Strategy. The Fund is an actively managed, exchange-traded fund (ETF) that seeks up to 150% long exposure to large-capitalization U.S. equity securities, while enhancing the Funds income by writing (selling) call options on one or more ETFs or securities indices that provide exposure to large-capitalization U.S. equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and derivative instruments that provide exposure to equity securities. To gain this exposure, the Fund will primarily invest in one or more ETFs or options on an ETF or index (each, a reference asset). The combination of the Funds investments is expected to provide a maximum of 150% exposure to … Show more… The Fund is an actively managed, exchange-traded fund (ETF) that seeks up to 150% long exposure to large-capitalization U.S. equity securities, while enhancing the Funds income by writing (selling) call options on one or more ETFs or securities indices that provide exposure to large-capitalization U.S. equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and derivative instruments that provide exposure to equity securities. To gain this exposure, the Fund will primarily invest in one or more ETFs or options on an ETF or index (each, a reference asset). The combination of the Funds investments is expected to provide a maximum of 150% exposure to large-capitalization U.S. equity securities. The Fund will use leverage, such as options, which generally require a small investment relative to the amount of investment exposure assumed. The Funds exposures will vary given market conditions and the availability of attractive investment opportunities. 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 two sub-advisers. MRBL Management, LLC (MRBL) serves as a sub-adviser to the Fund and is responsible for determining the Funds investments. Arin Risk Advisors, LLC (Arin) also serves as a sub-adviser to the Fund and is responsible for selecting the Funds options investments and broker-dealers to execute the Funds transactions based on instructions provided by MRBL. To gain synthetic equity exposure, the Fund may invest in European style call options (European Calls) or European style combos (European Combos). European Calls give the option holder the right to buy a reference asset only on the option expiration date. European Combos are a combination of option transactions whereby the Fund would purchase a call option and sell a put option with the same strike price and expiration date on the same reference asset. The European Calls and European Combos strategies benefit when the reference assets price rises over time. Similarly, the European Calls and European Combos strategies are expected to experience losses when the reference assets price falls over time. The Fund may also buy or sell either standard exchange-listed call options, FLexible EXchange Options (FLEX Options), or a combination of both listed options types on a reference asset. A call option gives the purchaser the right to purchase the reference asset at a specified strike price prior to a specified expiration date. The purchaser pays a cost (premium) to purchase the call option. In the event the reference asset appreciates in value, the value of the call option will generally increase, and in the event the reference asset declines in value, the call option may expire worthless and the entire premium may be lost. The Funds gains and losses on a reference asset will generally increase or decrease in line with the applicable reference assets price. The Funds use of leverage will also magnify the gains and losses on the Funds investments in proportion to the amount of the Funds leverage. The Fund will also write or sell short-term call options on its exposure (of up to 150% of the Funds net assets) to the reference assets. The Fund generally considers an option to be short-term when its expiration date is less than 90 days from the date such option is written (sold). A written (sold) call option obligates the seller of the option to sell the reference asset at a strike price until the expiration date. The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. The call writing strategy will have different outcomes based on the performance of the reference asset, the amount of leverage in the Funds portfolio and the amount of the call option premium, as follows: If the reference asset increases in value but the increase is less than the strike price at the option expiration date, the options will expire worthless, and the Fund will keep the option premium received. The Fund will experience a gain on the reference asset that is leveraged to approximately the same extent as the Funds portfolio. This would result in the portfolio outperforming the reference asset because the Fund will receive the option premium and will participate in the leveraged gain on the reference asset. If the reference asset increases in value above the strike price and the option is exercised, the Fund will keep the option premium received and will experience leveraged gains up to the strike price, but will not participate in the reference assets appreciation beyond the strike price, which can cause the Fund to underperform the reference asset. In these circumstances, the Fund would have to pay the difference between the value of the reference asset and the strike price on the option expiration date or deliver the reference asset (which amount is offset by the option premium initially received). This circumstance limits the Funds ability to fully participate in any increase in the reference assets value above the strike price. This means that the Fund can underperform the reference asset when the reference asset has increased in value. If the reference asset decreases in value, excluding the effect of leverage, in an amount that is less than the option premium received, the Fund will experience a smaller amount of underperformance as compared to the reference asset due to the option premium received. This can result in the Fund outperforming the return on the reference asset. However, if the Fund is using leverage at the time when the reference asset declines, the Fund will lose more value than the reference asset in proportion to the amount of the leverage in the Funds portfolio. If the reference asset decreases in value in an amount that is greater than the option premium received, the Fund will experience losses that are in proportion to the amount of leverage in the Funds portfolio. The option premium will partially offset this loss. Losses in this case would be magnified by the amount of the Funds leverage, which will result in the Fund underperforming the reference asset. The level of a reference assets option premium that is received from writing short-term call options will increase or decrease based on the reference assets projected or implied volatility (e.g., a reference asset characterized by low volatility will yield a commensurately low level of option premium, whereas a highly volatile reference asset will generate a higher level of option premium). The Fund will utilize a traditional covered call strategy, which is an investment strategy where the Fund sells a call option in direct proportion to the amount of the underlying security owned by the Fund. The Fund may also utilize a synthetic covered call strategy (i.e., through the use of European Calls and European Combos), whereby the Fund sells a call option on an underlying security to which the Fund has synthetic exposure but does not directly own the security. The Fund may also maintain a collateral portfolio that is designed primarily to serve as margin or collateral for the Funds options positions. Secondarily, the collateral may serve to enhance the Funds return by generating returns subject to short-term interest rate risk (the Collateral Portfolio). The Collateral Portfolio is comprised of cash or cash equivalents, including United States Treasury Securities, money-market instruments, money-market mutual funds, or box spreads. Approximately 30-50% of the Funds assets are expected to be allocated to the Collateral Portfolio. A box spread is a multi-leg, risk-defined, equity market neutral options strategy with defined profit potential, if held to expiration. There are four options trades involved in a long box spread: (i) a long call with a lower strike price, (ii) a short call with a higher strike price; (iii) a long put with a higher strike price; and (iv) a short put with a lower strike price (a Box Spread). The goal is to buy the box spread for a price that is less than the width of the strike prices. Box spreads are subject to interest rate and liquidity risk even though equity market risk is generally neutralized. For example, if a stock is trading at $50, a $45 call is purchased, and a $55 call is sold. Simultaneously, a $55 put is purchased, and a $45 put is sold. Thus, a $10 wide long box spread is created around the stock. If the box spread can be purchased for $9.50, a profit of $0.50 is anticipated regardless of the value of the stock at expiration, because the spread will be valued at $10 at expiration, regardless of where the reference asset is trading. The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Show less