Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by utilizing systematic trend-following techniques, market analysis and risk management to direct its exposure to various U.S. and non-U.S. equity sectors, styles, and asset classes in a low-risk environment (e.g., a bull market) and to fixed income securities, cash, or cash equivalents for non-equity exposure in a higher-risk environment (e.g., a bear market). In pursuing the Funds investment objective, Euclid Investment Advisory, LLC, the Funds investment sub-adviser (the Sub-Adviser), will generally invest the Funds assets in shares of ETFs that seek to track various indices (Underlying ETFs). On an ongoing basis, the Sub-Adviser assesses the level and direction of systemic or market risk by reviewing … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by utilizing systematic trend-following techniques, market analysis and risk management to direct its exposure to various U.S. and non-U.S. equity sectors, styles, and asset classes in a low-risk environment (e.g., a bull market) and to fixed income securities, cash, or cash equivalents for non-equity exposure in a higher-risk environment (e.g., a bear market). In pursuing the Funds investment objective, Euclid Investment Advisory, LLC, the Funds investment sub-adviser (the Sub-Adviser), will generally invest the Funds assets in shares of ETFs that seek to track various indices (Underlying ETFs). On an ongoing basis, the Sub-Adviser assesses the level and direction of systemic or market risk by reviewing selected market breadth indicators and the relative performance strength of economic sectors and asset classes versus the S&P 500 Index. A low-risk environment, or a bull market, is one in which the Sub-Adviser perceives systemic market risk to be low or decreasing. A higher-risk environment, or a bear market, is one in which the Sub-Adviser perceives systemic market risk to be elevated or increasing. The Sub-Adviser seeks to identify and invest in Underlying ETFs outperforming the S&P 500 Index in any market environment. The Sub-Adviser determines the Funds ETF Universe, from which the Funds Underlying ETFs are selected, by identifying ETFs that represent exposure to the following asset classes: U.S. large-, mid-, and small-capitalization companies; growth- and value-oriented companies; sector-specific companies; real estate companies, including real estate investment trusts (REITs); dividend-paying securities; foreign developed and emerging markets companies; master limited partnerships (MLPs); and fixed income securities, primarily U.S. Treasury notes and bonds. MLPs are publicly traded limited partnerships with investments often focused in the natural resources or real estate sectors. The Fund may be indirectly exposed to MLPs through investments in Underlying ETFs comprised of multiple MLPs but will not invest in MLPs directly. ETFs to be included in the ETF Universe must be listed on a major U.S. Exchange and meet certain liquidity, trading volume, and expense ratio criteria as determined by the Sub-Adviser. With respect to the Funds equity exposure, the Sub-Adviser conducts strategic and tactical analysis of each sector, style, and asset class of candidate ETFs in the ETF Universe to identify which sectors, styles, and asset classes demonstrate the best performance relative to the S&P 500 Index and, for sectors, to determine the extent each such sector should be weighted by the Fund relative to the weight of each such sector in the S&P 500 Index (i.e., to overweight, remain neutral, or underweight relative to the S&P 500 Index). The Sub-Adviser rates and ranks each candidate ETF and selects the best candidate ETF(s) to utilize as Underlying ETFs in the Fund to achieve the Funds investment objective. In addition, the Sub-Adviser reviews selected market indicators and conducts inter-market analysis of diverse asset classes, including equity and credit markets, currencies, gold, real estate, commodities, and interest rates. The results of such reviews and analysis are used by the Sub-Adviser to assess the level of risk in the market and to adjust the portfolios market exposure accordingly. For example, if the Sub-Adviser determines that the level of market risk is increasing, it may increase the Funds weight to traditionally defensive sectors, including fixed income, increase the Funds cash position, or reduce exposure to certain sectors. The Sub-Advisers evaluation of systemic market risk and relative strength of sectors and securities involves the use of a proprietary model that combines institutional portfolio management with computer-generated measurements and market indicators. The Sub-Adviser will generally adjust the Funds portfolio by selling shares of underperforming Underlying ETFs when the Sub-Advisers ongoing analyses indicate weakness in one or more sectors, styles, or asset classes and buying ETF(s) selected from the ETF Universe that the Sub-Adviser determines would be more advantageous for the Funds investment objective. The Sub-Adviser expects that the Fund will typically hold approximately 6-12 Underlying ETFs. The Fund may engage in active and frequent trading and have a high portfolio turnover rate. The Fund is considered to be non-diversified, 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 were a diversified fund. Show less