Insights / September 18, 2015

Wasatch Small/Mid Cap ETF (WSMD)

Disciplined active management with the structural advantages of an ETF

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Invests in high-quality, long-duration growth businesses—Wasatch’s focus for 50 years
Designed as a Core, stand-alone holding within a SMID- or small-cap allocation
High active share with built-in risk management guardrails
65–95 holdings

WHY A WASATCH ETF?

WASATCH SMALL/MID CAP ETF

Universe: Over 5,000 U.S. securities · Names typically $3–$30B in market cap at the time of purchase
Performance Objective: >200 bps outperformance (net of fees) annualized over a full market cycle
Benchmark and Capacity: Russell 2500 Index, $10+ billion

PORTFOLIO CONSTRUCTION

Past performance does not guarantee future results. Tracking error, active share, and holdings ranges are targets for a new fund with limited operating history and are subject to change. There is no guarantee the performance objective will be achieved.

As of July 31, 2026:

Source: FactSet and State Street. Cash is included but not shown. Please see disclosures in the appendix. Current and future holdings are subject to change and risk. You cannot invest directly in an index.

OVERVIEW OF WASATCH U.S. STRATEGIES

Not a comprehensive list of Wasatch’s strategies.

Disclosures
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. This and other information is contained in the prospectus and summary prospectus, which may be obtained by visiting wasatchglobal.com or calling 800.551.1700. Please read the prospectus carefully before investing.

Investing in small- or mid-cap funds can be more volatile, and loss of principal could be greater than investing in large-cap or more diversified funds. Investing in foreign securities, especially in emerging and frontier markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

The Wasatch Small/Mid Cap ETF is an actively managed exchange-traded fund (ETF). ETF shares are bought and sold at market price, not net asset value (NAV), and are not individually redeemed from the Fund. Shares may trade at a premium or discount to NAV, and investors may incur brokerage commissions and bid-ask spreads. Only authorized participants may transact directly with the Fund, and only in large blocks called Creation Units. The Fund has a limited number of financial institutions that may act as authorized participants; if they are unable or unwilling to proceed and no other authorized participant steps in, shares may trade at a discount to NAV and could face delisting.

Investing involves risk, including possible loss of principal. Past performance does not guarantee future results. There can be no assurance that the Fund will achieve its investment objective, outperform its benchmark, generate excess returns, or achieve positive investment results. Investments in small- and mid-cap companies may be more volatile and less liquid than investments in larger companies. Growth stocks may be more volatile than other stocks and may underperform when investors favor value-oriented investments. The Fund is non-diversified, meaning it may invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline. The Fund is new and has a limited operating history.

Russell 2500 Index represents the smallest 2,500 companies in the Russell 3000 Index, ranked by total market capitalization.

The Fund has been developed solely by Wasatch Global Investors. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell Indices vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and used by any other LSE Group company under license. TMX® is a trademark of TSX, Inc. and used by the LSE Group under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund or the suitability of the Index for the purpose to which it is being put by Wasatch Global Investors.

Indexes are unmanaged, and investors cannot invest directly in an index.

The Fund is new with a limited operating history.

The ETF structure may enhance tax efficiency through in-kind creation and redemption processes; however, there is no guarantee that the Fund will not make taxable distributions. This information is not intended to provide tax advice. Please consult a qualified tax professional for advice specific to your circumstances.

CFA® is a registered trademark of the CFA Institute.

Fund holdings are subject to risks and may change at any time. References to specific securities should not be construed as recommendations by the Fund or its Advisor.

WEF000107 12/31/2027