The fund is an ETF, which is a fund that trades like other publicly-traded securities. The fund is not an index fund. The fund is actively managed and does not seek to replicate the performance of a specified index. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying U.S. large- and mid-cap equity securities. Dividend-paying U.S. equity securities in which the fund may invest include common and preferred stocks, convertible securities and their equivalents, rights, warrants, and real estate investment trusts (REITs) listed on any U.S. exchange. The fund considers the large- and mid-cap U.S. equity universe to be those U.S. equity securities in the top 85% of the free-float adjusted U.S. market capitalization. The selection and weighting of the securities in the fund will be based on a systematic approach. The initial investment universe will be screened for securities that meet certain criteria including but not limited to dividend yield. The portfolio is then optimized to finalize security weights assessing such risk and cost metrics as turnover and sector exposures along with various desired factor exposures that are expected to enhance returns over time. These screening criteria and optimization criteria are subject to change over time. While the fund manages risk by investing in securities across a broad range of industries and market sectors the fund may at times focus its investments in a particular sector or sectors of the U.S. equity markets.