Strategy. The Fund is an actively managed exchange-traded fund (?ETF?) whose investment objective is to seek total return. The Fund seeks to achieve its investment objective by investing in equity securities (e.g. common and preferred stock) of small, medium, and large companies. The Fund may invest directly in equity securities, utilize other ETFs, which may include other ETFs managed by the Adviser, Twin Oak ETF Company (the ?Adviser? or ?Twin Oak?), or synthetically via derivatives to achieve the desired exposure. The Fund primarily invests in securities of U.S. issuers. The Fund will not invest in foreign or emerging markets securities as part of its principal investment strategy. The Fund uses both a ?bottom-up? approach to selecting investments, focusing on the analysis … Show more… The Fund is an actively managed exchange-traded fund (?ETF?) whose investment objective is to seek total return. The Fund seeks to achieve its investment objective by investing in equity securities (e.g. common and preferred stock) of small, medium, and large companies. The Fund may invest directly in equity securities, utilize other ETFs, which may include other ETFs managed by the Adviser, Twin Oak ETF Company (the ?Adviser? or ?Twin Oak?), or synthetically via derivatives to achieve the desired exposure. The Fund primarily invests in securities of U.S. issuers. The Fund will not invest in foreign or emerging markets securities as part of its principal investment strategy. The Fund uses both a ?bottom-up? approach to selecting investments, focusing on the analysis of individual securities as well as a ?top-down? approach to manage the overall portfolio characteristics and risks. The bottom-up research approach for equity positions will be driven by the Adviser?s fundamental research on individual securities or asset classes. Bottom-up exposures will then be assessed relative to top-down characteristics of the Fund?s entire portfolio. In managing the Fund, the Adviser will also seek to implement a hedging strategy utilizing option contracts, swaps and other derivatives. Certain types of derivatives have a leverage-like effect on the portfolio, in that they require a relatively small premium or margin payment in relation to the size of the investment exposure the Fund acquires. The Fund?s total return may be reduced relative to a portfolio consisting solely of equity securities in rising markets and may be enhanced relative to the same portfolio in flat or declining markets. In addition to the hedging strategy, the Adviser may also invest its assets in cash and cash equivalents, or money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions and to retain flexibility in paying expenses, which may result in the Fund not achieving its investment objective. During such periods, the Fund may invest in an affiliated ETF, the Twin Oak Short Horizon Absolute Return ETF (?Short Horizon ETF?), for any purpose. The Short Horizon ETF is actively managed by Twin Oak and seeks to provide a stable return. The Adviser has engaged Exchange Traded Concepts, LLC (?ETC? or the ?Sub-Adviser?) as sub-adviser to provide trading services as well as proxy voting and other non-portfolio management services to the Fund. The Fund is ?non-diversified? for purposes of the Investment Company Act of 1940, as amended, (the ?1940 Act?), which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid investments. The Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company (?RIC?) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the ?Code?). Show less