FPA GLOBAL EQUITY ETF (FPAG) Exchange: BATS

Although the Fund has adopted a policy to invest at least 80% of its assets in equity securities, the Adviserexpects to invest, under normal circumstances, at least 95% of the Fund’s assets in equity securities. The Fund invests primarilyin publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including companies in emerging market countries.The Fund defines mid- and large-cap companies to be those with market capitalization equal to or greater than $10 billion at the timeof initial purchase. These securities may be traded on major stock exchanges, regional stock exchanges, over-the-counter markets andother quotation systems. Under normal circumstances, the Fund expects to invest at least 40% of its total assets in equity securitiesof non-U.S. issuers (i.e., issuers headquartered outside the U.S. or at least 50% of its assets are outside the U.S. or 50%of its gross income is from non-U.S. sources). The equity securities held by the Fund may include common stocks, preferred stocks, anddepositary receipts. TheAdviser manages the Fund’s portfolio according to its Contrarian Value Equity Strategy, which seeks to invest in companies thatcurrently appear out of favor or undervalued by the stock market, including those mired in bad news according to media headlines, buthave a favorable outlook for growth in the Adviser’s estimation over 5-10 years. The Adviser conducts deep research into the underlyingfinancial condition and prospects of individual companies, including potential future earnings, cash flow, and dividends. The Adviserconsults with Wall Street professionals, industry consultants and the target company’s customers, competitors and executives tounderstand the company’s potential. The Adviser may, as part of its research, review current and historic SEC filings, conferencecall transcripts, and relevant periodicals to gain a full picture of the company.Afteridentifying target companies for the Fund, the Adviser selects the companies whose equity securities are offered at a “substantialdiscount” to the Adviser’s estimation of the company’s worth or intrinsic value. In seeking a “substantial discount,”the Adviser looks for genuine bargains by seeking securities it believes have a compelling economic risk/reward proposition on an absolutebasis. The Adviser may sell a security if its market price exceeds the Adviser’s estimate of its intrinsic value, or if its economicrisk/reward proposition is no longer compelling or less compelling than that of other investments found by the Adviser. To achieve itsobjective, the Adviser may, at times, accept market volatility in the Fund’s share price and short-term Fund underperformance.