Oakmark U.S. Concentrated ETF is an actively managed, non-diversified exchange-traded fund that seeks long-term capital appreciation. The fund invests primarily in a concentrated portfolio of U.S. companies, typically holding 15 to 25 issuers, with a focus on larger companies that the adviser believes are undervalued based on fundamental research and intrinsic value. The fund does not concentrate in any particular industry and is designed to emphasize Oakmark's highest-conviction investment ideas.