Strategy. The fund is an actively managed exchange-traded fund that seeks to achieve, over a full market cycle: (1)a dividend yield that exceeds the S&P 500 Index (the Index) and the rate of inflation; (2)dividend growth that outpaces inflation; and (3)volatility equal to or below the Index. The funds strategy focuses on selecting high-quality, dividend-paying companies and complementing them with higher-yielding securities to achieve the funds primary income goal.Under normal circumstances, the fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in dividend-paying common stocks. The fund primarily invests in approximately 25-40 common stocks of large-capitalization U.S. and foreign companies, but also may invest in mid- or small-capitalization companies. The funds equity securities may … Show more… The fund is an actively managed exchange-traded fund that seeks to achieve, over a full market cycle: (1)a dividend yield that exceeds the S&P 500 Index (the Index) and the rate of inflation; (2)dividend growth that outpaces inflation; and (3)volatility equal to or below the Index. The funds strategy focuses on selecting high-quality, dividend-paying companies and complementing them with higher-yielding securities to achieve the funds primary income goal.Under normal circumstances, the fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in dividend-paying common stocks. The fund primarily invests in approximately 25-40 common stocks of large-capitalization U.S. and foreign companies, but also may invest in mid- or small-capitalization companies. The funds equity securities may include common stocks, depositary receipts and securities of foreign companies traded on U.S. exchanges, and may have growth and/or value characteristics. The core of the funds portfolio consists of high-quality large-cap companies known for their consistent, sustainable dividend growth. These companies are typically industry leaders with strong financial health and growing earnings.To enhance the portfolios yield, the fund also will invest in companies of any market capitalization with higher dividend yields, which may not meet the above criteria. These companies may include: (i)out-of-favor companies (i.e., companies that may be experiencing reduced popularity or declining investor interest), (ii)Master Limited Partnerships (MLPs), (iii) YieldCos (which own and operate income-generating assets and are designed to produce predictable cash flows), (iv)Business Development Companies (BDCs) and (v)real estate investment trusts (REITs). The funds investments may include exchange-traded funds that invest in MLPs. Investments in MLPs (or exchange-traded funds that invest in MLPs), and YieldCos will generally be limited to no more than 20% of the portfolio.The fund may hold some cash, money market funds, exchange-traded funds, or other high-quality investments for cash management purposes, and may also hold cash in a money market deposit account at U.S. Bank, N.A., the funds custodian. Although the subadviser typically does not emphasize investmentin any particular investment sector or industry, at times, the fund may invest a significant portion of its assets in the securities of companies in the information technology sector. However, as the sector composition of the funds portfolio changes over time, the funds exposure to the information technology sector may be lower at a future date, and the funds exposure to other market sectors may be higher. The fund may lend its securities to broker-dealers and other financial institutions to earn additional income. The fund is non-diversified, which means that it is no limited to a percentage of assets that it may invest in any one issuer.Tidal Investments LLC, another subadviser to the fund, is responsible for trading the funds portfolio securities and performing related services, providing tax optimization services, assisting in basket creation, reporting and monitoring, and providing portfolio compliance monitoring and reporting. Show less