Strategy. The Fund is an actively-managed exchange-traded fund (ETF). Under normal conditions, Brown Advisory LLC (the Adviser) seeks to achieve the Funds investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities that satisfy the Funds sustainable investment criteria. The Fund invests primarily in securities of large market capitalization companies that the Adviser deems to meet its value and sustainable investment criteria, collectively the Investment Criteria for the Fund. Large market capitalization companies are, according to the Adviser, those companies with market capitalizations generally greater than $3 billion at the time of purchase. The market capitalizations of the companies in the Funds portfolio changes over time; the Fund … Show more… The Fund is an actively-managed exchange-traded fund (ETF). Under normal conditions, Brown Advisory LLC (the Adviser) seeks to achieve the Funds investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities that satisfy the Funds sustainable investment criteria. The Fund invests primarily in securities of large market capitalization companies that the Adviser deems to meet its value and sustainable investment criteria, collectively the Investment Criteria for the Fund. Large market capitalization companies are, according to the Adviser, those companies with market capitalizations generally greater than $3 billion at the time of purchase. The market capitalizations of the companies in the Funds portfolio changes over time; the Fund will not automatically sell or cease to purchase stock of a company it already owns just because the companys market capitalization falls outside this range. Equity securities include common stock, preferred stock, equity-equivalent securities such as convertible securities, stock futures contracts, equity options, American Depositary Receipts (ADRs), real estate investment trusts (REITs), other exchange traded funds (ETFs) and business development companies (BDCs). The Fund may also invest in private placements in these types of securities. The Fund may invest in ETFs and BDCs that have an investment objective similar to the Funds or that otherwise are permitted investments with the Funds investment policies described herein. ADRs are equity securities traded on U.S. securities exchanges, which are generally issued by banks or trust companies to evidence ownership of foreign equity securities. The Fund may invest up to 20% of its assets in foreign securities, including in emerging markets. Emerging market countries for these purposes consists of countries in Latin America, Asia, Eastern Europe, Africa and the Middle East, and include, among other countries, Brazil, China, Hong Kong, India, Indonesia and Taiwan. The Fund will generally hold securities of between 30 to 50 issuers. The Adviser defines value as businesses that exhibit stable and consistent free cash flow generation, that display capital discipline by demonstrating both prudent balance sheet management and capital expenditures, and that trade at attractive valuations because they provide a favorable reward versus risk outlook. The Fund invests primarily in equity securities that trade in the U.S. securities markets and that the Adviser believes are undervalued, broadly defined as trading at a discount to the estimated economic value of a companys underlying business. The Adviser uses a research-driven analysis that results in the Funds portfolio having an emphasis on out-of-favor, cash-generating companies with durable business models, strong finances, competent management and a demonstrable record of prudent capital allocation. The Advisers valuation discipline attempts to estimate the range of a companys business value by considering past, current or future earnings, cash flows, book value, sales or growth rates relative to the companys history, industry, or the broader market. The Fund may also invest in cyclical companies or companies that have experienced a temporary setback if the valuation of the company is at an appropriate discount to the long-term earnings potential of the company. The Adviser defines its sustainable investment criteria as companies that have sustainability characteristics that may improve their financial position and have strong management of sustainability-related risks. The Adviser looks for companies with Sustainable Cash Flow Advantage (SCFA) over time. SCFA is part of the broader research process. A majority of the Fund will consist of securities with established or emerging SCFA. SCFAs have one or more of the following drivers: ? People: For example: o Attraction, retention and internal promotion of employees drives cost savings while also creating a cultural advantage. o Leadership on health and safety has the potential to serve as both a mechanism for improved employee retention and generation of revenue tied to greater productivity. ? Process: For example: o Sound operations that promote a safe and healthy community can bolster franchise value, while also avoiding regulatory and reputational risk. o Margin improvement through operations that save costs and resources, enabling meaningful reduction in carbon emissions and natural capital. ? Product: For example: o Products or services that provide superior customer outcomes resulting in recurring revenue while also providing environmental and/or social solutions. Additionally, the Adviser pursues strategic engagement with companies and other stakeholders in an effort to enhance due diligence and monitor the investment thesis, including emerging SCFA. The Adviser considers each proxy voting proposal related to holdings in the Fund on its own merits and an independent determination is made based on the relevant facts and circumstances, in consideration of the Advisers current Proxy Voting Policy. The Adviser has engaged Vident Asset Management to serve as sub-adviser (Sub-Adviser) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees. Show less