Motley Fool Global Opportunities ETF (TMFG) Exchange: BATS

TheGlobal Opportunities Fund is an actively-managed exchange-traded fund (“ETF”), and pursues its investment objective by usinga quality growth investing style. The Global Opportunities Fund invests in a focused portfolio of the common stocks of high-quality U.S.companies and the common stocks and depositary receipts (including unsponsored depositary receipts) of high-quality companies that areorganized under the laws of other countries around the world. The Global Opportunities Fund willinvest, under normal circumstances, in at least three different countries, and will invest at least 40% of its assets outsideof the United States, or, if the conditions are not favorable, will invest at least 30% of its assets outside the United States.The Global Opportunities Fund seeks to stay fully invested and does not attempt to time the market. Although the Global OpportunitiesFund does not have market capitalization constraints for its investments, it is expected that investments in the securities ofU.S. companies having smaller and middle market capitalizations, which Motley Fool Asset Management, LLC (the “Adviser”)considers to be companies with market capitalizations less than $10 billion, and the securities in foreign companies, includingcompanies organized under the laws of emerging market countries, will be important components of the Global Opportunities Fund’sinvestment program. As a result, the Global Opportunities Fund has the freedom to go anywhere to make investments for its shareholders. In identifying investments for theGlobal Opportunities Fund, the Adviser looks for securities of companies that have high-quality businesses with strong marketpositions, manageable leverage, robust streams of free cash flow, and trade at attractive prices. In managing the Global OpportunitiesFund’s investment portfolio, the Adviser regularly reviews and adjusts the Global Opportunities Fund’s allocationsto particular markets and sectors to maintain a diversified mix of investments that the Adviser believes offer the best overallpotential for long-term growth of capital. The Global Opportunities Fund will sell securities in which it has invested based uponthe Adviser’s analysis of fundamental investment criteria, including its assessment of the current value of a security relativeto the security’s current market price, business fundamentals relating to the issuer, and developments affecting the issuer’sbusiness prospects and risks. The Global Opportunities Fund prefers toinvest in high-quality businesses when possible. To identify these high quality businesses, the Adviser engages in research toevaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business;competitive advantage; and trajectory. The Adviser’s approach employs a long-term mindset and a balance of qualitative andquantitative factors. Management, Culture, and Incentives.The Adviser believes that management isa key element to long-term success at most businesses. Among the factors the Adviser considers are: manager and board of directorfit, the clarity of vision and strategies, main-line culture and turnover, ownership in the business, the sensibility of incentives,capital allocation choices and results, external transparency and candor, and overall treatment of stakeholders. Economics of the Business.The Adviser believes that the economicperformance of a business is a signal for quality. The Adviser’s process looks at the company’s long-term return oncapital, the scalability of its business model, relative and absolute margins, business and product cyclicality, and other keyperformance indicators to gain insight into its potential for future performance. Competitive Advantage.The Adviser seeks companies that offercertain characteristics that allow them to generate and sustain outsized returns on capital on an absolute basis as well as incomparison to their peers. Competitive advantages may include pricing power, geographic barriers to entry, network effects, regulatorybarriers to entry, and superior brands, among others. The Adviser also assesses the strength of the supporting capabilities eachcompany possesses that reinforce these advantages to result in unique positioning. Trajectory.Companies often display superior economicsover the short term due to favorable product cycles, customer preference, temporary or tactical advantages or other reasons. Asthe Adviser’s desire is to own companies in the Global Opportunities Fund that can be kept in the portfolio for many years,a core part of the Adviser’s process is to consider what the company might look like over a period of ten or more years.The Adviser considers whether the company seems likely to grow, to increase profitability through additional products or otherofferings, and if it has optionality and the financial capacity that may make it a larger, stronger business in the future thanit might be today. The Global Opportunities Fund’sinvestment portfolio is focused, generally composed of between 30 and 50 investment positions, with the 10 largest positions representingnot more than 60% of the Global Opportunities Fund’s net assets. To limit the risks associated with highly concentratedholdings, the Global Opportunities Fund does not invest more than 5% of its net assets in any one class of the securities of anyone issuer at the time of purchase. If a portfolio holding grows to be greater than 5% of the Global Opportunities Fund’snet assets the Adviser may not add additional capital to the position. However, the Adviser may maintain an allocation above 5%indefinitely, provided it continues to meet the Adviser’s investment criteria. While investing in a particular sectoris not a principal investment strategy of the Global Opportunities Fund, its portfolio may be significantly invested in a sectoras a result of the portfolio management decisions made pursuant to its principal investment strategy. Currently, the Global OpportunitiesFund is significantly invested in the industrials sector, communication services sector, consumer discretionary sector, and informationtechnology sector, which means it will be more affected by the performance of such sectors than a fund that is not so significantlyinvested. The Global Opportunities Fund may also seek to increase its income by lending securities. The Global Opportunities Fund has electedto be, and intends to continue to qualify each year for treatment as a regulated investment company (“RIC”) under SubchapterM of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”).