Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to provide disciplined asset allocation to equity securities, fixed income ETFs, and downside protection ETFs. Amplius Asset Management, LLC, the Funds sub-adviser (the Sub-Adviser), selects the Funds allocation to these asset classes based on its assessment of the relative risks and returns of each asset class. The Sub-Adviser generally will allocate between 60% and 100% of the Funds net assets to equity securities, which includes common stocks, preferred stocks, and other ETFs that provide such equity exposure (the Equity Sleeve). Typically, the Fund expects to invest in equity securities, and the allocation is subject to change based on market conditions. The remaining portion of the Funds portfolio will typically … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to provide disciplined asset allocation to equity securities, fixed income ETFs, and downside protection ETFs. Amplius Asset Management, LLC, the Funds sub-adviser (the Sub-Adviser), selects the Funds allocation to these asset classes based on its assessment of the relative risks and returns of each asset class. The Sub-Adviser generally will allocate between 60% and 100% of the Funds net assets to equity securities, which includes common stocks, preferred stocks, and other ETFs that provide such equity exposure (the Equity Sleeve). Typically, the Fund expects to invest in equity securities, and the allocation is subject to change based on market conditions. The remaining portion of the Funds portfolio will typically be invested in fixed income ETFs and/or downside protection ETFs (the Tactical Allocation Sleeve). Equity Sleeve The Funds Equity Sleeve will consist of common stock, preferred stock, depositary receipts, and other ETFs. The Fund may invest in equity securities of any market capitalization, but the Fund typically invests between 20% and 100% of its net assets in equity securities of U.S. large-capitalization companies, between 0% and 40% of its net assets in equity securities of U.S. small- and mid-capitalization companies, and between 0% and 40% of foreign equity securities, including exposure to developed and emerging markets countries. It is anticipated that the Funds exposure to U.S. small- and mid-capitalization companies and foreign equity securities will primarily come from investments in ETFs, but the Fund may invest directly in such securities. For the Funds investment in individual U.S. large-capitalization companies, the Sub-Adviser begins stock selection by reviewing the constituents of broad-based U.S. large-capitalization indexes. Within each index, the Sub-Adviser generally selects companies within the 50 largest companies, by market capitalization, for inclusion in the Funds portfolio. If a company is a constituent in more than one index, the Sub-Adviser may weight that company more heavily than companies that are constituents in only one index. The Sub-Adviser may select individual large-capitalization companies outside of the 50 largest in a particular index if it determines that doing so contributes to the Funds diversification based on market capitalization, sector or industry, or style (e.g., value or growth). The Sub-Advisers investment selection criteria for other equity ETFs includes a review of its structure, relative performance among its peer group, total operating expense ratio, portfolio turnover, assets under management, liquidity, and investment objective and investment restrictions and limitations. The ETFs selected for investment are expected to maintain broad exposure to U.S. companies or developed and/or emerging markets countries, as applicable, and the Fund may invest in ETFs that cross multiple market capitalization ranges or geographic regions. The Funds investments in other ETFs may be selected for their ability to represent companies of a certain market capitalization, a particular sector (e.g., information technology companies), or a subset of an asset class (e.g., small cap value companies), or based on factors such as their risk adjusted return, alpha, style (e.g., growth or value), or other factors that help the Fund achieve broad exposure across equity securities. The Funds investments in other ETFs may include ETFs that are affiliated (i.e., that have the same investment adviser or sub-adviser). Tactical Allocation Sleeve The Funds Tactical Allocation Sleeve will consist of fixed income ETFs and/or downside protection ETFs. Fixed income ETFs in which the Fund will invest typically includes ETFs that invest in U.S. Treasury securities, but may also include investments in corporate bonds or debt securities issued by the U.S. Government and its agencies and instrumentalities. The Sub-Adviser may invest in downside protection ETFs. Such ETFs seek to participate in the price movement of the broad U.S. equities market (e.g., U.S. large-capitalization companies) with up to 100% downside protection in exchange for capped upside over a defined period (i.e., a one-year period). The Sub-Advisers investment selection criteria for fixed income ETFs and downside protection ETFs is the same as the selection criteria for equity ETFs. The Sub-Adviser may invest in the Alpha Architect Tail Risk ETF (the Tail Risk ETF) and the Alpha Architect 1-3 Month Box ETF (the Box ETF), each an affiliated ETF. The Tail Risk ETF will invest, under normal circumstances, in a portfolio of options contracts on securities that are linked to the performance of an index whose value is based on companies with market capitalizations that qualify them as large cap companies. The Box ETFs investment objective is to provide investment results that, before fees and expenses, equal or exceed the price and yield performance of an investment that tracks the 1-3 month sector of the United States Treasury Bill market. To do so, the principal investment strategy of the Box ETF will be to utilize a series of long and short exchange-listed options combinations called a box spread. There may be times where the Fund has no exposure to fixed income ETFs and/or downside protection ETFs. General Portfolio Information Depending on market conditions, the Sub-Adviser may adjust the Funds exposure to specific asset classes. Typically, the Sub-Adviser increases the Funds allocation to the Equity Sleeve following a significant price decline in the overall U.S. equity market. Additionally, the Sub-Adviser may sell a security if it no longer aligns with the Sub-Advisers investment criteria. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. Show less