Investment Objective: |
The investment objective of the Tweedy, Browne Insider + Value ETF (the "Fund") is long-term capital growth. The Fund is an actively-managed exchange-traded fund ("ETF") and pursues its investment objective by investing under normal circumstances at least 80% of its net assets in equity securities of U.S. and non-U.S. companies. Equity securities in which the Fund will invest include common stock, preferred stock, and depositary receipts. The fund utilizes a proprietary multi-factor Tweedy Browne value model. The Adviser uses a largely quantitative, decision-rule based investment process to identify companies across a broad cross-section of market capitalizations that it believes are undervalued and where company "insiders" have been actively purchasing the company's equity securities or where the company has announced an equity security buyback program or offer that reflects, or could be executed at, a price lower than the Adviser's view of such securities' intrinsic value. The investment universe from which the Adviser makes its selections consists of companies in the U.S., Europe, the United Kingdom, and Asia, among others, and may include emerging markets. |