Strategy. The Fund is an actively managed ETF. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of U.S. small- and mid-capitalization companies. The Fund defines a U.S. company as a company that is organized in or has substantial business activities in the United States of America (i.e., securities of issuers that during the issuers most recent fiscal year derived at least 50% of its revenue or profits from goods produced or sold, investments made, or services performed in the U.S. or that have at least 50% of its assets in the U.S.). The Fund considers small- and mid-capitalization companies to be those companies having a market capitalization range … Show more… The Fund is an actively managed ETF. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of U.S. small- and mid-capitalization companies. The Fund defines a U.S. company as a company that is organized in or has substantial business activities in the United States of America (i.e., securities of issuers that during the issuers most recent fiscal year derived at least 50% of its revenue or profits from goods produced or sold, investments made, or services performed in the U.S. or that have at least 50% of its assets in the U.S.). The Fund considers small- and mid-capitalization companies to be those companies having a market capitalization range within the range of companies comprising the Russell 2500 Index (the Index). As of July 31, 2025, the market capitalization range for the Index was approximately $66 million to $28 billion, which may increase or decrease at any time. With respect to 20% of the Funds net assets, the Fund may invest in companies with market capitalizations below or above the Index. Subject to the Funds 80% policy, investments in companies that move above or below the small- to mid- capitalization range may continue to be held by the Fund. The Funds investments are not limited to the stocks included in the Index. Subject to the Funds 80% policy, the Fund may invest in non-U.S. companies. As part of its principal investment strategy, the Fund will invest in various equity securities including common stocks, rights, and depositary receipts such as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). From time to time, the Funds investments may be focused in securities of companies in the same economic sector or industry, however, the Fund will not concentrate its investments (i.e., invest 25% or more of its assets) in any specific industry or group of industries. The Sub-Adviser seeks to construct a portfolio of small and mid-capitalization companies where the potential growth in revenue and earnings can be bought at, in the Sub-Advisers assessment, an attractive price relative to their growth rate and to their peer group. The Funds strategy is to hold companies through their growth stages. The Sub-Adviser analyzes market and financial data to make buy, sell, and hold decisions. When selecting a security for the portfolio, the Sub-Adviser generally looks for companies that, in the Sub-Advisers view, have one or more of the following characteristics: ? Potential competitive advantages ? Opportunity to grow earnings, revenue and/or cash flow ? Management team quality ? Balance sheet strength ? Attractive valuation relative to peers in comparable industry and business. The Sub-Advisers process for selling or trimming (reducing) a portfolio holding generally considers one or more of the following factors: ? Change to the investment thesis (e.g., the original reason for owning the company no longer applies) ? Change to the companys fundamental positioning such as a shift in competitive advantages, growth prospects, management team, financial condition and/or valuation. ? Market capitalization increases (typically above US $20 billion or the upper end of the Indexs market capitalization). ? Changes to intrinsic valuation (based on its fundamentals) and relative valuation (a valuation of a company based on the valuation of its peers or the broader market) The Fund is classified as non-diversified under the 1940 Act. Show less