Strategy. The Fund is an actively managed exchange-traded fund (ETF). As an actively managed fund, the Fund will not seek to replicate the performance of an index. The Fund seeks to achieve its investment objective by investing in U.S. listed equity securities of domestic and foreign, including emerging markets, companies that exhibit innovation within their respective sectors (Innovative Companies). The Advisor considers a company to be an Innovative Company when it relies on or benefits from the development, disruption, scaling, or refinement of products or services, technological improvements, and/or advancements in scientific research relating to their product or service offerings as more fully described below. The Funds investments are expected to be predominantly in North American-domiciled companies . The Funds investments … Show more… The Fund is an actively managed exchange-traded fund (ETF). As an actively managed fund, the Fund will not seek to replicate the performance of an index. The Fund seeks to achieve its investment objective by investing in U.S. listed equity securities of domestic and foreign, including emerging markets, companies that exhibit innovation within their respective sectors (Innovative Companies). The Advisor considers a company to be an Innovative Company when it relies on or benefits from the development, disruption, scaling, or refinement of products or services, technological improvements, and/or advancements in scientific research relating to their product or service offerings as more fully described below. The Funds investments are expected to be predominantly in North American-domiciled companies . The Funds investments may be in the same or related economic sectors, which are expected to include technology, financial, consumer discretionary, and energy. The Advisor describes the four specific types of innovation as follows: 1. Developmental Innovation utilizes a technological breakthrough that transforms industries and creates new markets. This completely changes how an organization interacts within the marketplace. Developmental Innovation is often considered to be radical by nature and is generally considered to have the highest risk of the four types. The technology is considered to be fairly new and not yet scaled enough to have a high impact on the market. 2. Disruptive Innovation is a relatively new technology, product, service, or business model that significantly disrupts the existing market. 3. Scaling Innovation is characterized by exhibiting significant improvement of an existing product or service in effort to gain or maintain market share. 4. Refining Innovation is incremental, constituting a gradual, continuous improvement of existing products and services. By continuously improving existing products, services, and business operations, the Advisor believes that organizations can reduce stagnation and grow or maintain market share. The equity securities in which the Fund may invest will generally be common stock and American Depository Receipts (ADRs) and may be of any market capitalization above $1 billion at the time of purchase and must have been publicly traded on a U.S. exchange for at least six months. The Fund generally expects to invest in 24 to 69 Innovative Companies. The Fund seeks to invest in Innovative Companies with long-term growth potential. The Advisor will select investments for the Fund that represent its highest-conviction investment ideas within the four types of innovation described above in constructing the Funds portfolio. The Advisors highest-conviction investment ideas are those that it believes present the best risk-reward opportunities. In identifying Innovative Companies, the Advisor seeks to identify companies using both internal and external research and analysis. The Advisor seeks to identify Innovative Companies by monitoring the universe of possible investments for stock price data relative to its peers, data from third-party research providers, corporate product or service announcements regarding new or enhanced products and services, press releases regarding innovations, special corporate events (such as the annual product launch events hosted by many technology companies), and social media posts (the Company Data). The Advisor seeks to analyze a companys ability to streamline its operation processes, develop new or improved offerings, and seek to enhance the consumer experience by reviewing the Company Data to assess a companys product relative to its peers, the demand for a companys product, and whether or not the price point of the companys stock is compelling compared to its peers. The Advisor seeks to evaluate the quality and scalability of a product relative to stock price of its company and then compares it to the quality and scalability of a product of that companys peers (i.e., is the company undervalued relative to its peers). The Advisor will seek to take advantage of trends that are believed to have ramifications for individual companies or entire industries. After a company is identified as an Innovative Company, t he Advisors process for selecting which Innovative Companies to include in the Funds portfolio involves assessing both the big picture (the Advisors opinion regarding potential total available market for the innovation and/or the potential to be used or influence products and services across multiple sectors) and traditional metrics, such as valuation, fundamentals (both qualitative and quantitative in nature), and technical trends. The Advisor reviews a companys price to earnings ratio and market capitalization relative to its peers to determine if, in the Advisors opinion, the company is overvalued (which indicates a potential sell signal) or undervalued (which indicates a potential buy signal). The Advisor evaluates technical trends using statistical analysis of an equity security where, when the security is trading near recent (typically, within the last year) lows, it indicates a potential buy signal and, when the security is trading near recent (typically, within the last year) highs, it indicates a potential sell signal. In addition, the Advisor may consider information related to a companys earnings calls as reported in a companys public filings or press releases, as well as the Advisors observations or experiences with a service or product offered by a potential portfolio company. The Advisor also considers whether it believes a security is currently undervalued or overvalued, based on the analysis above and whether sector rotation within the Funds portfolio is appropriate. The Advisor does its analysis of innovation and examines the big picture and traditional metrics of the Innovative Companies in the Funds portfolio on at least a monthly basis to determine whether the Funds portfolio should be rebalanced. The Fund is classified as non-diversified for purposes of the Investment Company Act of 1940 (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