Strategy. Avantis All International Markets Equity 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 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 Non-U.S. Developed Markets 70% 60% to 85% Avantis International Equity ETF Avantis … Show more… Avantis All International Markets Equity 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 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 Non-U.S. Developed Markets 70% 60% to 85% Avantis International Equity ETF Avantis International Large Cap Value ETF Avantis International Small Cap Value ETF Avantis International Small Cap Equity ETF Target Weight Target Range Emerging Markets 30% 15% to 40% Avantis Emerging Markets Equity ETF Avantis Emerging Markets Value ETF Avantis Emerging Markets Small Cap Equity ETF Under normal market conditions, the fund will invest at least 80% of its assets in equity ETFs. The managers will allocate to the underlying funds across geographies and investment styles to achieve the desired allocation. 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