|Premium Discount to NAV (as of 12/05/2013)|
|Ticker||NAV||Market Price (Bid / Ask Midpoint)||Premium / Discount|
|Pax MSCI EAFE ESG Index ETF [EAPS]||EAPS||$28.27||$28.51||0.8582%|
NAV is the price per share at which each fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares at the close of regular trading (normally 4:00 p.m. eastern time) every day the New York Stock Exchange is open. Market price returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.
Premium is the amount an ESGShares ETF is trading above the reported NAV expressed as a percentage of the NAV. Discount is the amount an ESGShares ETF is trading below the reported NAV expressed as a percentage of NAV.
The above chart presents information about the difference between the daily market price for shares of the Fund and the Fund's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. eastern time for ESGShares). The vertical axis of the chart shows the premium or discount expressed as a percentage of NAV. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.