This exchange-traded fund (ETF) operates under active management, primarily dedicating a minimum of 80% of its total assets (inclusive of any borrowed funds for investment) to the shares of U.S.-based private equity companies that are publicly traded. These private equity firms are specifically identified as those involved in areas like leverage finance, buyouts, sponsorships, and asset management, provided they are listed and trade on a national securities exchange in the United States. The fund employs a concentrated, non-diversified investment strategy.