We believe that attractive investment returns can be achieved when key, proprietary insights into industry or economic trends are discovered, and their significance understood, before they become obvious to other investors. Within this context, the investment process will focus on investing in a number of major global investment themes. Once attractive themes are identified, the Adviser generally utilizes a “bottom-up” research process to identify companies it believes are best positioned to benefit from those specific themes, as well as companies that the Adviser believes may be vulnerable considering these themes.

As of 12/31/2025, the ETF received a 4-star overall rating, a 5-star 3-year rating, and a 4-star 5-year rating based on risk adjusted returns out of 166, and 150 funds, respectively, in the Global Small/Mid Stock Category. Ratings are determined monthly and subject to change. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Past performance does not guarantee future results.

Fund Details

Portfolio

Holdings and allocations are subject to change. There is no guarantee the ETF continues to invest in the securities referenced.

Performance

ETF inception: 11/13/2020

Performance represents past performance and does not guarantee future results. Investment returns and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

NAV returns are based on the ETF’s net asset value, which represents the market value of the ETF’s underlying investments minus liabilities divided by the ETF’s outstanding shares. Market price returns are based upon the midpoint of the bid/ask spread at 4:00pm Eastern Time, when the NAV is normally calculated.

The Bloomberg World All-Cap Equal Weight TR Index (“World All-Cap Index”) is an equal weighted equity benchmark that covers 99% market cap of the measured market. Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

¹ The rank percentile is based on total return within a given category.

Sector

Market Capitalization

Geographic Exposure

Historical Premium/(Discount)

The above frequency distribution chart presents information about the difference between the daily market price for shares of the ETF and the ETF’s reported NAV. The amount that the ETF’s market price is above the reported NAV is called the premium. The amount that the ETF’s market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the ETF’s NAV is calculated (usually 4:00 p.m. EST). The vertical axis of the chart shows the premium or discount expressed in percentages. The horizontal axis indicates the trading days in the period covered by the chart.