| Investment Objective: |
The Fund is an actively managed ETF whose investment objective is to provide long-term capital appreciation with a secondary emphasis on generating current income. The Adviser seeks to achieve the Fund's investment objective by investing at least 80% of its net assets in income-producing equity securities that are judged to have strong growth characteristics. The Adviser considers "income producing equity securities" as equity securities that pay dividends, such as common stocks, preferred stocks, securities (including debt securities) that are convertible into common stocks, and ETFs and other investment companies. The Adviser characterizes "growth" companies as those that are expected to achieve higher than average profitability ratios such as operating profit margin or return on equity, and have characteristics to generate above average sustainable earnings and free cash-flow growth, while showing a history of paying a stable dividend. Key ratios such as gross margin, earnings 1 before interest, taxes, depreciation, and amortization ("EBITDA") margin, operating margin, and net profit margin will be evaluated on a historical basis as well as projected into the future to determine if growth rates are achievable under various profitability assumptions. |
