Fund Description

The fund uses an integrated approach combining research, portfolio design, portfolio management, and trading. It seeks broad diversification across companies and sectors, emphasizing long-term drivers of expected returns while balancing risk, shorter-term drivers, and trading costs. Using a market-cap-weighted approach, it invests in readily marketable securities of U.S. small-cap companies the Advisor determines to be lower relative price stocks, and may emphasize smaller-cap, lower relative price, and higher-profitability stocks versus the U.S. small-cap value segment. It invests at least 80% of net assets in small-cap U.S. companies, may adjust or exclude companies based on momentum, short-run reversals, and investment characteristics, may use futures and options on futures to manage equity exposure, and may lend securities. The ETF class is actively managed and does not track an index.