PRCS

The Fund is an actively managed ETF whose objective is to achieve capital appreciation by investing primarily in concentrated portfolio of equity securities (generally 20-30 holdings) selected using the Fund's "core 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 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 believes are undervalued, which means that their current prices are less than the Adviser believes they are worth. Growth stock 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. 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.