PZIV

Pzena International Value ETF invests at least 80% of its net assets in common stocks of non-U.S. companies. As part of its investments in non-U.S. companies, the Fund may invest in emerging markets and frontier markets. The Adviser defines emerging market countries as to be those defined by the MSCI Emerging Markets Index. The Adviser defines frontier markets as countries with investable stock markets that are less established than those in the emerging markets. The Fund may invest in companies of any size market capitalization. The Fund defines "value" companies as those that are in the three lowest quintiles of valuation of the investment universe based on estimated future earnings. The Adviser will also include companies classified as "value" securities by MSCI, Russell/FTSE, and Bloomberg indexes. The Fund's portfolio will generally consist of 50 to 100 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research. The Fund may gain exposure to non-U.S. companies by purchasing equity securities directly or in the form of depositary receipts, such as ADRs, EDRs and GDRs. The Fund may invest up to 35% of its net assets in emerging market and frontier market securities.