# EDGAR Filing Document

**Accession Number:** 0000866256
**File Stem:** 0001193125-26-195565
**Filing Date:** 2026-4
**Character Count:** 35353
**Document Hash:** 47a68ad5af04effb09c048107771a9aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-195565.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-195565

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARNASSUS FUNDS II
- **CENTRAL INDEX KEY:** 0000866256

**ORGANIZATION NAME:**
- **EIN:** 946633178
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 25490076SJ8OS37PWC23

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-36065
- **FILM NUMBER:** 26922037

**BUSINESS ADDRESS:**
- **STREET 1:** 1 MARKET ST STE 1600
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105-1467
- **BUSINESS PHONE:** 4157780200

**MAIL ADDRESS:**
- **STREET 1:** 1 MARKET ST STE 1600
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105-1467

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARNASSUS INCOME FUNDS
- **DATE OF NAME CHANGE:** 20050304

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARNASSUS INCOME FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Parnassus Core Select ETF (Series ID: S000089216)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000255731 | Parnassus Core Select ETF | PRCS            |

**Filed Pursuant to Rule 497(k)<br>1933 Act File No. 033-36065<br>1940 Act No. 811-06673**<br> ![LOGO](g111576g00n23.jpg)

![LOGO](g111576g00n22.jpg)

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, and other information about the Fund, including the statement of additional information and the most recent annual and semi-annual reports to shareholders, online at https://www.parnassus.com/literature-and-forms/fund-information. You can also get this information at no cost by calling (855) 514-4443. The Fund's prospectus and statement of additional information, both dated April 30, 2026, as may be supplemented from time to time, are incorporated by reference into this summary prospectus.

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|:---|:---|
| Summary Prospectus • 2026 | ![LOGO](g111576g68i37.jpg) |

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**Parnassus Core Select ETF** 

**Investment Objective** 

The Parnassus Core Select ETF has a primary objective of capital appreciation.

**Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Parnassus Core Select ETF. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

**Parnassus Core Select ETF** 

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| | |
|:---|:---|
| **Annual Fund Operating Expenses (%)** | **Annual Fund Operating Expenses (%)** |
| **(expenses that you pay each year as a percentage<br>of the value of your investment)** | **(expenses that you pay each year as a percentage<br>of the value of your investment)** |
| **Management Fees<sup>(1)</sup>** | 0.58% |
| **Other Expenses** | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.58% |

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<sup>(1)</sup> The Fund's investment adviser is paid an annual unitary management fee by the Fund equal to 0.58% of the Fund's average daily net assets and is responsible for paying all of the Fund's expenses except for the following: advisory and sub-advisory fees, costs of holding shareholder meetings, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), legal fees and expenses relating to arbitration or litigation, and other non-routine or extraordinary expenses.

***Example***

This example is intended to help you compare the cost of investing in the Parnassus Core Select ETF 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 redeem 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, under these assumptions, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $59 | $186 | $324 | $726 |

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**Portfolio Turnover** 

The Parnassus Core Select ETF 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. During the most recent fiscal year, the Fund's portfolio turnover rate was 18.4% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund is an actively managed ETF whose objective is to achieve capital appreciation by investing primarily in a concentrated portfolio of equity securities (generally 20-30 holdings) selected using the Fund's "core strategy," as discussed herein. Equity securities include common and preferred stock. Under normal circumstances, the Fund will invest a minimum of 80% of its net assets (plus borrowings for investment purposes) in equity securities selected using its core strategy. The Fund's "core strategy" selects value stocks and growth stocks of companies for investment. Value stocks are stocks of companies that the Fund's investment adviser, Parnassus Investments, LLC (the "Adviser"), believes are undervalued, which means that their current prices are less than the Adviser believes they are worth. Growth stocks are stocks of companies whose revenues, earnings, or cash flows the Adviser expects to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. The Fund is primarily a large-cap fund, which means that it normally invests more than half of its net assets in large, well-established companies. The Fund considers a large-cap company to be one that has a market capitalization that is greater than the median market capitalization of the Russell 1000<sup>®</sup> Index (which was $15.8 billion as of March 31, 2026) measured at the time of purchase. The Fund may invest to a lesser extent in small- and mid-capitalization companies. The portfolio managers focus on seeking downside protection by purchasing investments for the Fund's portfolio that the Adviser believes have less exposure to broad equity market risk taking into consideration the research and analysis performed on individual companies, the universe of holdings within the Fund's

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| ![LOGO](g111576g68i37.jpg) | Summary Prospectus • 2026 |

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portfolio, and the Adviser's assessment of the market and applicable risks. The Fund invests mainly in U.S. stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. In such cases, the Fund may purchase foreign securities directly on foreign markets, or may invest in sponsored or unsponsored American Depositary Receipts issued by depository banks in the U.S. for shares of a foreign-based company that entitle the holder to dividends and capital gains on the underlying security. The Fund seeks to invest in equity securities that have the potential for capital appreciation. To determine a company's prospects, the Adviser reviews the company's income statement, cash flow statement and balance sheet, and analyzes the company's durable competitive advantage and management team. The Adviser assesses a company's durable competitive advantage by determining how likely it is to ward off rivals for an extended time by looking for characteristics such as a high level of return on invested capital, a strong network effect (meaning there is a loyal base of customers or partners for whom cross-selling products can enhance the client experience), patents and regulatory licenses, high customer switching costs, an effective well-known brand, and/or low production costs relative to competitors.

As part of the Adviser's investment approach, the Adviser seeks to invest in companies with sustainable business practices, in alignment with its investment philosophy set out herein and in its Principles and Sustainable Investment Policy (as discussed in further detail below), as the Adviser believes these factors are relevant to its assessment of quality and the risk-return profiles of companies in the Fund. As discussed further under the captions, "Sustainable Investment Guidelines" and "Integration and Stewardship," the Principles and Sustainable Investment Policy describe the Adviser's approach to investing.

This quality assessment is integrated as part of a holistic evaluation of fundamental attributes of the company across the Parnassus quality characteristics of competitive advantages, relevancy, management, sustainable business practices and valuation. The Adviser evaluates sustainable business factors primarily based on sector relevance and business conduct. Examples of factors the Adviser may consider in evaluating companies include but are not limited to:

climate-related risk, product safety and quality, human capital management, environmental impacts of operations and products, community and stakeholder impacts, supply chain practices and corporate governance. The Adviser conducts a holistic evaluation for each company, and not all factors will necessarily be relevant to all companies.

The sustainable business practices for all current holdings are reviewed at least annually to ensure the companies held by the Fund continue to be consistent with the Adviser's investment philosophy and expectations. The Adviser will evaluate on a case-by-case basis whether the Fund will continue to hold or sell a security if the Adviser believes a company's fundamentals will deteriorate, if it believes a company's stock has little potential for appreciation relative to other available opportunities, or if the company no longer meets the Adviser's expectations for sustainable business practices and the Adviser does not believe it is an appropriate investment for the Fund following such changes. The Adviser does not generally expect to invest in companies that operate contrary to its Principles and Sustainable Investment Policy and investment philosophy as described in this prospectus.

The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund.

**Principal Risks** 

All investments involve risk, and investing in the Parnassus Core Select ETF is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund's principal risks include the following:

∎ **Equity Securities Risk.** The Fund may invest in equity securities including common stocks, which include the
common stock of any class or series of domestic or foreign corporations or any similar equity interest, such as a trust or partnership

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|:---|:---|
| Summary Prospectus • 2026 | ![LOGO](g111576g68i37.jpg) |

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interest. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or facts relating to specific companies in which the Fund invests. These investments may or may not pay dividends and may or may not carry voting rights. Common stock occupies the most junior position in a company's capital structure. <br>

∎ **Non-Diversification Risk.** The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected
by, a smaller number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses as a result of a single issuer's unfavorable market or economic conditions or other adverse developments
impacting the market value of the issuer's securities.

∎ **Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.** Only an authorized
participant ("AP") may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers or
liquidity providers in the marketplace. To the extent either of the following events occur, the Fund's shares may trade at a material discount to net asset value ("NAV") and possibly face trading halts or delisting: (i) APs
exit the business or otherwise become unable to process creation or redemption orders and no other APs step forward to perform these services, or (ii) market makers or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy shares of the Fund
in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. A diminished market for an ETF's shares substantially increases the risk that a shareholder may pay considerably more or
receive significantly less than the underlying value of the ETF shares bought or

sold. In periods of market volatility, APs, market makers, or liquidity providers may be less willing to transact in Fund shares.

∎ **Secondary Market Trading Risk.** Although the Fund's shares are listed on a national securities exchange, the
New York Stock Exchange (the "Exchange"), there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in shares on the Exchange may be halted. Trading may be halted
because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities or the financial instruments composing
the portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. If the Exchange becomes aware that the NAV or portfolio is not disseminated to all market
participants at the same time, the Exchange shall halt trading in such series until such time as the NAV or portfolio is available to all market participants at the same time. In addition, trading in shares on the Exchange is subject to trading
halts caused by extraordinary market volatility pursuant to Exchange "circuit breaker" rules, which temporarily halt trading on the Exchange. Additional rules applicable to the Exchange may halt trading in shares when extraordinary
volatility causes sudden, significant swings in the market price of shares. If a trading halt or unanticipated early closing of the Exchange occurs, a shareholder may be unable to purchase or sell shares of the Fund. There can be no assurance that
shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of the Fund's shares may begin to mirror the liquidity of the Fund's underlying holdings, which can be significantly less
liquid than the Fund's shares.

∎ **Market Price Risk.** The Fund's shares may be bought and sold in the secondary market at market prices, and
there is a risk that market prices for Fund shares will vary significantly from the Fund's NAV. This risk is heightened in times of market disruption or volatility or periods of steep market declines. The market price of shares during the
trading day, like the price of any exchange-traded security, includes a "bid/ask" spread charged by the exchange

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| ![LOGO](g111576g68i37.jpg) | Summary Prospectus • 2026 |

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specialist, market makers or other participants that trade shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of shares is falling fastest, which may be the time that you most want to sell your Fund shares. <br>

∎ **Early Close/Trading Halt Risk.** An exchange or market may close or issue trading halts on specific securities, or
the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to
rebalance its portfolio, may be unable to accurately price its investments, or may incur substantial losses and may limit or stop purchases of the Fund.

∎ **Small Fund Risk.** When the Fund's size is small, the Fund may experience low trading volume
and wide bid/ask spreads. The Fund's performance close to its inception date may not represent how the Fund will perform in the future or with a larger asset base. Further, the Fund could face the risk of being delisted if it does not meet
certain requirements set by the listing exchange. Any resulting liquidation of the Fund could lead to increased transaction costs for the Fund and adverse tax consequences for its shareholders.

∎ **Stock Market Risk.** The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of
individual companies and in response to general market and economic conditions both in the U.S. and abroad. In the past decade, financial markets throughout the world have experienced increased volatility, decreased liquidity and heightened
uncertainty, including risks associated with rising inflation, trade tensions (including the threat or actual imposition of tariffs), ongoing armed conflicts and the impact of epidemic and pandemic diseases. Additionally, risks associated with
volatility and disruptions in the banking sector (including bank failures), interest rate increases, political events, rising government debt in the U.S. and the possibility of a national or global recession could affect the economies of many
nations, including the U.S. in ways that cannot be foreseen at the present time, and may adversely impact the markets in

which the Fund invests. The Fund's holdings can vary significantly from broad stock market indices. The Fund may make substantial investments in a particular market, industry, group of industries, country, region, group of countries, asset classes or sectors, which would subject the Fund to proportionately higher exposure to the risks of that particular market, industry, group of industries, country, region, group of countries, asset classes or sectors than a fund that invests more broadly. <br>

∎ **Growth Investing Risk.** The Adviser may be wrong in its assessment of a company's potential for growth and
the growth stocks the Fund holds may not grow as the Adviser anticipates. Finally, there are periods when investing in growth stocks falls out of favor with investors and these stocks may underperform.

∎ **Value Investing Risk.** The risk associated with the Fund's investment in companies it considers undervalued
relative to their peers or the general stock market insofar as these securities may decline or may not reach what the Adviser believes are their full value.

∎ **Large-Capitalization Company Risk.** Large-capitalization companies may be unable to respond quickly to new
competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

∎ **Small- and Mid-Capitalization Company Risk.** In addition to
large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions since they do not have the financial
resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly
traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.

∎ **Management Risk.** The investment process used by the Adviser to select securities for the Fund's investment
portfolio may not prove effective, and the Adviser's judgments about the attractiveness, value and potential appreciation of the Fund's investments may prove to be incorrect in that the investments

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| Summary Prospectus • 2026 | ![LOGO](g111576g68i37.jpg) |

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chosen by the Adviser may not perform as anticipated. Certain risks are inherent in the ownership of any security, and there is no assurance that the Fund's investment objective will be achieved.

∎ **Sustainable Business Practice Risk.** Sustainable business risk refers to the risk stemming from investing in
companies with sustainable business practices. The Fund seeks to invest in quality companies with sustainable business practices and to avoid investments in companies that do not meet its quality expectations. The Adviser evaluates sustainable
business factors primarily based on sector relevance and business conduct. Examples of factors the Adviser may consider in evaluating companies include but are not limited to: climate-related risk, product safety and quality, human capital
management, environmental impacts of operations and products, community and stakeholder impacts, supply chain practices and corporate governance. This may affect the Fund's exposure to certain companies or industries and cause the Fund to
forego certain investment opportunities.

∎ **Foreign (Non-U.S.) Securities Risk.** The Fund may invest up to 20% of its
assets in foreign securities. Foreign markets can be more volatile and less liquid than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S.
market. Policy, economic and legislative changes in foreign countries and the U.S. and other events affecting global markets, such as international conflicts and wars, epidemic and pandemic diseases and the imposition of sanctions, tariffs or other
governmental restrictions, may contribute to decreased liquidity and increased volatility in the financial markets. There may be less information publicly available about non-U.S. issuers and their securities,
and those issuers may be subject to lower levels of government regulation and oversight. Further, foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation,
thereby reducing the earnings potential of such foreign companies. Substantial withholding or other taxes may also apply to distributions from foreign companies and/or on gains realized from the sale of stock in foreign companies. Currency exchange
rate fluctuations

may negatively affect investments denominated in foreign currencies and any income received or expenses paid by the Fund in a foreign currency. The Fund generally will not hedge its perceived foreign currency exposure back into the U.S. dollar and therefore the Fund is considered to be currency unhedged. <br>

∎ **Bid/Ask Spread Risk.** The Fund's shares may trade at a wider bid/ask spread than shares of index ETFs and
may therefore be more costly for investors to trade, which may be heightened during periods of market disruption or volatility. "Bid" refers to the highest price a buyer is willing to pay to buy shares of an ETF. "Ask" refers
to the lowest price at which a seller is willing to sell shares of an ETF. The difference between the bid price and the ask price is called the "spread."

∎ **American Depositary Receipts (ADR) Risk.** ADRs are receipts, issued by depository banks in the U.S. for shares of
a foreign-based company that entitle the holder to dividends and capital gains on the underlying security. ADRs may be sponsored or unsponsored. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the
depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. In addition to the risks of investing in foreign
securities, there is no guarantee that an ADR issuer will continue to offer a particular ADR. As a result, the Fund may have difficulty selling the ADR or selling them quickly and efficiently at the prices at which they have been valued. The issuers
of unsponsored ADRs are not obligated to disclose information that is considered material in the U.S. and voting rights with respect to the deposited securities are not passed through. ADRs may not track the prices of the underlying foreign
securities on which they are based, and their values may change materially at times when U.S. markets are not open for trading.

∎ **Redemption Risk.** If the Fund permits redemptions in cash, these redemptions may cause the Fund to sell portfolio
securities or other assets. The sale may negatively impact the Fund's NAV, have a material effect on the market price of Fund shares, increase the Fund's brokerage costs, accelerate the

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| ![LOGO](g111576g68i37.jpg) | Summary Prospectus • 2026 |

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realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution in such tax year. <br>

∎ **Tax Law Change Risk:** Tax law is subject to change, possibly with retroactive effect, or to different
interpretations. For example, Congress continues to consider substantial changes to U.S. federal income tax laws, and some with retroactive effect, that could result in substantial adverse U.S. federal income tax consequences to the Fund and its
shareholders. Any future changes are highly uncertain, and the impact on the Fund or its shareholders cannot be predicted. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

**Performance Information** 

The bar chart and table that follow contain information that allows you to evaluate the Parnassus Core Select ETF's performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website, www.parnassus.com or by calling toll-free at (855) 514-4443.

During the period shown in the bar chart, the highest return for a quarter was 10.38% (quarter ended June 30, 2025), and the lowest return for a quarter was a loss of 4.16% (quarter ended March 31, 2025).

Following is a table comparing the performance of the Fund with that of the S&P 500 Index (see "Index Descriptions" in the prospectus). Figures are average annual returns for the one-year and since inception periods ended December 31, 2025. The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund's average annual total returns, before and after taxes, compare with a broad

measure of market performance, the S&P 500 Index, and also how the Fund's performance varies from year to year.

![LOGO](g111576g02g02.jpg)

\* The Fund's inception date was December 11, 2024.

**Parnassus Core Select ETF** 

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|:---|:---|:---|
| **Average Annual Total Returns (%)**<br> **(all periods ended December 31, 2025)** | **Average Annual Total Returns (%)**<br> **(all periods ended December 31, 2025)** | **Average Annual Total Returns (%)**<br> **(all periods ended December 31, 2025)** |
| | **One**<br> **Year** | **Since<br>Inception** |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 11.74 | 6.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | 11.71 | 6.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions<br>and Sale of Fund Shares | 6.98 | 5.16 |
| **S&P 500 Index (reflects no deduction for fees, expenses or taxes)** | 17.88 | 13.26 |

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The after-tax returns are calculated using the historical highest individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's individual tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

**The Adviser** 

Parnassus Investments, LLC is the investment adviser to the Parnassus Core Select ETF. For more information on the Adviser, please see "Management of the Funds" in this Prospectus and "The Adviser" in the Statement of Additional Information ("SAI").

**Portfolio Managers** 

The lead Portfolio Manager and the other Portfolio Managers of the Fund are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. While decisions are generally made

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| Summary Prospectus • 2026 | ![LOGO](g111576g68i37.jpg) |

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by consensus, the lead Portfolio Manager exercises final discretion in the event of any conflict.

**Todd C. Ahlsten** is the lead Portfolio Manager of the Parnassus Core Select ETF, and has been the lead Portfolio Manager of the Fund since its inception.

**Benjamin E. Allen** is a Portfolio Manager of the Parnassus Core Select ETF, and has served as a Portfolio Manager of the Fund since its inception.

**Andrew S. Choi** is a Portfolio Manager of the Parnassus Core Select ETF, and has served as a Portfolio Manager of the Fund since its inception.

For more information, please see "Management of the Funds" in the prospectus and "Portfolio Managers" in the SAI.

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| ![LOGO](g111576g68i37.jpg) | Summary Prospectus • 2026 |

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**Additional Summary Information** 

**Purchase and Sale of Fund Shares** 

The Fund issues and redeems shares at NAV only in large blocks known as "Creation Units," which only APs may purchase or redeem. Creation Units generally consist of 10,000 shares, though this may change from time to time. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities or cash.

**Tax Information** 

The Fund's distributions generally will be taxable to you as ordinary income or capital gains regardless of whether they are paid in cash or reinvested in Fund

shares, unless you invest through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case such distributions may be taxable upon withdrawal from such arrangement.

**Financial Intermediary Compensation** 

If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. 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.

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**Investment Adviser** 

Parnassus Investments

1 Market Street, Suite 1600

San Francisco, CA 94105

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

405 Howard Street, Suite 600

San Francisco, CA 94105

**Legal Counsel** 

Ropes & Gray LLP

One Maritime Plaza, Suite 1800

300 Clay Street

San Francisco, CA 94111

**Distributor** 

Parnassus Funds Distributor, LLC

190 Middle Street, Suite 301

Portland, ME 04101

![LOGO](g111576g62r17.jpg)

You can obtain additional information about each of the Funds in the statement of additional information (SAI) dated April 30, 2026, which has been filed with the Securities and Exchange Commission (SEC) and is incorporated in this prospectus by reference (namely, it legally forms a part of the prospectus). Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. The Funds also publish an annual and a semiannual report each year that discuss the Fund's holdings and how recent market conditions as well as the Fund's investment strategies affected performance. In Form N-CSR, you will find each Fund's annual and semi-annual financial statements. For a free copy of any of these documents or to ask questions about the Funds, call the Parnassus Funds at (855) 514-4443.

The Funds make available the SAI, the annual and semiannual reports, and other information, such as Fund financial statements, free of charge, on their Internet website (http://www. parnassus.com). The general public can review and copy information about the Funds (including the SAI) on the EDGAR Database on the SEC's Internet website at http:// www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

The Investment Company Act File Number for Parnassus Funds II is 811-06673. The Investment Company Act File Number for Parnassus Funds is 811-04044.

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