| Investment Objective: |
The Akre Focus ETF (the "Fund") seeks to achieve long-term capital appreciation. The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve long-term capital appreciation. Under normal market conditions, the Fund invests primarily in securities of companies listed on U.S. stock exchanges. Investments consist primarily of common stocks of companies of any size market capitalization. The Fund may also invest in preferred stocks, warrants, options, and other equity-like instruments, such as partnership interests, limited liability company interests, business trust shares and rights, Real Estate Investment Trusts ("REITs"), and other securities that are convertible into equity securities. The Fund may invest up to 35% of its total assets in securities issued by foreign issuers, including in American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and directly in foreign equity securities. The Adviser principally seeks to identify companies which may earn higher-than-average returns on shareholders' equity; are managed, in the Adviser's judgment, by individuals who have a history of treating public shareholders like partners; and have ample opportunity to reinvest excess profits at above-average rates. |
