Strategy. The Fund is an actively managed exchange traded fund (ETF) that seeks to achieve its investment objective of providing capital appreciation by investing primarily in equity securities. The investments of the Fund are comprised of two different strategies managed by the sub-investment advisor, Portfolio Design Advisors, Inc. (PDA): a predominantly value strategy and a predominantly growth strategy. The Funds investments will be weighted by PDA between 40-60% to each strategy. The value strategy seeks long-term capital appreciation by investing in companies whose stock prices PDA believes are trading at prices that do not reflect their fundamental value based on PDAs research. PDA uses a quantitative process to identify for purchase the securities of quality companies with a strong record of … Show more… The Fund is an actively managed exchange traded fund (ETF) that seeks to achieve its investment objective of providing capital appreciation by investing primarily in equity securities. The investments of the Fund are comprised of two different strategies managed by the sub-investment advisor, Portfolio Design Advisors, Inc. (PDA): a predominantly value strategy and a predominantly growth strategy. The Funds investments will be weighted by PDA between 40-60% to each strategy. The value strategy seeks long-term capital appreciation by investing in companies whose stock prices PDA believes are trading at prices that do not reflect their fundamental value based on PDAs research. PDA uses a quantitative process to identify for purchase the securities of quality companies with a strong record of paying dividends and/or the ability to increase their dividend levels and are lower priced than the broader market and/or similar companies in their respective industry. Each company is assigned a target price and will generally be sold once the target price is achieved or should the fundamental analysis fail. The growth strategy seeks long-term capital appreciation through equity investments that PDA believes will provide higher returns than the S&P 500 Index . This approach invests mainly in stocks considered by PDA to have above-average growth potential and reasonable stock prices in comparison with expected earnings. Additionally, PDA generally looks for companies that it believes are leaders in their respective industries with sustainable competitive advantages. Each company is assigned a target price and will generally be sold once the target price is achieved or should the fundamental analysis fail. PDA believes the combination of the growth and value strategies creates a core equity holding which reduces volatility as compared to employing either a growth or value strategy. The equity securities in which the Fund may invest include common stocks of U.S. companies listed or traded on U.S. markets (including over-the-counter (OTC) networks). The Fund will invest in large and medium capitalization companies, which may be growth or value companies. Under normal market conditions, the Fund intends to invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. For temporary defensive purposes, the Fund may invest up to 100% of its assets in cash or cash equivalents, including investment grade short-term securities and short-term U.S. Government securities. The Fund seeks to outperform the S&P 500 Index . Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Show less