| Investment Objective: |
The Fund is an actively-managed exchange-traded fund ("ETF") that invests in equity securities of U.S. companies. The Fund also may invest in equity securities of foreign companies in both developed and emerging markets. The equity securities in which the Fund invests are primarily publicly traded common stocks but may also include warrants and preferred stocks. The Fund may invest in initial public offerings ("IPOs") and securities of companies with any market capitalization. The Fund's equity investments also may include depositary receipts such as ADRs, EDRs and GDRs. The Fund may also invest in U.S. Treasury securities. Adviser typically pursues a "growth style" of investing as it seeks to capture market inefficiencies which the Adviser believes are driven by investors' propensity to be shortsighted and overly focused on quarter-to-quarter price movements rather than on a company's fundamentals over a longer time horizon. The Adviser believes that this market inefficiency tends to lead investors to underappreciate the compounding potential of quality, growing companies. |
