| Investment Objective: |
The Fund is an actively managed exchange-traded fund ("ETF") and seeks to achieve its objective by investing, under normal conditions, at least 80% of its net assets in equity and equity-related securities issued by U.S. and non-U.S. issuers. The investment philosophy and strategy of the Fund can be broadly characterized as a "value" approach, as it seeks a "margin of safety" in each investment purchase. The Adviser considers the "margin of safety" to be the difference between a company's market price and the Adviser's estimate of the company's intrinsic value, with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility)." In particular, a discount to "intrinsic value" is sought even for the best of businesses, with a deeper discount demanded for companies that the Adviser views as under business model, balance sheet, management or other stresses, such as regulatory or geopolitical risks. "Intrinsic value" is based on the Adviser's judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets. |
