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03/31/2026
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An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain the Prospectus, which contains this and other information, or call (855) 828-9909. Read the Prospectus carefully before investing. Investing involves risk, including the loss of principal

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The Emerald Mutual Funds are subject to several risk factors which are explained by selecting the Disclosure link.

The Emerald Finance and Banking Innovation Fund is distributed by ALPS Distributors, Inc. Emerald Mutual Fund Advisers Trust is the investment advisor to the Emerald Finance and Banking Innovation Fund. ALPS Distributors, Inc. is not affiliated with Emerald Mutual Fund Advisers Trust.

The Emerald Growth Fund is distributed by Quasar Distributors, LLC. Emerald Mutual Funds Advisers Trust is the investment adviser to the Emerald Growth Fund. Quasar Distributors, LLC is not affiliated with Emerald Mutual Fund Advisers Trust.

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Steven E. Russell, Esq.
Senior Research Analyst, Emerald Advisers, LLC
Portfolio Manager for the Emerald Finance and Banking Innovation Fund
Mr. Russell is a Co-Manager of the Emerald Finance & Banking Innovation Fund. Prior to joining Emerald in 2005, Mr. Russell founded Greenwood Advisers, LLC, a registered investment adviser. Previously, he served as Managing Director of iNetworks, LLC a private equity firm located in Western Pennsylvania. Prior to joining iNetworks, LLC, Mr. Russell served as Senior Vice President and Portfolio Manager of Emerald Advisers, where he served as Manager of the Emerald Technology Fund and co-manager of the Emerald Select Banking Fund. He was also a Principal and Founding Partner of Emerald Venture Capital. Mr. Russell served as Senior Private Equity Analyst for the Pennsylvania Public School Employees’ Retirement System (PSERS), where he administered PSERS’ $1.2 billion commitment of private investments, including leveraged buyouts, distressed investments, mezzanine and growth equities. From 1996 to 1997, he administered PSERS’ $400 million Developmental Fund and $100 million Absolute Return Program. Mr. Russell serves on the Board of Arbitrators for the Financial Industry Regulatory Authority (FINRA), and has appeared on CNBC, Bloomberg Television and other investment oriented programs. He has been quoted in various international media, including The Wall Street Journal, Smart Money Magazine, Bloomberg Business News, Dow Jones News Service and Market Watch. Mr. Russell received both his JD and MBA degrees from Temple University and a BA degree in Banking and Finance from Morehouse College. Mr. Russell is licensed to practice law in the State of New Jersey and has passed the NASD Series 63 exam.
Stacey L. Sears
Senior Vice President, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund
Ms. Sears is Senior Vice President and a senior member of the Small Cap Portfolio Management team. She is also a Portfolio Manager of the Emerald Growth Fund and the F/m Emerald Life Sciences Innovation ETF. She works directly with the research team, interacting with team members across economic sectors and helping guide the day-to-day portfolio management decision-making process. Ms. Sears is also responsible for portfolio risk monitoring, portfolio attribution analysis, as well as Emerald’s portfolio management-related client communications. From a research perspective, Ms. Sears maintains research coverage of the Retail, Apparel, Restaurant, Consumer Goods and Consumer Technology companies. She has appeared on CNBC, Yahoo! Finance, Schwab TV, and InvestmentNews IN the Nasdaq and has been quoted in Fortune, Money, the Dow Jones News Service and other media. Ms. Sears received a BS in Business Administration from Millersville University and an MBA from Villanova University.
Joseph W. Garner
Director of Research, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund
Mr. Garner is Director of Research and a member of the Small Cap Growth Portfolio Management team. He is also a Portfolio Manager of the Emerald Growth Fund and the F/m Emerald Life Sciences Innovation ETF. Mr. Garner’s research efforts are primarily focused on small and mid-sized firms in the Consumer Discretionary, Consumer Staples, Industrials, and Technology sectors. He has appeared on Bloomberg Television and CNBC. He also has been quoted in Fortune, Bloomberg Business News, USA Today, Dow Jones News Service, Standard & Poor’s, MarketWatch, Investor’s Business Daily, Wall Street Journal, and other media. Mr. Garner previously served as President of the Millersville University Foundation and Chair of the Investment Committee. He currently serves on the Advisory Council for the Lombardo College of Business at Millersville University. Prior to joining Emerald in 1994, Mr. Garner was the Program Manager of the PA Economic Development Financing Authority (PEDFA) and an Economic Development Analyst with the PA Department of Commerce’s Office of Technology Development. Mr. Garner received an MBA from the Katz Graduate School of Business, University of Pittsburgh, and graduated magna cum laude with a BA in Economics from Millersville University.
Kenneth G. Mertz, II C.F.A.
CIO / President, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund and Emerald Finance and Banking Innovation Fund
Mr. Mertz is Chief Investment Officer and President of Emerald Advisers, LLC and a member of the Small Cap Portfolio Management team. He is also a Co-Manager of the Emerald Finance & Banking Innovation Fund and a Portfolio Manager of the Emerald Growth Fund and the F/m Emerald Life Sciences Innovation ETF. Portfolio Manager, Emerald Financial Services Private Equity Fund I, LP.; past Trustee and Vice President of the Emerald Mutual Funds; Chief Investment Officer, PA State Employees’ Retirement System (1985-1992); Member, CFA Institute; past Member, Pennsylvania State University Research Foundation; past Trustee, Evangelical Lutheran Church in America Board of Pensions; past Trustee, Pennsylvania State University Endowment Council (1998-2004); and past Chair, President, & Director of Central Pennsylvania Investment Managers. He was formerly Chairman of the Diakon Board and Chairman of the Diakon Lutheran Fund, its endowment arm. Mr. Mertz has been quoted in The Wall Street Journal and in USA Today and has served as speaker at various investment seminars and programs across the country. He has been a guest on CNBC’s Mutual Fund Investor and has been interviewed several times on CNBC and Bloomberg TV. Mr. Mertz graduated from Millersville University with a BA in Economics. Mr. Mertz is a CFA charterholder.