div style="margin-bottom:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in common stock and depositary receipts of issuers outside the United States that the Fund’s sub-adviser, Astoria Portfolio Advisors, LLC dba Astoria Investment Management (the “Sub-Adviser”), believes have the potential for growth. The Fund’s investments may include both U.S. dollar denominated and non-U.S. dollar denominated securities./spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%" /span/divdiv style="margin-bottom:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"The Fund seeks to invest in companies that exhibit robust quality and growth characteristics across sectors and countries. As a result, the companies held by the Fund typically have a higher-than-median return on equity, return on assets, return on invested capital, price/earnings, price/sales, or earnings growth than their sector and country peers (i.e., companies operating within the same sector from the same country). In addition, the Sub-Adviser generally favors companies that demonstrate strong growth potential through development of new products, technologies, and/or have a strong industry or market position. The Fund is not managed to mirror a particular securities index or securities benchmark. Rather, the Sub-Adviser uses a quantitative and systematic approach to select securities for the Fund./spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%" /span/divdiv style="margin-bottom:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"The Sub-Adviser constructs the Fund’s portfolio by evaluating all of the securities in an investment universe comprised of the common stock (including depositary receipts associated with such common stocks) of publicly traded large- and mid- capitalization companies (defined by the Sub-Adviser as companies with a market capitalization of at least $5 billion) that satisfy the Sub-Adviser’s liquidity and growth criteria. The Sub-Adviser expects that the Fund will predominantly invest in companies in developed markets, but may also include companies in emerging markets to a lesser extent (generally less than 20%)./span/divdiv style="margin-bottom:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"Proprietary quantitative screens developed by the Sub-Adviser are used to rank such stocks according to their quality and growth metrics relative to the median of their sector and country peers. The Sub-Adviser uses a variety of metrics in its discretion to evaluate each stock for each of these factors, including return on equity, return on investment capital, price-to-earnings-growth ratio, estimate revisions, projected growth estimates, and earnings momentum. In addition, the Sub-Adviser believes positive revisions to earnings estimates are generally a sign of potential attractive growth. Momentum investing aims to capitalize on the /span/divdiv style="margin-bottom:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"continuance of an existing market trend (e.g., positive and accelerating growth of earnings). The metrics used to evaluate each factor vary by sector based on the Sub-Adviser’s assessment of which metric(s) have historically provided the best measure of that factor. A weighted average rank across each factor is then calculated and up to 250 of the top ranked stocks are selected for the Fund. The number of stocks selected will vary based on the Sub-Adviser’s decision to overweight or underweight sectors and countries in accordance with its assessment of the markets at the time of screening and to maintain diversification in the Fund’s portfolio. The Fund does not have a policy to invest in a certain number of developed countries, but it will maintain exposure to at least three different countries at all times, except during periods where it has taken a temporary defensive position. In addition, the Fund is not required to allocate its investments in set percentages to particular countries./spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%" /span/divdiv style="margin-bottom:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"All stocks in the portfolio are monitored regularly by the Sub-Adviser. In addition, the Sub-Adviser’s quantitative screens are typically reviewed on a quarterly basis to monitor the ranking of the stocks according to their quality and growth metrics. The Fund will sell or reduce positions according to changes in the Sub-Adviser’s proprietary rankings. The screens may be reapplied more frequently if there are material changes to earnings, valuations, or economic trends (i.e., an accelerating economy) believed by the Sub-Adviser to likely have an impact on the Fund’s portfolio. While it is anticipated that the Fund will invest across a range of industries, certain sectors or countries may be overweighted relative to its benchmark because the Sub-Adviser seeks the best investment opportunities regardless of sector and country in its discretion based on its assessment of the markets./spanspan style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%" /span/divdiv style="margin-bottom:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in companies with quality and growth characteristics. The Fund defines companies with quality and growth characteristics based on their earnings-to-price, book-to-market, return on assets, and gross profits-to-assets ratios./span/div