Strategy. The International Small Cap Active ETF seeks to achieve its objective by investing primarily in equity securities of small non-U.S. companies. Equity securities include, but are not limited to, common stock, preferred stock and depositary receipts. As a nonfundamental policy, under normal market conditions, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of non- U.S. small companies. For purposes of the Funds 80% policy, a company is considered to be a non-U.S. company if Fund management determines that the company meets one or more of the following criteria: ? the company is organized under the laws of a country outside the U.S.; ? the company … Show more… The International Small Cap Active ETF seeks to achieve its objective by investing primarily in equity securities of small non-U.S. companies. Equity securities include, but are not limited to, common stock, preferred stock and depositary receipts. As a nonfundamental policy, under normal market conditions, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of non- U.S. small companies. For purposes of the Funds 80% policy, a company is considered to be a non-U.S. company if Fund management determines that the company meets one or more of the following criteria: ? the company is organized under the laws of a country outside the U.S.; ? the company has its principal office in, or management is located in, a country outside the U.S.; and/or ? the company has its principal securities trading market in a country outside the U.S. The Fund considers a small company to be one whose market capitalization is within the range of capitalizations of companies in the MSCI All Country World ex-USA Small Cap Index at the time of purchase. As of December 31, 2025, the MSCI All Country World ex-USA Small Cap Index included companies with market capitalizations up to $ 19.03 billion. The Fund may invest in companies of any size provided the Funds 80% policy is met. As a result, the Funds average market capitalization may sometimes exceed that of the largest company in the MSCI All Country World ex-USA Small Cap Index. Under normal circumstances, a number of countries around the world will be represented in the Funds portfolio, some of which may be considered to be emerging market countries. At times, the Fund may have a significant amount of its assets invested in a country or geographic region, including through an exchange-traded fund or by other means . The Fund may invest in securities denominated in U.S. Dollars and the currencies of the foreign countries in which it may invest. The Fund typically has full currency exposure to those markets in which it invests. The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the industrials sector . The Fund may invest up to 35% of net assets in emerging markets securities. In seeking to achieve the Funds investment objective, the Adviser and abrdn Investments Limited (the Sub-adviser ) (together, the Advisers) select stocks for the Fund using the portfolio management teams quality, growth and momentum approach, which aims to identify companies that, in the Advisers view, exhibit a range of high-quality characteristics, the ability to deliver sustainable, multiyear growth and upwards momentum. When assessing quality, the Adviser and Sub-adviser evaluate every company against quality criteria and build conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of management, and 5) the most material environmental, social and governance ( ESG) factors impacting a company. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Advisers. In assessing the growth outlook for stocks, the Advisers consider the industry backdrop, as well as managements strategy to drive sales and profitability over the medium to long term. When looking at momentum, the Advisers consider both price momentum and earnings momentum. The investment team generally allows the weight of stocks with positive price and earnings momentum, which also meet its quality and growth criteria, to increase. Show less