Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objectives through a combination of fixed income securities, Flexible Exchange Options (FLEX), and total return swaps. The Fund invests in U.S. Treasury Bills, U.S. Treasury Notes, and the securities of U.S. government-sponsored entities (GSEs) (the Fixed Income Strategy), box spreads using FLEX options (the Box Spread Strategy), and total return swaps (the Total Return Swap Strategy). The Adviser may actively and frequently purchase and sell investments for the Fund. Fixed Income Strategy Through its Fixed Income Strategy, under normal market conditions, the Fund invests in U.S. government securities, including U.S. Treasury securities, as well as securities of GSEs. The Fund typically invests in U.S. Treasury … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objectives through a combination of fixed income securities, Flexible Exchange Options (FLEX), and total return swaps. The Fund invests in U.S. Treasury Bills, U.S. Treasury Notes, and the securities of U.S. government-sponsored entities (GSEs) (the Fixed Income Strategy), box spreads using FLEX options (the Box Spread Strategy), and total return swaps (the Total Return Swap Strategy). The Adviser may actively and frequently purchase and sell investments for the Fund. Fixed Income Strategy Through its Fixed Income Strategy, under normal market conditions, the Fund invests in U.S. government securities, including U.S. Treasury securities, as well as securities of GSEs. The Fund typically invests in U.S. Treasury Bills and U.S. Treasury Notes with maturities lower in duration but between about one month and twenty years. The investment technique used by the Fund to build exposure to a portfolio of bonds with various maturities is called a bond ladder. Bond ladders may reduce exposure to volatile securities and manage some potential risks from changing interest rates; however, such outcomes are not guaranteed. Duration is a measure of a securitys price sensitivity to changes in yields or interest rates and a lower duration indicates less sensitivity to interest rates. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. The Fund will generally reinvest the principal and interest amounts in corresponding Treasury bills, notes, or bonds, respectively, that have the furthest away maturity date in the bond ladder. The Fund may also invest in securities issued by GSEs, such as the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Home Loan Banks (FHLBanks), and Federal Agricultural Mortgage Corporation (Farmer Mac). Box Spread Strategy Through its Box Spread Strategy, the Fund invests in box spreads structured using FLEX options. The box spreads are intended to replace some of the traditional fixed income exposure while still maintaining a similar risk and return profile to that of treasuries with similar duration. An options contract provides a buyer the option to buy (call option) or sell (put option) an asset at a strike price on a future date. A box spread involves creating a synthetic long position in the asset by buying a call option and selling (writing) a put option with the same strike price and expiration date, paired with a synthetic short position in the same asset by selling a call option and buying a put option with the same strike price and expiration date, but with a different strike price than the synthetic long position in the asset. The difference in the strike prices between the synthetic long and synthetic short positions in the asset defines the box spreads return, aiming for a return independent of market movement. Box spreads have similar economic exposure as zero-coupon bonds, where profit or loss from the investment is equal to the price difference from initiation to expiration, or from when the zero-coupon bond was bought and when it was sold. The Fund will buy box spreads with varying expirations. The Fund favors index-based options, such as options on ETFs whose underlying components have a strong correlation to the Nasdaq-100 Index, for optimal risk-return balance and liquidity, with active trading essential given frequent rolling of the box spreads to manage expirations and renew positions. Total Return Swaps Strategy The Fund invests in total return swaps that implement a systematic trading strategy (STS), with the primary goal of increasing the Funds total return. A total return swap is an agreement whereby one party contracts to make periodic payments to another party based on the change in market value of certain underlying assets (or trading strategy) in exchange for receiving periodic payments from the other party based on a fixed or variable interest rate or the total return of other underlying assets. An STS implemented by a total return swap is a rules-based investment approach to making trade decisions based on pre-established parameters. The Fund may invest in total return swaps that employ STSs using a combination of options and/or futures contracts on equity indexes, fixed income indexes, and/or volatility indexes ( e.g ., the CBOE Volatility Index, also known as VIX). Trading in these instruments may include selling (writing) and/or purchasing put or call options and/or entering into long or short futures contracts to implement the desired exposures in-line with the STS parameters. The Fund may hold Treasury Bills to provide a return on cash used as collateral for the total return swaps. The Fund seeks to maintain relatively stable monthly distributions at a rate that is approximately between 5% and 12%. Although the Adviser will target this distribution rate, the Funds actual distribution rate will be based on the income from U.S. Government securities. As a result, the amount of income earned by the Fund will vary from month-to-month, and the Fund may pay out a return of capital to meet those targets if monthly distributions exceed the current income generated by the Fund. In addition, the Fund does not guarantee and there can be no assurance that distributions will always be paid or will be paid at a relatively stable level in line with the Advisers internal targets. Show less