The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in non-U.S. equities that the Funds adviser, Grantham, Mayo, Van Otterloo & Co. LLC (GMO or the Adviser), believes to be of high quality. GMO believes a high quality company generally to be a company that has an established business that will deliver a high level of return on past investments and that will use cash flows to make investments with the potential for a high return on capital or to return cash to shareholders through dividends or share buybacks.