Active Core International Equity ETF

TACN

Risks: All investments are subject to market risk, including the possible loss of principal. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Quantitative models: The fund’s reliance on quantitative models and the analysis of specific metrics in constructing the fund’s portfolio could cause the adviser to be unsuccessful in selecting companies for investment or determining the weighting of particular stocks in the portfolio. Large- and mid-cap stocks: Securities issued by large- and mid-cap companies tend to be less volatile than securities issued by small cap companies. However, large-cap companies may not be able to attain the high growth rates of successful small-cap companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. Sector exposure: Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. See the prospectus for more detail on the fund’s principal risks.

Statement of Additional Information (SAI)

Past performance cannot guarantee future results.

Market value of holdings shown are illustrative and may differ from the values used to calculate the fund’s net asset value (“NAV”). For information on valuation of portfolio assets used to calculate NAV, please see the prospectus.

ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.

Figures may not total due to rounding.