Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by generally investing in equity securities of 400-600 mid- to large-capitalization companies chosen from a universe of the largest 1,400 companies listed on U.S. stock exchanges measured by market capitalization. The Fund utilizes a strategy implemented by Gotham Asset Management, LLC, the Funds investment sub-adviser (Gotham or the Sub-Adviser), where the portfolio is weighted towards those companies priced at the largest discount to the Sub-Advisers assessment of value, subject to pre-specified risk and diversification constraints. 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 that appear … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by generally investing in equity securities of 400-600 mid- to large-capitalization companies chosen from a universe of the largest 1,400 companies listed on U.S. stock exchanges measured by market capitalization. The Fund utilizes a strategy implemented by Gotham Asset Management, LLC, the Funds investment sub-adviser (Gotham or the Sub-Adviser), where the portfolio is weighted towards those companies priced at the largest discount to the Sub-Advisers assessment of value, subject to pre-specified risk and diversification constraints. 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 that appear to be undervalued or overvalued on both an absolute (compared to historical valuations) and relative (compared to other publicly-traded companies in the investment universe) basis. This approach consists of:? ? Researching and analyzing each company in the Sub-Advisers coverage universe (the largest 1,400 companies listed on U.S. stock exchanges measured by market capitalization) 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 (which may include concerns about potential financial misconduct); ? 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 equity securities of companies 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