Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its objective by investing in U.S.-listed equity securities of Energy Companies. Energy Companies are companies primarily involved in the business of oil & gas drilling and exploration, the production, lease or sale of oil & gas equipment, and services, integrated oil & gas, oil & gas exploration and production, oil & gas refining and marketing, oil & gas storage and transportation, and coal & consumable fuels industries. The Fund considers an issuer to be an Energy Company if it meets at least one of the following tests: (1) at least 50% of its gross income or its net sales come from activities in energy-related industries; or (2) … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its objective by investing in U.S.-listed equity securities of Energy Companies. Energy Companies are companies primarily involved in the business of oil & gas drilling and exploration, the production, lease or sale of oil & gas equipment, and services, integrated oil & gas, oil & gas exploration and production, oil & gas refining and marketing, oil & gas storage and transportation, and coal & consumable fuels industries. The Fund considers an issuer to be an Energy Company if it meets at least one of the following tests: (1) at least 50% of its gross income or its net sales come from activities in energy-related industries; or (2) at least 50% of its total assets are devoted to producing revenues in energy-related industries. Please see the section below entitled Additional Information About the Fund for more information about the Funds scope of the term Energy Companies. Octane Investments, Inc., the Funds sub-adviser (the Sub-Adviser), manages the Fund using a value investing approach. The Sub-Adviser seeks to identify Energy Companies with lower valuation metrics, particularly those with low price-to-forward-earnings (P/E) ratios (Value Energy Companies). Selection Process The Sub-Adviser employs a multi-faceted approach to selecting the Funds holdings, emphasizing the following criteria: ? High Free Cash Flow: Targeting companies with substantial free cash flow, signaling potential access to capital beyond their operational expenses and investments. ? Strong Balance Sheet: Seeking companies that, in the Sub-Advisers evaluation, maintain a robust balance sheet, indicative of financial health and stability. ? Value Return to Shareholders: Focusing on companies with a track record of returning value to shareholders, primarily through dividends or share buybacks. ? Quality Acreage and Low Breakevens: Identifying companies that possess profitable drilling locations and demonstrate the ability to operate efficiently, even in scenarios of low energy prices. The Sub-Adviser seeks to strategically trim gains from equity securities of Energy Companies that appear overvalued or whose weighting in the Funds portfolio exceeds certain levels. Proceeds are reinvested in securities with lower valuations. Portfolio Construction The Funds portfolio will hold approximately 30 securities. The Funds allocations are driven by valuations across sub-sectors, attempting to overweight those sub-sectors that the Sub-Adviser views as having better valuation characteristics. The Fund limits investments in any single position from exceeding 5% of the Funds portfolio at the time of purchase. The Fund will not invest in companies whose primary business is extracting hydrocarbons from tar sands or oil sands. The Fund is an all-cap fund and may invest in companies with a market capitalization exceeding $1 billion. The Funds U.S.-listed equity securities include investments in foreign companies through U.S. exchange-traded American Depositary Receipts (ADRs), limited to companies whose primary stock listing and whose headquarters are in developed markets. The Fund may hold up to 20% of its net assets in cash and cash equivalents (e.g., short-term U.S. Treasury securities). The Fund will invest, under normal circumstances, at least 80% of its net assets plus the amount of borrowings for investment purposes, in equity securities of Value Energy Companies. The Fund will be concentrated in energy-related industries. Show less