The JOHCM International Opportunities ETF (JOHI) will invest primarily in companies outside the U.S., spanning developed and emerging markets and all market capitalizations. The benchmark-agnostic strategy will typically hold just 25–50 stocks, targeting high-quality businesses the adviser believes are undervalued based on cash flows, competitive advantages and long-term growth potential. With a three-to-five-year investment horizon, the actively-managed fund aims for above-average risk-adjusted returns with lower-than-average volatility. Its valuation discipline may result in cash positions of up to 20% while the manager waits for attractive opportunities. Vident Asset Management will serve as trading sub-adviser.