Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its objective through a hybrid fixed income and equity strategy. The Fund typically invests approximately 75% to 95% of its assets to obtain exposure to investment-grade fixed income securities (the Fixed Income Strategy) and invests the remainder of its assets to obtain exposure to U.S. stocks, while limiting downside risk (the Equity Strategy). Fixed Income Strategy The Funds Fixed Income Strategy seeks exposure to diversified array of U.S. dollar-denominated, investment-grade fixed income securities of U.S. and non-U.S. issuers. The Fund will primarily obtain this exposure through investments in ETFs (Underlying Bond ETFs) that each track the investment results of an index composed of such bonds. The Underlying … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its objective through a hybrid fixed income and equity strategy. The Fund typically invests approximately 75% to 95% of its assets to obtain exposure to investment-grade fixed income securities (the Fixed Income Strategy) and invests the remainder of its assets to obtain exposure to U.S. stocks, while limiting downside risk (the Equity Strategy). Fixed Income Strategy The Funds Fixed Income Strategy seeks exposure to diversified array of U.S. dollar-denominated, investment-grade fixed income securities of U.S. and non-U.S. issuers. The Fund will primarily obtain this exposure through investments in ETFs (Underlying Bond ETFs) that each track the investment results of an index composed of such bonds. The Underlying Bond ETFs are generally expected to make monthly distributions of principal and interest received from their underlying holdings. The Fund will typically rebalance its investments in Underlying Bond ETFs on a quarterly basis. The Adviser may also decide to reallocate assets among the Equity Strategy and Fixed Income Strategy outside of the normal rebalance activity if the Funds balance of equity and fixed income exposure has shifted significantly during the quarter. Equity Strategy The Funds Equity Strategy seeks exposure to small-, mid-, and large-capitalization U.S. stocks by purchasing exchange-listed call options on individual stocks or depositary receipts (the Underlying Individual Equities), on one or more equity indexes, or on one or more other ETFs that principally invest in U.S. equity securities (the Underlying Equity ETFs) (each a reference asset). A call option gives the purchaser the right to purchase shares of the underlying security at a specified price (strike price) prior to a specified date (expiration date). The purchaser pays a cost (premium) to purchase the call option. In the event the underlying security appreciates in value, the value of the call option will generally increase, and in the event the underlying security declines in value, the call option may end up worthless and the premium may be lost. Aptus Capital Advisors, LLC, the Funds investment adviser (Aptus or the Adviser), selects the Underlying Individual Equities based primarily on the Advisers proprietary analysis built from a yield plus growth framework, which takes into account fundamental characteristics such as yield, growth, valuation, and momentum. Stocks selected as Underlying Individual Equities by the Adviser must also have call options available for purchase that meet the Funds minimum liquidity threshold for investibility. The Adviser seeks to select Underlying Individual Equities to diversify exposure across a variety of industries and to maximize the Funds equity exposure given the amount allocated to the applicable options, as described below. Underlying Equity ETFs or equity indexes may be selected in lieu of or in addition to Underlying Individual Equities to adjust the balance of the Funds exposure across industries or to maintain the Funds equity exposure when the Adviser believes they present a better risk profile than Underlying Individual Equities. The Fund may utilize a combination of purchased and written (sold) call options (known as a spread). A written (sold) call option gives the seller the obligation to sell shares of the reference asset at the strike price until the expiration date. The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the reference asset appreciates above the strike price and the holder exercises the call option, the writer (seller) of the call option will have to pay the difference between the value of the reference asset and the strike price or deliver the reference asset (which loss is offset by the premium initially received), and in the event the reference asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium. Call options purchased by the Fund typically have a time-to-expiration of one week to six months at the time of purchase and a strike price at or near the current market price of the applicable reference asset. The Fund will generally turn over its options holdings to rebalance its Equity Strategy investments on a monthly basis, at which time the Fund allocates approximately 0.25% to 1.00% of its net assets to options on each of the Underlying Individual Equities and may allocate up to approximately 5.00% to options on each of the equity indexes, Underlying Equity ETFs, or Underlying Bond ETFs selected. Each time the Fund rebalances its Equity Strategy, the Fund will typically sell the options it holds and purchase new ones as described above. To the extent the Fund sells options tied to one individual stock or ETF and purchases new options tied to the same individual stock or ETF, the rebalance will generally result in the Fund owning options with a later expiration date than the previous set of options. The Adviser will actively manage the Funds options as markets move or events occur ( e.g. , earnings announcements) to roll forward expiration dates or to increase or decrease market exposure to attempt to reduce the potential volatility inherent in options where the price of the reference asset is significantly higher or lower than the strike price. Additionally, the Adviser seeks to limit the Funds exposure to equity market declines by utilizing a combination of purchased and written (sold) exchange-listed put options (known as a spread) on Underlying Individual Equities, on one or more equity indexes, on one or more Underlying Equity ETFs, or on one or more Underlying Bond ETFs. A purchased put option gives the purchaser the right to sell shares of the underlying security at a strike price prior to its expiration date. The purchaser of the put option pays a cost (premium) to purchase the put option. In the event the underlying security depreciates in value, the value of the put option will generally increase, and in the event the underlying security appreciates in value, the put option may end up worthless and the premium may be lost. The put options written by the Fund are considered covered when the Fund owns at least an equivalent number of put options on the same reference asset with the same expiration date and a higher strike price at the time it sells the options. Put options purchased by the Fund typically have a time-to-expiration of one week to six months at the time of purchase and a strike price at or near the current market price of the applicable reference asset. Generally, each time the Fund rebalances its Equity Strategy, the Fund allocates approximately 0.25% to 1.50% of its net assets to put options and will sell the options it holds and purchase new ones as described above. In addition, the Adviser may utilize a combination of purchased and written (sold) put or call options on the Cboe Volatility Index (the VIX Index). The VIX Index reflects a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time, mid-quote prices of S&P 500 Index call and put options. The Fund may use VIX call or put options as a hedge when the market is experiencing a rapid change in volatility, and the Adviser generally expects to invest less than 1% of the Funds net assets in VIX Index call and put options at the time of investment. Because the premiums for call and put options purchased by the Fund will typically be a fraction of the value of the underlying reference assets, the options enable the Fund to gain greater exposure to the underlying reference assets than the amount invested in such options. Consequently, the Fund seeks to have greater participation in the appreciation (for call options) or depreciation (for put options) of the applicable underlying reference assets than it would have by investing the same amounts directly in such underlying reference assets, while limiting the maximum loss from such options to the premiums paid. Show less