| Investment Objective: |
The ETF seeks to invest in high quality small and mid cap businesses with above average, sustainable growth prospects. The Portfolio Managers use bottom-up, fundamental security analysis to identify what they believe to be undervalued companies whose current market shares and balance sheets are strong. In addition, the Portfolio Managers tend to focus on companies whose financial strength is largely based on existing business lines rather than on projected growth. The Portfolio Managers seek to identify growing, financially strong small and mid-cap companies that they believe are mispriced due to a lack of analyst research coverage and the market's focus on short-term time horizons. The Portfolio Managers attempt to exploit these market inefficiencies and look for opportunities to invest in companies they believe to be undervalued. Factors in identifying such companies may include a history of above average returns, an established market niche, circumstances that would make it difficult for new competitors to enter the market, the ability to finance their own growth and a belief that the company has sound future business prospects. |
