Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in investments of companies that are directly involved in legal tetrahydrocannabinol (THC)-related businesses in the United States (THC Cannabis Companies). For purposes of this investment policy, the Fund considers a company to be a THC Cannabis Company if the company derives at least 50% of its net revenue from legal THC-related sales in the cannabis industry in the United States. This may include companies that are listed on exchanges in non-U.S. countries where cannabis is legal, but which have operations in the United States. The … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in investments of companies that are directly involved in legal tetrahydrocannabinol (THC)-related businesses in the United States (THC Cannabis Companies). For purposes of this investment policy, the Fund considers a company to be a THC Cannabis Company if the company derives at least 50% of its net revenue from legal THC-related sales in the cannabis industry in the United States. This may include companies that are listed on exchanges in non-U.S. countries where cannabis is legal, but which have operations in the United States. The Funds investments in THC Cannabis Companies will primarily be in exchange-traded equity securities of THC Cannabis Companies and in derivative instruments (i.e., total return swaps), intended to provide exposure to the securities of THC Cannabis Companies. The Fund may invest all of its assets in total return swaps on THC Cannabis Companies and in collateral related to the Funds investments in total return swaps. All total return swaps held by the Fund will be cash-settled. In addition to its investments in THC Cannabis Companies, the Fund may invest up to 20% of its net assets in the equity securities of companies that, in the opinion of Subversive Capital Advisor LLC (the Sub-Adviser), the Funds sub-adviser, support THC Cannabis Companies. The types of companies that support THC Cannabis Companies may include real estate investment trusts (REITs) that target medical-use cannabis facilities, technology companies and tech-enabled marketing companies that provide software infrastructure to retailers in the legal cannabis markets, and companies, including business development companies (BDCs), that engage in delivery and financial services activities for THC Cannabis Companies. Further, the Fund may take short positions in securities expected to decline in price. However, the Funds investments in short sales will be limited to 5% of the Funds net assets at the time the Fund enters into the shorting transaction. The Fund may invest in companies of any market capitalization, including mid-, small- and micro-capitalization companies. The Funds direct equity investments will consist only of exchange-traded equity securities of companies that are engaged exclusively in legal activities under applicable national and local laws, including U.S. federal and state laws. All of these equity securities will be listed on exchanges that require the issuing companys compliance with all laws, rules and regulations applicable to its business, including U.S. federal and state laws. The Fund will not directly hold ownership in any THC Cannabis Companies unless permitted by national and local laws of the relevant jurisdiction, including U.S. federal and state laws. In selecting investments for the Fund, the Sub-Adviser will use a top-down approach, based primarily on the Sub-Advisers quantitative factors, combined with qualitative analysis that will skew towards value-oriented companies. The Funds portfolio weightings will favor companies with dominant positions in their respective markets, exhibit strong profitability characteristics, drive consumer adoption for cannabis and, in the opinion of the Sub-Adviser, appear best positioned to potentially experience significant growth and expansion as the legal cannabis industry expands. The following are key factors that the Sub-Adviser believes will impact the Funds portfolio weightings: (i) core retail and delivery locations in key cannabis consumer cities and states; (ii) exposure to states that have near term potential to shift from medical to adult-use; (iii) brand awareness and strength of wholesale penetration; and (iv) lean business model across cultivation and manufacturing. The Sub-Adviser may also invest the Funds assets in emerging companies that the Sub-Adviser believes have growth potential. The Fund may sell a security when the Sub-Adviser believes that the security is overvalued or better investment opportunities are available, or to limit position size within the Funds portfolio. In addition, the Sub-Adviser believes that companies that are more diverse and that promote social equity and social justice will be generally more successful over the long-term. To encourage THC Cannabis Companies to embrace diversity, social equity, and social justice considerations, the Sub-Adviser has established a set of diversity, social equity, and social justice principles, which the Sub-Adviser will communicate to each THC Cannabis Company in the Funds portfolio on a semi-annual basis. The Sub-Adviser will generally allocate more of the Funds portfolio investments to those THC Cannabis Companies that adhere to more of the diversity, social equity, and social justice principles. The Sub-Advisers diversity, social equity, and social justice principles are described further below under Additional Information About the Fund. To effect a short sale, the Fund arranges through a broker to borrow the security it does not own to be delivered to a buyer of such security. In borrowing the security to be delivered to the buyer, the Fund will become obligated to replace the security borrowed at the time of replacement, regardless of the market price at that time. A short sale results in a gain when the price of the securities sold short declines between the date of the short sale and the date on which a security is purchased to replace the borrowed security. Conversely, a short sale will result in a loss if the price of the security sold short increases. When the Fund makes a short sale, the broker effecting the short sale typically holds the proceeds as part of the collateral securing the Funds obligation to cover the short position. The Fund will concentrate at least 25% of its investments in the legal cannabis industry. The Fund is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the 1940 Act), which means a relatively high percentage of the Funds assets may be invested in the securities of a limited number of companies. Show less