Strategy. The Fund is an actively managed exchange-traded fund (ETF) that invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization U.S. companies. The Fund defines small-capitalization companies as those that, at the time of investment, fall within the lowest 15% of the total U.S. equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million), as calculated annually. As of April 30, 2025, there were approximately 3,964 small-capitalization companies, and those companies had market capitalizations ranging up to approximately $21.25 billion. The Funds equity securities primarily include common stocks, real estate investment trusts (REITs), and American Depositary Receipts (ADRs) representing the … Show more… The Fund is an actively managed exchange-traded fund (ETF) that invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization U.S. companies. The Fund defines small-capitalization companies as those that, at the time of investment, fall within the lowest 15% of the total U.S. equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million), as calculated annually. As of April 30, 2025, there were approximately 3,964 small-capitalization companies, and those companies had market capitalizations ranging up to approximately $21.25 billion. The Funds equity securities primarily include common stocks, real estate investment trusts (REITs), and American Depositary Receipts (ADRs) representing the stock of a foreign company. The Fund will generally limit its investments in ADRs to 20% of its total assets. The Fund may invest in securities offered in an initial public offering (IPO) or in companies that have recently completed an IPO. Aptus Capital Advisors, LLC, the Funds investment adviser (Aptus or the Adviser), selects stocks across a variety of sectors and industries for the Fund by combining factor-based analysis with rigorous fundamental research to identify high-quality, growing companies that the Adviser believes are undervalued. The Adviser focuses on three core themes to identify companies for the Fund: Higher Quality Companies with sound business models, higher returns on equity, strong balance sheets, and shareholder-friendly management. Higher Growth Companies that are well-positioned to grow sales, earnings, cash flows, and dividends. Lower Valuation Companies whose valuations reflect lower price-to-earnings and higher yields than their peers. The Adviser generally sells a stock for the Fund when the company is no longer believed to be high quality, when its anticipated growth rate has significantly declined, when it is no longer considered undervalued, or when it is no longer considered a small-capitalization company after a significant period of time ( e.g. , more than one year). As of July 31, 2025, the Fund invested a significant portion of its assets in the industrial, consumer and financial sectors; however, the Funds sector exposure may change from time to time. Show less