The Fund is an actively managed exchange trade fund (“ETF”). The Fund invests at least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in global equity securities. The securities held by the Fund may be denominated in both U.S. dollars as well as the local currency. The Fund expects that U.S. companies will make up 55% to 75% of its portfolio, while non-U.S. companies will comprise 25% to 45%. The Fund classifies companies as either U.S. or non-U.S. based on MSCI’s country classification methodology.

The Fund may invest in securities of U.S. and non-U.S. issuers of any size, but generally focuses on larger, more established companies with market capitalizations over $4 billion. The Fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 30% of its net assets in securities of companies domiciled in emerging and frontier markets. Frontier markets are those emerging market countries that have the smallest, least mature economies and least developed capital markets. A country or market’s classification as a developed market, emerging market or frontier market is based on MSCI designations, or if a country or market does not have an MSCI designation, on the Sub-Adviser’s assessment of whether the country or market’s characteristics are most similar to countries or markets MSCI has designated as developed markets or frontier markets. As part of its principal investment strategy, the Fund will invest in various equity securities including common stocks, and depositary receipts such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”).

The Sub-Adviser selects investments for the Fund based on an evaluation of a company’s financial condition. The Sub-Adviser applies “bottom-up” security analysis that includes fundamental, sector-based research in seeking to identify businesses that have high or improving returns on capital, barriers to competition, and/or compelling valuations. The Sub-Adviser is not constrained by a particular investment style and can pursue any equity security it perceives to be undervalued, whether it be based on valuation metrics or growth potential. The Fund will not target any specific industry, region or sector. The Sub-Adviser may sell the Fund’s investments to secure gains, limit losses or reinvest in opportunities perceived as more promising.