Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective with limited volatility and reduced correlation to the overall performance of the equity markets by allocating its assets among the following five major asset classes equities, fixed income securities, real estate, currencies, and commodities. The Fund operates in a manner that is commonly referred to as a fund of funds, meaning that it obtains investment exposure to an asset class primarily by investing in one or more ETFs designed to track the performance of the asset class. The ETFs in which the Fund invests may invest in a broad range of securities, including equity securities of any market capitalization of US and foreign (including … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective with limited volatility and reduced correlation to the overall performance of the equity markets by allocating its assets among the following five major asset classes equities, fixed income securities, real estate, currencies, and commodities. The Fund operates in a manner that is commonly referred to as a fund of funds, meaning that it obtains investment exposure to an asset class primarily by investing in one or more ETFs designed to track the performance of the asset class. The ETFs in which the Fund invests may invest in a broad range of securities, including equity securities of any market capitalization of US and foreign (including emerging markets) issuers and fixed income securities of any duration, maturity, and quality (including high yield or non-investment grade securities, commonly referred to as junk bonds). In addition, the Fund may invest directly in securities and other instruments that provide the desired exposure to the asset class. Cabana Asset Management (the Sub-Adviser) selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (CARA), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle. CARA incorporates various fundamental economic and technical price data, including public information concerning the yield curve ( i.e. , the spread between short- and long-term interest rates), earnings of a broad spectrum of U.S. companies, and equity price trends. CARA also uses this information to identify significant market deteriorations and provide corresponding signals, when appropriate, to move to a more conservative allocation (e.g., short term treasuries). The Sub-Adviser, through CARA, monitors the Funds investments daily and allocates or reallocates assets among less correlated and inversely-correlated asset classes in an effort to reduce exposure to potential market declines. In determining the Funds asset allocation, the Sub-Adviser seeks to maximize capital appreciation during times of favorable conditions while maintaining relative stability through exposure to inversely or less correlated assets during periods of less favorable market conditions. The Funds assets are allocated across the spectrum of primary asset classes based on each phase of the economic cycle; however, this may change from time to time as the Fund seeks to achieve its investment objective. The Funds asset allocation allows for potential capital appreciation of growth assets during times of favorable conditions, while maintaining relative stability through exposure to inversely or less correlated assets during periods of less favorable market conditions. In selecting investments for the Fund, the Sub-Adviser seeks to maintain a target drawdown, which refers to the maximum amount that the Sub-Adviser expects an investment in the Fund to fall from peak to trough during adverse market conditions. The extent of the Funds drawdown during any given month is calculated as of month end and measured against the highest value the Fund most recently attained ( i.e. , its most recent peak). The Sub-Advisers target drawdown for the Fund is 13%; however, there can be no assurance, and the Fund, the Adviser, and the Sub-Adviser do not represent or guarantee, that this target will be maintained. Although the Sub-Adviser anticipates that it will purchase or sell securities based on the signals provided by CARA, the Sub-Adviser maintains full decision-making power and may override CARA if it determines that a breakdown or systemic change has occurred in the methods for which capital is deployed within the worldwide economic system or if it believes that CARA does not signal appropriate changes to risk assets as the economic cycle evolves, thus resulting in a portfolio that is inconsistent with the Funds target drawdown. The Sub-Adviser expects the Fund, during normal market conditions, to be fully invested at all times. Show less