The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index was established in 2020 by Acquirers Funds, LLC (the Index Provider) and tracks the performance of a portfolio of 100 of the most undervalued, fundamentally strong stocks drawn from the smallest 75 percent of stocks listed in the United States by market capitalization meeting certain liquidity thresholds. Business development companies are excluded from the Index. The Index identifies potentially undervalued stocks by using The Acquirers Multiple, which is a valuation metric developed and published in 2014 by Tobias Carlisle, Managing Member of the Index Provider. The initial universe of stocks is then valued holistically—assets, earnings, and cash flows are examined—in accordance with the Index methodology to understand the economic reality of each stock.