PRIMECAP Odyssey Discovery ETF is an actively managed exchange-traded fund that seeks long-term capital appreciation by investing primarily in U.S.-traded stocks of medium-capitalization companies. The fund uses fundamental research to identify companies with attractive growth prospects, improving profitability, or undervalued assets that may not be fully reflected in their market prices. Its investment strategy emphasizes long-term stock selection and seeks to outperform the Russell Midcap Growth Index over a three- to five-year period.