The Fund is an actively-managed exchange-traded fund (“ETF”). The Adviser seeks to achieve the Fund’s investment objective by employing a research-driven, rules-based portfolio construction process that combines the Adviser’s fundamental equity research with quantitative tools designed to analyze expected return. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies. A company is considered to be a U.S. company if: (i) the company is domiciled or organized in the U.S.; (ii) the company has securities that are traded principally in the U.S.; or (iii) the company conducts a substantial part of its economic activities in the U.S. The Fund may also invest in non-U.S. companies.

The Adviser’s rules-based process integrates both fundamental and quantitative inputs to construct a diversified portfolio of equity securities.

The Fund expects to invest primarily in large-capitalization companies, which are currently defined as companies that generally have market capitalizations of at least $2 billion. While its assets are expected to be invested primarily in equity securities of large-capitalization companies, the Fund may also invest in equity securities of small- and mid-capitalization companies.

The Fund may invest in other investment companies, including affiliated and unaffiliated investment companies and ETFs, consistent with the Fund’s investment policies and restrictions.

The Fund is non-diversified under the Investment Company Act of 1940, as amended, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.