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 Funds value 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 value strategy. The Funds value strategy selects value stocks of companies for investment. Value stocks are stocks of companies that the Funds 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.