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2026-10-28 N-1A THE 2023 ETF SERIES TRUST 2026-11-01 Fund Summary – Brandes U.S. Small-Mid Cap Value ETF Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zYBxD5nRhrhc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Brandes U.S. Small-Mid Cap Value ETF (the “Fund”) seeks long term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zPQ08wMZXmx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zYuR3tcTeWQb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zvxCnWP70eph" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td style="padding-left: 0.5in; text-indent: -0.5in"> </td> <td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000244570Member_zOOKxM69WLVi" style="padding-left: 0.5in; text-align: center; text-indent: -0.5in"> </td></tr> <tr style="vertical-align: top"> <td colspan="3" id="xdx_98A_eoef--OperatingExpensesCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_z2dBVnaslnx3" style="border-top: Black 1pt solid; padding-left: 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses </b>(Expenses that you pay each year as a percentage of the value of your investment)</span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dp_zTIH0VOuiOc9" style="vertical-align: top"> <td style="width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management fee</span></td> <td style="width: 5%; padding-left: 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 10%; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp_zgAqaSrBC3qd" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and service (12b-1) fees</span></td> <td style="padding-left: 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-left: 0.5in; text-align: center; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zKQSnSXQCojl" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other expenses</span></td> <td style="padding-left: 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-left: 0.5in; text-align: center; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zdMlSZ2O7kuf" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4B_ze2ox7ZEjW0e">1</sup></span></td> <td style="padding-left: 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dp_zlzitXdwtFC4" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total annual Fund operating expenses</b></span></td> <td style="padding-left: 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.71%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; padding-left: 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 9.35pt"><span id="xdx_F0B_zqq8eRdQeV1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">¹</span></td><td style="text-align: justify"><span id="xdx_F10_zhnJSVIq0kF1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. <span id="xdx_904_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zxlJ2T4Jp9Gl">Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</span> </span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0000 0.0000 0.0001 0.0071 Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_ztH7snFlbal1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZvXFVXUHVLk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zyTTOsWgjuS" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td id="xdx_485_eoef--ExpenseExampleYear01_zMhVAgeIfXbk" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zRoko9LVDfO7" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z9i0OExoi3a6" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear10_z8iVLIhzP4Th" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41A_20261028__20261028__oef--ClassAxis__custom--C000244570Member_zVcg3PudWo5l" style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$73</span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$227</span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$395</span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$883</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 73 227 395 883 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zRnJxbpqgvEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example above, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zItFUCvTEkWg">5</span>% of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.05 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zHl24ZjW0Ui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to attain its investment objective by investing primarily in equity securities of U.S. companies with small- and mid-market capitalizations (market value of publicly traded equity securities). The Advisor considers a company to be a “U.S. company” based on its domicile, its principal place of business, its primary stock exchange listing, and/or at least 50% of its revenues being derived from goods sold or produced, investments made, or services performed in the U.S.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The types of equity securities in which the Fund invests are common and preferred stocks, American Depositary Receipts (“ADRs”), and warrants and rights. <span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zVgKEqbj2BHa">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of U.S. value companies with small- and mid-market capitalizations.</span> Small and mid-capitalization companies are defined as issuers with market capitalizations based on total outstanding shares in the range of those included in the Russell 2500 Index measured at its most recent reconstitution date. As of July 1, 2026, the most recent reconstitution date of the index as of the date of this prospectus, the market capitalization range of the Index was $12,383,375 to $29,402,951,469. This market capitalization range may change over time. The Fund may invest in securities of companies located outside of the United States, including emerging and frontier markets. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the health care sector.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser defines “value” companies as (i) those included as a constituent of the MSCI ACWI Value Investible Market Index; or (ii) those included as a constituent of the Russell 3000^® Value Index; or (iii) those companies that the Adviser believes are undervalued or attractively valued based on one or more quantitative and/or qualitative factors, which may include, among others: the issuer’s earnings and assets, cash flow generation, dividend characteristics, and balance sheet strength</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brandes Investment Partners, L.P., the investment advisor (the “Advisor”), uses the principles of value investing to analyze and select securities for the Fund’s investment portfolio. When buying securities, the Advisor assesses the estimated “intrinsic” value of a company based on data such as a company’s earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisor’s estimates of the underlying company’s intrinsic value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches the Advisor’s estimate of the underlying company’s intrinsic value, or when the Advisor believes that other investments are more attractive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest from time to time in cash or short-term cash equivalent securities as part of its overall investment strategy. The amount of such holdings will vary and will depend on the Advisor’s assessment of the quantity and quality of investment opportunities that exist at any given time, and may at times constitute a material part of the Fund’s portfolio.</span></p> Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of U.S. value companies with small- and mid-market capitalizations. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketAndEquitySecuritiesRiskMember_z7gaJDxPa82l"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock Market and Equity Securities Risk</i>. The stock markets are volatile and the market prices of the Fund’s equity securities may go up or down, sometimes rapidly and unpredictably. Equity securities may fluctuate in value more than other asset classes, such as fixed income securities, and may fluctuate in price based on actual or perceived changes in a company’s financial condition and overall market and economic conditions and perceptions. If the market prices of the Fund’s investments fall, the value of your investment in the Fund will go down.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidAndSmallcapitalizationCompanyRiskMember_zs3eZ0SPG1Nk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mid and Small-Capitalization Company Risk</i>. Securities of mid-capitalization and small-capitalization companies may have comparatively greater price volatility and less liquidity than the securities of companies that have larger market capitalizations and/or that are traded on major stock exchanges. These securities may also be more difficult to value.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueSecuritiesRiskMember_zauMbgT8MjTf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Value Securities Risk</i>. The Fund invests in value securities, which are securities the Advisor believes are undervalued for various reasons, including but not limited to as a result of adverse business, industry or other developments, or are subject to special risks, or limited market understanding of the issuer’s business, that have caused the securities to be out of favor. The value style of investing utilized by the Advisor may cause the Fund’s performance to deviate from the performance of broad market benchmarks and other managers for substantial periods of time. It may take longer than expected for the prices of value securities to increase to the anticipated value, or they may never increase to that value or may decline. There have been extended periods of time when value securities have not performed as well as growth securities or the stock market in general and have been out of favor with investors.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zf9wwUvHia4f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer Risk. </i>The market price of a security can go up or down more than the market, or perform differently from the market, due to factors specifically relating to the security’s issuer, such as disappointing earnings reports, reduced demand for the issuer’s goods or services, poor management performance, major litigation relating to the issuer, changes in government regulation affecting the issuer or the competitive environment. The Fund may experience a substantial or complete loss on any investment. An individual security may also be affected by factors related to the industry or sector of the issuer.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zzMUljlC7uj3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Risks. </i>The Fund is an exchange-traded fund and, as a result of this structure, it is exposed to the following risks:</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zyUf3ojI1RU7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares Risk</i>. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedAuthorizedParticipantsMarketMakersAndLiquidityProvidersRiskMember_zdZdJorC6ALk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limited Authorized Participants, Market Makers and Liquidity Providers Risk</i>. Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares, there may be demand for Fund shares thereby increasing the market price above NAV, or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. As a result of these considerations, Fund shares may trade at a material premium or discount to NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund shares. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zzUHi1iqyK62"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Risk. </i>Shares of the Fund may trade on the Cboe BZX Exchange, Inc. (the “Exchange”) above (premium) or below (discount) their net asset value (“NAV”). In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. This can be reflected as a spread between the bid and ask prices for the Fund quoted during the day or a premium or discount in the closing price from the Fund’s NAV. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestingRiskMember_zQhgEt1IRgt4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Focused Investing Risk</i>. The Fund may, from time to time, invest a substantial portion of the total value of its assets in securities of issuers located in a particular industry, sector, country or geographic region. During such periods, the Fund may be more susceptible to risks associated with that industry, sector, country or region.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVzqtiT7mf19"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. Liquidity risk exists when particular investments are or become difficult or impossible to purchase or sell. Markets may become illiquid when, for example, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. Securities of small-cap and mid-cap companies may be thinly traded. As a general matter, dealers recently have been less willing to make markets for fixed income securities. During times of market turmoil, there have been, and may be, no buyers for entire asset classes. The Fund’s investments in illiquid securities may reduce the return of the Fund because it may be unable to sell such illiquid securities at an advantageous time or price. Illiquid securities may also be difficult to value.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_znv5PDrbI2A"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Active Management Risk. </i>The Advisor is an active manager. The value of your investment may go down if the Advisor’s judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools or data used by the Advisor.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zDRJfnMVsUgl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency Risk</i>. Because the Fund invests in securities denominated in foreign currencies, the U.S. dollar values of its investments fluctuate as a result of changes in foreign exchange rates. Such changes will also affect the Fund’s income.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zyuskxymj2La"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Depositary Receipts Risk. </i>The risks of investments in depositary receipts, such as ADRs, are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of, or may be less liquid than, their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zhfLapvUGfq2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Emerging Markets Risk</i>. Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have more volatile interest and currency exchange rates, less market regulation, and less developed and less stable economic, political and legal systems than those of more developed countries. There may be less publicly available and reliable information about issuers in emerging markets than is available about issuers in more developed markets. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems, and could be subject to capital controls or sanctions risks. Some emerging markets may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Certain emerging markets are sometimes referred to as “frontier markets.” Frontier markets, the least advanced capital markets in the developing world, are subject to heightened emerging markets risks.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z2VTUiBEx5Cf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Securities Risk</i>.    Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, wars, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Changes in currency rates and exchange control regulations, and the imposition of sanctions, confiscations, trade restrictions, and other government restrictions by the United States and/or other governments may adversely affect the value of the Fund’s investments in foreign securities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthCareSectorRiskMember_zbUZr4MrHRrf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Health Care Sector Risk. </i>Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zxekqN0wTWo2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Risk</i>. The value of the Fund’s investments may increase or decrease in response to expected real or perceived economic, political, geopolitical or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation or deflation, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions may be caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, geopolitical, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this Prospectus will likely increase.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zgqpQpe8Ka6a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operational Risk</i>. The Fund and its service providers may experience disruptions that arise from human error, processing and communications errors, counterparty or third-party errors, technology or systems failures, any of which may have an adverse impact on the Fund.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance Information <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_z10orhX8sBfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zEdCVEVmW2V1">The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time.</span> The following bar chart shows the Fund’s annual returns. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of the Russell 3000^® Index, an index that reflects a broad measure of the U.S. equity market’s performance. In addition, performance is shown for the Russell 2500^® Value Index , another securities market index the Advisor believes provides a more applicable comparison to the Fund’s investments. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_z30C6BDp2HLb">The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zjTcutrpuVB5">www.brandes.com/etfs</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.brandes.com/etfs Calendar Year Ended December 31 <div id="xdx_A8E_eoef--BarChartTableTextBlock_zI5qYdywqi9b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zqDchK11I7z" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000244570Member_zF5OKkjtlc8f" style="display: none; width: 50%">10.21%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000244570Member_zl4g4DW4HZz6" style="display: none">15.65%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="brandes485bpos002.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.1021 0.1565 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zxl9NSED8fB6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s <span id="xdx_90B_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_z4NxpxvNlGI3">year-to-date return</span> as of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zLTntHwlNiQ">September 30, 2026</span> was <span id="xdx_901_eoef--BarChartYearToDateReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zSJ8ofBDaI01">9.72</span>%. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period of time shown in the bar chart, the <span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zmMrvjN3WqVg">highest return for a calendar quarter</span> was <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zgG5czSqjmLb">9.53</span>% (quarter ended <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zltUsIsn55Fj">September 30, 2024</span>) and the <span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_z0lWTnyUXRe5">lowest return for a calendar quarter</span> was <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zLhCFz7aU0o6">-3.55</span>% (quarter ended <span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_znUrmEQWdb7i">June 30, 2024</span>).</span></p> year-to-date return 2026-09-30 0.0972 highest return for a calendar quarter 0.0953 2024-09-30 lowest return for a calendar quarter -0.0355 2024-06-30 Average Annual Total Returns   For the Periods Ended December 31, 2025   <div id="xdx_A80_eoef--PerformanceTableTextBlock_z9sRWkUs0QX1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zRHrWxj9o2R2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; width: 74%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49F_20250101__20251231_z4hmld06YEad" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_495_20231004__20251231_z7HsX3dzqxMc" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception</b><br/> <b>(<span id="xdx_909_eoef--PerfInceptionDate_c20231004__20251231__oef--ClassAxis__custom--C000244570Member_zcSU3QDZjvb7">October 4, 2023</span>)</b></span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244570Member_zssxGdUrdDbd" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return Before Taxes</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.65%</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.92%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244570Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxkmzTtd9v35" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.05%</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.40%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244570Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zEihg78e4RMc" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.24%</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.92%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell2500ValueIndexMember_zf63k8VZlvxe" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Russell 2500^® Value Index <span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_z6l5t5aCnj5i">(reflects no deduction for fees, expenses or taxes)</span></span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.73%</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.81%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_ztMBmMnDWJCg" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Russell 3000^® Index (reflects no deduction for fees, expenses or taxes)</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.15%</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.08%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2023-10-04 0.1565 0.1692 0.1505 0.1640 0.0924 0.1292 (reflects no deduction for fees, expenses or taxes) 0.1273 0.1881 0.1715 0.2508 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zA4qcCf9fYei" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zvhf4PF981K1">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_z63yWnUYV9Od">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”).</span> In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. <span id="xdx_907_eoef--PerformanceTableExplanationAfterTaxHigher_c20261028__20261028__dei--LegalEntityAxis__custom--S000081643Member_zpdjWkUZ9qm5">A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.   Fund Summary – Brandes U.S. Value ETF   Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zaxk4UZc3IY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Brandes U.S. Value ETF (the “Fund”) seeks long term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zacUcvXTOWjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zvAVDlivjEb4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zxJQCRDC6rN8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td> </td> <td id="xdx_49F_20261028__20261028__oef--ClassAxis__custom--C000244571Member_zxgVkrsIKhqb" style="text-align: center"> </td></tr> <tr style="vertical-align: top"> <td colspan="3" id="xdx_98F_eoef--OperatingExpensesCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_z6ipd8nJLWK1" style="border-top: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses </b>(Expenses that you pay each year as a percentage of the value of your investment)</span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dp_z97TEc6LIABl" style="vertical-align: top"> <td style="width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management fee</span></td> <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.60%</span></td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dp_zmSjSCtNJbOf" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and service (12b-1) fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dp_zE4sN0RDVevb" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other expenses</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dp_z4vVSWjZ6v8b" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total annual Fund operating expenses</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.60%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_z0W0SUSmEMI7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_ziyPVUlvtNPl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z6XZmGtlvH7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_488_eoef--ExpenseExampleYear01_zOSR3Q6T5Fy6" style="border-top: Black 1pt solid; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zhBK1gJo6lKi" style="border-top: Black 1pt solid; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zUhtqksSQiK4" style="border-top: Black 1pt solid; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zQSspcuZIAi5" style="border-top: Black 1pt solid; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_413_20261028__20261028__oef--ClassAxis__custom--C000244571Member_zFa25dEzkcPg" style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61</span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$192</span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$335</span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$750</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 61 192 335 750 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zfgh1tyiYXc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example above, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zp4691HeHJJa">4</span>% of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.04 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zk1rlVP0B6Ze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to attain its investment objective by investing primarily in equity securities of U.S. companies. The Advisor considers a company to be a “U.S. company” based on its domicile, its principal place of business, its primary stock exchange listing, and/or at least 50% of its revenues being derived from goods sold or produced, investments made, or services performed in the U.S. The types of equity securities in which the Fund invests are common and preferred stocks, American Depositary Receipts (“ADRs”), and warrants and rights. <span id="xdx_906_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zCX6rqLOx6Md">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of U.S. value companies.</span> The Fund may invest in securities of companies located outside of the United States. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the financial sector or health care sector. Typically, the Fund invests in issuers with a market capitalization greater than $5 billion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Advisor defines “value” companies as (i) those included as a constituent of the MSCI ACWI Value Investible Market Index; or  (ii) those included as a constituent of the Russell 3000^® Value Index; or (iii) those companies that the Adviser believes are undervalued or attractively valued based on one or more quantitative and/or qualitative factors, which may include, among others: the company’s earnings and assets, cash flow generation, dividend characteristics, and balance sheet strength.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brandes Investment Partners, L.P., the Fund’s investment advisor (the “Advisor”), uses the principles of value investing to analyze and select equity securities for the Fund’s investment portfolio that, in its opinion, are undervalued. When buying equity securities, the Advisor assesses the estimated “intrinsic” value of a company based on data such as a company’s earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisor’s estimates of the underlying company’s intrinsic value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches the Advisor’s estimate of the underlying company’s intrinsic value, or when the Advisor believes that other investments are more attractive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest from time to time in cash or short-term cash equivalent securities as part of its overall investment strategy. The amount of such holdings will vary and will depend on the Advisor’s assessment of the quantity and quality of investment opportunities that exist at any given time, and may at times constitute a material part of the Fund’s portfolio.</span></p> Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of U.S. value companies. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketAndEquitySecuritiesRiskMember_zSOYH6b7J7Y3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock Market and Equity Securities Risk</i>. The stock markets are volatile and the market prices of the Fund’s equity securities may go up or down, sometimes rapidly and unpredictably. Equity securities may fluctuate in value more than other asset classes, such as fixed income securities, and may fluctuate in price based on actual or perceived changes in a company’s financial condition and overall market and economic conditions and perceptions. If the market prices of the Fund’s investments fall, the value of your investment in the Fund will go down.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueSecuritiesRiskMember_zr431VQKPVTk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Value Securities Risk</i>. The Fund invests in value securities, which are securities the Advisor believes are undervalued for various reasons, including but not limited to as a result of adverse business, industry or other developments, or are subject to special risks, or limited market understanding of the issuer’s business, that have caused the securities to be out of favor. The value style of investing utilized by the Advisor may cause the Fund’s performance to deviate from the performance of broad market benchmarks and other managers for substantial periods of time. It may take longer than expected for the prices of value securities to increase to the anticipated value, or they may never increase to that value or may decline. There have been extended periods of time when value securities have not performed as well as growth securities or the stock market in general and have been out of favor with investors.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zzLOPosHlOTj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer Risk. </i>The market price of a security can go up or down more than the market, or perform differently from the market, due to factors specifically relating to the security’s issuer, such as disappointing earnings reports, reduced demand for the issuer’s goods or services, poor management performance, major litigation relating to the issuer, changes in government regulation affecting the issuer or the competitive environment. The Fund may experience a substantial or complete loss on any investment. An individual security may also be affected by factors related to the industry or sector of the issuer.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestingRiskMember_z14VYuQ5qlHj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Focused Investing Risk</i>. The Fund may, from time to time, invest a substantial portion of the total value of its assets in securities of issuers located in a particular industry, sector, country or geographic region. During such periods, the Fund may be more susceptible to risks associated with that industry, sector, country or region.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zP54e8c2hJ49"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Risks. </i>The Fund is an exchange-traded fund and, as a result of this structure, it is exposed to the following risks:</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zdPNiniZ3kYk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares Risk</i>. Due to the costs of buying or selling Shares  , including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedAuthorizedParticipantsMarketMakersAndLiquidityProvidersRiskMember_z8fy1hDtpbel"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limited Authorized Participants, Market Makers and Liquidity Providers Risk</i>. Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares, there may be demand for Fund shares thereby increasing the market price above NAV, or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. As a result of these considerations, Fund shares may trade at a material premium or discount to NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund shares. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zA3asc3rb002"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Risk. </i>Shares of the Fund may trade on the Cboe BZX Exchange, Inc. (the “Exchange”) above (premium) or below (discount) their net asset value (“NAV”). In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. This can be reflected as a spread between the bid and ask prices for the Fund quoted during the day or a premium or discount in the closing price from the Fund’s NAV. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zeaZjq8LCZ54"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Active Management Risk. </i>The Advisor is an active manager. The value of your investment may go down if the Advisor’s judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools or data used by the Advisor.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zMxIUNq5KPRg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency Risk</i>. Because the Fund invests in securities denominated in foreign currencies, the U.S. dollar values of its investments fluctuate as a result of changes in foreign exchange rates. Such changes will also affect the Fund’s income.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zhrKsYQzwP5k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Depositary Receipts Risk. </i>The risks of investments in depositary receipts, such as ADRs, are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of, or may be less liquid than, their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zgC3uGypx9kd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial Sector Risk. </i>Companies in the financial sector are subject to governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. Governmental regulation may change frequently, and may have adverse consequences for companies in the financial sector, including effects not intended by such regulation. The impact of recent or future regulation in various countries on any individual financial company or on the sector, as a whole, is not known.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zlO0zFcZpe08"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Securities Risk</i>. Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, wars, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Changes in currency rates and exchange control regulations, and the imposition of sanctions, confiscations, trade restrictions, and other government restrictions by the United States and/or other governments may adversely affect the value of the Fund’s investments in foreign securities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthCareSectorRiskMember_zYv5FsBHmiWi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Health Care Sector Risk. </i>Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationCompanyRiskMember_zhfMG27cnZTl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large-Capitalization Company Risk. </i>The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zwZwdG81UFdk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Risk</i>. The value of the Fund’s investments may increase or decrease in response to expected real or perceived economic, political, geopolitical or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation or deflation, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions may be caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, geopolitical, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this Prospectus will likely increase.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidAndSmallcapitalizationCompanyRiskMember_zTRX1gnhuN53"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mid and Small-Capitalization Company Risk</i>. Securities of mid-capitalization and small-capitalization companies may have comparatively greater price volatility and less liquidity than the securities of companies that have larger market capitalizations and/or that are traded on major stock exchanges. These securities may also be more difficult to value.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zLSQ7RU6s6s9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operational Risk</i>. The Fund and its service providers may experience disruptions that arise from human error, processing and communications errors, counterparty or third-party errors, technology or systems failures, any of which may have an adverse impact on the Fund.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zxuvVnAt6VW" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zqxVN6ojaZji">The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time.</span> The following bar chart shows the Fund’s annual returns. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of the Russell 1000^® Index, an index that reflects a broad measure of the U.S. equity market’s performance. In addition, performance is shown for the Russell 1000^® Value Index, another securities market index the Advisor believes provides a more applicable comparison to the Fund’s investments. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zeVsy1LMnxS3">The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zRy1tdlwBnn7">www.brandes.com/etfs</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.brandes.com/etfs Calendar Year Ended December 31 <div id="xdx_A8D_eoef--BarChartTableTextBlock_zXe2Dh91CZDg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zFlQna6JQVp3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000244571Member_zImIYntJz2e7" style="display: none; width: 50%">16.00%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000244571Member_zGRFN1XuPOil" style="display: none">17.36%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="brandes485bpos003.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.1600 0.1736 <p id="xdx_A84_eoef--BarChartClosingTextBlock_z7AbneV4spW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s <span id="xdx_90A_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zCbhZIzeVfW1">year-to-date return</span> as of <span id="xdx_905_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_z7cV2ZjZErKg">September 30, 2026</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_z1XnzcZCy7xc">8.81</span>%. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period of time shown in the bar chart, the <span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zDj2mHFcpqv4">highest return for a calendar quarter</span> was <span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zBhO1I5KRw">12.05</span>% (quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_z2zW6ltukbF2">March 31, 2024</span>) and the <span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_ziE0w0BU9HTc">lowest return for a calendar quarter</span> was <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zQCz5XqPJAB">-3.17</span>% (quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zdE6QIGOlJ0f">June 30, 2024</span>).</span></p> year-to-date return 2026-09-30 0.0881 highest return for a calendar quarter 0.1205 2024-03-31 lowest return for a calendar quarter -0.0317 2024-06-30 Average Annual Total Returns   For the Periods Ended December 31, 2025   <div id="xdx_A87_eoef--PerformanceTableTextBlock_zHsEdBG19A47"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zcOGy1HjrEug" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 70%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49B_20250101__20251231_zP39BGCEqFS4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_49F_20231004__20251231_zm0kqJzV3uC4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception (<span id="xdx_90C_eoef--PerfInceptionDate_c20231004__20251231__oef--ClassAxis__custom--C000244571Member_zuQngXHJu04f">October 4, 2023</span>)</b></span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244571Member_z6Db4KA8FI58" style="vertical-align: top"> <td style="padding-left: 0.05in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return Before Taxes</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.36%</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.12%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244571Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zAKP6docuzl3" style="vertical-align: top"> <td style="padding-left: 0.05in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.59%</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.41%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244571Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zi6msMDk4EB2" style="vertical-align: top"> <td style="padding-left: 0.05in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25%</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.37%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000IndexMember_zx17nUspYDif" style="vertical-align: top"> <td style="padding-left: 0.05in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Russell 1000^® Index <span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_z2HJeXOgjvQ6">(reflects no deduction for fees, expenses or taxes)</span></span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.58%</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.70%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000ValueIndexMember_zpDYznJ4oAj7" style="vertical-align: top"> <td style="padding-left: 0.05in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Russell 1000^® Value Index (reflects no deduction for fees, expenses or taxes)</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.89%</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.72%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2023-10-04 0.1736 0.2012 0.1659 0.1941 0.1025 0.1537 (reflects no deduction for fees, expenses or taxes) 0.1358 0.1670 0.1589 0.2372 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_zHnbclY4gECd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zFM9VxfUi4N3">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zXCKPt05GrG7">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”).</span> In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. <span id="xdx_907_eoef--PerformanceTableExplanationAfterTaxHigher_c20261028__20261028__dei--LegalEntityAxis__custom--S000081644Member_zNPcf7JZFU0f">A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Fund Summary – Brandes International ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_z7n97Z0cBGKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Brandes International ETF (the “Fund”) seeks long term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_z549ngFcDnU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zOaADs4sgNYf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_ziijgkXyywhk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td style="padding: 1.5pt; text-align: justify"> </td> <td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000244569Member_zP7u7y5p8ZC5" style="padding: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td colspan="2" id="xdx_982_eoef--OperatingExpensesCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zjxQFWwFaNKg" style="border-top: Black 1pt solid; padding: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses </b>(Expenses that you pay each year as a percentage of the value of your investment)</span></td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zcpFiWEDBO5e"> <td style="padding: 1.5pt; width: 84%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management fee</span></td> <td style="padding: 1.5pt; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</span></td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dp_zceL72zfDNid"> <td style="padding: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and service (12b-1) fees</span></td> <td style="padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dp_zk4mYybwmXm6"> <td style="padding: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other expenses</span></td> <td style="border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dp_z5QmOvN9fA8l"> <td style="padding: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total annual Fund operating expenses</b></span></td> <td style="border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</span></td></tr> <tr> <td style="border-bottom: Black 1pt solid; padding: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; padding: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0000 0.0000 0.0070 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zqBZbOxsyCaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zd86zEcrAHf5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z7pPawBSSh8c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zPiG7yTn1WEg" style="border-top: Black 1pt solid; padding: 1.5pt; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zFEYDW5xNfP9" style="border-top: Black 1pt solid; padding: 1.5pt; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zqc50UDaaOOj" style="border-top: Black 1pt solid; padding: 1.5pt; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zlkhfpEznmO3" style="border-top: Black 1pt solid; padding: 1.5pt; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41B_20261028__20261028__oef--ClassAxis__custom--C000244569Member_zJBk6i7JqY0a" style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$72</span></td> <td style="border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$224</span></td> <td style="border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$390</span></td> <td style="border-bottom: Black 1pt solid; padding: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$871</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 72 224 390 871 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zVn0f4yV8sA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example above, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_z4cDxFpiYzsb">2</span>% of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.02 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zr51yN88l1C8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to attain its investment objective by investing primarily in equity securities of foreign companies. The types of equity securities in which the Fund invests are common and preferred stocks, American Depositary Receipts (“ADRs”), and warrants and rights. The Fund typically invests in foreign companies with market capitalizations (market value of publicly traded equity securities) greater than $5 billion at the time of purchase. A foreign company is determined to be “foreign” on the basis of its domicile being outside the U.S., its principal place of business being outside the U.S., its primary stock exchange listing being outside the U.S., and/or at least 50% of its revenues being derived from goods sold or produced, investments made, or services performed outside the U.S. Under normal market conditions, the Fund will invest in securities of companies located in at least three countries outside the United States. The Fund may invest up to 30% of its total assets, measured at the time of purchase, in securities of companies located in emerging markets (including frontier markets). The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the consumer staples sector.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest in companies located around the world. With respect to Fund investments in any particular country, the Fund may invest up to the greater of either (a) 20% of its total assets measured at the time of purchase or (b) 150% of the weighting of such country as represented in the Morgan Stanley Capital International Europe, Australasia, Far East (“MSCI EAFE”) Index, measured at the time of purchase. As a result, the Fund may have significant exposure to any particular country.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest from time to time in cash or short-term cash equivalent securities as part of its overall investment strategy. The amount of such holdings will vary and will depend on the Advisor’s assessment of the quantity and quality of investment opportunities that exist at any given time, and may at times constitute a material part of the Fund’s portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brandes Investment Partners, L.P., the Fund’s investment advisor (the “Advisor”), uses the principles of value investing to analyze and select equity securities for the Fund’s investment portfolio. When buying equity securities, the Advisor assesses the estimated “intrinsic” value of a company based on data such as a company’s earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisor’s estimates of the underlying company’s intrinsic value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches the Advisor’s estimate of the underlying company’s intrinsic value, or when the Advisor believes that other investments are more attractive.</span></p> As with all funds, a shareholder is subject to the risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockMarketAndEquitySecuritiesRiskMember_zCoOszZsijB6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock Market and Equity Securities Risk</i>. The stock markets are volatile and the market prices of the Fund’s equity securities may go up or down, sometimes rapidly and unpredictably. Equity securities may fluctuate in value more than other asset classes, such as fixed income securities, and may fluctuate in price based on actual or perceived changes in a company’s financial condition and overall market and economic conditions and perceptions. If the market prices of the Fund’s investments fall, the value of your investment in the Fund will go down.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zhsL76MeULc2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Securities Risk</i>. Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, wars, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Changes in currency rates and exchange control regulations, and the imposition of sanctions, confiscations, trade restrictions, and other government restrictions by the United States and/or other governments may adversely affect the value of the Fund’s investments in foreign securities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInEuropeAndUnitedKingdomMember_zyTVheelvGMa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks of Investing in Europe and the United Kingdom</i>. To the extent that the Fund has direct or indirect investments in issuers located in Europe and the United Kingdom (“UK”), the Fund may be affected by the fiscal and monetary controls of the Economic and Monetary Union of the European Union (“EU”).  The UK formally withdrew from the EU (commonly referred to as “Brexit”) under the terms of a new trade agreement on December 31, 2020. The agreement governs the relationship between the UK and EU with respect to trading goods and services, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. The full scope and nature of the consequences of the exit are not at this time known and are unlikely to be known for a significant period of time. This agreement formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of a Fund’s investments.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueSecuritiesRiskMember_z0knn5FrKWI1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Value Securities Risk</i>. The Fund invests in value securities, which are securities the Advisor believes are undervalued for various reasons, including but not limited to as a result of adverse business, industry or other developments, or are subject to special risks, or limited market understanding of the issuer’s business, that have caused the securities to be out of favor. The value style of investing utilized by the Advisor may cause the Fund’s performance to deviate from the performance of broad market benchmarks and other managers for substantial periods of time. It may take longer than expected for the prices of value securities to increase to the anticipated value, or they may never increase to that value or may decline. There have been extended periods of time when value securities have not performed as well as growth securities or the stock market in general and have been out of favor with investors.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zOrC5Y0tGMih"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer Risk. </i>The market price of a security can go up or down more than the market, or perform differently from the market, due to factors specifically relating to the security’s issuer, such as disappointing earnings reports, reduced demand for the issuer’s goods or services, poor management performance, major litigation relating to the issuer, changes in government regulation affecting the issuer or the competitive environment. The Fund may experience a substantial or complete loss on any investment. An individual security may also be affected by factors related to the industry or sector of the issuer.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z4aQGMT0bK3f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Risks. </i>The Fund is an exchange-traded fund and, as a result of this structure, it is exposed to the following risks:</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zJH4dH3Tnzid"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares Risk</i>. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedAuthorizedParticipantsMarketMakersAndLiquidityProvidersRiskMember_zBL4v00M2jb6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limited Authorized Participants, Market Makers and Liquidity Providers Risk</i>. Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares, there may be demand for Fund shares thereby increasing the market price above NAV, or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. As a result of these considerations, Fund shares may trade at a material premium or discount to NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund shares. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zNrLVdpecVxb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Risk. </i>Shares of the Fund may trade on the Cboe BZX Exchange, Inc. (the “Exchange”) above (premium) or below (discount) their net asset value (“NAV”). In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. This can be reflected as a spread between the bid and ask prices for the Fund quoted during the day or a premium or discount in the closing price from the Fund’s NAV. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zwvWV6JvZ0i2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Transactions Risk</i>. The Fund may effect some of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV. In effecting creations and redemptions in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestingRiskMember_zIyeTGSfCySd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Focused Investing Risk</i>. The Fund may, from time to time, invest a substantial portion of the total value of its assets in securities of issuers located in a particular industry, sector, country or geographic region. During such periods, the Fund may be more susceptible to risks associated with that industry, sector, country or region.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zovVYttl6JZc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Active Management Risk. </i>The Advisor is an active manager. The value of your investment may go down if the Advisor’s judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools or data used by the Advisor.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zSKpbfJ4GY95"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Depositary Receipts Risk. </i>The risks of investments in depositary receipts, such as ADRs, are substantially similar to the risks of investing directly in foreign securities. In addition, depositary receipts may not track the price of, or may be less liquid than, their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are not open for trading.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zrP9UOu7pd9f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency Risk</i>. Because the Fund invests in securities denominated in foreign currencies, the U.S. dollar values of its investments fluctuate as a result of changes in foreign exchange rates. Such changes will also affect the Fund’s income.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z8YV8rQtlPYc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Emerging Markets Risk</i>. Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have more volatile interest and currency exchange rates, less market regulation, and less developed and less stable economic, political and legal systems than those of more developed countries. There may be less publicly available and reliable information about issuers in emerging markets than is available about issuers in more developed markets. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems, and could be subject to capital controls or sanctions risks. Some emerging markets may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Certain emerging markets are sometimes referred to as “frontier markets.” Frontier markets, the least advanced capital markets in the developing world, are subject to heightened emerging markets risks.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInChinaMember_zN3O73hSw7V6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks of Investing in China</i>. To the extent that the Fund has direct or indirect investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, it will be subject to risks specific to the People’s Republic of China (“China”). The Chinese economy is subject to a considerable degree of economic, political and social instability. There is also a greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Unanticipated political or social developments may result in sudden and significant investment losses.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerStaplesSectorRiskMember_zvPPeoVQHPMc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consumer Staples Sector Risk. </i>The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer staples sector, such as companies that produce or sell food, beverage, and drug retail or other household items, may be adversely impacted by changes in global and economic conditions, rising energy prices, and changes in the supply or price of commodities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthCareSectorRiskMember_zQi5sVkEROBg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Health Care Sector Risk. </i>Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationCompanyRiskMember_zYlIyL3SsQQf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large-Capitalization Company Risk. </i>The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zFgTRyuAnROe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Risk</i>. The value of the Fund’s investments may increase or decrease in response to expected real or perceived economic, political, geopolitical or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation or deflation, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions may be caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, geopolitical, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this Prospectus will likely increase.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidAndSmallcapitalizationCompanyRiskMember_zSZULl6X9mS9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mid and Small-Capitalization Company Risk</i>. Securities of mid-capitalization and small-capitalization companies may have comparatively greater price volatility and less liquidity than the securities of companies that have larger market capitalizations and/or that are traded on major stock exchanges. These securities may also be more difficult to value.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zMLU412Dlc8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operational R</i>isk. The Fund and its service providers may experience disruptions that arise from human error, processing and communications errors, counterparty or third-party errors, technology or systems failures, any of which may have an adverse impact on the Fund.</span></td></tr></table> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_z3wxzJSXR7B3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_z8ZzGPXaASrj">The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time.</span> The following bar chart shows the Fund’s annual returns. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of the MSCI EAFE Index, an index that reflects a broad measure of the foreign equity market’s performance. In addition, performance is shown for the MSCI EAFE Value Index, another securities market index the Advisor believes provides a more applicable comparison to the Fund’s investments. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zXTk5NxZZGyk">The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zB7iMdnWEHw5">www.brandes.com/etfs</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.brandes.com/etfs Calendar Year Ended December 31 <div id="xdx_A8A_eoef--BarChartTableTextBlock_z6P7rPUBicw1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zCRq7NRrelKd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Return</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000244569Member_zUuaSvfkgd0i" style="display: none; width: 50%">7.68%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000244569Member_zZeYgrR9TDW1" style="display: none">37.61%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="brandes485bpos004.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0768 0.3761 <p id="xdx_A89_eoef--BarChartClosingTextBlock_zMUWYIPmYIr7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s <span id="xdx_900_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_ziNImiOPinLb">year-to-date return</span> as of <span id="xdx_901_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zfkHFbXokKwa">September 30, 2026</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_ziOg25kXgBn3">9.32</span>%. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the period of time shown in the bar chart, the <span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zYHZhPSaJBnk">highest return for a calendar quarter</span> was <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zz63DTkl5OW7">12.58</span>% (quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zJ1qUbK4yQ7l">September 30, 2024</span>) and the <span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zpvEKEPvFVqf">lowest return for a calendar quarter</span> was <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zzOh33EQNfPg">-8.48</span>% (quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zvHQC2GRKIY1">December 31, 2024</span>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> year-to-date return 2026-09-30 0.0932 highest return for a calendar quarter 0.1258 2024-09-30 lowest return for a calendar quarter -0.0848 2024-12-31 Average Annual Total Returns   For the Periods Ended December 31, 2025   <div id="xdx_A86_eoef--PerformanceTableTextBlock_zorrs9rNkSQh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zVdrrMMf0Kci" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; width: 71%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_493_20250101__20251231_zNQHdzSYoA65" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_498_20231004__20251231_z0optQSchF77" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception</b><br/> <b>(<span id="xdx_90E_eoef--PerfInceptionDate_c20231004__20251231__oef--ClassAxis__custom--C000244569Member_z4Vsm7eh998">October 4, 2023</span>)</b></span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244569Member_zLBNvW3gCPZ" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return Before Taxes</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37.61%</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.18%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244569Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z0lboMoWRM03" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36.28%</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.02%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244569Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zGBMlkFPzpfk" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.21%</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.98%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEAFEIndexMember_zGKRqx7kcED9"> <td style="white-space: nowrap; vertical-align: top; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSCI EAFE Index <span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zwtAXnmRkd1c">(reflects no deduction for fees, expenses or taxes)</span></span></td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.22%</span></td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.47%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEAFEValueIndexMember_zoGR6OMabt39"> <td style="white-space: nowrap; vertical-align: top; padding-left: 0.05in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSCI EAFE Value Index (reflects no deduction for fees, expenses or taxes) </span></td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.25%</span></td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.92%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2023-10-04 0.3761 0.2618 0.3628 0.2502 0.2221 0.1998 (reflects no deduction for fees, expenses or taxes) 0.3122 0.2147 0.4225 0.2592 <p id="xdx_A8A_eoef--PerformanceTableClosingTextBlock_zi7tJjBHVQq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zQuUBhDpgEgg">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zrlQ7QnO28ef">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”).</span> In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. <span id="xdx_905_eoef--PerformanceTableExplanationAfterTaxHigher_c20261028__20261028__dei--LegalEntityAxis__custom--S000081642Member_zmCBAoiCahLg">A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.