The ETF has been designed to replicate, to the extent possible, the performance of the Morningstar® US Target Value Index™, net of expenses. The ETF invests in equity securities of the largest and most liquid U.S. issuers based on proprietary research generated by Morningstar, and is designed to provide diversified exposure to U.S. issuers which are considered to be “good value” based on characteristics like low price to earnings and low price to cash flow ratios.