Strategy. The fund invests primarily in a diverse group of U.S. companies across market sectors and industry groups. T he fund focuses on growth companies, which the portfolio managers generally define as companies that have relatively higher price-to-book ratios or that are included in the MSCI USA Growth IMI Index. The fund seeks securities of companies that it expects to have higher returns by placing an enhanced emphasis on securities of quality companies (which the portfolio managers generally define as companies with relatively higher profitability). The fund favors quality companies with certain characteristics, such as attractive price relative to company financials, and/or smaller market capitalizations relative to others within the funds growth-oriented investment universe. Conversely, the fund seeks to underweight or … Show more… The fund invests primarily in a diverse group of U.S. companies across market sectors and industry groups. T he fund focuses on growth companies, which the portfolio managers generally define as companies that have relatively higher price-to-book ratios or that are included in the MSCI USA Growth IMI Index. The fund seeks securities of companies that it expects to have higher returns by placing an enhanced emphasis on securities of quality companies (which the portfolio managers generally define as companies with relatively higher profitability). The fund favors quality companies with certain characteristics, such as attractive price relative to company financials, and/or smaller market capitalizations relative to others within the funds growth-oriented investment universe. Conversely, the fund seeks to underweight or exclude securities of lower quality companies that it expects to have lower returns, such as larger companies and/or companies with less attractive price relative to company financials. To identify companies with the desired 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 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, and tax, governance or cost considerations, among others. When portfolio managers identify quality securities with the desired profitability, capitalization, past performance, and other characteristics, they seek to include and emphasize these securities in the 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 lower quality security if it no longer has the desired profitability, market capitalization, or other expected return-related 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. large cap growth companies. Under normal market conditions, the fund will invest at least 80% of its assets in securities of U.S. 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 included in the MSCI USA IMI Index. Because the fund is nondiversified, it may hold a relatively smaller number of security positions, or have a relatively larger allocation to top holdings, compared to other similar funds that are diversified. 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