The Fund is an actively managed exchange traded fund. The Fund seeks to outperform the Russell 1000 Growth Index with a portfolio of 15 to 30 stocks. The adviser employs a bottom-up fundamental investment process to select stocks in companies that, in its view, demonstrate potential for sustainable competitive advantages, visible reinvestment opportunities, and have experienced management teams. These companies have the potential for consistent revenue and free cash flow growth, high profitability, strong balance sheets and attractive valuations compared to their peers, although each individual holding may not have all of these qualities. No holding typically is more than 20 percent of the Funds portfolio and 60 percent of the Funds portfolio generally is comprised of equity securities issued by companies with capitalization in excess of dollar 10 billion. Under normal market conditions, the Fund invests at least 80 percent of the Funds net assets plus any borrowing for investment purposes in equity securities.