The Fund seeks long-term capital appreciation through a concentrated growth portfolio that primarily invests in U.S. companies with market capitalizations of at least $1 billion. The investment team looks for high-quality companies that exhibit potential for attractive earnings growth, strong relative valuation, attractive cash flows, and significant long-term returns.
This ETF is different from traditional ETFs
The Fund is an actively managed, semi-transparent exchange-traded fund (“ETF”). Unlike traditional ETFs that typically publish their portfolio holdings on a daily basis, the Fund does not publish the daily holdings of its actual portfolio (the “Actual Portfolio”). Instead, the Fund discloses the daily holdings of a portfolio transparency substitute (the “Proxy Portfolio”), which is designed by the Fund’s sub-adviser to (i) reflect the economic exposure and risk characteristics of the Actual Portfolio on any given trading day, (ii) allow for the efficient trading of Fund shares by authorized participants (“Authorized Participants”), and (iii) shield the identity of the Fund’s full daily portfolio holdings. The Proxy Portfolio includes some of the Actual Portfolio holdings, but there is no required minimum overlap of holdings between the Proxy Portfolio and the Actual Portfolio. In addition, the Fund publishes certain information metrics related to the Fund’s Proxy Portfolio (the “Proxy Portfolio Disclosures”). This information is provided by the Fund to help keep the market price of Fund shares trading at or close to the underlying net asset value (“NAV”) per share of the Fund.
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