Strategy. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small cap companies. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000 Value Index stocks at the time of purchase. As of September 30, 2025, the market capitalizations of the companies in the Russell 2000 Value Index ranged from $1.50 million to $10.23 billion. The small cap companies in which the Fund invests are listed on an exchange that trades contemporaneously with the Funds Shares. In implementing its main strategies, the Funds equity investments are primarily in common stock. Investment Process: In reviewing investment opportunities, the adviser implements an investment process that seeks to systematically … Show more… Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small cap companies. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000 Value Index stocks at the time of purchase. As of September 30, 2025, the market capitalizations of the companies in the Russell 2000 Value Index ranged from $1.50 million to $10.23 billion. The small cap companies in which the Fund invests are listed on an exchange that trades contemporaneously with the Funds Shares. In implementing its main strategies, the Funds equity investments are primarily in common stock. Investment Process: In reviewing investment opportunities, the adviser implements an investment process that seeks to systematically identify high quality small cap companies at attractive valuations. Specifically, the adviser seeks to invest in attractively valued companies with durable businesses, strong balance sheets and which are led by management teams who have proven their ability to increase the intrinsic value per share of the company. ? In making such evaluations, the adviser considers a company to be attractively valued based on characteristics such as the market value that has been added since the companys inception, profitability based on both its core operations and on an after-taxes basis, and market expectations of future growth for the company. ? Companies with durable franchises generally have a sustainable competitive position relative to peers, high returns on capital, a diversified client or asset base and a strong brand. ? Companies with strong balance sheets generally generate strong levels of free cash flow with reasonable debt levels. ? In considering whether a management team has proven its ability to increase the intrinsic value per share, the adviser looks at whether management has earned and grown economic profits, i.e., generated returns in excess of the cost of capital over time. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The advisers assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Funds investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund, while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. The adviser may sell a security for several reasons. A security may be sold due to a change in the companys fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a security that it believes offers a better investment opportunity. The Fund is an actively managed ETF that operates pursuant to an exemptive order (the Order) from the Securities and Exchange Commission (the SEC) and is not required to publicly disclose its complete portfolio holdings each business day. In lieu of publishing its portfolio contents (Actual Portfolio) daily, the Fund publishes a proxy portfolio (Proxy Portfolio) each day on its website. The Proxy Portfolio is designed to closely track the daily performance of the Fund but is not the Actual Portfolio. The Fund will also publish certain related information about the Proxy Portfolio and the Actual Portfolio on its website daily. There is no minimum overlap required between the Actual Portfolio and the Proxy Portfolio. Show less