Strategy. The Fund is an actively managed exchange-traded fund (ETF) and seeks to achieve its objective by investing, under normal conditions, in 15 to 30 equity securities of companies that Opal Capital LLC (the Adviser) believes are high-quality companies with significant long-term growth potential. The Adviser seeks to identify companies that can compound value over time and deliver attractive risk-adjusted returns. Additional information on how the Adviser identifies high-quality companies is included below. The Fund generally invests in companies listed on U.S. exchanges with market capitalizations above $8 billion. However, the Fund may also invest in companies with smaller capitalizations when a compelling opportunity exists and sufficient liquidity is present. Portfolio candidates are evaluated based on a combination of quantitative and … Show more… The Fund is an actively managed exchange-traded fund (ETF) and seeks to achieve its objective by investing, under normal conditions, in 15 to 30 equity securities of companies that Opal Capital LLC (the Adviser) believes are high-quality companies with significant long-term growth potential. The Adviser seeks to identify companies that can compound value over time and deliver attractive risk-adjusted returns. Additional information on how the Adviser identifies high-quality companies is included below. The Fund generally invests in companies listed on U.S. exchanges with market capitalizations above $8 billion. However, the Fund may also invest in companies with smaller capitalizations when a compelling opportunity exists and sufficient liquidity is present. Portfolio candidates are evaluated based on a combination of quantitative and qualitative criteria, including: ? Financial strength: returns on invested capital, free cash flow generation, and balance sheet quality; ? Competitive positioning: durability of a companys advantages within its industry; ? Management discipline: demonstrated record of effective capital allocation through a history of high and sustainable returns on capital and consistent free cash flow generation; and ? Valuation: relative to discounted cash flow, historical multiples, peers, and the overall market. Equity securities in which the Fund will invest include common stock, preferred stock, and American Depositary Receipts (ADRs). The Advisers investment process typically begins with an assessment of a companys ability and commitment to sustain and grow shareholder value, often through dividends and reinvestment opportunities. The Adviser considers financial condition, growth prospects, competitive landscape, and management commentary in this evaluation. From this broader universe, the Adviser narrows the focus to high-quality companies, defined as those with sustainable competitive advantages, evidenced by high and stable returns on invested capital, consistent free cash flow generation, and management teams with a history of disciplined capital deployment. Finally, the Adviser selects securities trading at valuations it deems attractive, both on an absolute basis and relative to peers. Valuation tools may include price-to-earnings ratios, return on invested capital measures, book value comparisons, discounted cash flow analysis, and free cash flow yields. Preference is given to companies demonstrating superior returns on invested capital. The Fund is non-diversified for purposes of the Investment Company Act of 1940, as amended, (the 1940 Act) which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Adviser has retained Vident Asset Management (the Sub-Adviser), which is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of the Fund. The Adviser may sell a security or reduce its position if: ? The original investment thesis for a company is no longer valid; or ? A more attractively priced security is found. The Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company (RIC) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the Code). Show less