Strategy. The Fund is an actively managed exchange-traded Fund (ETF) that seeks to achieve its investment objective by primarily investing in equity securities, including American Depositary Receipts (ADRs), of internationally domiciled companies, including in ex-U.S. developed markets and emerging markets, that trade on a U.S. securities exchange. Todd Asset Management LLC (Todd), the Funds investment sub-adviser, selects securities for the Fund utilizing a bottom-up internal screening process designed to identify securities that, in Todds opinion, trade at discounts to the true or intrinsic value of a company. Todd begins with an investment universe of approximately 800 securities that have a market cap greater than $1 billion. Todd may acquire securities for the Funds portfolio with market cap of less than $1 … Show more… The Fund is an actively managed exchange-traded Fund (ETF) that seeks to achieve its investment objective by primarily investing in equity securities, including American Depositary Receipts (ADRs), of internationally domiciled companies, including in ex-U.S. developed markets and emerging markets, that trade on a U.S. securities exchange. Todd Asset Management LLC (Todd), the Funds investment sub-adviser, selects securities for the Fund utilizing a bottom-up internal screening process designed to identify securities that, in Todds opinion, trade at discounts to the true or intrinsic value of a company. Todd begins with an investment universe of approximately 800 securities that have a market cap greater than $1 billion. Todd may acquire securities for the Funds portfolio with market cap of less than $1 billion. Todd evaluates each company for potential investment based on valuation, fundamental strength ( i.e . strong and rising earnings), technical strength, and strong price-to-intrinsic value (P/IV) ratios. P/IV ratios are calculated by Todd by dividing a securitys current market price by Todds assessment of a securitys underlying value, based on both tangible and intangible factors. Todd then ranks the securities following the P/IV screening using a proprietary Multi-Factor Ranking Model that assigns each security a composite ranking score that reflects, in a single number, all of the factors Todd believes are most critical to identifying a stock's true future potential. The Multi-Factor Ranking Model prioritizes securities with strong P/IV and price to earnings ratios along with securities that demonstrate positive earnings revisions and earnings momentum with constructive technical credentials. While a security must have an attractive P/IV ratio to be considered for the Funds portfolio, Todd evaluates each security to ensure that it meets Todds assessment of potential upside, quality, and diversification across sectors and geographic regions prior to investment. Todd generally sells a security for the Fund when, in Todds opinion, the fundamentals of the company are perceived to have weakened, if Todd becomes concerned about the integrity of a companys accounting, or if Todd believes that a company is no longer attractive based on its intrinsic value relative to other available equity investments. The Funds holdings may represent multiple geographic regions and sectors that will vary at different points in time. As of December 31, 2025, the Fund had significant exposure to the financials and industrials sectors. As of December 31, 2025, the Fund had significant exposure to companies in Japan and Europe. Show less