| Investment Objective: |
The Fund is an actively managed exchange-traded Fund ("ETF") that seeks to achieve its investment objective by primarily investing in equity securities, including American Depositary Receipts ("ADRs"), of internationally domiciled companies, including in ex-U.S. developed markets and emerging markets, that trade on a U.S. securities exchange. Todd Asset Management LLC ("Todd"), the Fund's investment sub-adviser, selects securities for the Fund utilizing a "bottom-up" internal screening process designed to identify securities that, in Todd's opinion, trade at discounts to the true or "intrinsic value" of a company. Todd begins with an investment universe of approximately 800 securities that have a market cap greater than $1 billion. The Multi-Factor Ranking Model prioritizes securities with strong P/IV and price to earnings ratios along with securities that demonstrate positive earnings revisions and earnings momentum. While a security must have an attractive P/IV ratio to be considered for the Fund's portfolio, Todd evaluates each security to ensure that it meets Todd's assessment of potential upside, quality, and diversification across sectors and geographic regions prior to investment. |
