Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to invest in a portfolio of approximately 400 to 500 of the largest publicly traded U.S. companies by market capitalization, with the exclusion of companies that the Funds investment sub-adviser, Azoria Capital, Inc. (the Sub-Adviser), determines have disclosed explicit quantitative demographic hiring targets. Investment Selection Process The Funds investment process begins with an initial universe of the 500 largest publicly traded U.S. companies by market capitalization. The Sub-Adviser applies a proprietary research methodology to evaluate whether each company has publicly disclosed an explicit quantitative demographic hiring target, goal, quota, or aspiration. Companies that have disclosed such policies are excluded from the Funds portfolio. To make this determination, the Sub-Adviser … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to invest in a portfolio of approximately 400 to 500 of the largest publicly traded U.S. companies by market capitalization, with the exclusion of companies that the Funds investment sub-adviser, Azoria Capital, Inc. (the Sub-Adviser), determines have disclosed explicit quantitative demographic hiring targets. Investment Selection Process The Funds investment process begins with an initial universe of the 500 largest publicly traded U.S. companies by market capitalization. The Sub-Adviser applies a proprietary research methodology to evaluate whether each company has publicly disclosed an explicit quantitative demographic hiring target, goal, quota, or aspiration. Companies that have disclosed such policies are excluded from the Funds portfolio. To make this determination, the Sub-Adviser reviews publicly available filings, including but not limited to Form 10-K filings, ESG reports, diversity and inclusion statements, and corporate social responsibility reports. Additionally, the Sub-Adviser contacts the investor relations teams of these companies to verify the accuracy of their public disclosures. If a company does not respond to such inquiries, the determination is made based solely on the companys public statements. The Funds portfolio is constructed using a market capitalization-weighted methodology, meaning that companies with larger market capitalizations generally receive higher allocations. The number of holdings held by the Fund will be subject to the number of companies excluded from the Funds investment universe based on the criteria noted above; however the Sub-Adviser expects that the Funds portfolio will generally range between 400 and 500 holdings based on periodic evaluations and market conditions, but may fall below 400 based on the Sub-Advisers application of the exclusion criteria discussed above. The Sub-Adviser monitors the Funds holdings on an ongoing basis to evaluate whether each holding remains consistent with the Funds investment criteria. The Sub-Adviser conducts quarterly reviews of public filings for each of the 500 largest U.S. companies (by market capitalization) to seek to identify any changes in hiring policy disclosures. The investor relations teams of these companies are also contacted on a quarterly basis to confirm whether their public statements remain accurate. If a company introduces an explicit quantitative demographic hiring target in its public disclosures, the Sub-Adviser will remove it from the Funds portfolio. Similarly, if a previously excluded company eliminates such disclosures, it may be considered for inclusion, subject to the Sub-Advisers discretion. The Funds portfolio is reallocated on at least a quarterly basis to reflect changes in company eligibility and market capitalization. The Sub-Adviser may adjust weightings more frequently in response to market developments, liquidity considerations, and other factors deemed relevant to the Funds investment objective. Additional Portfolio Attributes Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of Meritocracy Companies. The Fund defines a Meritocracy Company as a company that the Sub-Adviser determines to be (i) one of the 500 largest publicly traded U.S. companies by market capitalization and (ii) that has not publicly disclosed explicit quantitative demographic hiring targets. Show less