The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in equities of U.S. companies 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, share buybacks, or other mechanisms. Equity securities primarily include common and preferred stocks and, to a lesser extent, other stock-related securities, such as convertible securities, depositary receipts, equity real estate investment trusts (REITs), income trusts, and securities of other investment companies that investment primarily in equity securities.