To achieve its investment objective, The Fund is an actively-managed exchange-traded fund (ETF) that follows a high conviction, opportunistic U.S. equity strategy. The Fund pursues its investment objective by investing at least 80 percent of its net assets (plus borrowings for investment purposes) in common stocks and American Depositary Receipts (ADRs) (the 80 percent Policy). The Fund primarily invests in the U.S. exchange-listed equity securities of large-capitalization and mid-capitalization value companies that are considered by the Adviser to be of out-of-favor and/or misunderstood. The Adviser defines large-cap and mid-cap value companies to be those companies with market capitalizations within the range of the Russell 1000 Value Index at the time of purchase and that the Adviser believes are attractively valued relative to the market.