Strategy. The Fund is an actively-managed exchange-traded fund (ETF). The Funds investment strategy is to seek to grow capital by investing in high quality companies that are favored by prominent long-term investors (Gurus) and at reasonable prices. The Funds investment sub-adviser, GuruFocus Investments, LLC (the Sub-Adviser) tracks the equity portfolio holdings of approximately twenty Gurus. To be considered a Guru, the investor must have a long-term, publicly available, track record of at least ten years. In addition, the Guru must follow an investment strategy of investing in companies that the Guru considers to be high-quality. The list of Gurus will generally remain consistent absent unusual circumstances for example, the retirement of a particular Guru. The Sub-Adviser then generates an initial universe … Show more… The Fund is an actively-managed exchange-traded fund (ETF). The Funds investment strategy is to seek to grow capital by investing in high quality companies that are favored by prominent long-term investors (Gurus) and at reasonable prices. The Funds investment sub-adviser, GuruFocus Investments, LLC (the Sub-Adviser) tracks the equity portfolio holdings of approximately twenty Gurus. To be considered a Guru, the investor must have a long-term, publicly available, track record of at least ten years. In addition, the Guru must follow an investment strategy of investing in companies that the Guru considers to be high-quality. The list of Gurus will generally remain consistent absent unusual circumstances for example, the retirement of a particular Guru. The Sub-Adviser then generates an initial universe of U.S.-listed securities based on the Gurus portfolios. The Sub-Adviser tracks each of the Gurus portfolio holdings using publicly available information, including information contained in Form 13F filings. The Sub-Adviser then generally eliminates securities of companies with a market capitalization of less than one billion dollars. In addition, the Sub-Adviser excludes any debt securities and derivative instruments from the initial universe. The Sub-Adviser then ranks the remaining equity securities held in Gurus portfolios based on the Gurus ownership. A security is counted each time it is held in any Gurus portfolio. For example, if five Gurus hold the securities of a particular company, that companys securities would receive a rank of 5. The ranking is done without regard to the size of the Gurus holdings. For example, if two securities are held by the same number of Gurus, the two securities will have the same rank regardless of whether the Gurus invest more heavily in one of them. After the Sub-Adviser has ranked the equity securities in the initial universe, the Sub-Adviser then employs a proprietary quantitative methodology to determine the quality and value of each of them. Quality is a measure of the strength of a securitys fundamentals. In contrast, value is a measure of a securitys price relative to the Sub-Advisers estimate of the fundamental value of that security. For the quality determination, the Sub-Adviser analyzes each company using various financial measurements, such as the companys return on invested capital (ROIC), profit margin, growth, and the predictability of the businesses etc. For the valuation determination, the Sub-Adviser analyzes a different set of financial measurements, which may include an analysis of a companys price to earnings, price to book value, price to sales, and discounted cash flow. All things being equal, the Sub-Adviser will recommend a high-ranked security over a lower-ranked security. However, the Sub-Adviser may recommend a lower-ranked security over a high-ranked security if, based on the Sub-Advisers assessment, the lower-ranked security is of a better quality or value. The Sub-Adviser will recommend approximately 25-35 equity securities for the Funds portfolio. The Fund will generally be fully invested. The Sub-Adviser takes a long-term investment view, and will generally recommend changes to the Funds portfolio twice a year, near the beginning of each year, and mid-year. The Fund is expected to have significant exposure to the Financials, Information Technology, and Communication Services sectors. The Funds sector exposures may change over time. Show less