Strategy. As an actively managed exchange-traded fund (ETF), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Funds investment objective of capital appreciation by principally investing in domestic common stocks that the Advisor believes to have above-average growth potential relative to their peers. The Advisor uses a proprietary screening system that incorporates quantitative and fundamental analysis in order to construct the Funds portfolio. The Fund invests principally in domestic common stocks and is not limited in its investments by market capitalization. The Fund invests in other investment companies, including mutual funds and exchange traded funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act) and not … Show more… As an actively managed exchange-traded fund (ETF), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Funds investment objective of capital appreciation by principally investing in domestic common stocks that the Advisor believes to have above-average growth potential relative to their peers. The Advisor uses a proprietary screening system that incorporates quantitative and fundamental analysis in order to construct the Funds portfolio. The Fund invests principally in domestic common stocks and is not limited in its investments by market capitalization. The Fund invests in other investment companies, including mutual funds and exchange traded funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act) and not affiliated with the Fund (Portfolio Funds). The Advisor utilizes a screening and selection process to build a portfolio of quality domestic growth stocks, which includes a select group of growth stocks that the Advisor believes have the potential for revenue growth rates higher than their peers. First, the Advisor employs quantitative analysis of individual stock metrics in order to select stocks with quality and/or growth characteristics. Quality metrics include earnings variability, return on equity, and debt to equity ratio. Growth metrics include revenue growth rates and companies with above average earnings growth. Second, the Advisor will select approximately 40-50 stocks from this universe with an emphasis on companies that the Advisor believes may have a competitive advantage (such as strong products in industries with high barriers to entry), sustainable earnings growth rates, growth of free cash flow, and/or potential for a high return on capital. This selection of holdings is constructed to diversify across sectors and industries where current opportunities are viewed as favorable. The portfolio is generally equally weighted based on the securitys market value. The Fund may employ a risk management strategy intended to manage the volatility of the Funds returns and reduce the overall risk of investing in the Fund. The risk management strategy monitors technical and volatility metrics to gauge periods where there is potential for higher equity market risk. When periods of equity downside are more likely, the risk management strategy will reduce equity exposure. When employing this risk management strategy, the Fund may allocate a significant percentage of its assets to cash and cash equivalents. The Advisor may sell a portfolio security when its reward/risk measures weaken, the fundamentals of the stock change, to pursue opportunities that the Advisor believes will be of greater benefit to the Fund, or to rebalance the Funds portfolio. The Advisors evaluation of reward/risk measures are based on a quarterly screen of price momentum and sector analysis relative to other equity securities. The Advisors evaluation of changes in fundamentals includes a review of price earnings ratios, earnings growth, revenue growth and leverage ratios. As a result of its strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Funds performance due to higher transactions costs and higher taxes. Portfolio turnover will not be a limiting factor in making investment decisions. Show less