Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in fixed income securities. Investment decisions for the Fund are made by Sound Income Strategies, LLC (SIS or the Sub-Adviser), the Funds sub-adviser. The Fund will invest in a combination of investment grade and below investment grade (often referred to as high yield or junk bonds) debt securities. Typically, the Funds portfolio will have an approximate equal weighting of investment grade and high yield debt securities; however, the Funds portfolio weighting will be adjusted from time to time based on the assessment of the Sub-Adviser. Investment grade debt securities are rated in one of the top four rating categories by nationally recognized … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in fixed income securities. Investment decisions for the Fund are made by Sound Income Strategies, LLC (SIS or the Sub-Adviser), the Funds sub-adviser. The Fund will invest in a combination of investment grade and below investment grade (often referred to as high yield or junk bonds) debt securities. Typically, the Funds portfolio will have an approximate equal weighting of investment grade and high yield debt securities; however, the Funds portfolio weighting will be adjusted from time to time based on the assessment of the Sub-Adviser. Investment grade debt securities are rated in one of the top four rating categories by nationally recognized statistical rating organizations such as Moodys Investors Service, Inc. (Moodys) or S&P Global Ratings (S&P). In making investment decisions for the Fund, the Sub-Adviser uses a fundamental, bottom-up approach to analyzing individual debt securities. The Sub-Adviser considers the expected return of each security taking into account the yield, duration, and option-adjusted spread (OAS) of individual debt securities. OAS measures the difference in yield between a debt security with an embedded option, such as a callable bond, and a debt security with no embedded option, such as U.S. Treasuries. OAS considers how a debt securitys embedded option can change the future cash flows and thus the overall value of the security. Within the Funds investment universe, the Sub-Adviser categorizes securities into component groups based on factors including industry, sector, credit rating, duration, and security type. The Sub-Adviser estimates expected returns based on a yield component (spread above U.S. Treasuries) and a capital appreciation component (price appreciation or depreciation) for each component group. The Sub-Adviser will then make any needed adjustments to securities in the Funds portfolio or their weightings, with the goal of purchasing securities that the Sub-Adviser believes are inexpensive relative to other securities in the same or similar asset class. The Sub-Adviser also considers an issuers leverage and cash flow over a 12- to 24-month period, based on an analysis of publicly available filings. The Sub-Adviser continually analyzes market and financial data to make buy, sell, and hold decisions. When the Sub-Adviser believes that a security has achieved a price equal to or greater than its fair-value, the Sub-Adviser will look to liquidate or replace the security with another perceived mispriced security when available. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowing) in fixed income securities. The Funds investments in fixed income securities will typically include U.S. corporate bonds, preferred stock and ETFs that invest in bonds, sovereign debt, and private placement debt securities. The Fund may also invest in fixed income securities issued by U.S. and foreign corporations, securities issued by governments and their agencies, instrumentalities, or sponsored corporations, including supranational organizations. The Funds investments in fixed income securities will also include shares of business development companies (BDCs) and real estate investment trusts (REITs). Investments in BDCs and REITs are intended to provide the enhanced component of the Funds strategy because these securities typically pay a higher yield than traditional investment-grade bonds and preferred stocks. The Fund may also invest in fixed income securities that are illiquid, thinly traded or subject to special resale restrictions, such as those imposed by Rule 144A promulgated under the Securities Act of 1933, as amended (the Securities Act). The Fund may invest in fixed income securities of any duration. Duration is a measure of the expected life of a bond that is used to determine the sensitivity of an instruments price to changes in interest rates. For example, the price of a bond fund with an average duration of three years generally would be expected to fall approximately 3% if interest rates rose by one percentage point. The Fund may invest in fixed income securities of any market capitalization. Show less