Strategy. The Fund pursues long-term capital appreciation in the medium capitalization sector while seeking less market risk than the Russell Midcap Index. The Fund invests in medium market capitalization companies believed by Kayne Anderson Rudnick Investment Management, LLC ( KAR ), the Funds sub-adviser, to be undervalued relative to their future growth potential. The investment strategy emphasizes companies believed by KAR to have a sustainable competitive advantage, strong management and low financial risk ( i.e. , companies with relatively strong balance sheets and relatively low financial leverage while at the same time generally not being capital intensive) and to be able to grow over market cycles. Although the Fund invests primarily in U.S. companies, it may invest in American depositary receipts … Show more… The Fund pursues long-term capital appreciation in the medium capitalization sector while seeking less market risk than the Russell Midcap Index. The Fund invests in medium market capitalization companies believed by Kayne Anderson Rudnick Investment Management, LLC ( KAR ), the Funds sub-adviser, to be undervalued relative to their future growth potential. The investment strategy emphasizes companies believed by KAR to have a sustainable competitive advantage, strong management and low financial risk ( i.e. , companies with relatively strong balance sheets and relatively low financial leverage while at the same time generally not being capital intensive) and to be able to grow over market cycles. Although the Fund invests primarily in U.S. companies, it may invest in American depositary receipts ( ADRs ). Under normal circumstances, the Fund invests at least 80% of the value of its net assets (plus any borrowings for investment purposes) in securities of medium market capitalization companies. As of the date of this Prospectus, KAR considers medium market capitalization companies for this purpose to be those companies that have market capitalizations generally above $10 billion up to the highest market capitalization of companies included in the Russell Midcap Index. As of September 30,2025, the highest market capitalization of companies included in the Russell Midcap Index was $128.0 billion. Generally, the Fund invests in approximately 25 to 35 securities at any given time. The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can. In addition, from time to time the Fund may focus its investments ( i.e. , invest more than 15% of its total assets) in one or more particular sectors. As of July 31, 2025, the Fund focused its investments in the industrials and information technology sectors. Show less