Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to generate current income and long-term capital appreciation by investing in a portfolio of ETFs representing certain sectors of the fixed-income market (Bond Sector ETFs), both directly and indirectly through option overlays (described below). The Fund uses the FolioBeyond Fixed Income Model (the FB Model) to select its Bond Sector ETFs. The Fund primarily invests in an optimized portfolio of Bond Sector ETFs, such as those providing exposure to U.S. Treasuries, investment grade corporate bonds, high yield corporate bonds, mortgage-backed securities (MBS), municipal bonds, or sovereign bonds (foreign government bonds). In addition, the Fund employs its options overlay strategy using call and/or put options tied either to the Bond … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to generate current income and long-term capital appreciation by investing in a portfolio of ETFs representing certain sectors of the fixed-income market (Bond Sector ETFs), both directly and indirectly through option overlays (described below). The Fund uses the FolioBeyond Fixed Income Model (the FB Model) to select its Bond Sector ETFs. The Fund primarily invests in an optimized portfolio of Bond Sector ETFs, such as those providing exposure to U.S. Treasuries, investment grade corporate bonds, high yield corporate bonds, mortgage-backed securities (MBS), municipal bonds, or sovereign bonds (foreign government bonds). In addition, the Fund employs its options overlay strategy using call and/or put options tied either to the Bond Sector ETFs or to broad-based bond market ETFs (collectively, Underlying ETFs). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in income-producing fixed income securities, including Underlying ETFs that primarily invest in income-producing fixed income securities. Bond Sector ETFs The Fund will primarily invest in Bond Sector ETFs. The Funds investment sub-adviser, FolioBeyond LLC (FolioBeyond or the Sub-Adviser), utilizes its FB Model, a proprietary, factor-based, multisector fixed income strategy designed to generate higher income. The FB Model seeks to outperform the Bloomberg U.S. Aggregate Bond Index (the Benchmark) by dynamically allocating across Bond Sector ETFs. The FB Model applies advanced algorithms to capture key performance and risk drivers in the fixed income markets. This optimization framework analyzes and updates risk and value attributes on a regular basis for the holdings in the Funds initial Bond Sector ETF universe, which currently consists of 24 Bond Sector ETFs but is subject to change, at the Sub-Advisers sole discretion. The Sub-Advisers FB Model uses proprietary algorithms to allocate its assets to the Bond Sector ETFs. The algorithms consider and weigh numerous factors for each Bond Sector ETF and are computed on a regular basis. The most significant factors for each Bond Sector ETF include: (i) Historical Price Volatility : The extent and speed of the Bond Sector ETFs price movements over a specific period; (ii) Option-Implied Volatility : The expected price volatility of the Bond Sector ETF over the lifespan of an option on the ETF; (iii) Estimated Default Risk : The likelihood of default by the Bond Sector ETFs underlying holdings; (iv) Prepayment or Call Risk : The risk associated with early repayment or callable features of the Bond Sector ETFs underlying holdings; (v) Interest Rate Sensitivity : a. Duration: A measure of the Bond Sector ETFs underlying holdings sensitivity to interest rate changes. b. Convexity: A measure of how the duration of the underlying holdings of the Bond Sector ETF changes as yields fluctuate; (vi) Yield To Maturity : The return expected from the underlying holdings of the Bond Sector ETF if held to maturity; (vii) Option-Adjusted Spread : The yield difference between the Bond Sector ETF, adjusted for options, and an investment with a risk-free rate of return, such as U.S. Treasuries); (viii) Weighted Average Life : The average time the underlying holdings of the Bond Sector ETF are expected to remain outstanding; (ix) Expected Maturity : The anticipated time until the Bond Sector ETFs underlying holdings mature; and (x) Historical Correlation : The historical relationship between the prices of Bond Sector ETFs under evaluation. The FB Model uses these primary factors, along with several secondary factors, to determine portfolio allocation weights for each Bond Sector ETF. The goal is to create a portfolio with attractive risk-reward characteristics under current market conditions. This modeling process is designed to optimize for current income and total return, which includes capital appreciation. Generally, the Fund rebalances its holdings of Bond Sector ETFs whenever the FB Model produces a target allocation for any Bond Sector ETF that differs materially from its current allocation, due to changes in prices, yields, risk, or other market conditions. See Additional Information About the Fund in the Funds Prospectus for more information about the bond sectors in which the Bond Sector ETFs may focus their investments. Options Overlay In addition to its Bond Sector ETF investments, the Fund employs option overlays to seek to enhance income. The option strategy primarily involves selling covered or uncovered call and/or put options and covered or uncovered call and/or put spreads on Underlying ETFs with the goal of generating additional income. FolioBeyond implements the Funds option strategies based on a comprehensive analysis of implied volatility (the markets expectation of future price swings), strike prices (the price at which the option can be exercised), relative value (a comparison of an assets current price to an estimate of its intrinsic value), and market conditions. The Fund may also sell options on instruments other than the Bond Sector ETFs. The Fund will count the notional value of options on any fixed income ETFs towards compliance with the 80% investment policy discussed above. To implement the Funds options overlay strategy, the Fund will sell options and/or option spreads (i.e., buying and/or selling multiple options contracts on the same underlying asset, but with different strike prices or expiration dates, aiming to profit from the price difference between the two options), including both call options (which give the buyer the right to buy an asset at a predetermined price) and put options (which give the buyer the right to sell an asset at a predetermined price). By selling the options and/or option spreads, the Fund can collect premium payments. These premiums provide a potential income boost, particularly during periods of low market volatility. For example, if the Fund holds a portfolio of Bond Sector ETFs and sells covered call options on those ETFs, the premiums collected from selling the calls can enhance the Funds income. If the market price of the relevant Bond Sector ETF remains below the option strike price, the Fund retains both the shares of the Bond Sector ETF and the premium income. However, if the market price exceeds the strike price, the Fund may have to sell the Bond Sector ETFs shares at the strike price, limiting further upside in those positions. FolioBeyond actively manages and rebalances the Funds option overlay strategy, including its short positions (selling options without owning the underlying asset), to seek alignment with changes in volatility, interest rates, and overall bond market conditions. The Funds total notional exposure (the total value represented by the options contracts) to options, including short positions, may reach up to 150% of the Funds net assets, allowing for flexible positioning as market conditions evolve. To seek to mitigate the risks associated with short positions, FolioBeyond employs a disciplined risk management approach, including generally setting predefined stop-loss limits (automatically closing positions to prevent excessive losses), actively monitoring option exposures relative to market movements, and adjusting positions based on real-time assessments of volatility and liquidity conditions. The Fund where possible sells covered options, that is, options that reference a Bond Sector ETF the Fund already holds. However, in certain cases, the Fund will sell uncovered options that reference a Bond Sector ETF or other ETF. This approach is used when the Sub-Adviser identifies a more attractive opportunity than a covered option, or when no options exist for a Bond Sector ETF held by the Fund. For uncovered options, the Sub-Adviser selects ETFs that it believes have a relatively high degree of correlation to the Bond Sector ETF held by the Fund. This allows the Fund to align the uncovered options with its existing holdings, while seeking to capitalize on more favorable availability, liquidity, price or other market attributes of the uncovered options. When selling uncovered options, the Fund must post additional collateral, such as cash or securities, to cover the mismatch between the reference ETF and the Bond Sector ETF held by the Fund. The Sub-Adviser considers the cost of posting the collateral when determining whether to sell an uncovered option. Portfolio Attributes Generally, the FB Model produces target allocations that lead to the Fund holding between five and eight Bond Sector ETFs, with each Bond Sector ETF subject to a maximum allocation limit of 30% of the Funds assets. However, there can be no assurance that the FB Model will produce such target allocations in the future. This may lead the Fund to hold lesser or greater or lesser concentrations of fewer or larger numbers of Bond Sector ETFs than has typically been the case. The Fund may invest in Bond Sector ETFs that focus their investments in any particular bond sector without limit. While the Fund intends principally to hold Bond Sector ETFs and options, from time to time the Fund may directly hold fixed income securities, or options thereon, that represent obligations of individual issuers, including but not limited to MBS issued or guaranteed by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association. Show less