Strategy. As an actively managed exchange-traded fund (ETF), the Fund will not seek to replicate the performance of an index. The Fund intends to achieve its investment objective by investing a majority of its net assets in U.S. and foreign exchange-listed healthcare technology companies in the U.S and a number of developed countries around the world. Under normal circumstances, the Fund will invest at least 80% of the Funds net assets (plus borrowings for investment purposes) in U.S. and foreign exchange-listed equity securities of healthcare technology companies and American Depository Receipts (ADRs) on those securities. These securities may be of any market capitalization. Langar Investment Management, LLC (the Advisor) uses a combination of a top-down review and a bottom-up research methodology … Show more… As an actively managed exchange-traded fund (ETF), the Fund will not seek to replicate the performance of an index. The Fund intends to achieve its investment objective by investing a majority of its net assets in U.S. and foreign exchange-listed healthcare technology companies in the U.S and a number of developed countries around the world. Under normal circumstances, the Fund will invest at least 80% of the Funds net assets (plus borrowings for investment purposes) in U.S. and foreign exchange-listed equity securities of healthcare technology companies and American Depository Receipts (ADRs) on those securities. These securities may be of any market capitalization. Langar Investment Management, LLC (the Advisor) uses a combination of a top-down review and a bottom-up research methodology to select fundamentally strong companies that develop technology to create efficiency in healthcare by addressing key pain points for patients, providers, payors, and/or hospitals. Pain points are consistent problems that a patient, provider and/or other healthcare stakeholder has when dealing with a product and/or service, which are unmet needs that are not adequately addressed for a company to solve in the market. These companies are generally in one of the nine subsectors described below and may include robotic surgery companies, virtual and/or telemedicine companies, companies that develop next-generation insurance payment models, drug development companies leveraging artificial intelligence (AI), digital clinical trial companies, companies that address operational issues within a hospital, and companies that leverage large language model (LLM) AI to develop next best recommendation engines to improve/facilitate the intake, monitoring, and treatment of a patient. The process has four main steps: 1) Langars HealthTech classification; 2) Langar Rating; 3) Langars HealthTech Industry Risk Score; and 4) Investment Committee review. Langars HealthTech Classification The Advisor starts by recategorizing public companies in the healthcare industry as defined by the Standard & Poors Global Industry Classification Standard (GICS) to determine the companies that fit into the Advisors definition of a HealthTech company. The Advisor defines a HealthTech Company as a company that: i) develops technology to create efficiencies in healthcare by addressing key pain points of patients, providers, payors and/or hospitals; and ii) receives a majority of its revenue from HealthTech products and/or services as reported through filings with the SEC. HealthTech companies can be grouped into nine subsectors: Public HealthTech subsector definitions: Access to Care Provide care outside of a hospital setting through virtual, in-person, or a hybrid care combination. Biopharma Pharmaceutical and biotechnology companies that use artificial intelligence/machine learning (AI/ML) technologies as an integral part of their drug design or development process. Clinical Trials Enables the efficient deployment, tracking and/or completion of trials that support novel medications and/or treatments. Decision Support Provides clinicians with patient-specific information, which is intelligently filtered or presented at appropriate times to enhance care. Hospital Operations Improves the efficiency of hospital workflows that are required to provide care. Insurance Leverage AI/ML models to save costs and improve services of private and/or government programs. Treatment Device Devices that leverage an AI/ML algorithm to facilitate treatment of a specific medical problem. Private HealthTech subsector definitions: Lifestyle Wellness Assists users in navigating their overall health and wellness journey using monitoring, counseling, education, and lifestyle changes that help prevent, treat, and provide care. Prescription Management Ensures a patient is properly educated, has access to and complies with prescribed usage of a medication. Langar Rating Companies that meet the Advisors definition of a HealthTech Company are then screened using the Langar Rating. The Langar Rating is a proprietary metric developed by Langar Holdings, Inc. that helps assess a companys fundamentals relative to its peers by reviewing press releases, publicly available filings, and third-party data analysis. The metric includes an active assessment of the qualitative and quantitative strength of the companys business fundamentals through a review of the companys financial health, any relevant company controversies, whether the companys products and/or services are involved in any vice areas, as defined by the Advisor (adult entertainment, alcoholic beverages, oil and gas exploration, cannabis, weapons/small arms, fur and specialty leathers, gambling, predatory lending, riot control, tobacco products and whale meat), and the strength of the companys team (i.e., board of directors and management team) and culture (shared values, attitudes, behaviors, and standards that make up a companys work environment as it relates to a companys investment potential) (derived from a subset of Refinitivs Environmental, Social, and Governance database). The purpose of the vice screen is to help identify and remove from the potential universe any companies that have and/or could have performance challenges as a result of controversies and adverse public sentiment regarding their products and/or services or overall company reputation. Langars HealthTech Industry Risk Score The Advisor then applies the Langar Industry Risk Score to assign an industry risk score to each company. The proprietary algorithm evaluates the healthcare industry risk of the company by defining a quantitative risk and qualitative risk category for each company and weights the company accordingly. The quantitative risk category includes revenue risk (which is defined as which customer segment contributes to a majority of the companys revenue) and innovation risk (which evaluates how well a company has protected its intellectual property and whether they are able to generate a gross profit). The qualitative risk category includes standard of care risk (which analyzes whether a companys product and/or service has aligned with current clinical practices), and policy risk (which determines if the companys product and/or service is subject to state and/or federal policy shifts). The Advisor applies weighting to the portfolio based on the market cap and revenue growth to place more weight on high growth potential companies. Investment Committee Review Finally, each company is then reviewed by the Advisors Investment Committee, which includes a seasoned team of healthcare and financial subject matter experts and provides input on the companies presented before the portfolio manager selects the companies being included in the Funds portfolio. However, the portfolio manager has complete discretion over the companies ultimately selected for inclusion in the Funds portfolio. On at least a quarterly basis, the Advisor may rebalance the portfolio to add new securities that meet the criteria discussed above, change the weighting of securities or remove securities that no longer meet the criteria discussed above. The Advisor may sell securities at any time if the Advisor believes that the company has made a business decision that will negatively impact its long-term growth. The Fund is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the 1940 Act), which means a relatively high percentage of the Funds assets may be invested in the securities of a limited number of issuers. The Fund will also be concentrated (invest at least 25% of the Funds assets) in companies in healthcare industry as defined by GICS. Show less