Strategy. Under normal market conditions, the portfolio managers will invest at least 80% of the funds net assets in small cap companies. The portfolio managers consider small cap companies to include those with market capitalizations no larger than that of the largest company in the Russell 2000 Value Index. Though market capitalization will change from time to time, as of September 30, 2025, the market capitalization of the largest company in the Russell 2000 Value Index was approximately $22.0 billion. The portfolio managers employ a bottom-up stock selection process utilizing proprietary fundamental research and systematic, risk-aware portfolio construction to invest primarily in small-cap U.S. companies that are higher quality businesses selling at a discount to fair value. In selecting stocks for … Show more… Under normal market conditions, the portfolio managers will invest at least 80% of the funds net assets in small cap companies. The portfolio managers consider small cap companies to include those with market capitalizations no larger than that of the largest company in the Russell 2000 Value Index. Though market capitalization will change from time to time, as of September 30, 2025, the market capitalization of the largest company in the Russell 2000 Value Index was approximately $22.0 billion. The portfolio managers employ a bottom-up stock selection process utilizing proprietary fundamental research and systematic, risk-aware portfolio construction to invest primarily in small-cap U.S. companies that are higher quality businesses selling at a discount to fair value. In selecting stocks for the fund, the portfolio managers look for equity securities of smaller companies whose stock price may not reflect the companys value. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company. Guided by this fundamental analysis, the advisor applies systematic risk controls and portfolio construction techniques to generate trade recommendations, which the portfolio managers use in an effort to improve efficiency, capacity, and liquidity. The fund may invest in equity securities issued by real estate investment trusts (REITs). The portfolio managers may sell stocks from the funds portfolio if they believe a stock no longer meets their valuation criteria, a stocks risk parameters outweigh its return opportunity, more attractive alternatives are identified or specific events alter a stocks prospects. The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. When deciding whether to buy or sell a security, and how and when to implement a trade, portfolio managers may consider the expected implementation costs and tax consequences of the trade in an attempt to gain trading efficiencies, avoid unnecessary risk, minimize tax impact, and/or enhance fund performance. Show less