Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks income, and secondarily, long term capital appreciation. The Funds strategy involves two components: (1) investing in a portfolio of equity securities based on the Solactive VistaShares Berkshire Select Index (the Equity Strategy); and (2) generating income through an options portfolio (the Options Strategies), each as described below. Primarily through the Funds Options Strategies, the Fund seeks to achieve an annual income target of 15% as described more below. The Funds strategies are overseen by the Adviser and the Funds investment sub-adviser, VistaShares, LLC (VistaShares). VistaShares selects the equity securities for the Funds Equity Strategy, and the Adviser is responsible for implementing the Funds Options Strategies. Additionally, the Fund will … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks income, and secondarily, long term capital appreciation. The Funds strategy involves two components: (1) investing in a portfolio of equity securities based on the Solactive VistaShares Berkshire Select Index (the Equity Strategy); and (2) generating income through an options portfolio (the Options Strategies), each as described below. Primarily through the Funds Options Strategies, the Fund seeks to achieve an annual income target of 15% as described more below. The Funds strategies are overseen by the Adviser and the Funds investment sub-adviser, VistaShares, LLC (VistaShares). VistaShares selects the equity securities for the Funds Equity Strategy, and the Adviser is responsible for implementing the Funds Options Strategies. Additionally, the Fund will maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets. Equity Strategy VistaShares The Fund invests in equity securities (Underlying Securities) selected by VistaShares. The Fund seeks long-term capital appreciation by generally investing in a focused portfolio of equity securities included in the Solactive VistaShares Berkshire Select Index (the Index). The Index reflects a select group of twenty equity holdings that represent the publicly-disclosed investments of Berkshire Hathaway, a multinational conglomerate led by Warren Buffett, known for its value-oriented, long-term investment philosophy. The Index also includes an approximately 10% allocation to the stock of Berkshire Hathaway (NYSE: BRK.B). As a result, the Index is comprised of a total of 21 securities. In addition to BRK.B, the other twenty equity securities in the Index are generally considered to exhibit strong fundamentals and competitive advantages. Although the Funds portfolio is guided by the Index, VistaShares actively manages the allocation of the Funds portfolio weightings to balance exposure across these equity positions and to seek to enable the Fund to meet its target income level. However, because securities in the Index may exhibit low volatility, which could limit the Funds ability to achieve its target income level (as described below), the Fund may invest in securities not currently included in the Index. Furthermore, if VistaShares determines that such approach is necessary to better meet its income target or to comply with regulatory requirements, the Fund may invest in securities outside the Index, provided these securities have been publicly disclosed as holdings by Berkshire Hathaway. VistaShares also monitors regulatory filings, such as 13F filings, and other public disclosures to adjust the Funds allocations as needed. If the Fund invests outside the Index, it may hold between 21 and 30 securities. The Fund will primarily invest in large-capitalization securities, defined as those with a market capitalization exceeding $10 billion. The Fund may also allocate investments to mid-capitalization securities, which are defined as securities with a market capitalization between $2 billion and $10 billion. Options Strategies the Adviser The Fund seeks to generate income primarily through the use of options strategies involving options contracts on certain or all of its Underlying Securities. These strategies are expected to derive the majority of the Funds yield, with the Fund aiming to achieve an annual income target of 15% (the Annual 15% Target). The Fund earns income by collecting premiums from selling (writing) options. When an option is sold, the buyer pays the Fund for the right to either purchase or sell the underlying asset at a predetermined price. The Adviser employs different options strategies based on its market outlook, selecting one or a combination of strategies it believes will achieve the Funds income target, while also allowing for potential capital appreciation (growth in asset value). The Adviser also evaluates the performance of the Underlying Securities when choosing which options strategies to deploy. The specific options strategies the Fund employs may alter its overall risk and return profile, affecting volatility, income, potential for capital appreciation, and the preservation of capital. For instance, by writing covered calls (selling call options on securities already held by the Fund), the Fund may limit its potential gains in exchange for premium income. Premiums received from selling options are influenced by market volatility, with higher levels of volatility generally leading to higher premiums. As such, the Adviser carefully monitors market conditions to determine when and which options strategies to implement, with a focus on enhancing the Funds income generation. Through the active management of its options positions, the Adviser seeks to optimize the Funds ability to generate consistent income. For additional information about options and options strategies, please the section in the Funds Prospectus titled Additional Information About the Funds. Treasuries In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Funds income generation. Why invest in the Fund? ? The Fund seeks to generate income at the Annual 15% Target, which is not dependent on the value of the Underlying Securities. ? The Fund seeks to participate in some of the potential gains experienced by increases in the share prices of the Underlying Securities. The Fund is classified as non-diversified under the 1940 Act. The Funds investment strategy is expected to result in high portfolio turnover on an annual basis. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in a combination of equity securities included in the Solactive VistaShares Berkshire Select Index or options contracts that provide exposure to those securities. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. Show less