Strategy. The Funds Investment Strategy The Fund is an actively-managed exchange-traded fund (ETF) that, using an enhanced cash strategy, seeks to achieve its investment objective, under normal circumstances, by investing at least 80% of its net assets (plus borrowings for investment purposes) in U.S.-dollar denominated investment-grade fixed- and floating-rate bonds, and debt securities. Under normal circumstances, the Fund will seek to maintain a dollar-weighted average maturity of less than two years and a dollar-weighted average duration of less than one year. The Fund may invest in securities of any duration or maturity. Maturity refers to the length of time until a debt securitys principal is repaid with interest. Duration is a measure of the Funds price sensitivity to changes in yields … Show more… The Funds Investment Strategy The Fund is an actively-managed exchange-traded fund (ETF) that, using an enhanced cash strategy, seeks to achieve its investment objective, under normal circumstances, by investing at least 80% of its net assets (plus borrowings for investment purposes) in U.S.-dollar denominated investment-grade fixed- and floating-rate bonds, and debt securities. Under normal circumstances, the Fund will seek to maintain a dollar-weighted average maturity of less than two years and a dollar-weighted average duration of less than one year. The Fund may invest in securities of any duration or maturity. Maturity refers to the length of time until a debt securitys principal is repaid with interest. Duration is a measure of the Funds price sensitivity to changes in yields or interest rates. Duration incorporates a securitys yield, coupon, final maturity, call and put features, and prepayment exposure into one measure with a higher duration indicating greater sensitivity to interest rates. For example, if a portfolio has a duration of one year, and interest rates increase (or, conversely, decrease) by 2%, the portfolio would decline (or increase, respectively) in value by approximately 2%. However, duration may not accurately reflect the true interest rate sensitivity of instruments held by the Fund and, therefore, the Funds exposure to changes in interest rates. The Fund invests primarily in agency and non-agency residential mortgage-backed securities (RMBS), asset-backed securities (ABS), including securities or securitizations backed by assets such as credit card receivables, student loans, automobile loans, and residential and commercial real estate, collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), collateralized mortgage obligations (CMOs), and other debt securitizations (collectively, Structured Products), corporate debt and other debt securities, and U.S. Treasury and U.S. government agency securities. The Fund may invest up to 25% of its net assets in CLOs. The Fund may invest in other investment companies, including closed-end investment companies and open-end investment companies, which may operate as traditional mutual funds, ETFs or business development companies (BDCs). The Fund will concentrate its investments in agency and non-agency RMBS and CMBS and mortgage loans (Mortgage Related Instruments). This means that, under normal circumstances, the Fund will invest more than 25% of its assets in Mortgage Related Instruments (measured at the time of purchase). The Fund will not concentrate its investments in any other group of industries. The Funds policy to concentrate its investments in Mortgage Related Instruments is fundamental and may not be changed without shareholder approval. In pursuing its investment objective or for hedging purposes, the Fund may utilize borrowing and may also invest, without limitation, in derivatives instruments, including structured products, such as options, futures contracts, or swap agreements or in mortgage-backed securities (TBAs). These derivatives may be traded over-the-counter or on an exchange and may be used for speculative purposes, currency hedging, duration management or to pursue the Funds investment objective. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets. The Fund may also invest in reverse repurchase agreements. The fixed income instruments in which the Fund invests may include those of issuers from the United States and other countries. The Funds investments in foreign debt securities will typically be denominated in U.S. dollars. The Fund may invest up to 15% of its net assets in investments that are deemed to be illiquid, which may include private placements, certain Rule 144A securities (which are subject to resale restrictions), and securities of issuers that are bankrupt or in default. The Fund may invest in high-yield securities and securities that are not rated by any rating agencies. These high-yield securities (also known as junk bonds) will generally be rated BB+ or lower by Standard & Poors Rating Group (S&P) or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization. If a bond is unrated, Angel Oak Capital Advisors, LLC (Angel Oak), a sub-adviser to the Fund, may determine whether it is of comparable quality and therefore eligible for the Funds investment. Although the Fund will not acquire investments of issuers that are in default at the time of investment, the Fund may hold such securities if an investment subsequently defaults. The Fund will be 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. Empowered Funds, LLC, dba EA Advisers (the Adviser), serves as the investment adviser to the Fund. The Adviser oversees the day-to-day affairs of the Fund and supervises the Funds sub-advisers. Strive Asset Management, LLC (Strive), serves as a sub-adviser to the Fund. As a sub-adviser, Strive is responsible for determining the Funds sector allocations and duration target. Strives sector allocations and duration target will depend on its views of Strives portfolio managers. Strives sector allocations will be based on market conditions, fundamentals, technicals, interest rates and total return scenario analysis, monetary and fiscal conditions, FOMC outlook, macroeconomics, market liquidity, and geopolitical risks with a goal of maximizing risk-adjusted returns without regard to any non-pecuniary factors. Angel Oak is also a sub-adviser to the Fund. Angel Oak is responsible for implementing Strive sector allocations and duration target by selecting investments and executing Fund transactions in accordance with such sector allocations and duration targets, subject to the investment objective, policies and limitations of the Fund. Angel Oak and Strive are collectively referred to herein as the Sub-Advisers. In pursuing its investment objective or for hedging purposes, the Fund may utilize borrowing, and various types of derivative instruments, including structured products, swaps, futures contracts, and options, although the Adviser expects that not all such derivatives will be used at all times. Such derivatives may trade over the counter or on an exchange and may principally be used for one or more of the following purposes: speculation, currency hedging, duration management, or to pursue the Funds investment objective. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets. The Fund may also invest in reverse repurchase agreements. Individual security selection decisions are made by Angel Oak and based on fundamental research and analysis to identify issuers with the ability to improve their credit profile over time with attractive valuations, resulting in both income and potential capital appreciation. In selecting investments, including Structured Products, the Sub-Advisers may consider maturity, yield, and ratings information and opportunities for price appreciation among other criteria. Angel Oak also analyzes a variety of factors when selecting investments for the Fund, such as collateral quality, credit support, structure and market conditions. Angel Oak attempts to diversify risks that arise from position sizes, geography, ratings, duration, deal structure and collateral values. Angel Oak will also seek to invest in securities that have relatively low volatility. Angel Oak seeks to limit risk of principal by targeting assets that it considers undervalued. From time to time, the Fund may allocate its assets so as to focus on particular types of securities. The Fund is not a money market fund and does not seek to maintain a stable net asset value of $1.00 per share. The Fund may engage in active and frequent trading of its portfolio securities. Show less