| Investment Objective: |
International Developed Markets Select Equity ETF seeks long-term capital appreciation through investments in equity securities of companies based in developed markets outside the United States. Harding Loevner, the Portfolio's investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing, and strongly competitive, and whose shares are reasonably priced relative to estimates of their value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency, and market capitalization. The Portfolio holds investments across at least 10 countries. Factors bearing on whether a company is considered to be "based" in a developed market outside the United States may include: (1) it is legally domiciled in a developed market outside the United States; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in a developed market outside the United States; or (3) it has the principal exchange listing for its securities in a developed market outside the United States. The Portfolio will normally invest broadly in equity securities of companies domiciled in countries included in the MSCI World ex US Index. |
