Strategy. The fund invests primarily in a diverse group of U.S. mid cap companies across market sectors and industry groups. The fund seeks to achieve higher expected returns by selecting securities of companies with higher profitability and value characteristics, as well as smaller market capitalizations relative to others within the funds mid cap investment universe. To identify the desired market capitalization companies with higher profitability and value characteristics, the portfolio managers use reported and/or estimated company financials and market data including, but not limited to, shares outstanding, book value and its components, cash flows from operations, and accruals. The portfolio managers define value characteristics as adjusted book/price ratio (though other price to fundamental ratios may be considered). The portfolio managers define … Show more… The fund invests primarily in a diverse group of U.S. mid cap companies across market sectors and industry groups. The fund seeks to achieve higher expected returns by selecting securities of companies with higher profitability and value characteristics, as well as smaller market capitalizations relative to others within the funds mid cap investment universe. To identify the desired market capitalization companies with higher profitability and value characteristics, the portfolio managers use reported and/or estimated company financials and market data including, but not limited to, shares outstanding, book value and its components, cash flows from operations, and accruals. The portfolio managers define value characteristics as adjusted book/price ratio (though other price to fundamental ratios may be considered). The portfolio managers define profitability as adjusted cash from operations to book value ratio (though other ratios may be considered). The portfolio managers may also consider other factors when selecting a security, including industry classification, the past performance of the security relative to other securities, its liquidity, its float, tax, governance or cost considerations, among others. When portfolio managers identify securities with the desired market capitalization, profitability, value, and past performance characteristics, they seek to include and emphasize these securities in the broadly diversified portfolio. To determine the weight of a security within the portfolio, the portfolio managers use the market capitalization of the security relative to that of other eligible securities as a baseline, then overweight or underweight the security based on the characteristics described above. The portfolio managers may deemphasize or dispose of a security if it no longer has the desired market capitalization, profitability, or value characteristics. When determining whether to deemphasize or dispose of a security, the portfolio managers will also consider, among other things, relative past performance, costs, and taxes. The portfolio managers review the criteria for inclusion in the portfolio on a regular basis to maintain a focus on the desired broad set of U.S. mid cap companies. Under normal market conditions, the fund will invest at least 80% of its assets in securities of U.S. mid cap companies. To determine whether a company is a U.S. company, the portfolio managers will consider various factors, including where the company is headquartered, where the companys principal operations are located, where a majority of the companys revenues are derived, where the principal trading market is located, the country in which the company was legally organized, and whether the company is in the funds benchmark, the Russell Midcap Value Index. The fund defines mid cap companies as those whose market capitalizations at the time of purchase are within the capitalization range of the Russell Midcap Index. Though market capitalization may change from time to time, as of September 30, 2025, the capitalization range of the Russell Midcap Index was $1.1 billion to $127.2 billion. The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell, and hold decisions. When deciding whether to buy or sell a security, and how and when to implement a trade, the 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