Strategy. The Fund is an actively managed exchange traded fund (ETF). Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes, if any) in equity securities, including common stock and American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of international and domestic companies. The Fund may meet its investment objective by directly investing in equity securities, or by investing in other investment companies, including ETFs, that invest primarily in equity securities. In determining whether a company is a non-U.S. company, Knights of Columbus Asset Advisors LLC (the Sub-Adviser) will consider whether the company: ? has a class of securities whose principal securities market is outside the U.S.; ? has its … Show more… The Fund is an actively managed exchange traded fund (ETF). Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes, if any) in equity securities, including common stock and American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of international and domestic companies. The Fund may meet its investment objective by directly investing in equity securities, or by investing in other investment companies, including ETFs, that invest primarily in equity securities. In determining whether a company is a non-U.S. company, Knights of Columbus Asset Advisors LLC (the Sub-Adviser) will consider whether the company: ? has a class of securities whose principal securities market is outside the U.S.; ? has its principal office outside the U.S.; or ? is otherwise determined to be economically tied to a country outside the U.S. by the Sub-Adviser in its discretion (e.g., using classifications assigned by third parties, including an issuers country of risk as determined by MSCI Global Industry Classification Standards or the classifications assigned to a company by the Funds benchmark index provider). The assets in the Fund are managed by the Sub-Adviser, which employs an active management investment strategy in seeking to achieve the Funds investment objective. In selecting investments for the Fund, the Sub-Adviser combines quantitative and qualitative analyses that together seek to identify companies that have above-average investment potential. The Sub-Adviser first ranks the individual stocks in which the Fund may invest through the use of models that incorporate multiple fundamental factors, with the weightings of the factors in the models varying in relation to the stocks sector and region and the current market environment. The Sub-Adviser then evaluates highly-ranked securities for purchase based on fundamental data and macroeconomic considerations, while managing the Funds exposures to sectors and regions to ensure broad diversification. The Sub-Adviser will generally sell a stock on behalf of the Fund if the stock experiences extreme price movements, or for risk management purposes. The Fund makes investment decisions in accordance with the United States Conference of Catholic Bishops Socially Responsible Investing Guidelines (the USCCB Guidelines), and therefore, the Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If the Sub-Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the Sub-Adviser may sell the companys securities or otherwise exclude future investments in such company. As a result, the Fund may have to sell a security at a time when it would be disadvantageous to do so. The Fund may perform differently than other funds that do not follow USCCB Guidelines. The Fund may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. The Fund will focus its investments in all capitalization companies. The average market capitalization of investments in the Funds portfolio is expected to range from $35 million to $2.1 trillion. The Fund normally invests at least 40% of its assets in companies located in countries other than the U.S., provided that the Fund reserves the flexibility to invest as little as 30% of its assets in companies located outside the U.S. when market conditions are unfavorable. Notwithstanding the previous sentence, the Fund may invest a percentage lower than 40% in such non-U.S. securities if the weighting of non-U.S. securities in the Funds performance benchmark (currently, the MSCI ACWI Index) drops below 45%, in which case the minimum level for investments in non-U.S. securities must remain within 5% of the benchmarks weighting (e.g. if the weighting of non-U.S. securities in the Funds performance benchmark is 38%, the minimum level for investing in non-U.S. securities for the Fund would be 33%). Foreign securities in which the Fund may invest may be U.S. dollar-denominated. Show less