Strategy. The Fund is an actively managed exchange-traded fund (ETF) that invests primarily in U.S.-listed equity securities of small- and mid-capitalization companies. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in small- and mid-capitalization companies. The Fund defines a small- or mid-capitalization company as an issuer whose market capitalization at the time of purchase is between $200 million and the market capitalization of the largest company in the Russell 2500 Index within the prior 12-month period. Because of the Funds long-term approach to investing, it could have a significant portion of its assets invested in securities of issuers that have appreciated beyond the market capitalization thresholds noted. The equity securities … Show more… The Fund is an actively managed exchange-traded fund (ETF) that invests primarily in U.S.-listed equity securities of small- and mid-capitalization companies. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in small- and mid-capitalization companies. The Fund defines a small- or mid-capitalization company as an issuer whose market capitalization at the time of purchase is between $200 million and the market capitalization of the largest company in the Russell 2500 Index within the prior 12-month period. Because of the Funds long-term approach to investing, it could have a significant portion of its assets invested in securities of issuers that have appreciated beyond the market capitalization thresholds noted. The equity securities held by the Fund may include common stocks of U.S. companies, American Depositary Receipts (ADRs) ( i.e. , receipts evidencing ownership of foreign equity securities), and real estate investment trusts (REITs). In selecting securities, Bahl & Gaynor, Inc., the Funds investment adviser (Bahl & Gaynor or the Adviser), employs a bottom-up approach that considers, among other factors, a companys historical earnings and dividends growth, as well as its balance sheet and cash flow generation, competitive position, and prospects for future cash flow and dividend growth. Weightings of individual sectors are based on the Advisers assessment of company fundamentals, valuations, and overall economic conditions. The Adviser targets companies that, in its judgement, have high-quality business models, strong competitive advantages, reasonable valuations, and sound capital allocation policies or approaches. The Adviser believes that the securities identified using such strategies have the potential to provide improved downside protection relative to the broader small- and mid- cap equity market. The Adviser generally sells a security when, in its opinion one or more of the following occurs, among other reasons: 1) the securitys dividend is reduced to what the Adviser believes is an unacceptable amount per share, 2) the Adviser believes the companys fundamentals and/or management is deteriorating, 3) the Adviser believes the companys stock has become a greater weight of the Funds portfolio than desired due to market appreciation or other factors, or 4) the Adviser identifies a more attractive investment opportunity for the Fund. While investing in a particular market sector is not a strategy of the Fund, its portfolio may be significantly invested in one or more sectors as a result of the security selection decisions made pursuant to its strategy. As of March 31, 2025, a significant portion of the Funds assets consisted of securities of companies in the industrials and financials sectors, although this may change from time to time. Show less