PRVS

The Parnassus Value Select ETF is an actively managed ETF whose objective is to achieve capital appreciation by investing in a concentrated portfolio of equity securities (generally 20-30 holdings) selected using the Fund's "value strategy," . Equity securities include common and preferred stock. Under normal circumstances, the Fund will invest a minimum of 80% of its net assets in equity securities selected using its value strategy. The Fund's "value strategy" selects value 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. 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 Adviser's investment approach, the Adviser seeks to invest in companies with sustainable business practices, in alignment with its investment philosophy and Principles, as the Adviser believes these factors are relevant to its assessment of quality and the risk-return profiles of companies in the Fund.