The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80 percent of the Funds net assets (plus the amount of any borrowings for investment purposes) in U.S. listed common stock of small- and mid-capitalization (SMID Cap) companies, defined as companies with a market capitalization of between dollar 1 billion and dollar 50 billion. For purposes of the Funds 80 percent policy, the Fund considers SMID Cap companies to include ETFs that invest at least 80 percent of their net assets (plus the amount of any borrowings for investment purposes) in SMID Cap companies.