Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to attain its investment objective by investing primarily in equity securities of U.S. companies with small- and mid-market capitalizations (market value of publicly traded equity securities). The Advisor considers a company to be a U.S. company based on its domicile, its principal place of business, its primary stock exchange listing, and/or at least 50% of its revenues being derived from goods sold or produced, investments made, or services performed in the U.S. The types of equity securities in which the Fund invests are common and preferred stocks, American Depositary Receipts (ADRs), and warrants and rights. Under normal market conditions, the Fund will invest at least 80% of its net … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to attain its investment objective by investing primarily in equity securities of U.S. companies with small- and mid-market capitalizations (market value of publicly traded equity securities). The Advisor considers a company to be a U.S. company based on its domicile, its principal place of business, its primary stock exchange listing, and/or at least 50% of its revenues being derived from goods sold or produced, investments made, or services performed in the U.S. The types of equity securities in which the Fund invests are common and preferred stocks, American Depositary Receipts (ADRs), and warrants and rights. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes), measured at the time of purchase, in securities of U.S. companies with small- and mid-market capitalizations. Small and mid-capitalization companies are defined as issuers with market capitalizations based on total outstanding shares in the range of those included in the Russell 2500 Index measured at its most recent reconstitution date. As of July 1, 2025, the most recent reconstitution date of the index as of the date of this prospectus, the market capitalization range of the Index was $60,545,972 to $23,940,608,000. This market capitalization range may change over time. The Fund may invest in securities of companies located outside of the United States, including emerging and frontier markets. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the health care sector. The Fund may invest from time to time in cash or short-term cash equivalent securities as part of its overall investment strategy. The amount of such holdings will vary and will depend on the Advisors assessment of the quantity and quality of investment opportunities that exist at any given time, and may at times constitute a material part of the Funds portfolio. Brandes Investment Partners, L.P., the investment advisor (the Advisor), uses the principles of value investing to analyze and select securities for the Funds investment portfolio. When buying securities, the Advisor assesses the estimated intrinsic value of a company based on data such as a companys earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisors estimates of the underlying companys intrinsic value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches the Advisors estimate of the underlying companys intrinsic value, or when the Advisor believes that other investments are more attractive. Show less