFI") or non-financial foreign entities ("NFFE"). After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reporting information relating to them.

The U.S. Treasury has negotiated intergovernmental agreements ("IGA") with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S. Treasury regulations.

An FFI can avoid FATCA withholding if it is deemed compliant or by becoming a "participating FFI," which requires the FFI to enter into a U.S. tax compliance agreement with the IRS under Section 1471(b) of the Code ("FFI agreement") under which it agrees to verify, report and disclose certain of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information about the U.S. accounts to the IRS, or, to the government of the FFI's country of residence (pursuant to the terms and conditions of applicable law and an applicable IGA entered into between the United States and the FFI's country of residence), which will, in turn, report the specified information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.

An NFFE that is the beneficial owner of a payment from the Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S. owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information to the applicable withholding agent, which will, in turn, report information to the IRS. Such foreign shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors should consult their own tax advisors regarding the impact of these requirements on their investment in the Fund. The requirements imposed by FATCA are different from, and in addition to, the U.S. tax certification rules to avoid

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backup withholding described above. Shareholders are urged to consult their tax advisors regarding the application of these requirements to their own situation.

#### EFFECT OF FUTURE LEGISLATION; LOCAL TAX CONSIDERATIONS
The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. shareholders may be subject to U.S. tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in the Fund.

#### DESCRIPTION OF SHARES
The Trust Agreement permits the Board to issue an unlimited number of full and fractional shares of beneficial interest of one or more separate series representing interests in one or more investment portfolios.

Under the terms of the Trust Agreement, each share of the Fund represents a proportionate interest in the particular Fund with each other share of its class in the same Fund and is entitled to such dividends and distributions out of the income belonging to the Fund as are declared by the Trustees. Upon any liquidation of a Fund, shareholders of each class of a Fund are entitled to share pro rata in the net assets belonging to that class available for distribution. Shares do not have any preemptive or conversion rights. The right of redemption is described under "Account Policies and Other Information" in the Prospectus. In addition, pursuant to the terms of the 1940 Act, the right of a shareholder to redeem shares and the date of payment by a Fund may be suspended for more than seven days (i) for any period during which the New York Stock Exchange is closed, other than the customary weekends or holidays, or trading in the markets the Fund normally utilizes is closed or is restricted as determined by the SEC, (ii) during any emergency, as determined by the SEC, as a result of which it is not reasonably practicable for the Fund to dispose of instruments owned by it or fairly to determine the value of its net assets, or (iii) for such other period as the SEC may by order permit for the protection of the shareholders of the Fund. The Trust also may suspend or postpone the recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions. In addition, shares of the Fund are redeemable at the unilateral option of the Trust. Shares when issued as described in the Prospectus are validly issued, fully paid and nonassessable, except as stated below. In the interests of economy and convenience, certificates representing shares of the Fund are not issued.

The proceeds received by the Fund for each issue or sale of its shares, and all net investment income, realized and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated to and constitute the underlying assets of the Fund. The underlying assets of the Fund will be segregated on the books of account, and will be charged with the liabilities in respect to the Fund and with a share of the general liabilities of the Trust.

Rule 18f-2 under the 1940 Act provides that any matter required by the provisions of the 1940 Act or applicable state law, or otherwise, to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each investment portfolio affected by such matter. Rule 18f-2 further provides that an investment portfolio shall be deemed to be affected by a matter unless the interests of each investment portfolio in the matter are substantially identical or the matter does not affect any interest of the investment portfolio. Under the Rule, the approval of an investment advisory agreement or any change in a fundamental investment policy would be effectively acted upon with respect to an investment portfolio only if approved by a majority of the outstanding shares of such investment portfolio. However, the Rule also provides that the ratification of the appointment of independent accountants, the approval of principal underwriting contracts and the election of Trustees are exempt from the separate voting requirements stated above.

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The Trust is not required to hold annual meetings of shareholders and does not intend to hold such meetings. In the event that a meeting of shareholders is held, each share of the Trust will be entitled, as determined by the Trustees without the vote or consent of shareholders, either to one vote for each share (and proportionate fractional votes for fractional shares held) or to one vote for each dollar of NAV represented by such shares on all matters presented to shareholders, including the election of Trustees (this method of voting being referred to as "dollar-based voting"). However, to the extent required by the 1940 Act or otherwise determined by the Trustees, series and classes of the Trust will vote separately from each other. Shareholders of the Trust do not have cumulative voting rights in the election of Trustees and, accordingly, the holders of more than 50% of the aggregate voting power of the Trust may elect all of the Trustees, irrespective of the vote of the other shareholders. Meetings of shareholders of the Trust, or any series or class thereof, may be called by the Trustees, certain officers or upon the written request of holders of 10% or more of the shares entitled to vote at such meeting. The power to call a vote with respect to shareholders of the Fund is vested exclusively in the Board. To the extent required by law, the Trust will assist in shareholder communications in connection with a meeting called by shareholders. The shareholders of the Trust will have voting rights only with respect to the limited number of matters specified in the Trust Agreement and such other matters as the Trustees may determine or may be required by law.

The Trust Agreement authorizes the Trustees, without shareholder approval (except as stated in the next paragraph), to cause the Trust, or any series thereof, to merge or consolidate with any corporation, association, trust or other organization or sell or exchange all or substantially all of the property belonging to the Trust, or any series thereof. In addition, the Trustees, without shareholder approval, may adopt a "master-feeder" structure by investing substantially all of the assets of a series of the Trust in the securities of another open-end investment company or pooled portfolio.

The Trust Agreement also authorizes the Trustees, in connection with the merger, consolidation, termination or other reorganization of the Trust or any series or class, to classify the shareholders of any class into one or more separate groups and to provide for the different treatment of shares held by the different groups, provided that such merger, consolidation, termination or other reorganization is approved by a majority of the outstanding voting securities (as defined in the 1940 Act) of each group of shareholders that are so classified.

The Board may not, without the affirmative vote of the holders of a majority of the outstanding shares of the Trust, amend or otherwise supplement the Trust Agreement or amend and restate a trust investment to reduce the rights, duties, powers, authorities and responsibilities of the Trustees, except to the extent such action does not violate the 1940 Act. Subject to the foregoing, the Trust Agreement permits the Trustees to amend the Trust Agreement without a shareholder vote. However, shareholders of the Trust have the right to vote on any amendment: (i) that would adversely affect the voting rights of shareholders; (ii) that is required by law to be approved by shareholders; (iii) that would amend the voting provisions of the Trust Agreement; or (iv) that the Trustees determine to submit to shareholders.

The Trust Agreement permits the termination of the Trust or of any series or class of the Trust: (i) by a majority of the affected shareholders at a meeting of shareholders of the Trust, series or class; or (ii) by a majority of the Trustees without shareholder approval if the Trustees determine that such action is in the best interest of the Trust or its shareholders.

Under the Delaware Statutory Trust Act (the "Delaware Act"), shareholders are not personally liable for obligations of the Trust. The Delaware Act entitles shareholders of the Trust to the same limitation of liability as is available to shareholders of private for-profit corporations. However, no similar statutory or other authority limiting statutory trust shareholder liability exists in many other states. As a result, to the extent that the Trust or a shareholder is subject to the jurisdiction of courts in such other states, those courts may not apply Delaware law and may subject the shareholders to liability. To offset this risk, the Trust Agreement: (i) contains an express disclaimer of shareholder liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation and instrument entered into or executed by the Trust or its Trustees and (ii) provides for indemnification out of the property of the applicable series of the Trust of any shareholder held personally liable for the obligations of the Trust solely by reason of being or having been a shareholder and not because of the shareholder's acts or omissions or for some other reason. Thus, the risk of a shareholder incurring financial loss beyond his or her investment because of shareholder liability is limited to circumstances in which all of the following factors are present: (i) a court refuses to apply Delaware law; (ii) the liability arises under tort law or, if

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not, no contractual limitation of liability is in effect; and (iii) the applicable series of the Trust is unable to meet its obligations.

The Trust Agreement provides that the Trustees will not be liable to any person other than the Trust or a shareholder and that a Trustee will not be liable for any act as a Trustee. However, nothing in the Trust Agreement protects a Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. The Trust Agreement provides for indemnification of Trustees, officers and agents of the Trust unless the recipient is liable by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

In addition to the requirements of Delaware law, the Trust Agreement provides that a shareholder of the Trust may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) shareholders eligible to bring such derivative action under Delaware law who hold at least 10% of the outstanding shares of the Trust, or 10% of the outstanding shares of the series or class to which such action relates, must join in the request for the Trustees to commence such action; and (ii) the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trust Agreement also provides that no person, other than the Trustees, who is not a shareholder of a particular series or class shall be entitled to bring any derivative action, suit or other proceeding on behalf of or with respect to such series or class. The Trustees will be entitled to retain counsel or other advisers in considering the merits of the request and may require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisers in the event that the Trustees determine not to bring such action.

Absent an applicable exemption or other relief from the SEC or its staff, beneficial owners of more than 5% of the shares of a Fund may be subject to the reporting provisions of Section 13 of the 1934 Act and the SEC's rules promulgated thereunder. In addition, absent an applicable exemption or other relief from the SEC staff, Officers and Trustees of a Fund and beneficial owners of 10% of the shares of a Fund ("Insiders") may be subject to the insider reporting, short-swing profit and short sale provisions of Section 16 of the 1934 Act and the SEC's rules promulgated thereunder. Beneficial owners and Insiders should consult with their own legal counsel concerning their obligations under Sections 13 and 16 of the 1934 Act.

Prior to the date of this SAI, the Fund had no shares outstanding. To the extent that any shareholder is the beneficial owner of more than 25% of the outstanding shares of the Fund, such shareholder may be deemed a "control person" of that Fund for purposes of the 1940 Act.

Prior to the date of this SAI, the Fund had no shares outstanding. To the extent that any shareholder is a beneficial owner of 5% or more of any Class of the Fund's outstanding equity securities, such shareholder may be deemed a "principal holder" of the Fund's outstanding equity securities.

As of [_____], the Trust's Trustees and officers as a group owned beneficially less than 1% of the outstanding shares of the Fund.

#### FINANCIAL STATEMENTS
[SEED AUDIT FINANCIALS TO BE PROVIDED IN SUBSEQUENT AMENDMENT]

The Fund is newly organized and therefore has not yet had any operations prior to the date of this SAI.

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#### OTHER INFORMATION
Statements contained in the Prospectus or in this SAI as to the contents of any contract or other documents referred to are not necessarily complete, and in each instance reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement of which the Prospectus and this SAI form a part, each such statement being qualified in all respects by such reference. The Registration Statement, including the exhibits filed therewith, is available on the SEC's website at www.sec.gov.

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BRIDGEWAY ETF TRUST SAI [____] [(_/ 26)]

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#### APPENDIX A

#### BRIDGEWAY CAPITAL MANAGEMENT, LLC

#### PROXY VOTING POLICY

#### As Amended September 16, 2024
&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>Overview</u>** 

This proxy voting policy (the "policy") is designed to provide reasonable assurance that proxies are voted in the clients' best interest, when the responsibility for voting client proxies rests with Bridgeway Capital Management, LLC ("BCM"). BCM will vote proxies for clients pursuant to the authority granted in the advisory agreement between BCM and its client, or as granted by written direction from the client. BCM's core investment philosophy is similar across investment strategies and thereby, believes it is in each client's best interest for its proxies to be voted following the guidelines outlined below.

BCM has engaged Institutional Shareholder Services, Inc. ("ISS"), a third- party proxy voting agent, to research proxy proposals, provide vote recommendations and vote proxies on behalf of the firm. BCM has adopted the ISS United States SRI. Proxy Voting Guidelines ("United States SRI Guidelines") for all U.S. proxy issues and the ISS International SRI Proxy Voting Guidelines ("International SRI Guidelines") for all non-U.S. proxy issues. BCM's Portfolio Innovation and Risk Committee ("PIRC") is responsible for oversight of proxy voting matters.

BCM's Head of Investment Operations is responsible for ensuring compliance with this policy. The Chair of PIRC is responsible for internal oversight of proxy voting. Questions regarding this policy should be directed to the Head of Investment Operations, Chair of PIRC or the Chief Compliance Officer ("CCO"), as appropriate.

BCM will submit all material amendments to this policy to the Bridgeway ETF Trust's Board of Trustees for its review and approval.

&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>Proxy Voting Guidelines</u>** 

BCM has instructed ISS to vote in accordance with the United States SRI Guidelines for all U.S. proxy issues and in accordance with the International SRI Guidelines for all non-U.S. proxy issues, (collectively "guidelines"). PIRC reviews the guidelines at least annually and is responsible for ensuring the guidelines are appropriate and are in the best financial interests of clients and may make recommended changes to such guidelines as appropriate. A member of BCM's Investment Operation's Team maintains copies of the United States SRI Guidelines and the International SRI Guidelines (collectively, "the Guidelines") which are incorporated herein by reference. To the extent the Guidelines do not address a proxy proposal but ISS has done research to address the issue, ISS will vote proxies in the best interest of BCM's clients.

BCM has instructed ISS to vote as described above unless the following conditions apply:

1. BCM has been instructed to override the ISS vote recommendation by a client. Evidence of client direction will be maintained by BCM and communicated to ISS by a member of BCM's Investment Operations Team ("IO"); or

2. ISS' policy recommendation is "REFER" which means the proxy is referred to BCM. In this case BCM will independently determine how a particular issue should be voted. In these instances, BCM's Investment Management Team ("IMT") will document the reason(s) used in determining a vote and IO will communicate BCM's voting instruction to ISS. In cases where IMT determines there is insufficient data or the proxy vote at issue is too complex to make a vote determination, IMT will consult with the Portfolio Innovation and Risk Committee and/or the CCO on how best to handle the particular proxy.

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&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>Review Of Proxy Votes Cast by ISS</u>** 

On a quarterly basis, IO will review a sample of proxies voted by ISS during the previous quarter to ensure they were voted in compliance with the guidelines noted in Section II.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>Form N-PX</u>** 

<br> A. <u>Overview</u>

Rule 14Ad-1 under the Securities Exchange Act of 1934 ("Exchange Act") requires investment advisers that are required to file Form 13F to report annually on Form N-PX each Say-On-Pay Vote, as defined below, over which they exercised voting power.

"Say-on-Pay Votes" are proxy votes on executive compensation which are subject to Section 14A(a)-(b) of the Exchange Act. Examples of Say-on-Pay Votes are votes related to approval of executive compensation, frequency of executive compensation approval votes and golden parachute compensation to executives.

<br> B. <u>Filing Requirements</u>

BCM files Form N-PX by August 31 of each year for the most recent 12-month period ending June 30.

<br> C. <u>Filing Procedures</u>

Compliance and Investment Operations coordinate the annual Form N-PX filing.

&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>Record Retention Requirements</u>** 

ISS shall maintain the following proxy voting records:

<br> A. Proxy statements received regarding client securities. Electronic statements, such as those maintained on EDGAR or by a proxy voting service are acceptable;

B. Records of proxy votes cast on behalf of each client for a period of five years.

BCM shall maintain the following required proxy voting records:

A. Documentation to support the instruction received from a client to vote proxies against the ISS recommendation,

<br> B. Records of clients' written or oral requests for proxy voting information, including a record of the information provided by BCM,

C. Historical records of votes cast on behalf of each client,

<br> D. Current and historical proxy voting policies and procedures; and

<br> E. Each Form N-PX filed by BCM.

BCM will keep records in accordance with its Books and Records Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.**  **<u>Conflicts of Interest</u>** 

<br> A. <u>Overview</u>

Unless BCM votes a proxy proposal as described under Section II. above, BCM does not address material conflicts of interest that could arise between BCM and its clients related to proxy voting matters.

However, when BCM is involved in making the determination as to how a particular proxy proposal will be voted, the IMT member will consider any potential material conflicts of interest that may exist before casting a vote. For purposes of this policy, <u>material</u> conflicts of interest are defined as those conflicts that a reasonable investor would view as important in making a decision regarding how to vote a proxy. The CCO will determine whether the proxy may be voted by

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BCM, whether to seek legal advice, or whether to refer the proxy to the client(s) (or another fiduciary of the client(s)) for voting purposes.

Additionally, ISS monitors its conflicts of interest in voting proxies and has provided the firm a written summary report of its due diligence compliance process which includes information related to ISS' conflicts of interest policies, procedures and practices. BCM will review updates from time to time to determine whether ISS conflicts of interest may materially and adversely affect BCM's clients and, if so, whether any action should be taken as a result.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.**  **<u>Monitoring of ISS</u>** 

BCM will periodically perform due diligence to assess ISS' ability to adequately analyze proxy issues and manage its conflicts of interest. A summary of the due diligence performed is provided to PIRC for review. In order to make this assessment, BCM shall consider, among other things:

<br> A. The competency, capacity and adequacy of ISS' oversight structure. technology and personnel performing services on behalf of BCM and whether any material changes to ISS' business may impact BCM's conclusions;

<br> B. ISS' methodology for formulating its proxy voting recommendations and ensuring recommendations are in accordance with the Guidelines and based on current and accurate information. This analysis shall consider, among other things:

<br> 1. Third party information ISS relies on as a basis for its voting recommendations;

<br> 2. ISS' process for seeking input from issuers and its clients regarding its proxy voting policies and methodologies and whether it updates its policies and methodologies, as appropriate, based on feedback received;

<br> 3. When and how ISS typically engages with issuers and third parties when determining its recommendations to ensure it has accurate information and to receive feedback on recommendations; and

<br> 4. The potential impact of factual errors, incomplete information and methodology weaknesses on ISS' voting recommendation and ISS' process for identifying and correcting these issues.

<br> C. Policies and procedures related to the identification, management, disclosure of conflicts of interest impacting services provided to BCM; and

<br> D. Changes in ISS' business and specific conflicts of interest in order to reasonably determine whether ISS' conflicts of interest may materially and adversely affect BCM's clients and, if so, whether any action should be taken as a result.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.**  **<u>Loaned Securities</u>** 

As a general matter, securities on loan will not be recalled to facilitate proxy voting (in which case the borrower of the security shall be entitled to vote the proxy). However, if IMT is aware of an item in time to recall the security and has determined in good faith that the importance of the matter to be voted upon outweighs the loss in lending revenue that would result from recalling the security (i.e., if there is a controversial upcoming merger or acquisition, or some other significant matter), the security will be recalled for voting.

&nbsp;&nbsp;&nbsp;&nbsp;**IX.**  **<u>Disclosure</u>** 

A. BCM will disclose in its Form ADV Part 2A that clients may contact BCM in order to obtain information on how BCM voted such client's proxies, and to request a copy of this policy. If a client requests this information, a member of Investment Operations will prepare a written response to the client that lists, with respect to each voted proxy that the client has inquired about: (1) the name of the issuer, (2) the proposal voted upon and (3) how BCM voted the client's proxy.

<br> B. A concise summary of this Proxy Voting Policy will be included in the BCM's Form ADV Part 2A and will be updated whenever this policy is updated.

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&nbsp;&nbsp;&nbsp;&nbsp;**X.**  **<u>External Communication</u>** 

On occasions, proxy voting solicitors, proxy voting agents, company management or interested individuals/shareholders will reach out to BCM with additional information on the company, will request a meeting or ask how Bridgeway is voting. BCM does not actively respond to these inquires; however, occasionally additional information may be forwarded to ISS by BCM. It is up to ISS's discretion to take this information into consideration as ISS relies on their own research. <br>

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#### BRIDGEWAY ETF TRUST

#### PART C

#### OTHER INFORMATION

#### Item 28. Exhibits
(a) (1) [Registrant's Declaration of Trust, dated November 6, 2025, is incorporated herein by reference to Exhibit (a)(1) to the Registrant's initial registration statement on Form N-1A, as filed with the SEC on November 21, 2025 ("Initial Form N-1A").](https://www.sec.gov/Archives/edgar/data/2097519/000207184425000516/declarationoftrust.htm)

(2) [Certificate of Trust of Bridgeway ETF Trust (the "Trust" or the "Registrant"), is incorporated herein by reference to Exhibit (a)(2) to the Initial Form N-1A.](https://www.sec.gov/Archives/edgar/data/2097519/000207184425000516/certificateoftrust.htm)

(b) (1) [Registrant's By-Laws, are incorporated herein by reference to Exhibit (b)(1) to the Initial Form N-1A.](https://www.sec.gov/Archives/edgar/data/2097519/000207184425000516/bylaws.htm)

(c) (1) Instruments Defining Rights of Security Holders – Article V of the Registrant's Declaration of Trust, dated November 6, 2025.

(d) (1) [Form of Investment Advisory Agreement between Bridgeway Capital Management, LLC and Registrant, on behalf of the Fund, dated November 13, 2025, is incorporated herein by reference to Exhibit (d)(1) to the Initial Form N-1A.](https://www.sec.gov/Archives/edgar/data/2097519/000207184425000516/investmentadvisoryagreement.htm)

(2) Investment Sub-Advisory Agreement between Vident Advisory, LLC (doing business as Vident Asset Management) and the Registrant, on behalf of the Fund, to be filed by amendment.

(e) [Form of ETF Distribution Agreement between Foreside Fund Services, LLC and Registrant, on behalf of the Fund, dated November 13, 2025, is incorporated herein by reference to Exhibit (e) to the Initial Form N-1A.](https://www.sec.gov/Archives/edgar/data/2097519/000207184425000516/etfdistributionagreement.htm)

(f) None.

(g) (1) Custody Agreement between The Bank of New York Mellon ("BNY") and Registrant, on behalf of the Fund, dated [ ], to be filed by amendment.

(h) (1) Transfer Agency and Shareholder Services Agreement between The Bank of New York Mellon ("BNY") and Registrant, dated [ ], to be filed by amendment.

(2) Administrative Services Agreement between The Bank of New York Mellon ("BNY") and Registrant, dated [ ], to be filed by amendment.

(3) Fund Administration and Accounting Agreement between The Bank of New York Mellon and Registrant, dated [ ], to be filed by amendment.

(4) State Filing Services Agreement between [ ] and Registrant, dated [ ], to be filed by amendment.

(5) Form of Authorized Participant Agreement, to be filed by amendment.

(i) Legal Opinion of Stradley Ronon Stevens & Young, LLP, to be filed by amendment.

(j) Consent of Independent Registered Public Accounting Firm, to be filed by amendment.

(k) None.

(l) Purchase Agreement between Bridgeway Capital Management, LLC and Registrant, on behalf of the Fund, dated [ ], to be filed by amendment .

(m) ETF Distribution and Service Plan (Rule 12b-1 Plan) between Foreside Fund Services, LLC and Registrant, on behalf of the Fund, dated [ ], to be filed by amendment .

(n) Not Applicable .

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(o) Reserved.

(p) (1) [Code of Ethics Bridgeway ETF Trust, dated December 17, 2025, filed herewith.](codeofethicsbrdgewayetftrust.htm)

(2) [Bridgeway ETF Trust Financial Code of Ethics for Principal Executive and Financial Officers, dated December 17, 2025, filed herewith.](brdgewyetffnncialcodeofethcs.htm)

(3) [Code of Ethics and Personal Trading Policy of Bridgeway Capital Management, LLC, dated December 17, 2025, filed herewith.](brdgwycapmgmtcodeethcstrdplc.htm)

(4) [Code of Ethics for Vident Investment Advisory, LLC, dated July 15, 2025, filed herewith.](videntinvstadvsrcodeofethics.htm)

(5) [Code of Ethics for Foreside Fund Services, LLC, dated July 31, 2025, filed herewith.](codeethicsforesidefundsrvces.htm)

(q) <br> [Powers of Attorney dated November 13, 2025, is incorporated herein by reference to the Initial Form N-1A.](https://www.sec.gov/Archives/edgar/data/2097519/000207184425000516/powersofattorney.htm)

#### Item 29. Persons controlled by or under Common Control with Registrant
None.

#### Item 30. Indemnification
Article VII of the Declaration of Trust of Bridgeway ETF Trust (the "Registrant"), provides that any present or former Trustee, officer, affiliated person of the Fund, employee or agent of the Registrant ("Agent"), the Trust shall indemnify, out of Trust property, to the fullest extent permitted under applicable law, any person who was or is a party, potential party or non-party witness or is threatened to be made a party, potential party or non-party witness to any proceeding, or is otherwise involved in a proceeding, by reason of the fact that such person is or was an Agent of the Trust, against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with such proceeding if such person acted in good faith or in the case of a criminal proceeding, had no reasonable cause to believe the conduct of such person was unlawful. The termination of any proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not of itself create a presumption that the person did not act in good faith or that the person had reasonable cause to believe that the person's conduct was unlawful.

Additionally, there shall be no right to indemnification for any liability arising by reason of the Agent's act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing, for such Agent's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Agent ("Disqualifying Conduct").

Any indemnification made by the Trust shall be authorized if in the specific case on a determination that indemnification of the Agent is proper in the circumstances by (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Agent was not liable by reason of Disqualifying Conduct (including, but not limited to, dismissal of either a court action or an administrative proceeding against the Agent for insufficiency of evidence of any Disqualifying Conduct) or, (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Agent was not liable by reason of Disqualifying Conduct, by (1) the vote of a majority of a quorum of the Trustees who are not (x) "interested persons" of the Trust as defined in Section 2(a)(19) of the 1940 Act, (y) parties to the proceeding, or (z) parties who have any economic or other interest in connection with such specific case (the "disinterested, non-party Trustees"); or (2) by independent legal counsel in a written opinion.

Article VII further provides that the expenses incurred by an Agent in defending any proceeding shall be advanced by the Trust before the final disposition of the proceeding on receipt of an undertaking by or on behalf of the Agent to repay the amount of the advance if it shall be determined ultimately that the Agent is not entitled to be indemnified as authorized in Article VII; provided, that at least one of the following conditions for the advancement of expenses is met: (i) the Agent shall provide a security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the disinterested, non-party Trustees of the Trust, or an independent legal counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Agent ultimately will be found entitled to indemnification. Subject to the foregoing, any such advancements shall be made within thirty (30) days of the request for expense reimbursement.

The Declaration of Trust also provides that nothing contained in Article VII shall affect any right to indemnification to which persons other than Trustees and officers of the Trust or any subsidiary thereof may be entitled by contract or otherwise. The indemnification section of the Declaration of Trust does not apply to any proceeding against any trustee, investment manager or other fiduciary of an employee benefit plan in that person's capacity as such, even though that person may also be an Agent of the Trust. Nothing contained

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in that Article shall limit any right to indemnification to which such a trustee, investment manager, or other fiduciary may be entitled by contract or otherwise which shall be enforceable to the extent permitted by applicable law other than provided under Article VII of the Registrant's Declaration of Trust.

Article VII also provides that, to the fullest extent permitted by applicable law, the Board of Trustees shall have the authority to purchase with Trust Property, insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by an Agent in connection with any proceeding in which such Agent becomes involved by virtue of such Agent's actions, or omissions to act, in its capacity or former capacity with the Trust, whether or not the Trust would have the power to indemnify such Agent against such liability.

With respect to derivative actions, Article VII provides that, in addition to the requirements set forth in Section 3816 of the DSTA, a shareholder or shareholders may bring a derivative action on behalf of the Trust only if the following conditions are met: (a) the shareholder(s) must make a pre-suit demand upon the Board of Trustees to bring the subject action unless an effort to cause the Board of Trustees to bring such an action is not likely to proceed. A demand on the Board of Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as such term is defined in the DTSA); (b) unless a demand is not required, shareholders eligible to bring such derivative action under the DTSA who hold at least 10% of the outstanding shares of the Trust , or 10% of the outstanding shares of the series or class to which such action relates, shall join in the request for the Board of Trustees to commence such action; and (c) unless a demand is not required under paragraph (a), the Board of Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim. The Board of Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Board of Trustees determine not to bring such action. The Board of Trustees may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who are "independent trustees" (as such term is defined in the DTSA).

In addition to all suits, claims or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, each shareholder of the Trust or any series or class thereof agrees that any claim that affects all shareholders of a series or class equally, that is, proportionately based on their number of shares in such series or class, must be brought as a derivative claim subject to the Article irrespective of whether such claim involves a violation of the shareholders' rights under this Declaration of Trust or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim.

The indemnification provisions of the Registrant's Declaration of Trust do not apply to claims brought under the federal securities laws.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

#### Item 31. Business and Other Connections of Investment Adviser
Bridgeway Capital Management, LLC (formerly, Bridgeway Capital Management, Inc.) ("Bridgeway") is an investment management firm founded in 1993 and its principal business address is 20 Greenway Plaza, Suite 930, Houston, Texas 77046. Bridgeway is a wholly-owned subsidiary of Bridgeway Investments, Inc. Bridgeway offers discretionary portfolio management services to various clients including, but not limited to, individuals, private funds, institutional accounts and registered investment companies (as investment adviser or sub-adviser). Set forth below is information as to any other business, profession, vocation or employment of a substantial nature in which each officer and director of Bridgeway is, or at any time during the past two fiscal years has been, engaged for his/her own account or in the capacity of director, officer, employee, partner or trustee. In the table below, the position of Director in the first column is as a Director of Bridgeway Investments, Inc., the immediate parent company of Bridgeway.

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| | | |
|:---|:---|:---|
| **Name; Current Position with Bridgeway**<br>| &nbsp;&nbsp; **Other Substantial Business and Connections**<br> **During the Past Two Fiscal Years**<br>| &nbsp;&nbsp; <br> **Capacity** |
| John N.R. Montgomery; Director/President/CEO | &nbsp;&nbsp; <br> Bridgeway Funds, Inc. | &nbsp;&nbsp; <br> Director |
| Linda G. Giuffré; Chief Compliance Officer/Chief Operating Officer | &nbsp;&nbsp; Bridgeway Funds, Inc. | &nbsp;&nbsp; President |
| Von D. Celestine; Director/Treasurer/Vice President/Secretary<br>Brianne Darragh; Vice President | &nbsp;&nbsp; None<br>Spouting Rock Asset Management<br> 925 W. Lancaster Ave #250<br> Bryn Mawr, PA 19010 | <br>Director of Operations |
| Elena Khoziaeva; Director/Vice-President/Co-Chief Investment Officer |  |  |
| Ryan Bailey; Chair of the Board of Directors<br>Merrillyn Kosier; Director<br>| &nbsp;&nbsp; Carbonado Partners, LLC<br> 100 Crescent Court, 7<sup>th</sup> Floor<br> Dallas, TX 75201<br>Paradigm Institutional Investments<br> Paradigm Global Investors<br> 100 Crescent Court, 7<sup>th</sup> Floor<br> Dallas, TX 75201<br>ALPS Series Trust<br> 1290 Broadway, Suite 1000<br> Denver, CO 80203<br>Miami Corp<br> 328 Crandon Blvd., Suite 223<br> Key Biscayne, FL 33149<br>| &nbsp;&nbsp; Strategic Advisor<br>Chief Investment Officer and Managing Partner<br>Director<br>Director |
| Ann M. Montgomery; Director | &nbsp;&nbsp; Sage Education Group, LLC<br>| &nbsp;&nbsp; Owner |

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| | | |
|:---|:---|:---|
| **Name; Current Position with Vident**<br>| &nbsp;&nbsp; **Other Substantial Business and Connections**<br> **During the Past Two Fiscal Years**<br>| &nbsp;&nbsp; <br> **Capacity** |

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******

<br> ***Vident Advisory, LLC***. Information for Vident Advisory, LLC to be filed by amendment.

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**Item 32.** **Foreside Fund Services, LLC**<br>

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| | |
|:---|:---|
| Item 32(a) | Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |

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1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. AMG ETF Trust

15. Amplify ETF Trust

16. Applied Finance Dividend Fund, Series of World Funds Trust

17. Applied Finance Explorer Fund, Series of World Funds Trust

18. Applied Finance Select Fund, Series of World Funds Trust

19. Ardian Access LLC

20. ARK ETF Trust

21. ARK Venture Fund

22. Bitwise Funds Trust

23. BondBloxx ETF Trust

24. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

25. Bridgeway Funds, Inc.

26. Brinker Capital Destinations Trust

27. Brookfield Real Assets Income Fund Inc.

28. Build Funds Trust

29. Calamos Convertible and High Income Fund

30. Calamos Convertible Opportunities and Income Fund

31. Calamos Dynamic Convertible and Income Fund

32. Calamos Global Dynamic Income Fund

33. Calamos Global Total Return Fund

34. Calamos Strategic Total Return Fund

35. Carlyle Tactical Private Credit Fund

36. Cascade Private Capital Fund

37. Catalyst Strategic Income Opportunities Fund

38. CBRE Global Real Estate Income Fund

39. Center Coast Brookfield MLP & Energy Infrastructure Fund

40. Clifford Capital Partners Fund, Series of World Funds Trust

41. Cliffwater Corporate Lending Fund

42. Cliffwater Enhanced Lending Fund

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43. Coatue Innovative Strategies Fund

44. Cohen & Steers ETF Trust

45. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

46. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

47. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

48. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

49. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

50. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

51. Davis Fundamental ETF Trust

52. Defiance Connective Technologies ETF, Series of ETF Series Solutions

53. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

54. Defiance Quantum ETF, Series of ETF Series Solutions

55. Denali Structured Return Strategy Fund

56. Dodge & Cox Funds

57. DoubleLine ETF Trust

58. DoubleLine Income Solutions Fund

59. DoubleLine Opportunistic Credit Fund

60. DoubleLine Yield Opportunities Fund

61. DriveWealth ETF Trust

62. EIP Investment Trust

63. Ellington Income Opportunities Fund

64. ETF Opportunities Trust

65. Exchange Listed Funds Trust

66. Exchange Place Advisors Trust

67. FlexShares Trust

68. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

69. Forum Funds

70. Forum Funds II

71. Forum Real Estate Income Fund

72. Fundrise Growth Tech Fund, LLC

73. GoldenTree Opportunistic Credit Fund

74. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

75. Grayscale Funds Trust

76. Guinness Atkinson Funds

77. Harbor ETF Trust

78. Harris Oakmark ETF Trust

79. Hawaiian Tax-Free Trust

80. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

81. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

82. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

83. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

84. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

85. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

86. Innovator ETFs Trust

87. Ironwood Institutional Multi-Strategy Fund LLC

88. Ironwood Multi-Strategy Fund LLC

89. Jensen Quality Growth ETF, Series of Trust for Professional Managers

90. John Hancock Exchange-Traded Fund Trust

91. Kurv ETF Trust

92. Lazard Active ETF Trust

93. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

94. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

95. Mairs & Power Growth Fund, Series of Trust for Professional Managers

96. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

97. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

98. Manor Investment Funds

99. MoA Funds Corporation

100. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

101. Morgan Stanley ETF Trust

102. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

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103. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

104. Morningstar Funds Trust

105. NEOS ETF Trust

106. Niagara Income Opportunities Fund

107. North Square Evanston Multi-Alpha Fund

108. NXG Cushing® Midstream Energy Fund

109. NXG NextGen Infrastructure Income Fund

110. OTG Latin American Fund, Series of World Funds Trust

111. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

112. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

113. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

114. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

115. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

116. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

117. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

118. Palmer Square Funds Trust

119. Palmer Square Opportunistic Income Fund

120. Partners Group Private Income Opportunities, LLC

121. Perkins Discovery Fund, Series of World Funds Trust

122. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

123. Plan Investment Fund, Inc.

124. Point Bridge America First ETF, Series of ETF Series Solutions

125. Precidian ETFs Trust

126. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

127. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

128. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

129. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

130. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

131. Renaissance Capital Greenwich Funds

132. REX ETF Trust

133. Reynolds Funds, Inc.

134. RMB Investors Trust

135. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

136. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

137. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

138. Roundhill Cannabis ETF, Series of Listed Funds Trust

139. Roundhill ETF Trust

140. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

141. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

142. Roundhill Video Games ETF, Series of Listed Funds Trust

143. Rule One Fund, Series of World Funds Trust

144. Russell Investments Exchange Traded Funds

145. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

146. Six Circles Trust

147. Sound Shore Fund, Inc.

148. SP Funds Trust

149. Sparrow Funds

150. Spear Alpha ETF, Series of Listed Funds Trust

151. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

152. STF Tactical Growth ETF, Series of Listed Funds Trust

153. Strategic Trust

154. Strategy Shares

155. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

156. Tekla World Healthcare Fund

157. Tema ETF Trust

158. The 2023 ETF Series Trust

159. The 2023 ETF Series Trust II

160. The Community Development Fund

161. The Cook & Bynum Fund, Series of World Funds Trust

162. The Finite Solar Finance Fund

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163. The Private Shares Fund

164. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

165. Third Avenue Trust

166. Third Avenue Variable Series Trust

167. Tidal Trust I

168. Tidal Trust II

169. Tidal Trust III

170. TIFF Investment Program

171. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

172. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

173. Timothy Plan International ETF, Series of The Timothy Plan

174. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

175. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

176. Total Fund Solution

177. Touchstone ETF Trust

178. Trailmark Series Trust

179. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

180. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

181. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex 2x Long Ether Daily Target ETF

183. U.S. Global Investors Funds

184. Union Street Partners Value Fund, Series of World Funds Trust

185. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

186. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

187. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

188. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

189. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

190. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

191. Virtus Stone Harbor Emerging Markets Income Fund

192. Volatility Shares Trust

193. WEBs ETF Trust

194. Wedbush Series Trust

195. Wellington Global Multi-Strategy Fund

196. Wilshire Mutual Funds, Inc.

197. Wilshire Variable Insurance Trust

198. WisdomTree Digital Trust

199. WisdomTree Trust

200. XAI Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Address</u>**  | **<u>Position with Underwriter</u>**  | **<u>Position with Registrant</u>**  |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza<br>Kate Macchia<br>| 190 Middle Street, Suite 301, Portland, ME 04101<br> 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President<br> Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman<br>Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101<br> 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary<br>Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

------

#### Item 33. Location of Accounts and Records
Bridgeway Capital Management, LLC, 20 Greenway Plaza, Suite 930, Houston, Texas 77046, will maintain physical possession of each account, book or other document of the Registrant at its principal executive offices, except for those maintained by the Registrant's sub-adviser Vident Advisory, LLC; the Registrant's accounting agent and administrator The Bank of New York Mellon ("BNY"); the Registrant's transfer agent, The Bank of New York Mellon ("BNY"); the Registrant's distributor, Foreside Fund Services, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101; and the Registrant's custodian, The Bank of New York Mellon ("BNY").

#### Item 34. Management Services
None.

#### Item 35. Undertakings
Not applicable.

------

#### EXHIBIT INDEX

#### Form N-1A

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | <u>**Description**</u><br>|
| [EX-28.p.1](codeofethicsbrdgewayetftrust.htm) | [Code of Ethics Bridgeway ETF Trust, dated December 17, 2025](codeofethicsbrdgewayetftrust.htm) |
| [EX-28.p.2](brdgewyetffnncialcodeofethcs.htm) | [Bridgeway ETF Trust Financial Code of Ethics for Principal Executive and Financial Officers, dated December 17, 2025](brdgewyetffnncialcodeofethcs.htm) |
| [EX-28.p.3](brdgwycapmgmtcodeethcstrdplc.htm) | [Code of Ethics and Personal Trading Policy of Bridgeway Capital Management, LLC, dated December 17, 2025](brdgwycapmgmtcodeethcstrdplc.htm) |
| [EX-28.p.4](videntinvstadvsrcodeofethics.htm) | [Code of Ethics Vident Investment Advisory, LLC, dated July 15, 2025](videntinvstadvsrcodeofethics.htm) |
| [EX-28.p.5](codeethicsforesidefundsrvces.htm) | [Code of Ethics Foreside Fund Services, LLC, dated July 31, 2025](codeethicsforesidefundsrvces.htm) |

---

------

#### SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant (a Delaware statutory trust) has duly caused this Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Houston, State of Texas, on January 30, 2026.

---

| |
|:---|
| **Bridgeway ETF Trust** |
| /s/ John N. R. Montgomery |
| President |

---

Pursuant to the requirement of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on January 30, 2026.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date**  |
| /s/ John N. R. Montgomery | President, Principal Executive Officer, Treasurer (principal financial officer and principal accounting officer) and Trustee | January 30, 2026 |
| John N. R. Montgomery |  |  |
| EVAN HARREL\* | Trustee | January 30, 2026 |
| Evan Harrel |  |  |
| MILES D. HARPER, III\* | Trustee | January 30, 2026 |
| Miles D. Harper, III |  |  |

---

---

| | | |
|:---|:---|:---|
| \* | By | /s/ John N. R. Montgomery |
|  |  | John N. R. Montgomery |

---

\* as Attorney-in-Fact for each of the persons indicated (pursuant to [powers of attorney filed electronically as an exhibit to the Initial Form N-1A](https://www.sec.gov/Archives/edgar/data/2097519/000207184425000516/powersofattorney.htm)).

## Ex-99.(P)(1)

### EX-28.p.1 <br>

## Ex-99.(P)(2)

### EX-28.p.2 <br>

![](image00017.jpg)

------

![](image00018.jpg)

## Ex-99.(P)(3)

### EX-28.p.3

#### Bridgeway Capital Management, LLC ("BCM")

#### Bridgeway ETF Trust (the "Trust")

#### Code of Ethics and Personal Trading Policy

#### December 17, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>Overview</u>** 

The purpose of this Code of Ethics and Personal Trading Policy ("Code") is to set forth standards of conduct and personal trading guidelines that are intended to comply with Rule 204A-1 of the Investment Advisers Act of 1940, as amended ("Advisers Act"), and Rule 17j-1 of the Investment Company Act of 1940, as amended ("1940 Act") and capture the spirit of the CFA Institute's Code of Ethics and Standards of Professional Conduct.

The Code is intended to assist all *Access Persons* in meeting the high standards BCM strives for in conducting business. BCM's reputation for integrity and professionalism is one of our most important assets. The responsibility of maintaining that reputation rests with all *Access Persons*. This shared commitment underlies BCM's success and is central to our belief that principles are the foundation of prosperity.

BCM and the Trust expect each *Access Person* to follow the guidelines and requirements herein. The Code does not and cannot cover every possible set of facts and circumstances. Technical compliance with the Code is not sufficient if a particular action would violate the spirit of the Code.

Every *Access Person* will be required to certify annually that he or she has:

<br> • Received this Code and any amendments to this Code;

<br> • Read and understood this Code and recognizes s/he is subject to its provisions; and

<br> • Complied with the applicable provisions of this Code and has reported all personal *Securities* transactions and holdings required to be reported under Section III of this policy.

Please see [Glossary of Terms](#glossaryofterms) for definitions of italicized terms used throughout this Code. Questions concerning this policy should be directed to the Chief Compliance Officer ("CCO") of BCM or CCO's designee.

&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>Standards of Conduct</u>** 

The Advisers Act imposes a fiduciary duty on all investment advisers, including BCM. As a fiduciary, BCM has a duty of utmost good faith to act solely in the best interests of each of its *Clients*, including the Trust. BCM's fiduciary duty comprises a duty of care and a duty of loyalty. The duty of care requires BCM to (a) provide investment advice in the best interest of its *Clients*, based on each *Client's* objectives; (b) seek best execution of *Clients'* transactions; and (c) provide advice and monitoring over the course of the *Client* relationship.

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The duty of loyalty requires BCM to: (a) make full and fair disclosure of all material facts relating to the advisory relationship; and (b) eliminate or make full and fair disclosure of all conflicts of interest. Accordingly, in meeting this fiduciary duty, BCM and its *Access Persons* must strive to avoid and/or if appropriate, manage and/or disclose identified potential or actual conflicts of interest. *Clients* entrust the firm to prudently manage their assets, which in turn places a high standard on the conduct and integrity of *Access Persons*. This fiduciary duty compels all *Access Persons* to act with the utmost integrity in all dealings. This fiduciary duty is the core principle underlying this Code and represents the expected basis of all dealings with BCM's *Clients* and the Trust's shareholders.

As stewards of other people's money, BCM strives to uphold its business values of integrity, performance, efficiency and service. BCM's four business values are stated in order; it is not by accident that integrity is at the top of this list. BCM will not compromise integrity to excel in any other area. Long term, BCM believes its commitment to integrity will contribute to better investment performance, service quality, and efficiency as well - but even if it doesn't - integrity will prevail. BCM's staff members look for ways to challenge each other positively to strive to meet this ideal. BCM encourages staff members to have open and honest communication to help each other uphold the firm's core values, build a participative environment for all staff members and strengthen accountability of its teams.

In connection with the expectations outlined above and in an attempt to manage conflicts of interest, BCM and the Trust have established the following core principles of conduct. While the following principles are not all-encompassing, they are consistent with BCM and the Trust's culture of trust, honesty, integrity, and openness.

<br> A. <u>Core Principles</u>

1. *Access Persons* are required to comply with *Federal Securities Laws*. Adherence to BCM's compliance policy manual and guidance provided by the CCO will assist *Access Persons* in complying with this important requirement;

<br> 2. The interests of *Clients*, and the Trust's shareholders are required to be placed ahead of those of all others;

<br> 3. *Access Persons* are prohibited from taking inappropriate advantage of their position with BCM or the Trust (as applicable);

<br> 4. *Access Persons* should attempt to avoid any actual conflict of interest with any *Client*;

<br> 5. *Access Persons* should bring any actual or potential conflicts of interest to the attention of the CCO;

<br> 6. Personal *Securities* transactions are required to be conducted in a manner consistent with the content and spirit of this Code, and should not adversely impact a *Client's* account; and

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<br> 7. BCM and the Trust will strive to foster a healthy culture of compliance.

<br> B. <u>General Prohibitions</u>

The Advisers Act prohibits fraudulent activities by *Access Persons*. Specifically, *Access Persons* may not:

<br> 1. Use any device, scheme or artifice to defraud a *Client*;

2. Make any untrue statement of a material fact to a *Client* or omit to state a material fact necessary in order to make the statements made to a *Client* not misleading, in light of the circumstances under which they are made;

<br> 3. Engage in any act, practice or course of business that operates or would operate as fraud or deceit on a *Client*; or

<br> 4. Engage in any manipulative practice with respect to a *Client*.

<br> C. <u>Personal Conduct</u>

<br> 1. <u>Acceptance of Gifts and Receipt of Business Entertainment</u>

<br> a. <u>Acceptance of Gifts</u>

*Access Persons* may not accept any gifts over $100 in value from any one person or entity doing business with or potentially doing business with BCM or the Trust on a calendar year basis, with the exception of accounts subject to Department of Labor ("DOL") oversight (such as ERISA qualified accounts), whereby BCM will limit the value of any gift or other offering to the value determined by BCM's understanding of current DOL accepted standards. If a gift is less than $50 (e.g. gifts of *de minimis* value such as pens, notepads or promotional items that display the firm's logo) it does not need to be reported to the Compliance Team and is not subject to the $100 annual gift limit per *Access Person*. Gifts received by *Access Persons* not meeting the *de minimis* criteria are required to be reported to the Compliance Team. If a gift is received by an *Access Person* valued at more than $100 it must be reported to the Compliance Team and the gift must be returned.

<br> b. <u>Receipt of Business Entertainment</u>

With the exception of accounts subject to DOL oversight, this policy does not impose a dollar limit on the receipt of business entertainment, items or events where the *Access Person* has reason to believe there is a legitimate business purpose, for example, business entertainment such as a dinner or attendance at a sporting event, of reasonable value. However, no *Access Person* may accept entertainment deemed to be excessive. With respect to accounts subject to DOL oversight, BCM will limit the value of any entertainment received to the value determined by BCM based on its understanding of current DOL standards. A

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representative of the entity providing the entertainment must be present at the event to be considered legitimate business entertainment. If a representative is not at the event, then the entertainment is considered a gift subject to the limitations described in this policy. Entertainment received by *Access Persons* is required to be reported to the Compliance Team.

<br> 2. <u>Giving of Gifts and Business Entertainment</u>

<br> a. <u>Giving of Gifts</u>

*Access Persons* are prohibited from giving any gift, gratuity, hospitality or other offering of more than $100 to any person or entity doing business with BCM or the Trust during a calendar year with the exception of accounts subject to DOL oversight (such as ERISA qualified accounts), whereby BCM will limit the value of any gift or other offering to the value determined by BCM's understanding of current DOL accepted standards. If a gift is less than $50 (e.g. gifts of *de minimis* value such as pens, notepads, promotional items that display the firm's logo) it does not need to be reported to the Compliance Team and is not subject to the $100 annual gift limit per *Access Person*. All other gifts provided are required to be reported to the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Giving of Business Entertainment</u>

The limits on providing gifts described above do not include providing business entertainment – items or events where the *Access Person* has reason to believe there is a legitimate business purpose. Examples of business entertainment include golf, a dinner, attendance at a concert or a sporting event. An *Access Person* is expected to attend any event where the entertainment is provided by BCM or the Trust. If an *Access Person* is unable to attend, the entertainment provided to the recipient shall be considered a gift, subject to the limitations and requirements outlined above. *Access Persons* may not provide business entertainment deemed to be excessive, lavish or where there is not an apparent business purpose. With regard to accounts subject to DOL oversight (such as ERISA qualified accounts), BCM will limit the value of any gift or other offering to the value determined by BCM's understanding of current DOL accepted standards. Entertainment provided is required to be reported to the Compliance Team.

<br> 3. <u>Charitable Contributions</u>

BCM and/or *Access Persons* may not make charitable contributions to organizations with the intention of unduly influencing (either directly or indirectly such as through the charitable contribution matching program) a third-party that has a current relationship with BCM and/or the Trust or is considered a business prospect.

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<br> 4. <u>Political Contributions</u>

*Access Persons* may only make political contributions as permitted in BCM's Political Contributions Policy. *Access Persons* are prohibited from making political contributions for the purpose of obtaining or retaining advisory contracts. In addition, *Access Persons* are prohibited from considering BCM or the Trust current or anticipated business relationships as a factor in making political contributions. See BCM's Political Contributions Policy for additional details.

<br> 5. <u>Service on Company Boards (For Profit and Not-For-Profit)</u>

Any *Access Person* wishing to serve as director (or an equivalent position) for an outside public company or private company (for profit or not-for-profit) must first seek prior approval from BCM's Chief Operating Officer ("COO"). The COO will seek prior approval from BCM's President. The COO or President, in reviewing the request, will determine whether such service is consistent with the interests of BCM, the Trust, *Clients* and the Trust's shareholders. See BCM's Supervision of Outside Activities Policy for further information.

<br> 6. <u>Outside Business Activities</u>

*Access Persons* wishing to engage in outside business activities for compensation must seek approval from BCM's COO. The COO will seek prior approval to engage in outside business activities for compensation from BCM's President. If requested, *Access Persons* must provide periodic reports to the CCO, or CCO's designee, summarizing those outside business activities. See BCM's Supervision of Outside Activities Policy for further information.

<br> D. <u>Protection of Non-Public Information</u>

<br> 1. *Access Persons* are expected to exercise diligence and care in maintaining and protecting *Client* and Trust shareholder non-public information as outlined in BCM's Privacy Policy.

2. *Access Persons* are also expected to not divulge information regarding BCM's *Securities* recommendations or *Client Securities* holdings to any individual outside of the firm, except as approved by the CCO.

<br> 3. *Access Persons* may not purchase or sell a security, on behalf of the firm or themselves, while in possession of material, non-public information, as outlined in BCM's Insider Trading Policy.

<br> 4. *Access Persons* are expected to adhere to any *Advised Mutual Fund's* policy on the disclosure of mutual fund holdings.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>Personal Trading Policy</u>** 

BCM encourages all *Access Persons*, but IMT members especially, to hold shares of the Trust (or any other *Advised Mutual Fund*) as their primary method of investment. The firm's investors should be able to expect the best performance BCM is able to achieve. In short, they should be able to say, "I want to invest in what they are investing in." Even where there is no misuse of material, nonpublic information, the purchase or sale of *Securities* by an investment adviser or its *Access Persons* for their own accounts may be problematic. Because BCM is compensated to provide investment advice to *Clients*, fiduciary concerns arise where *Access Persons* also trade for their own accounts. Therefore, *Access Persons* must conduct any personal securities trading in a manner which avoids not only actual improprieties but even the appearance of impropriety.

<br> A. <u>Prohibited Transactions</u>

<br> 1. <u>All Access Persons</u>

Unless specifically permitted within this Code and excluding all personal *Securities* transactions exempt from pre-clearance in Section III(B)(3), no *Access Person* shall execute a transaction in a *Security* (including the underlying *Security* for any long or short swap contract) when BCM (on behalf of its *Clients*):

<br> a. Is purchasing or selling in *Client* accounts;

<br> b. Has recommended for purchase or sale in *Client* accounts;

<br> c. Has decided to purchase or sell in *Client* accounts but has not yet made the recommendation; or

<br> d. Has a current model buy or sell signal but has not yet made a final decision related to such *Security*.

<u>Personal</u> *<u>Security</u>* <u>Transaction</u> *<u>de minimis</u>* <u>Exception</u>

An *Access Person* may generally purchase or sell a *Security* regardless of the prohibitions described above so long as the issuer's market capitalization is greater than $500 million and the amount of the personal *Security* transaction is less than $10,000. Such transactions are subject to the restrictions outlined below in this Section (Section III.A.1) as well as the pre-clearance and reporting requirements described below in Section III.B.4. and Section IV.

In addition, the following restrictions apply:

• <u>Derivatives and Options:</u> *Access Persons* may not purchase or sell derivatives or options when a personal security transaction (or pre-clearance request) in its underlying *Security* would be denied, regardless of wh*ether* or not the derivatives or options are being traded by BCM.

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<br> • <u>Single-Stock Exchange-Traded Fund ("Single-Stock ETF"):</u> *Access Persons* may not purchase or sell a Single-Stock ETF.

• <u>Short Term Trading:</u> *Access Persons* may not purchase and sell or sell and purchase the same or equivalent *Securities*, including *Advised Mutual Funds* and *Advised ETFs* within 60 calendar days (the "Short Term Trading Restriction").

Options contracts with an expiration date 60 calendar days or less are not permitted as they violate the Short Term Trading Restriction. An option contract with an expiration date more than 60 calendar days from the date of the personal security transaction pre-clearance request may be approved if it meets the criteria described above, however, *Access Persons* are not permitted to exercise the option within 60 calendar days of the option purchase.

• *<u>Advised Mutual Funds</u>* <u>and</u> *<u>Advised ETFs</u>* <u>Distributions:</u> *Access Persons* may not sell the *Advised Mutual Funds* or *Advised ETFs* from November 1<sup>st</sup> until one business day after the dividend record date for the *Advised Mutual Funds* or *Advised ETFs*. The CCO, at her discretion, may halt personal *Securities* transactions in the *Advised Mutual Funds* or *Advised ETFs* at other times when appropriate.

<br> • <u>Excessive Trading:</u> *Access Persons* may not engage in excessive personal trading, or any other personal trading that interferes with duties for Clients, as determined by the CCO and/or BCM's President.

In certain circumstances, the CCO or CCO's designee may approve the sale of a personal Security even if one or more of the conditions above is present if she determines: 1) no *Client* is harmed as a result of the transaction; and 2) the *Access Person* is not unfairly advantaged as a result of the transaction.

<br> 2. <u>Investment Management Team ("IMT") Restrictions</u>

IMT members, including, but not limited to, portfolio managers (excluding traders), may not purchase any *Security* that is held in any *Client* portfolio or is in BCM's investable universe, except futures contracts, ETFs/ETNs (excluding Single- Stock ETFs which are prohibited) or derivatives or options of the underlying futures contracts/ETF/ETN (which must be pre-approved and meet the reporting requirements outlined below), *Advised Mutual Funds, Advised ETFs* (which must be pre-approved and meet the reporting requirements outlined below) and Master Limited Partnerships (MLPs) (which must meet the reporting requirements), or as an approved exception per Section III(B)(4). BCM's investable universe is defined as a *Security* eligible for purchase or sale in *Client* accounts including *Securities* listed on a U.S. or foreign exchange (including the underlying *Security* for any long or short swap contract), including common stocks, REITs, limited partnerships, tracking stocks, ADRs, NY registered shares and global depository receipts or a related

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security of a *Security* available on a foreign exchange. Under limited circumstances, and subject to pre-clearance requirements, members of IMT may sell *Securities* which are, or could be held in *Client* portfolios or in the investable universe.

<br> B. <u>Personal Trading Restrictions</u>

<br> 1. *<u>Initial Public Offerings (IPO), Initial Coin Offerings (ICO) and Private Placements (Limited Offerings)</u>*

*Access Persons* are prohibited from acquiring *Securities* in an *IPO, ICO* or *Limited Offering* unless they have obtained prior approval using the pre-clearance request form on BCM's electronic personal trading module. However, IMT members are prohibited from investing in *IPOs and ICOs.*

<br> 2. <u>Holdings at the Time of Becoming an</u> *<u>Access Person</u>*

When an individual, including a member of IMT, becomes an *Access Person* he or she will, generally, not be required to sell *Securities* held in personal accounts that are also held in *Client* accounts as long as the individual complies with the reporting requirements of this Code.

<br> 3. <u>Holdings at Approved Brokerage Firms</u>

*Access Persons* are required to ensure all reportable *Securities,* with the exception of spousal retirement accounts and certain other accounts which cannot be transferred, are held at a brokerage firm approved by BCM. New *Access Persons* are required to ensure all reportable *Securities*, with the exception of spousal retirement accounts and certain other accounts which cannot be transferred, are held at a brokerage firm approved by BCM within 6 months of their hire date.

The CCO or CCO's designee may grant exceptions to allow reportable *Securities* to be held at brokerage firms not approved by BCM on a case by case basis.

<br> 4. <u>Pre-Clearance of Personal</u> *<u>Securities</u>* <u>Transactions</u>

Pre-clearance is required for all personal *Securities* transactions with the exception of those outlined below:

<br> a. Shares of registered open-end investment companies including *Advised Mutual Funds;*

<br> b. Futures contracts, stock index options/futures or derivatives or options of the underlying futures contract, stock index options/futures;

<br> c. Direct obligations of the United States Government;

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<br> d. Bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements;

<br> e. Shares issued by any money market fund;

<br> f. Shares issued by unit investment trusts that are invested exclusively in one or more open-ended investment companies, including *Advised Mutual Funds*;

<br> g. Transactions in accounts not managed by BCM, in which the *Access Person* has no direct or indirect influence or control, including *Managed Accounts*;

<br> h. Master Limited Partnerships ("MLP");

<br> i. Consumer credit notes (i.e. S*ecurities* that correspond to fractions of loans) or real estate notes;

j. *Securities* acquired through stock dividends, automatic dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of *Securities*. Please note, if the corporate action includes a selection between cash and *Securities*, the action must be pre-cleared if opting for *Securities*; and

<br> k. Transactions effected pursuant to an *Automatic Investment Plan*.

Access Persons may not engage in personal *Securities* transactions unless it has been approved through BCM's pre-clearance process. Access Persons seeking pre-clearance of personal *Securities* transactions must complete and submit a pre-clearance request through BCM's electronic personal trading module. Personal *Securities* transaction pre-clearance requests are approved or denied within the electronic personal trading module in accordance with the requirements outlined in this Code by the CCO, or CCO's designee or a designated member of IMT. All pre-clearance requests and personal trading activity are monitored by the CCO, or CCO's designee. In certain circumstances, the CCO or CCO's designee may approve the sale of a personal security per Section III(A)(1) above. Under no circumstances may someone approve/disapprove his/her own pre-clearance request. All approved personal *Securities* transactions must be completed within one trading day following the date of approval except as otherwise noted below. If the trade is not executed within this one day period, a new pre-clearance request must be submitted.

A new pre-clearance request will not be required if a trade is not completed within one trading day in certain circumstances including, but not limited to, the following: (i) delays in execution related to a transfer of *Securities*; (ii) delays in execution related to gifts or donations of *Securities* made in-kind; (iii) delays in the completion of a trade

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involving low liquidity stocks; and (iv) trades in illiquid or low liquidity stocks where a member of IMT determined how long the *Access Person* has to trade the S*ecurity* prior to approving the pre-clearance request. The person reviewing the pre-clearance request is responsible for documenting such potential delays when approving the request.

No explanations are required for refusals. In some cases, trades may be rejected for reasons that are confidential and/or subjective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>Reporting Requirements (excluding the Trust's Independent Trustees)</u>** 

<br> A. <u>Quarterly Transaction Report</u>

<br> 1. <u>Timing of Report</u>

*Access Persons* must submit a Quarterly Transaction Report to the CCO, or CCO's designee, through BCM's electronic personal trading module, within 30 calendar days following the end of each calendar quarter.

<br> 2. <u>Content of Report</u>

a. Each Quarterly Transaction Report must include the following information about transactions in *Securities* in which the *Access Person* has any direct or indirect *Beneficial Ownership*:

<br> i. Date of Transaction

<br> ii. Name of *Security*

<br> iii. Ticker Symbol or CUSIP Number, as applicable

<br> iv. Interest Rate and Maturity Date, as applicable

<br> v. Number of Shares or Par

vi. Principal Amount

<br> vii. Nature of Transaction (i.e., Purchase or Sale)

<br> viii. Price of *Security*

<br> ix. Name of Broker

<br> x. Date of the Report

<br> b. Transactions in the following *Securities* are not required to be reported:

i. Shares of registered open-end investment companies that are not *Advised Mutual Funds* (note: transactions in the *Advised Mutual Funds* within the BCM 401k Plan are required to be reported). (ETFs, including *Advised ETFs* are not considered open-end investment companies for purposes of this Code, and therefore must be reported);

<br> ii. Direct obligations of the United States Government;

<br> iii. Bankers' acceptances, bank certificates of deposit, commercial paper, and other high quality short-term debt instruments, including repurchase agreements;

<br> iv. Shares issued by any money market fund;

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<br> v. Shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies, none of which are *Advised Mutual Funds*.

<br> vi. Transactions in accounts not managed by BCM, in which the *Access Person* has no direct or indirect influence or control, including *Managed Accounts*; and

<br> vii. Transactions effected pursuant to an *Automatic Investment Plan*.

<br> c. *Access Persons* must also indicate on the Quarterly Transaction Report whether they established any new accounts during the previous quarter.

d. *Access Persons* are required to provide investment statements that contain all the required information described above in hard copy or an electronic format for accounts that are not on a direct data feed into BCM's electronic personal trading module. *Access Persons* are required to maintain accounts at brokerage firms approved by BCM as described in Section III.B.3. above.

<br> e. Regardless of whether the *Access Person* had reportable transactions, all *Access Persons* must submit a Quarterly Transaction Report.

<br> B. <u>Initial and Annual Holdings Report</u>

<br> 1. <u>Timing of Report</u>

a. *Access Persons* are required to submit an Initial and Annual Portfolio Holdings Report to the CCO, or CCO's designee, through BCM's electronic personal trading module (or hard copy if the CCO has approved an exception to Section III.B.3. above) indicating all personal *Securities* holdings within 10 calendar days upon becoming an *Access Person* of BCM and on an annual basis thereafter, within 30 days of calendar year-end. The CCO will submit his/her Initial and Annual Portfolio Holdings Report as required. The President will review the CCO's holdings on an annual basis.

<br> 2. <u>Content of Report</u>

a. Each Holdings Report must be current as of a date not more than 45 calendar days prior to submission and include the following information about the *Securities* in which the *Access Person* has any direct or indirect *Beneficial Ownership*:

<br> i. Name and Type of *Security*

<br> ii. Ticker Symbol or CUSIP number

<br> iii. Number of Shares or Par

iv. Principal Amount

<br> v. Broker or Bank Name

<br> vi. Date of the Report

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<br> b. *Access Persons* do not have to include the following *Securities* on their Holdings Report:

<br> i. Direct obligations of the United States government;

<br> ii. Bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements;

<br> iii. Shares issued by any money market fund;

iv. Shares of registered open-end investment companies, except *Advised Mutual Funds*, which are required to be reported (ETFs, including *Advised ETFs* are not considered open-end investment companies for purposes of this Code, and therefore must be reported);

<br> v. Shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies, none of which are *Advised Mutual Funds*; and

<br> vi. Holdings in accounts not managed by BCM, in which the *Access Person* has no direct or indirect influence or control, including *Managed Accounts.*

<br> c. Regardless of whether an *Access Person* has reportable holdings all *Access Persons* must submit an Initial and Annual Portfolio Holdings Report.

<br> C. *<u>Managed Accounts</u>*

In order to establish a *Managed Account*, an *Access Person* must grant to the external investment manager complete investment discretion over the account. In addition, the *Access Person* must provide documentation evidencing s/he does not have discretion over the account to the CCO or CCO's designee who will determine whether the account is approved as a *Managed Account*. Reporting, including pre-clearance, is not required for trades in this type of an account; however, *Access Persons* may not participate, directly or indirectly in individual investment decisions or be made aware of such decisions before transactions are executed and must certify as such on a quarterly basis. This restriction does not preclude *Access Persons* from establishing investment guidelines for the manager, such as indicating industries to invest in, the types of *Securities* to purchase or overall investment objectives. However, these guidelines may not be changed so frequently as to give the appearance that the *Access Person* is actually directing account investments.

An account managed by a *Robo-Adviser* where the *Access Person* does not direct the *Robo-Adviser* to buy or sell specific securities is considered a *Managed Account*.

<br> D. <u>Review of Personal</u> *<u>Securities</u>* <u>Reports</u>

The CCO, or CCO's designee, reviews reports submitted by *Access Persons* and prepares a quarterly report to the Adviser's Compliance Committee of personal *Securities* trading and reporting violations.

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The CCO submits her own personal *Securities* reports, as required. BCM's President reviews the CCO's reports on an annual basis. In no case should an *Access Person* review his/her own report.

&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>Reporting to the Trust's Board of Trustees</u>** 

BCM's CCO shall provide a quarterly report of any Code violations to the Trust's CCO who shall provide a quarterly report to the Trust's Board of Trustees which shall identify any violations which required remedial action during the past quarter.

At least annually, BCM's CCO and the Trust's CCO shall each prepare a written report to the Trust's Board of Trustees that:

A. Describes any issues arising under the Code or procedures since the last report to the Trust's Board of Trustees, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

<br> B. Certifies that BCM or the Trust, respectively, has adopted procedures reasonably necessary to prevent *Access Persons* from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.**  **<u>Requirements of the Trust's</u> *<u>Independent Trustees</u>*** 

The Trust's *Independent Trustees* are exempt from abiding by the Personal Conduct provisions of Section II(C). In addition, *Independent Trustees* are exempt from all personal trading, pre-clearance and reporting requirements outlined above in Sections III and IV except as the following describes. An *Independent Trustee* of the Trust need only report a transaction in a *Security* if such trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Trust, should have known that, during the 15-day period immediately before or after the date of the transaction by the trustee, such *Security* was purchased or sold by the Trustor was being considered for purchase or sale by the Trust. Such transactions shall be reported to and monitored by the Trust's CCO or CCO's designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.**  **<u>Requirements for</u> *<u>Exempt- Access Persons</u>*** 

*Exempt-Access Persons* are exempt from abiding by the Personal Conduct provisions of Section II(C). In addition, *Exempt-Access Persons* are exempt from all personal trading, pre-clearance and reporting requirements outlined above in Sections III and IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.**  **<u>Reporting of Violations</u>** 

All *Access Persons* (including *Exempt-Access Persons*) shall report promptly any violation or suspected violation of this Code (including the discovery of any violation committed by another *Access Person*) to the CCO or CCO's designee. Examples of items that should be reported include (but are not limited to): non-compliance with *Federal Securities Laws*; conduct that is harmful to *Clients*; and trading in *Securities* contrary to the Code.

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Such persons are encouraged to report any violations or perceived violations as such good faith reports will not be viewed negatively by BCM or the Trust's management, even if the reportable event, upon investigation, is determined not to be a violation and the CCO determines the *Access Person* reported such apparent violation in good faith.

The CCO, or CCO's designee, prepares a quarterly report of personal trading and reporting violations for review by BCM's Compliance Committee. The CCO will report all violations of the Code to the Trust's CCO and determine whether such violations should be reported to any mutual fund for which BCM acts as sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.**  **<u>Sanctions</u>** 

Upon discovering a violation of the Code, the CCO and BCM's President or the Trust's Board may impose such sanctions as they deem appropriate, including, among other sanctions, a monetary fine, a letter of censure or suspension, suspension of trading privileges and/or termination of employment or officer position with the Trust of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;**X.**  **<u>Board of Trustee Approval</u>** 

The Trust's Board of Trustees shall approve any material changes to the Code within six months of the adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.**  **<u>Record Keeping Requirements</u>** 

The following records will be kept in accordance with this Code and for at least the minimum time periods required under applicable *Federal Securities Laws*:

<br> A. Current and historic copies of the Code;

<br> B. *Access Persons'* written acknowledgement of receipt of the Code;

<br> C. Historic listings of all *Access Persons* subject to the Code;

<br> D. Violations of the Code, and records of action taken as a result of the violations;

<br> E. All personal *Securities* transactions and Holdings Reports made by *Access Persons* and/or copies of investment account confirmations and statements;

<br> F. All pre-clearance requests and approvals/disapprovals of personal *Security* trading by *Access Persons*, including documentation of the reasons for the approval/disapproval; and

<br> G. Any reports made to an *Advised Mutual Fund's* Board of Directors.

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#### Glossary of Terms

A. *Access Person* means any employee, director/trustee, or officer of BCM or the Trust; any other person the CCO or CCO's designee has determined to be an *Access Person* because he or she is involved in making securities recommendations to *Clients* or has access to non-public information regarding (i) purchases or sales of securities, (ii) *Security* recommendations, (iii) portfolio holdings or (iv) works closely with staff that has access to such information.

<br> B. *Advised Mutual Fund* means any open-ended mutual fund for which BCM serves as investment adviser or sub-adviser, as defined in Section 2(a)(20) of the 1940 Act.

<br> C. *Advised ETF means any ETF* for which BCM serves as investment adviser or sub-adviser, as defined in Section 2(a)(20) of the 1940 Act.

D. *Automatic Investment Plan* means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An *Automatic Investment Plan* includes a dividend reinvestment plan.

E. *Beneficial Ownership* has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act") except that the term applies to both debt and equity securities. As a general matter, "beneficial ownership" will be attributed to an *Access Person* who has or shares a direct or indirect *Monetary interest* in a *Security*, including through any contract, arrangement, understanding, relationship or otherwise or who has investment control over the account in which the *Access Person* is beneficiary. An *Access Person* is not considered to have a direct or indirect pecuniary interest by virtue of a power of attorney, trusteeship or executorship unless the *Access Person* or a member of his or her immediate family sharing the same household has a vested interest in the securities held in, or the income of, the assets of the account, trust or estate.

*Beneficial Ownership* typically includes:

<br> 1. Securities held in a person's own name;

<br> 2. Securities held with another in joint ownership arrangements;

<br> 3. Securities held by a bank or broker as nominee or custodian on such person's behalf or pledged as collateral for a loan;

4. Securities held by immediate family members sharing the same household ("immediate family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships); and

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5. Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person.

Any uncertainty as to whether an *Access Person* beneficially owns a *Security* should be brought to the attention of the CCO.

<br> F. *Client* means any person or entity for which BCM serves as an investment adviser or sub-adviser, including the Trust.

G. *Exempt-Access Person* is an individual who falls under the definition of *Access Person* that the CCO or CCO's designee has determined: (1) does not have access to nonpublic information with respect to *Client* holdings, transactions or securities recommendations; and (2) is not involved in the recommendation process**.** *Exempt-Access Persons* must, prior to being so designated and at least annually thereafter, certify to the CCO or CCO's designee, as to the relevant facts and circumstances that formed the basis of the above-described determination.

H. *Federal Securities Laws* means the Securities Act of 1933 ("1933 Act"), the 1934 Act, the Sarbanes-Oxley A*ct* of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach Bliley Act, any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

<br> I. *Independent Trustee* means a trustee of the Trust who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.

J. *Initial Coin Offering ("ICO")* is the first sale of a digital asset to the public conducted for the purpose of raising funds. Investors often exchange traditional currency or cryptocurrency for the newly formed coin or token. After the ICO, the coins or tokens typically trade in a secondary market.

K. *Initial Public Offering ("IPO")* means an offering of securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

L. *Limited Offering*, including a *Private Placement*, is defined as any security of a non-public company which is exempt from registration pursuant to Section 4(2) or Section 4(5) under the 1933 Act, or Rule 504, 505 or 506 under said Act.

M. *Managed Account* is an investment account managed by an external entity in which the *Access Person* has no discretion over the specific securities purchased or sold within the investment account. An account managed by a *Robo-Adviser* where the *Access Person* does not direct the *Robo-Adviser* to buy or sell specific securities is considered a Managed Account.

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N. *Monetary interest* has the same meaning as "pecuniary interest" as described in Rule 16a-1(a)(2) of the 1934 Act; the opportunity to directly or indirectly profit or share in any profit derived from a *Security* transaction.

<br> O. *Private Placement* has the same meaning as "*Limited Offering*".

P. *Purchase or sale of a security* includes, among other things, the writing of an option to purchase or sell a *Security*, the conversion of a convertible *Security*, and the exercise of a warrant for the purchase of a *Security*.

Q. A *Robo-Adviser* is a digital platform that provides automated, algorithm-driven financial planning services and investment recommendations with little to no human supervision. *Robo-Advisers* typically obtain information from clients through an online survey and then use that data to provide advice and automatically invest for clients.

R. *Security* has the same meaning as set forth in Section 202(a)(18) of the Advisers Act. Some of the more common instruments included in this definition are any note, stock, treasury stock, bond debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, interest in a *Private Placement*, or any put, call, straddle or option on any *Security* or on any group or index of securities. Please note that shares of closed-end funds and derivatives and options of *Securities* are included in the definition of *Security.* Furthermore, all shares of ETFs, whether organized as open-end funds or otherwise, are considered *Securities* for purposes of this Code.

## Ex-99.(P)(4)

EX-28.p.4<br>

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## Ex-99.(P)(5)

### EX-28.p.5

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