Strategy. As a non-fundamental policy, under normal circumstances, the Focused U.S. Small Cap Active ETF invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities issued by U.S. small-cap companies. The Fund will be managed pursuant to a focused strategy whereby the Funds investment adviser will typically invest the Funds assets in a small number of issuers. Generally, the Fund expects to hold approximately 35 to 45 issuers. For purposes of the Funds 80% policy, a company is considered to be a U.S. company if Fund management determines that the company meets one or more of the following criteria: ? the company is organized under the laws of the United States; … Show more… As a non-fundamental policy, under normal circumstances, the Focused U.S. Small Cap Active ETF invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities issued by U.S. small-cap companies. The Fund will be managed pursuant to a focused strategy whereby the Funds investment adviser will typically invest the Funds assets in a small number of issuers. Generally, the Fund expects to hold approximately 35 to 45 issuers. For purposes of the Funds 80% policy, a company is considered to be a U.S. company if Fund management determines that the company meets one or more of the following criteria: ? the company is organized under the laws of the United States; ? the company has its principal office in, or management is located in, the United States; and/or ? the company has its principal securities trading market in the United States. The Fund considers small-cap companies to be companies that have market capitalizations similar to those of companies include in the Russell 2000 Index at the time of investment. The range of the Russell 2000 Index was $ 5.61 million to $ 24.89 billion as of December 31, 2025 . Equity securities include, but are not limited to, common stock, preferred stock and depositary receipts. The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector. The Fund may invest in securities denominated in U.S. Dollars and the currencies of any foreign countries in which it is permitted to invest. The Fund typically has full currency exposure to those markets in which it invests. The Fund may also invest in non-U.S. companies. In seeking to achieve the Funds investment objective, the Adviser invests in quality companies and is an active, engaged owner. The Adviser then evaluates every company against its own quality criteria and builds conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of management, and 5) the most material environmental, social and governance (ESG) factors impacting a company. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser. Through fundamental research, supported by a global research presence, the Adviser seeks to identify companies whose quality and future prospects are not yet fully recognized by the market. Show less