Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by generally investing in securities of issuers included in the S&P 500 Index (the Index). The Fund is not a passive index fund, but instead utilizes an enhanced strategy implemented by Gotham Asset Management, LLC, the Funds investment sub-adviser (Gotham or the Sub-Adviser), to invest in the securities in the Index and weight those securities based on the Sub-Advisers assessment of value and each securitys weight in the Index. The Sub-Adviser seeks to capitalize on pricing inefficiencies in the market by employing a systematic, bottom-up, valuation approach based on the Sub-Advisers proprietary analytical framework to identify companies included in the Index that appear to be … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by generally investing in securities of issuers included in the S&P 500 Index (the Index). The Fund is not a passive index fund, but instead utilizes an enhanced strategy implemented by Gotham Asset Management, LLC, the Funds investment sub-adviser (Gotham or the Sub-Adviser), to invest in the securities in the Index and weight those securities based on the Sub-Advisers assessment of value and each securitys weight in the Index. The Sub-Adviser seeks to capitalize on pricing inefficiencies in the market by employing a systematic, bottom-up, valuation approach based on the Sub-Advisers proprietary analytical framework to identify companies included in the Index that appear to be undervalued or overvalued on both an absolute and relative basis. This approach consists of: ? Researching and analyzing each company in the Index according to a methodology that emphasizes fundamentals such as recurring earnings, cash flows, capital efficiency, capital structure, and valuation; ? Identifying and excluding companies that do not conform to the Sub-Advisers valuation methodology or companies judged by the Sub-Adviser to have questionable financial reporting; ? Updating the Sub-Advisers analysis based on company earning releases, annual (Form 10-K), and quarterly (Form 10-Q) reports and other corporate filings; and ? Recording the Sub-Advisers analysis in a centralized database enabling the Sub-Adviser to compare companies and identify securities to purchase based on the Sub-Advisers assessment of value. The Fund is generally rebalanced daily in order to manage risk and reposition the portfolio to reflect earnings releases, stock price movements, and other new information related to particular companies. Show less