Towle Small-Cap Value ETF TCV Strategy

The investment seeks long-term capital appreciation. The fund will invest at least 80% of its net assets in publicly traded equity securities that meet the fund’s investment sub-adviser, definition of value ("Value Companies"). The sub-adviser defines Value Companies as those companies the believes are deeply undervalued relative to their earnings potential and revenue base. The sub-adviser considers a company to be deeply undervalued if its enterprise value-to-sales is less than 1.5x at the time of purchase. The sub-adviser defines enterprise value to be a company’s market capitalization plus debt less its cash and cash equivalents. It is non-diversified.