An actively managed, diversified small-cap equity exchange traded fund that buys companies trading at a discount to their intrinsic value only when a forthcoming catalyst is apparent.
THIS ETF IS DIFFERENT FROM TRADITIONAL ETFs
A traditional ETF tells the public what assets it holds each day. This ETF will not. This may create additional risks for your investment. For example: (i) You may have to pay more money to trade this ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information. (ii) The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders. (iii) These additional risks may be even greater in bad or uncertain market conditions. (iv) The ETF will publish on its website each day a Proxy Portfolio (“Proxy Portfolio”) designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio. (v) The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategies. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategies, however, this may hurt the ETF’s performance. For additional information regarding the unique attributes and risks of this ETF, please refer to the Fund’s prospectus and/or statement of additional information.
For term definitions, please access the glossary in the footer.
For additional information regarding the unique attributes and risks of the ETF, see the glossary in the footer.