Strategy. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies with growth characteristics. The fund considers a company to have growth characteristics if the companys securities are represented in an appropriate third-party growth-oriented index. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. While the fund may invest in companies of any market capitalization, the fund generally seeks investments in stocks of large-cap companies with one or more of the following characteristics: strong cash … Show more… The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies with growth characteristics. The fund considers a company to have growth characteristics if the companys securities are represented in an appropriate third-party growth-oriented index. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. While the fund may invest in companies of any market capitalization, the fund generally seeks investments in stocks of large-cap companies with one or more of the following characteristics: strong cash flow and an above-average rate of earnings growth; the ability to sustain earnings momentum during economic downturns; and occupation of a lucrative niche in the economy and the ability to expand even during times of slow economic growth. The funds growth-oriented investment approach to stock selection reflects the belief that when a company increases its earnings faster than both inflation and the overall growth rate of the economy, it may result in a higher stock price. At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the information technology sector. The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund. The fund is an actively-managed, exchange-traded fund (ETF) that does not disclose portfolio holdings daily. In order to provide market participants with information on the funds investments, the fund publishes a Proxy Portfolio on its website daily. A Proxy Portfolio is a basket of securities that is designed to closely track the daily performance of the funds portfolio holdings. While the Proxy Portfolio includes some of the funds holdings, it is not the funds actual portfolio. The Proxy Portfolio could be based on a broad-based securities index or the funds recently disclosed portfolio holdings. The funds Portfolio Overlap is available on the funds website daily. The Portfolio Overlap is the percentage weight overlap between the holdings of the prior business days Proxy Portfolio compared to the holdings of the fund that formed the basis for the funds calculation of net asset value (NAV) at the end of the prior business day. Show less