| Investment Objective: |
The Fund is an actively managed exchange-traded fund ("ETF") that, during normal market conditions, seeks to invest in 25-35 U.S. exchange-traded common stocks that are listed on U.S. national securities exchanges. In many instances, the Adviser has found that an investment that originated as an undervalued or special situation turns out to be a compounder. The Adviser is focused on companies that it expects to generate free cash flow and that it believes to possess durable competitive advantages; earn higher than average (among its peers) returns on capital, led by management teams that are economically aligned with shareholders; and have opportunities to reinvest excess cash flows at above-average rates of return compared to its peers. The Adviser identifies these companies through fundamental research conducted by the portfolio manager and the Adviser's research team by focusing on what it believes to be (1) attractive expected return over a three-plus year period; (2) solid industry and business quality by conducting an assessment to exclude those companies facing significant potential drivers and threats to the durability of their competitive advantage and long-term growth prospects), (3) high quality management, (4) attractive financial characteristics. |
