Fund Description: Pax MSCI North America ESG Index ETF, formerly the ESG Shares North American Sustainability Index ETF, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Pax World Funds Trust II, an investment management company. INVESTMENT OBJECTIVE: PAX MSCI North America ESG Index ETF seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the MSCI North America ESG Index. INDEX DESCRIPTION: The MSCI North America ESG Index is a free float-adjusted market capitalization weighted index designed to measure the performance of equity securities of issuers organized or operating in North America that have high environmental, social and governance (ESG) ratings from MSCI, Inc., selected initially and adjusted annually by MSCI. The Index targets sector weights that reflect the relative sector weights of the MSCI USA ESG Index and the MSCI Canada ESG Index. MSCI’s ESG research framework evaluates companies’ ESG characteristics and derives corresponding ESG scores and ratings. Companies are ranked by ESG score against their sector peers to determine their eligibility for the ESG indices. MSCI identifies the highest-rated companies in each peer group to meet the float-adjusted market capitalization sector targets. The rating system is based on general and industry-specific ESG criteria, assigning ratings on a 9-point scale from AAA (highest) to C (lowest). Constituents of the MSCI North America Index having an ESG rating of B or above are eligible for inclusion in the Index. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index Under normal circumstances, the Fund invests more than 80% of its total assets in the component securities of the Index and in American Depositary Receipts, Global Depositary Receipts and Euro Depositary Receipts representing the component securities of the Index. The Fund uses a replication strategy to seek to achieve its investment objective, which means that it generally will hold all of the component securities of the Index in approximately the same proportions as they are represented in the Index. The Fund may use a representative sampling strategy with respect to the Index when a replication strategy might be detrimental, such as when a security becomes temporarily illiquid, unavailable or less liquid. The Fund also may invest up to 20% of its total assets in certain futures, options and swap contracts, cash and cash equivalents, and stocks not included in the Index, but which the Adviser believes will help the Fund track the price and yield performance of the Index. Such securities and other financial instruments will be evaluated by the Adviser for satisfaction of the Adviser’s ESG criteria. FUND MANAGEMENT: Pax World Management LLC, is the investment adviser and is responsible for the management of the Funds.