Seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Nasdaq Victory International Value Momentum Index. The Index is designed to deliver exposure to equity market performance in non-U.S. markets for issuers that have higher exposure to value and momentum factors while also maintaining moderate turnover and lower realized volatility than traditional capitalization weighted indexes.
The Index ranks each stock based on its value and momentum scores, relative to their sector classification, and creates a composite score for each stock by equally weighting the stock's value and momentum score. The Index then selects the top 25% and weighs them such that securities with lower realized volatility are given higher Index weights. The Index will rebalance quarterly. The Index is comprised of equity securities, including American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").