ELCs, or Entity-Level Controls, are characteristics of a control framework that are pervasive across the organization and are designed to provide a foundation for the effective operation of controls addressing specific accounts and related assertions. They help in understanding how transaction-level controls are intended to prevent, detect, or correct material misstatements. Therefore, the correct characteristic of ELCs is:

Establish a basis for the effective operation of controls that address specific accounts and related assertions.

The statement "ELCs are not pervasive to the organization and generally operate at a low-level" is incorrect, as ELCs are indeed pervasive and have a broad impact on the overall control environment. The other option, "Some controls that address specific accounts and related assertions are often more ‘tone-setting’ as opposed to ELCs," refers to more specific, or "line-item," controls rather than entity-level controls, which are more overarching in nature.