Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by utilizing a blended strategy that combines a fixed income allocation of approximately 90% with an options overlay of approximately 10% of the market value of the Funds assets. The fixed income allocation is invested primarily in high quality debt instruments, including but not limited to corporate bonds, treasuries, and municipal bonds and/or ETFs that hold these high quality debt investments. The securities in the fixed income allocation are generally rated Baa3 or better by Moody's Investors Service, Inc. (Moody's) or BBB- or better by S&P. The fixed income securities may be of any duration and maturity, and the average duration and average maturity … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by utilizing a blended strategy that combines a fixed income allocation of approximately 90% with an options overlay of approximately 10% of the market value of the Funds assets. The fixed income allocation is invested primarily in high quality debt instruments, including but not limited to corporate bonds, treasuries, and municipal bonds and/or ETFs that hold these high quality debt investments. The securities in the fixed income allocation are generally rated Baa3 or better by Moody's Investors Service, Inc. (Moody's) or BBB- or better by S&P. The fixed income securities may be of any duration and maturity, and the average duration and average maturity of the Funds portfolio will vary based on the Advisors proprietary research. When interest rates are low, the Fund will invest primarily in ultra-short term duration high quality instruments. When interest rates are higher, the Fund will invest in longer duration instruments. The use of these low volatility, high quality debt instruments helps minimize the volatility of the Funds options portfolio. The hedged overlay will consist of both exchange-traded put and call options on the S&P 500 Index (SPX). An index option is a financial derivative that gives the holder the right (but not the obligation) to buy or sell the value of an underlying index, such as the SPX, at the stated exercise price within a specific time. The Fund will buy call options to obtain long exposure to the SPX (benefitting when the value of the SPX increases over the option period). The Fund will both buy and sell put options as offsetting positions used to hedge against the downside risk of the long positions within the portfolio (benefitting when the value of the SPX decreases over the option period). The portfolio option positions are rebalanced daily based upon market movements and fluctuations in the Cboe Volatility Index (VIX). The VIX is a real-time market index representing the market's expectations for volatility over the coming 30 days, which is used to measure the level of risk, fear, or stress in the market. A proprietary trading model is utilized to rebalance the options following a contrarian approach where long positions on SPX (call options) are sold on positive market days (purchased on days with negative market returns). The hedge positions (put options) are reduced on declining market days (purchased on days with positive market returns). Positive and declining market days are based on the previous days SPX closing price. The objective of the models rebalancing is to maintain the same weightings of puts versus calls as the value of the SPX rises and falls. When the value of SPX rises or falls, so does the value of the Funds options holdings. The proportion of calls and puts is rebalanced to maintain the same allocation as the values change. The Fund maintains a cash position that serves as an additional hedge and provides the ability to purchase securities during substantial market declines. The cash position is higher when markets are elevated and reduced as purchases are made in waning markets. Show less