| Investment Objective: |
The Fund is an actively-managed exchange-traded fund ("ETF") that invests primarily in equity securities of U.S. domiciled, large-cap companies whose shares are listed on U.S. exchanges. The Sub-Adviser begins its investment selection process by identifying a universe of the 800 largest U.S.-listed domestic equity securities, ranked by market capitalization, that also have an average daily trading volume of at least 5 million shares. Evaluating stock price momentum considers factors such as price action over the prior four quarters (the tendency of stock price trends - upward or downward - to persist over time), relative strength (a stock's price performance compared to a benchmark) and other factors intended to identify potential profitable investment opportunities. The analysis at this stage is designed to determine a company's intrinsic value as compared to its market price, and typically includes reviews of company financial statements, stock price performance and industry trends and economic conditions relevant to the company's operations. The portfolio is weighted based on market capitalization. |
