The Ratings at a glance

Loftus Peak Global Disruption Active ETF and Loftus Peak Global Disruption Hedged Active ETF and Loftus Peak Global Disruption Fund (Class A) received a Morningstar Sustainalytics Portfolio ESG Risk Ratings™ of Above Average as of 31/07/2026.

Out of 8711 Global Equity Large Cap funds as of 31/07/2026. Based on 100% of eligible corporate AUM and 0% of eligible sovereign AUM. Data is based on long positions only.

About the Morningstar Sustainalytics Portfolio ESG Risk Ratings™

The Morningstar Sustainalytics Portfolio ESG Risk Rating™ is intended to measure how well the corporate or sovereign issuers of the securities within a fund or portfolio are managing their financially material environmental, social and governance, or ESG, risks relative to the fund’s Morningstar Global Category peers. Morningstar Sustainalytics rates funds and portfolios from High to Low by combining a fund/portfolio’s corporate ESG risk rating and sovereign ESG risk rating proportional to the relative weight of the (long-only) corporate and sovereign positions.

The Morningstar Sustainalytics Portfolio ESG Risk Rating calculation is a five-step process. First, the Corporate ESG Risk Score and Sovereign ESG Risk Score are both derived. Funds require at least 67% of corporate assets be covered by a company-level ESG Risk Score from Sustainalytics to receive a Morningstar Sustainalytics Portfolio Corporate ESG Risk Score. Funds require at least 67% of sovereign assets be covered by a Country Risk Score from Sustainalytics to receive a Morningstar Sustainalytics Portfolio Sovereign ESG Risk Score. The Morningstar Corporate and Sovereign ESG Risk Scores are asset-weighted averages of company-level ESG Risk Scores for corporate holdings or Country Risk Scores for sovereign holdings. Both scores range between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies or countries with high ESG Risk.

Second, the Corporate and Sovereign Historical ESG Risk Scores are weighted moving averages of the respective Portfolio Corporate and Sovereign ESG Risk Scores over the past 12 months, to reduce volatility. The Historical Corporate and Sovereign ESG Risk Scores range between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies or countries with high ESG Risk, on a consistent historical basis.

Third, the Morningstar Sustainalytics Corporate ESG Risk Rating and Sovereign ESG Risk Rating are then assigned to all scored funds within Morningstar Global Categories. In order to receive a Corporate ESG Risk Rating or Sovereign ESG Risk Rating, at least thirty (30) funds in the Category receive a Historical Corporate ESG Risk Score and a Historical Sovereign ESG Risk Score respectively.

The Rating is determined by each fund’s Corporate and Sovereign ESG Risk Score rank within the following distribution:

• High (highest 10%)
• Above Average (next 22.5%)
• Average (next 35%)
• Below Average (next 22.5%) and
• Low (lowest 10%)

Both the Corporate and Sovereign Ratings rely on distribution of scores within a Morningstar Global Category. In cases where there is little to no distribution for sovereign or corporate scores within a peer group, Morningstar defaults from the middle outwards, so that if there was no distribution, all portfolios in the peer group would receive an ‘Average’ rating assignment, and if there was very limited distribution, all portfolios may only fall under some of the five rating groups. Morningstar applies an absolute value breakpoint buffer to ensure breakpoints meet a minimum requirement of distribution. This value is assessed on an annual basis and will represent 10% of the standard deviation for all Portfolio Sovereign ESG Risk Scores for the Portfolio Sovereign ESG Risk Rating assignments, and 10% of the standard deviation for all Portfolio Corporate ESG Risk Scores for the Portfolio Corporate ESG Risk Rating assignments.

Fourth, because the distribution rules are applied within global categories, portfolios exposed to high ESG Risk could still receive favorable Portfolio ESG Risk Ratings. For example, portfolios within the energy category exhibit high ESG Risk levels. Therefore, as a final ratings check, we impose requirements on the level of ESG Risk.

• If Portfolio Corporate (‘Corporate’) or Portfolio Sovereign (‘Sovereign’) ESG Risk score is above 40, then the fund receives a Low Corporate or Sovereign ESG Risk Rating.
• If Corporate or Sovereign ESG Risk score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average for the respective Corporate or Sovereign rating.
• If Corporate or Sovereign ESG Risk score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average for the respective Corporate or Sovereign rating.
• If Corporate or Sovereign ESG Risk score is below 30, then no adjustment is made.

Fifth, the Portfolio ESG Risk Rating is determined by combining a portfolio’s Corporate ESG Risk Rating and Sovereign ESG Risk Rating proportional to the relative weight of the (long only) corporate and sovereign positions, rounding to the nearest whole number. In order to receive a Portfolio ESG Risk Rating, a fund must have both a Corporate ESG Risk Rating and Sovereign ESG Risk Rating, unless one of either the Corporate or Sovereign portion of the fund is less than 5% of the fund.

For each fund that is eligible for a Morningstar Sustainalytics ESG Risk Rating, the rating is expressed as 1 to 5 ‘globes’, whereby a higher number of globes indicates that he portfolio has lower ESG Risk. Notably, the number of globes a fund receives is determined relative to other funds in the same Morningstar Global Category. This means that a fund could have more ESG risk than another fund yet still receive a better rating if those funds are in different global categories, with their own unique qualification of what is a relatively low or relatively high amount of ESG risk.

Morningstar Sustainalytics updates its Portfolio ESG Risk Ratings monthly. The Corporate and Sovereign ESG Risk Scores are calculated when Morningstar receives a new portfolio.

Please visit https://www.sustainalytics.com/morningstar-sustainalytics-ratings-transparency for more detailed information about the Morningstar Sustainalytics Portfolio ESG Risk Rating methodology and calculation frequency.