Existing Mutual Fund shop files for ETF

FMI Large Cap ETF
Ticker: TBD
Exchange: NYSE Arca
Expense ratio: TBD
Original filing date: May 05, 2021
Effective date: July 19, 2021
Listing Date: TBD
CUSIP: TBD
Active: Yes
Index / Benchmark: Not Applicable
 
Investment Objective:
Seeks long-term capital appreciation.
 
Investment Strategy / Index Methodology:

Large cap value US listed stocks and ADRs. Details at bottom of this post.

Constituents: ~30
 
Adviser: Fiduciary Management, Inc.
Sub-Adviser: N/A
Portfolio Managers: 0
Administrator: U.S. Bancorp Fund Services, LLC
Fund accountant: U.S. Bancorp Fund Services, LLC
Transfer agent: U.S. Bancorp Fund Services, LLC
Custodian: U.S. Bank, N.A
Distributor: Foreside Financial Services, LLC
Legal counsel: Foley & Lardner LLP

Prospectus is here.

www.fmietf.com

MORE ETF HEARSAY

 

S000072518

• LinkedIn: Henry Jim
• henry@etfhearsay.com
• Twitter: @ETFhearsay

Investment Strategy

The Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk.  The Fund believes good businesses have some or all of the following characteristics:

•	A strong, defendable market niche or products and services niche that is difficult to replicate

•	A high degree of relative recurring revenue

•	Modestly priced products or services

•	Attractive return-on-investment economics (namely, where return on investment exceeds a company’s cost of capital over a three to five year period)

•	Above-average growth or improving profitability prospects

The Fund considers valuation:

•	On both an absolute and relative to the market basis

•	Utilizing both historical and prospective analysis

In reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed.

The Fund is non-diversified which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers.

The Fund is an actively-managed, exchange-traded fund (ETF) that does not disclose portfolio holdings daily. In order to provide market participants with information on the Fund’s investments, the Fund will publish a “Proxy Portfolio” on its website daily. A Proxy Portfolio is a basket of securities that is designed to closely track the daily performance of the Fund’s portfolio holdings. While the Proxy Portfolio includes some of the Fund’s holdings, it is not the Fund’s actual portfolio. The Proxy Portfolio could be based on a broad-based securities index or the Fund’s recently disclosed portfolio holdings. The Fund’s Portfolio Overlap is available on the Fund’s website daily. Each day, the website will also provide the Fund’s Tracking Error, which means the standard deviation over the past three months of the daily proxy spread (i.e., the difference, in percentage terms, between the Proxy Portfolio’s per share net asset value and that of the Fund at the end of the trading day).

The Fund’s portfolio managers will generally sell a portfolio security when they believe:

•	The security has achieved its value potential

•	Such sale is necessary for portfolio diversification

•	Changing fundamentals signal a deteriorating value potential

•	Other securities have a better value potential