Protected: ARS Core Equity Portfolio ETF

ARS Investment Partners’ overarching forwardlooking macro-outlook of economic, social, and political environments provides a basis to identify areas of the economy the firm believes will thrive and to which capital will flow. The economic, social, and political forces shaping the ARS Investment Partners’ views include supply/demand imbalances, world economic growth, U.S. Federal Reserve policy, demographic shifts, and changes in country leadership, among others. The firm generally selects companies and sectors that it believes align with its macro-outlook, while de-emphasizing or avoiding those that ARS believes are facing the greatest headwinds. The firm seeks stocks that have an above-average dividend yield, though stocks with below average dividend yields may be considered if there is a thesis on why the dividend yield can rise to above average over the next few years (generally 2-3 years). The Sub-Adviser’s fundamental research process assesses both the enterprise value (current and future) and expected growth value of a company.