Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the Funds net assets (plus the amount of any borrowings for investment purposes) in U.S. listed common stock of small- and mid-capitalization (SMID Cap) companies, defined as companies with a market capitalization of between $1 billion and $50 billion. For purposes of the Funds 80% policy, the Fund considers SMID Cap companies to include ETFs that invest at least 80% of their net assets (plus the amount of any borrowings for investment purposes) in SMID Cap companies. The Fund utilizes a fundamental value approach to individual stock selection that incorporates both quantitative and qualitative analysis. … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the Funds net assets (plus the amount of any borrowings for investment purposes) in U.S. listed common stock of small- and mid-capitalization (SMID Cap) companies, defined as companies with a market capitalization of between $1 billion and $50 billion. For purposes of the Funds 80% policy, the Fund considers SMID Cap companies to include ETFs that invest at least 80% of their net assets (plus the amount of any borrowings for investment purposes) in SMID Cap companies. The Fund utilizes a fundamental value approach to individual stock selection that incorporates both quantitative and qualitative analysis. In selecting securities for the Fund, the sub-adviser, Sepio Capital L.P. (the Sub-Adviser), seeks companies with high free cash flow generation relative to the companys enterprise value, strong returns on invested capital, and management teams with a track record of shareholder-friendly capital allocation decisions, all over a full economic cycle (typically a 3-5 year time period). The Sub-Adviser measures these attributes over a full economic cycle rather than at various points in time to incorporate longer time frames and therefore different economic environments into its analysis. In selecting individual securities for the Fund, the Sub-Adviser uses free cash flow and earnings-based valuation metrics such as price/sales ratio, price/earnings ratio, and enterprise value/EBIDTA (earnings before interest, taxes, depreciation and amortization) ratio to determine how cheap a company is. The Sub-Adviser further considers a companys profitability, valuation, and capital allocation metrics (discussed above) to gauge the quality of a companys profitability and conducts a deep dive fundamental analysis to evaluate companies financial statements, earnings call transcripts, SEC filings, and investor presentations. For certain companies, the Sub-Adviser may use a discounted cash flow valuation to quantify the Sub-Advisers estimate of each companys intrinsic value. The stocks current market price is analyzed against the Sub-Advisers estimate of intrinsic value to determine the attractiveness of a potential holdings valuation. In addition to the selection of individual equities, the Fund may invest in other ETFs for exposure to certain broad markets, sectors, or factors where the Sub-Adviser believes the ETFs inherent diversification and liquidity may be advantageous for shareholders. At times, ETFs may make up the predominant portion of the Funds portfolio, while at other times, the Fund may not include any ETFs. The Sub-Adviser anticipates that the Funds investment process for individual stock selection may often lead to the portfolio being focused on a small number of sectors. These sectors will likely be different over time, as the economic and market environment change. The specific sectors overweighted by the Fund will likely differ over time. Show less