Strategy. Avantis Moderate Allocation 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 and fixed income securities that seek to select or 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 47% 40% to 60% Avantis U.S. Equity ETF Avantis … Show more… Avantis Moderate Allocation 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 and fixed income securities that seek to select or 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 47% 40% to 60% 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 Equity 12% 7% to 20% Avantis International Equity ETF Avantis International Large Cap Value ETF Avantis International Small Cap Value ETF Avantis International Small Cap Equity ETF Emerging Markets Equity 6% 3% to 10% Avantis Emerging Markets Equity ETF Avantis Emerging Markets Value ETF Avantis Emerging Markets Small Cap Equity ETF Sector Equity 2% 0% to 5% Avantis Real Estate ETF Fixed Income 33% 30% to 40% Avantis Short-Term Fixed Income ETF Avantis Core Fixed Income ETF The managers will allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. For the equity portion of the portfolio, 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 reallocate within the target range when prevailing market conditions and relative performance of certain underlying strategies lead to deviations from the targets. 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