Strategy. The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in high-quality equity securities that it believes have the potential for long-term growth. A guiding principle of the Funds investment process is the consideration of each holding as an ownership interest in an underlying business. As such, the Fund seeks to purchase securities when the market price is reasonable relative to the companys total enterprise value. The Adviser's analysis typically will include consideration of fundamental analysis (including a review of a company's balance sheet, historical earnings, valuation, and long-term growth prospects) to estimate intrinsic value and determine suitability for investment. The Fund … Show more… The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in high-quality equity securities that it believes have the potential for long-term growth. A guiding principle of the Funds investment process is the consideration of each holding as an ownership interest in an underlying business. As such, the Fund seeks to purchase securities when the market price is reasonable relative to the companys total enterprise value. The Adviser's analysis typically will include consideration of fundamental analysis (including a review of a company's balance sheet, historical earnings, valuation, and long-term growth prospects) to estimate intrinsic value and determine suitability for investment. The Fund typically invests in equity securities of both U.S. and non-U.S. companies. While the Fund may invest in securities issued by companies of any market capitalization, it primarily emphasizes large-cap companies that exhibit stable operating histories, strong financial positions, and durable competitive advantages. The Fund maintains a long-term investment horizon and generally takes a low-turnover approach, though it may sell or reduce a position when an issuer exhibits deteriorating fundamentals, diminished management quality, or when the valuation of a security becomes excessive relative to projected earnings. Additionally, the Fund may sell securities to manage overall portfolio risk or to pursue better investment opportunities. Under normal market conditions, the Fund intends to remain fully invested and typically holds only a small portion of its assets in cash or cash equivalents. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act), which means that it may invest more of its assets in a smaller number of issuers than diversified funds. Show less