Brown Advisory Files for Actively Managed Small- and Mid-Cap ETF

Brown Advisory has filed to launch the Brown Advisory Small-Mid Cap Core ETF, an actively managed fund investing at least 80% of its assets in U.S. small- and mid-cap equities, using the Russell 2500 Index's market-cap range over the preceding 13 months to define its universe. The strategy employs bottom-up fundamental research to identify companies with durable business models, strong management teams and long-term growth potential. While the Russell 2500 serves as a reference for portfolio construction and risk management, stock selection will drive investment decisions. The fund may invest in REITs, BDCs, MLPs, IPOs and private placements, with up to 15% allocated to foreign securities, including emerging markets. Industry exposure is generally capped at 25%, potentially rising to 35% for major index industries. Vident Asset Management will serve as trading sub-adviser.