FIS TACTICAL EQUITY ETF ACTS Stock Analysis

About FIS TACTICAL EQUITY ETF

The Fund is an actively managed exchangetraded fund or ETF. Under normal circumstances, the Fund invests in equity securities, including common stock and American DepositaryReceipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of domestic and international companies, includingcompanies located in emerging markets. The Fund’s tactical investment approach is based on proprietary analysis by the FaithInvestor Services, LLC (the “Adviser”) of macroeconomic events, changing market breadth and volatility, among otherfactors. To the extent that the Fund invests in securities of foreign issuers, it generally will invest in ADRs and GDRs. Undernormal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in equity. Inaddition to large capitalization securities, the Fund may invest in small and mid-capitalization companies. The Adviser employs a tactical active managementinvestment strategy in seeking to achieve the Fund’s investment objective. The strategy first uses a quantitative screenon the investable global equity market looking at five key metrices: financial health, earnings trends, historical valuation,relative strength, and risk of each company. The strategy next applies a Christian values overlay to establish the universe ofsecurities eligible for investment. The strategy then combines fundamental research and qualitative analysis, to identify companiesthat have above-average investment potential. The portfolio is constructed with considerations relative to the sector and regionalweights of S&P 500 Total Return Index, the Fund’s benchmark index (the “Benchmark”) in an attempt toensure broad diversification. After identifying the universe of potentially eligible securities based on the Fund’s quantitativescreens in combination with its Christian values overlay, the Adviser evaluates how the Fund’s sector exposures and regionalexposures compare with those of the Benchmark, and the broader investable global equity market. The Adviser seeks to identify biblicallyaligned companies. If, through its screening process, the Adviser determines that a company’s activities conflict with biblicallyaligned companies, the company will be excluded from consideration for investment by the Fund. The Adviser also conducts ongoing monitoringof the companies held in the Fund’s portfolio to assess whether they continue to meet the Fund’s requirements regardingbiblically aligned companies. If the Adviser determines that a portfolio company no longer meets these requirements, the Adviserwill evaluate the position and may seek to sell or otherwise exit the investment within a reasonable period of time, taking intoconsideration market conditions and the best interests of the Fund and its shareholders. The Fund’s investment objective isa non-fundamental policy and may be changed by the Board of Trustees (“Board”) of FIS Trust (the “Trust”)without shareholder approval upon 60 days’ written notice to shareholders. The Adviser’s Christian values overlayintends to identify companies whose products, processes, and priorities align with Christian values and positively impact the world.The Adviser strives to construct and maintain a portfolio that avoids investments in companies that manufacture or distribute productsor services or otherwise engage in activities that that the Adviser believes conflict or are inconsistent with Christian values,such as abortion, embryonic stem cell research/human cloning, human rights violations, pornography, alcohol, tobacco, and/or gambling. The Fund may invest up to 10% of its assetsin cash and cash equivalents, including money market funds and other short-term fixed income investments, in seeking to protectprincipal, or when, in the Adviser’s opinion, there are not sufficient investment opportunities. The Fund may engage in active and frequenttrading of portfolio securities in implementing its principal investment strategies. Vident Asset Management serves as the…