The Fund is an actively managed exchange-traded fund (“ETF”) and seeks to achieve its objective by investing primarily in equities issued by non-U.S. issuers. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related foreign securities (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)) (the “80% Policy”). While not considered a principal investment strategy of the Fund, for purposes of the 80% Policy, the Fund ’‘counts’’ relevant derivative positions towards the 80% of assets allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price, but the Fund anticipates valuing each such position for purposes of assessing compliance with this test at notional value in connection with new rules requiring that treatment, which came into effect in 2025). Unless specifically noted otherwise, First Eagle Investment Management, LLC (the “Adviser”) will determine an investment’s location based on its assessment of the investment’s “country of risk.” “Country of risk” is based on a multi-factor country of risk assessment determined by the Adviser, including factors such as an issuer’s country of domicile, and the country of the exchange on which an investment trades, among others. The majority of the Fund’s non-U.S. investments may include equity securities that are traded in mature markets (for example, Canada, Japan, Germany and France), and the Fund may invest in countries whose economies are still developing (sometimes called ’‘emerging markets’’). The Adviser considers “emerging markets” to include countries in the MSCI Emerging Markets Index or countries that the Adviser considers to be emerging markets based on an evaluation of their level of economic development or the size and experience of their securities markets.

The equity securities in which the Fund may invest include common stock, preferred stock, other investment companies (including ETFs) and depositary receipts.

The Fund may invest in or have exposure to companies of any size.

The investment philosophy and strategy of the Fund can be broadly characterized as a “value” approach, as it seeks a “margin of safety” in each investment purchase. The Adviser considers the “margin of safety” to be the difference between a company’s market price and its estimate of the company’s intrinsic value, with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to “intrinsic value” is sought even for the best of businesses, with a deeper discount demanded for companies that the Adviser views as under business model, balance sheet, management or other stresses, such as regulatory or geopolitical risks. “Intrinsic value” is based on the Adviser’s judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

The Fund has elected to be, and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”).