Strategy. The Fund utilizes a fund of funds structure to invest in theme-based equity exchange traded funds (ETFs or underlying funds). The Fund generally intends to be fully invested in equity ETFs. The Fund focuses its research primarily on identifying emerging, innovative and disruptive themes that have a large market demand or addressable market. The Fund rotates among themes with large addressable markets which may range from nascent technologies to those on the cusp of widespread adoption and buys securities of ETFs investing in those themes. The Fund considers emerging, innovative and disruptive themes to be those technologies that represent a pioneering advancement or novel method, process or product that has the potential to materially improve a large addressable market demand … Show more… The Fund utilizes a fund of funds structure to invest in theme-based equity exchange traded funds (ETFs or underlying funds). The Fund generally intends to be fully invested in equity ETFs. The Fund focuses its research primarily on identifying emerging, innovative and disruptive themes that have a large market demand or addressable market. The Fund rotates among themes with large addressable markets which may range from nascent technologies to those on the cusp of widespread adoption and buys securities of ETFs investing in those themes. The Fund considers emerging, innovative and disruptive themes to be those technologies that represent a pioneering advancement or novel method, process or product that has the potential to materially improve a large addressable market demand which is generally considered to be at least 100 million people. Emerging technologies are, by definition, early-stage and therefore have the potential for large growth in market price for companies that develop the technologies. While there is no guarantee that the ETFs selected by the Adviser will represent themes that ultimately demonstrate large growth potential, the objective is to identify a universe of eligible ETFs that could reasonably represent a theme whose ultimate impact could result in a material growth investment opportunity. Within the eligible universe of ETFs, the Adviser uses a rules-based, quantitative process to rotate among themes by measuring the momentum and volatility of each ETF in order to select those for investment by the Fund, and to determine the appropriate allocation to each ETF. The ETFs with the strongest momentum are selected and then weighted in inverse proportion to their historical volatility. As seen from past disruptive technologies, the broader market often does not initially price a theme appropriately, or even for several years, as the markets response to the theme is often underestimated because the technology used is new or developing and is underappreciated in the market based on the Advisers research. Disruptors must continually reinvest in their future and expand their reach as they grow and these moves are hard for markets to accurately price, resulting in the potential for appreciation. The Fund seeks to identify an eligible universe of approximately 10-20 theme-based ETFs to implement its strategic asset allocation and sector views by evaluating and weighing such factors as the respective ETFs: ? underlying index and portfolio holdings, ? portfolio volatility, ? portfolio weighting methodologies, ? geography, sector and theme exposures, ? liquidity profiles, and ? tracking error. The Funds -Adviser generally selects three to five ETFs weekly from its investment universe, but may select more. This universe would generally include 10-20 ETFs that provide exposure to Innovation themes such as: Artificial Intelligence, Blockchain, or Robotics as well as Defensive ETFs such as Value or Low Volatility. The eligible universe is evaluated for size and liquidity as well as thematic suitability. Each week the ETFs within the universe are evaluated according to their momentum over recent periods as well as their volatility. The 3-5 ETFs with the strongest momentum score are selected and then weighted inversely to their volatility, that is ETFs with a lower volatility as determined by the Adviser will receive a higher allocation. The weighting is designed to ensure the more volatile ETFs get a lower weight while less volatile ETFs get a relatively higher weight. The Adviser will generally adjust the Funds asset class allocations weekly in accordance with its investment process and in an effort to appropriately position the portfolio to changing market environments. The Adviser may also allow the relative weighting of the Funds ETFs to vary in response to market conditions and may from time to time make tactical increases or decreases to the portfolios investment allocations in particular ETFs based on a broad range of market and economic trends and quantitative factors. While the Adviser manages the Fund by seeking investments in equity ETFs with emerging, innovative and disruptive themes, the Adviser will also seek to manage the Funds volatility within these themes by giving more weight to those ETFs that have demonstrated lower volatility in the past. In this way, the Funds portfolio construction process is designed to manage volatility. In the selection of ETFs, since the universe of eligible ETFs comprise both Innovation and Defensive themes, when conditions are not favorable for investment in Innovation themed ETFs, the Adviser may select from among more defensive ETFs (such as Value or Low Volatility). Once selected, the ETFs are weighted according to their volatility. ETFs that have demonstrated lower volatility will get a higher allocation. This rebalancing process is then updated at least every week (but could be more or less frequent as determined by the Adviser). This is a high turnover strategy and average annual turnover is expected to be approximately 300% per year. The strategy is intended to result in lower volatility of the Funds portfolios net asset value under negative market conditions. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stocks price) over time. From time to time, the Fund may use a covered call or covered put option strategy in an attempt to dampen volatility and generate additional returns, although this is not expected to be a primary source of risk management. While the Fund will not invest more than 50% of its total assets in any one underlying ETF, the Fund may have significant exposure to one or more asset classes depending on market conditions. The Fund reserves the right to change the Funds allocation among the ETFs, and to invest in other funds not currently among the underlying ETFs, from time to time without notice to investors. The Fund expects to typically rebalance its portfolio at least weekly but may do so at more or less frequent intervals if it deems appropriate. Given the longer-term nature of thematic development, an automatic weekly rebalancing policy could be counterproductive to the Funds objective to seek capital appreciation. Accordingly, the Adviser may rebalance the Funds portfolio on other than a weekly basis depending on the Advisers assessment of thematic developments, in pursuit of the Funds investment objective. Show less