Strategy. The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in the component securities of the Index. Brendan Wood TopGun Index The Index was developed by Brendan Wood International, the Funds index provider (Brendan Wood or the Index Provider). Construction of the Index begins with the identification of approximately 1,400 companies composing the Brendan Wood Shareholder Conviction Universe, which are generally stocks of liquid large and mid-capitalization companies (with market capitalizations of $2 billion or greater) that trade on a national exchange in the United States and/or Canada, including American Depositary … Show more… The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in the component securities of the Index. Brendan Wood TopGun Index The Index was developed by Brendan Wood International, the Funds index provider (Brendan Wood or the Index Provider). Construction of the Index begins with the identification of approximately 1,400 companies composing the Brendan Wood Shareholder Conviction Universe, which are generally stocks of liquid large and mid-capitalization companies (with market capitalizations of $2 billion or greater) that trade on a national exchange in the United States and/or Canada, including American Depositary Receipts (ADRs). Companies included in the Shareholder Conviction Universe are evaluated based on the results of up to 2,000 personal interviews with institutional investment professionals, including large financial services companies and advisory firms, conducted by Brendan Wood during the calendar year. These interviews with institutional investment professionals are designed to generate data that is used by Brendan Wood to establish the quality of companies in the Shareholder Conviction Universe and then rate and rank the companies based on multiple investment attributes discussed. These interviews include questions regarding various investment quality metrics, including each companys business strategy, long-term and short-term performance, executive and senior management, governance (including the companys environmental, social and governance (ESG) practices), reporting and disclosure, balance sheet, commitment to own, momentum and price appreciation. These interviews also seek information regarding sectors in which the institutional investment professionals intend to increase their investment exposure. From these responses, Brendan Wood forecasts the demand of the nine Shareholder Conviction Universe sectors ( i.e. , financials, mining, real estate, generalist, energy, industrials, healthcare, technology media and telecom (TMT), and consumer). Those companies that are identified with the highest investment quality ratings and are in high demand sectors are algorithmically selected for inclusion in the Index (collectively, TopGun companies). The Index generally contains approximately 25 TopGun companies. When the algorithm for the Index determines that a TopGun companys investment score or sector demand of its principal business has decreased to a level beneath the ratings threshold established by the algorithm, the company will be removed from the Index. The proceeds generated from any such sale are allocated to other TopGun companies, as determined by the algorithm. In the event that no more than 15 companies meet the Indexs selection criteria at any time, the Index will reflect allocation of the proceeds of a sale of companies removed from the Index to cash, fixed income securities, including U.S. government securities, corporate bonds that are rated investment grade at time of purchase, and money market instruments, and/or exchange-traded funds (ETFs) that invest in large cap companies until the algorithm identifies a qualifying additional company for inclusion in the Index. The Index is reconstituted and rebalanced to be dollar weighted equally in January of each year. The Indexs exposure may change significantly with each reconstitution or based on market movements between reconstitutions. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Funds advisor believes it is in the best interests of the Fund ( e.g. , when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). To the extent the Index concentrates ( i.e. , holds more than 25% of its total assets) in the securities of a particular industry, the Fund will concentrate its investments to approximately the same extent as the Index. In addition, to the extent the Index focuses on particular sectors, the Fund intends to focus on the same sectors. As of the date of this Prospectus, the Index is focused in the following Shareholder Conviction Universe sectors: financial, real estate and mining. As of the date of this Prospectus, the Index is not concentrated in any particular industries. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act), which means that it may invest more of its assets in a smaller number of issuers than diversified funds. Show less