Strategy. Avantis All Equity Markets ETF is a fund of funds, meaning that it seeks to achieve its objective by investing in other Avantis exchange-traded funds (ETFs) (collectively, the underlying funds). The underlying funds represent a broadly diversified basket of equity securities that seek to overweight securities that are expected to have higher returns or better risk characteristics than a passive, market-cap weighted index. The following table indicates the funds target weight and range for allocation among the funds major asset classes and shows the underlying funds that comprise each asset class. This information is as of the date of this prospectus. Target Weight Target Range U.S. Equity 70% 63% to 77% Avantis U.S. Equity ETF Avantis U.S. Small Cap Equity … Show more… Avantis All Equity Markets ETF is a fund of funds, meaning that it seeks to achieve its objective by investing in other Avantis exchange-traded funds (ETFs) (collectively, the underlying funds). The underlying funds represent a broadly diversified basket of equity securities that seek to overweight securities that are expected to have higher returns or better risk characteristics than a passive, market-cap weighted index. The following table indicates the funds target weight and range for allocation among the funds major asset classes and shows the underlying funds that comprise each asset class. This information is as of the date of this prospectus. Target Weight Target Range U.S. Equity 70% 63% to 77% Avantis U.S. Equity ETF Avantis U.S. Small Cap Equity ETF Avantis U.S. Large Cap Value ETF Avantis U.S. Small Cap Value ETF Avantis U.S. Mid Cap Equity ETF Avantis U.S. Mid Cap Value ETF Target Weight Target Range Non-U.S. Developed Markets 17% 10% to 24% Avantis International Equity ETF Avantis International Large Cap Value ETF Avantis International Small Cap Equity ETF Avantis International Small Cap Value ETF Emerging Markets 10% 3% to 17% Avantis Emerging Markets Equity ETF Avantis Emerging Markets Value ETF Avantis Emerging Markets Small Cap Equity ETF Sector Equity 3% 1% to 6% Avantis Real Estate ETF Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The managers will strategically allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. The U.S. vs. non-U.S. allocations across geographies will be predicated on each regions relative market capitalization with a home bias toward the U.S. The portfolio managers regularly review the funds allocations to determine whether rebalancing is appropriate. To better balance risks in changing market environments and control costs and tax realizations, the portfolio managers may allocate within the target range in light of prevailing market conditions and relative performance. We reserve the right to modify the target ranges and underlying funds from time to time should circumstances warrant a change. The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell, and hold decisions. Show less