Strategy. The Fund is an actively-managed exchange-traded fund (ETF). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small to mid capitalization companies the Funds advisor believes to be undervalued. The equity securities in which the Fund may invest include common and preferred stocks. Hotchkis & Wiley Capital Management, LLC (the Advisor) currently considers small and mid cap companies to be those with market capitalizations like those found in the Russell 2000 and Russell Midcap Indices. The market capitalization range of the Indices change constantly, but as of June 30, 2025, the range was from $60 million to $89.27 billion. Market capitalization is measured at the … Show more… The Fund is an actively-managed exchange-traded fund (ETF). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small to mid capitalization companies the Funds advisor believes to be undervalued. The equity securities in which the Fund may invest include common and preferred stocks. Hotchkis & Wiley Capital Management, LLC (the Advisor) currently considers small and mid cap companies to be those with market capitalizations like those found in the Russell 2000 and Russell Midcap Indices. The market capitalization range of the Indices change constantly, but as of June 30, 2025, the range was from $60 million to $89.27 billion. Market capitalization is measured at the time of initial purchase. The Fund may invest in foreign (non-U.S.) securities. Under normal conditions, the Fund typically will hold equity securities of approximately 150 to 200 different companies. The Fund seeks to invest in companies whose future prospects are misunderstood or not fully recognized by the market. The Fund employs a fundamental value investing approach which seeks to exploit market inefficiencies created by irrational investor behavior, such as investment decisions driven by emotions, biases, or cognitive errors. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process based on a proprietary model that is augmented with internally-generated fundamental research. The Fund seeks broad diversified exposure to these investment opportunities by holding approximately 150 to 200 portfolio securities. As part of the Advisor's investment process, the investment team evaluates the general and industry-specific Environmental, Social, and Governance (ESG) factors that the Advisor believes to be the most financially material to a company's short-, medium-, and long-term enterprise value. The Advisor believes this evaluation contributes to its overall analysis of a companys value creation for shareholders and future financial performance. With the exception of diversification guidelines, the Fund does not employ pre-determined rules for sales; rather, the Fund evaluates each sell candidate based on the candidates specific risk and return characteristics which include: 1) relative valuation; 2) fundamental operating trends; 3) deterioration of fundamentals; 4) portfolio diversification; and 5) strategy parameters. Relative valuation involves selling an investment when a companys valuation metrics become high relative to comparable companies, the market, or its historical levels. Fundamental operating trends involves selling an investment when there is evidence of a decline in a companys underlying business performance or industry conditions. Deterioration of fundamentals involves selling an investment when a companys underlying business or industry fundamentals, such as revenue or earnings, weaken. Portfolio diversification refers to selling holdings to maintain balance, manage risk, and optimize returns. Strategy parameters means selling an investment based on the Advisors proprietary investment approach to deciding when to sell an investment based on certain predetermined metrics. As of the date of this Prospectus, the top sectors represented by the Funds underlying investments were financials and industrials. The Funds investments in various sectors may change over time. Show less