Avantis International Equity ETF

The fund actively selects non-U.S. equities across all market capitalizations, with an emphasis on smaller companies that exhibit higher profitability and attractive value characteristics, as measured by adjusted book-to-price and cash-flow-to-book ratios; it underweights or excludes larger companies with lower profitability and less attractive valuations. Security weightings are based on market capitalization as a baseline, then adjusted up or down according to these characteristics and other factors including past performance, liquidity, and governance. Because security selection depends on the portfolio managers' assessment of profitability and value metrics that may prove incorrect, fund performance will diverge from broad non-U.S. equity benchmarks.