Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the common stocks of companies that pay dividend income and that are listed on U.S. exchanges. Virtus Systematic (Systematic), a division of Virtus Advisers, LLC, the Funds sub-adviser, believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematics quantitative investment process begins with a proprietary alpha model that uses artificial intelligence to power Natural Language Processing for sentiment analysis, which blends behavioral factors (e.g ., human behaviors and biases) and intrinsic valuation factors ( e.g ., tangible measures of a companys underlying worth). The final investment and trading decisions are made by Systematics portfolio management personnel. In … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in the common stocks of companies that pay dividend income and that are listed on U.S. exchanges. Virtus Systematic (Systematic), a division of Virtus Advisers, LLC, the Funds sub-adviser, believes that behavioral biases of investors contribute to market inefficiencies, creating opportunities. Systematics quantitative investment process begins with a proprietary alpha model that uses artificial intelligence to power Natural Language Processing for sentiment analysis, which blends behavioral factors (e.g ., human behaviors and biases) and intrinsic valuation factors ( e.g ., tangible measures of a companys underlying worth). The final investment and trading decisions are made by Systematics portfolio management personnel. In order to arrive at the final investment portfolio selection, Systematics portfolio management personnel complement the recommendations produced by the alpha model with a dynamic risk management overlay and qualitative reviews. Specifically, Systematics utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the Funds benchmark. The investment process puts a particular focus on higher dividend paying (and yielding) stocks, which results in the Fund with a higher dividend yield higher than the typical large/mid capitalization U.S. equity. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale. In addition to common stocks, equity securities in which the Fund may invest include, without limitation, preferred stocks, American Depositary Receipts (ADRs), convertible securities and warrants. The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective. In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund focused its investments in the Financials and Information Technology sectors. Show less