Strategy. The Fund is an actively managed exchange-traded fund (ETF) that invests in companies that Rainwater Equity, LLC, the Funds sub-adviser (the Sub-Adviser), believes are well positioned to generate durable growth and led by management teams that are focused on growing cash flow over the long term. The Fund will seek to invest globally across all market capitalizations (i.e., large-, mid-, and small- capitalization), although the Sub-Adviser expects the portfolio will consist primarily of mid- and large-capitalization companies from developed market countries, including the United States. Under normal circumstances, at least 80% of the Funds net assets, plus any borrowings for investment purposes, will be invested in equity securities. The Fund defines equity securities to include common stock, preferred stock, and … Show more… The Fund is an actively managed exchange-traded fund (ETF) that invests in companies that Rainwater Equity, LLC, the Funds sub-adviser (the Sub-Adviser), believes are well positioned to generate durable growth and led by management teams that are focused on growing cash flow over the long term. The Fund will seek to invest globally across all market capitalizations (i.e., large-, mid-, and small- capitalization), although the Sub-Adviser expects the portfolio will consist primarily of mid- and large-capitalization companies from developed market countries, including the United States. Under normal circumstances, at least 80% of the Funds net assets, plus any borrowings for investment purposes, will be invested in equity securities. The Fund defines equity securities to include common stock, preferred stock, and depositary receipts. The Fund may, from time to time, have significant exposure to one or more sectors of the market. The Funds portfolio typically will be comprised of concentrated positions in particular companies (i.e., individual positions will frequently exceed 5% and may exceed 10% of the Funds net assets). The Sub-Advisers investment process is designed to identify businesses in which the Sub-Adviser has a high degree of conviction associated with their revenue and cash flow trajectory. The Sub-Adviser generally seeks companies with a high degree of recurring revenue (i.e., revenue from repeat customers or purchases). The Sub-Adviser also looks to invest in companies that are led by management teams that have a track record of generating strong business results and prudently allocating shareholder capital to deliver attractive returns. At times, the Fund may invest in initial public offerings (IPOs) of equity securities. An IPO is a companys first offering of stock to the public. The Fund may, at times, invest in other ETFs that invest in equity or fixed income securities. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended, which means the Fund may take larger positions in a fewer number of issuers. The Sub-Adviser may sell an investment if the investment thesis has been impaired (i.e., the Sub-Advisers view of the company has changed for the negative), there were changes to the fundamental operations of a company (e.g., an acquisition or recapitalization), changes to the business model or management team, or if the Sub-Adviser finds a more attractive investment opportunity. Show less