Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that invests in a diversified portfolio of publicly-traded real estate investment trusts (REITs) and mortgage-backed securities (MBS) listed primarily on U.S. stock exchanges, and to a lesser extent, stock exchanges in Canada, Europe, and Asia. The Fund invests in REITs and MBS that, in the determination of Armada ETF Advisors LLC (d/b/a Armada ETFs) (the Sub-Adviser), the Funds sub-adviser, have quantitative and qualitative characteristics that compare favorably to the aggregate real estate portfolio holdings of a select group of public, non-traded REITs. Non-traded REITs are real estate funds whose shares do not trade on stock exchanges. Rather, they generally can be sold only to accredited and institutional investors. The non-traded REITs considered … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that invests in a diversified portfolio of publicly-traded real estate investment trusts (REITs) and mortgage-backed securities (MBS) listed primarily on U.S. stock exchanges, and to a lesser extent, stock exchanges in Canada, Europe, and Asia. The Fund invests in REITs and MBS that, in the determination of Armada ETF Advisors LLC (d/b/a Armada ETFs) (the Sub-Adviser), the Funds sub-adviser, have quantitative and qualitative characteristics that compare favorably to the aggregate real estate portfolio holdings of a select group of public, non-traded REITs. Non-traded REITs are real estate funds whose shares do not trade on stock exchanges. Rather, they generally can be sold only to accredited and institutional investors. The non-traded REITs considered by the Sub-Adviser are public, SEC-registered companies that make regular, publicly available filings with the SEC. In particular, the Sub-Adviser selects securities that, in its view, have characteristics that compare favorably to the publicly available real estate portfolio holdings of non-traded REITs managed by, in the Sub-Advisers view, large, well-managed global real estate firms. Public, non-traded REITs typically invest directly in real estate. In contrast, the Sub-Adviser will seek similar strategic themes for the Fund by investing in publicly-traded REITs. Additionally, the Sub-Adviser seeks to construct the Funds REIT exposure intelligently rather than by simply replicating non-traded REITs exposure. The global real estate firms which the Sub-Adviser evaluates have extensive market and asset-level knowledge which comes from owning and managing large portfolios of real estate assets across many geographies and property sectors. In general, these firms have access to extensive real-time market data which enables them to identify and act upon market conditions and trends. The Sub-Adviser, in turn, uses publicly available data of the non-traded REITs managed by these firms to seek to benefit from the firms knowledge and provide effective strategic asset allocation across property sectors and geographies. In particular, the Sub-Adviser analyzes third-party data as well as the non-traded REITs public filings, such as financial disclosures and supplemental reports (e.g., 10-Q, 10-K, annual reports, etc.). The Sub-Adviser analyzes third-party data and public filings for a select group of public, non-traded REITs from various sources (the Select Non-Traded REITs). The Sub-Adviser then seeks to create an investment portfolio for the Fund with similar qualitative characteristics to the aggregate real estate portfolio holdings of the Select Non-Traded REITs, including: ? Sector (e.g., residential, industrial, self-storage). ? Geographical (e.g., U.S. regions (East, Southwest, etc.), Europe, and Asia). ? Portfolio quality (e.g., occupancy rates, term of leases, and stability of cash flows) and the Sub-Advisers estimates of the portfolios cash flow growth potential. ? Term structure of balance sheet (e.g., the composition of the Select Non-Traded REITs assets, liabilities, and outstanding equity) and overall leverage characteristics (e.g., debt-to-equity ratio). ? Valuations (e.g., net asset value). The Sub-Adviser uses a combination of quantitative and qualitative considerations in the analysis of publicly-traded REITs including corporate track record, asset quality, balance sheet quality, financial transparency and disclosure and valuation. In evaluating publicly-traded REITs, the Sub-Adviser relies on both third-party data providers, as well as public filings, such as financial disclosures and supplemental reports. Notwithstanding the foregoing, publicly-traded REITs typically have less leverage (lower debt-to-asset ratios) than comparable non-traded REITs. As a result, the Funds portfolio is generally expected to reflect a lower amount of leverage than the Select Non-Traded REITs. Eligible Securities : 1. REITS : The Fund will invest in a wide variety of REITs. The types of REITs, and a high-level description of the types of properties different REITs own or manage include: ? Residential REITs residential properties, such as multifamily housing, single-family rental housing, and senior housing. ? Industrial REITs properties that are used for manufacturing, production, storage, and distribution of goods. ? Net Lease REITs properties that are leased to commercial tenants under triple net leases which make the tenants responsible for paying for the propertys operating costs (such as taxes, insurance, utilities, and common area costs). ? Hospitality REITs hotels, motels, and similar properties. ? Self-storage REITs storage facility properties. In addition, the Fund may invest in: ? Retail REITs properties that have retail space, such as malls, outlet centers, and shopping centers. ? Office REITs - office buildings. 2. MBS : The Fund will invest to a limited extent in MBS, both residential MBS (RMBS) and commercial MBS (CMBS). Because most non-traded REITs invest in MBS primarily for liquidity purposes, under normal market conditions, the Fund will generally only hold between zero and 10% of its net assets in MBS. Additional Portfolio Attributes The Funds REIT investments will primarily be U.S.-listed REITs. The Fund may hold REITs that are listed on non-U.S. exchanges. The Funds portfolio will generally consist of between 20-50 REITs and between 0-5 MBSs. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in REITs. The Fund will concentrate its investments ( i.e. , hold more than 25% of its total assets) in the real estate industry. The Fund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. Show less