p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zgLtnqjjN31" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"span id="xdx_909_eoef--StrategyPortfolioConcentration_c20260430__20260430__dei--LegalEntityAxis__custom--S000102335Member_zEH93yoNptq9"The Fund is an actively managed exchange-traded fund (“ETF”) that invests, under normal circumstances, at least 80% of its assets in dividend paying equity securities at the time of purchase./span/span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"The Adviser seeks to achieve for the Fund’s objective by investing in U.S. and non-U.S. companies that the Adviser believes are financially strong and well-managed. The Adviser begins by reviewing a universe of more than 3,500 companies using proprietary screening methods to identify companies that the Adviser believes have low valuations and the potential to pay dividends from strong recurring cash flows or have the capacity to pay high dividends in the future. The Adviser selects 35-50 companies across market sectors and avoids concentrating in any one company or industry./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"The Adviser’s stock selection process combines macroeconomic analysis, quantitative stock ranking, and traditional company fundamental analysis. The process is not an automated model. Buying and selling decisions are at the portfolio manager’s discretion based on review of the research./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"1. The Adviser’s macroeconomic analysis divides business cycles into four phases— trough, early recovery, expansion, and peak—using a combination of factors, such as Purchasing Managers Index data (PMI) and inflation, to estimate the current phase and direction of the business cycle. This macro business phase analysis informs the quantitative stock ranking and traditional fundamental analysis by helping to determine which segment of the stock market will benefit most from the current phase and direction of the business cycle./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"2. The quantitative stock ranking is based on an analysis of factors in three distinct “factor families”: price momentum, valuation, and business fundamentals. Stocks are ranked based on a combination of factor families that is appropriate for the current phase and direction of the business cycle./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"3. The Adviser’s traditional company analysis includes an assessment of financial statements and financial history; corporate strategy and business outlook; competitive landscape; macroeconomic backdrop; and management effectiveness. The Adviser uses a value-investing framework centered around dividends to classify stocks via traditional fundamental analysis to build portfolios. The Adviser’s classification system identifies stocks as dividend value, dividend growth, or dividend payor. Portfolios are often heavily allocated to dividend growth, which the Adviser defines as higher quality companies—usually with lower balance sheet leverage, strong free cash flows, clear capital allocation plans, defensible businesses, an ability to grow dividends and share buybacks at an above market pace. Dividend value and dividend payor stocks provide diversification during appropriate business cycle phases./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"At the company level, the Adviser considers company cash flow, balance sheet, and other financial metrics, and both positive and negative catalysts, including events such as changes in key leadership positions and cuts in the dividend, in making investment decisions for the Fund. The Adviser may also consider the impact of trading on tax efficiency in its investment decision making process./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font: 10pt Times New Roman, Times, Serif"/span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"Additionally, the Adviser utilizes a macroeconomic overlay to determine the business cycle phase of countries while rotating portfolio positions across stocks categorized with the Adviser’s dividend category methodology. Stocks are categorized into one of three dividend categories — dividend value, dividend growth, and dividend payer. The bulk of the portfolio is expected to consist of dividend growth stocks. The Adviser seeks to obtain for the Fund substantial returns from such stocks via growing dividends and share buybacks. The portfolio may tilt toward dividend value or dividend payer stocks depending on the business cycle phase./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"Under normal circumstances, the Fund expects to invest at least 40% of its total assets in equity securities of non-U.S. issuers (ii.e./i, issuers headquartered outside the U.S. or at least 50% of its assets are outside of the U.S. or 50% of its gross income is from non-U.S. sources). The Fund typically invests in foreign issuers through American Depositary Receipts (“ADRs”)./span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt" /span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"The Fund may sell a security if the Adviser determines the business cycle dictates a shift in strategy or if a company’s prospects for paying a high dividend have changed. b/b/span/p p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"b /b/span/p