Strategy. The Fund is an actively -managed exchange -traded fund (ETF) that will invest under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of companies that are engaged in the Funds investment theme of Space & Defense Innovation. The Adviser defines Space & Defense as leading, enabling, or benefitting from technologically enabled products and/or services that occur beyond the surface of the Earth. The Adviser defines Innovation, including the investment theme of disruptive innovation, as the introduction of a technologically enabled new product or service that the Adviser expects to change an industry landscape. The Advisers internal research and analysis leverages insights from diverse sources, including external research, to develop and refine its investment … Show more… The Fund is an actively -managed exchange -traded fund (ETF) that will invest under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of companies that are engaged in the Funds investment theme of Space & Defense Innovation. The Adviser defines Space & Defense as leading, enabling, or benefitting from technologically enabled products and/or services that occur beyond the surface of the Earth. The Adviser defines Innovation, including the investment theme of disruptive innovation, as the introduction of a technologically enabled new product or service that the Adviser expects to change an industry landscape. The Advisers internal research and analysis leverages insights from diverse sources, including external research, to develop and refine its investment themes and identify and take advantage of trends that have ramifications for individual companies or entire industries. In selecting companies that the Adviser believes are engaged in the theme of Space & Defense, the Adviser seeks to identify, using its own internal research and analysis, companies capitalizing on disruptive innovation. The Adviser believes that Space & Defense related companies can be grouped into four overarching categories, each of which contains relevant sub -elements . Orbital Aerospace Companies are companies that launch, make, service, or operate platforms in the orbital space, including satellites and launch vehicles. Suborbital Aerospace Companies are companies that launch, make, service, or operate platforms in the suborbital space, but do not reach a velocity needed to remain in orbit around a planet. Enabling Technologies Companies are companies that develop technologies used by Space & Defense related companies for successful value -add aerospace operations. These operations include artificial intelligence, robotics, 3D printing, materials and energy storage. For example, 3D printing companies create value -add for space and aerospace exploration related companies by accelerating innovation thanks to low -costs and rapid prototyping, and by lowering the weight of low volume, highly complex parts. Aerospace Beneficiary Companies are companies whose operations stand to benefit from aerospace activities, including agriculture, internet access, global positioning system (GPS), construction, imaging, drones, air taxis and electric aviation vehicles. For example, agriculture companies utilize technologies advanced by Space & Defense, such as satellite imagery. Space exploration is possible due to the convergence of a number of themes. Many of the companies the Fund invests in may only have an indirect and not a substantial involvement in the space industry. A Space & Defense related company may not currently derive any revenue, and there is no assurance that such company will derive any revenue from innovative technologies in the future. The Adviser will select investments for the Fund that represent the Advisers highest -conviction investment ideas within the theme of Space & Defense, i.e., investment decisions regarded with confidence, in constructing the Funds portfolio. The Adviser will analyze potential investments by using both top down information (e.g., economy -wide analysis of facts such as rate of growth, cost declines, unit economics, sizing of markets, and price levels as well as business and technology cycle trends) and bottom up criteria (e.g., fundamental and quantitative metrics for individual companies such as their revenue growth, profitability and return on invested capital). Based upon its research and analysis, the Adviser will select a portfolio company that it believes presents the best risk -reward opportunities. In both the Advisers top down and bottom up approaches, the Adviser evaluates environmental, social, and governance (ESG) considerations. In its top down approach, the Adviser uses the framework of the United Nations Sustainable Development Goals to integrate ESG considerations into its research and investment process. The Adviser, however, does not use ESG considerations to limit, restrict or otherwise exclude companies or sectors from the Funds investment universe. In its bottom up approach, the Adviser makes its investment decisions primarily based on its analysis of the potential of individual companies, while integrating ESG considerations into that process. The Advisers highest -conviction investment ideas are those that it believes present the best risk -reward opportunities. Under normal circumstances, substantially all of the Funds assets will be invested in equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises. The Funds investments will include micro-, small-, medium- and large -capitalization companies. The Funds investments in foreign equity securities will be in both developed and emerging markets. The Fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund is classified as a non -diversified investment company under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it may invest a high percentage of its assets in a limited number of issuers. The Funds portfolio is expected to contain 40 to 55 common stocks (domestic and foreign) that are conviction weighted. The Fund will concentrate ( i.e. , invest more than 25% of the value of the Funds assets) in securities of issuers having their principal business activities in groups of industries in the information technology and industrials sectors. This concentration limit does not apply to securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. In seeking to achieve its investment objective, the Fund may invest, to the extent permissible under applicable law, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Exchange Act. Show less