Strategy. The Fund is an actively managed exchange-traded fund (ETF) that, under normal market conditions, invests, directly or indirectly, in a non-diversified portfolio of equity securities and fixed income ETF securities. The Fund utilizes a balanced strategy in that the Fund is generally invested in both equity and fixed income securities. The Adviser will adjust the allocation between equity and fixed income securities based upon market conditions, and generally targets, to be invested between 35% to 65% in equity securities and 35% to 65% in fixed income securities. Market and economic circumstances may cause the Fund to invest beyond these ratios. With respect to the Funds equity investments, the Fund will invest mainly in the common stocks of large capitalization U.S. … Show more… The Fund is an actively managed exchange-traded fund (ETF) that, under normal market conditions, invests, directly or indirectly, in a non-diversified portfolio of equity securities and fixed income ETF securities. The Fund utilizes a balanced strategy in that the Fund is generally invested in both equity and fixed income securities. The Adviser will adjust the allocation between equity and fixed income securities based upon market conditions, and generally targets, to be invested between 35% to 65% in equity securities and 35% to 65% in fixed income securities. Market and economic circumstances may cause the Fund to invest beyond these ratios. With respect to the Funds equity investments, the Fund will invest mainly in the common stocks of large capitalization U.S. companies, with a focus on dividend-paying value stocks that offer the potential for capital growth, current income, or both. The Fund currently defines a large capitalization (large cap) company as one whose market capitalization is at least $5 billion and, at the time of purchase, is within the range of the market capitalizations of companies in the Russell 1000. The Russell 1000 is an unmanaged index that tracks the highest ranking 1,000 stocks of the Russell 3000. The Russell 1000 represents roughly 93% of the total market capitalization of the Russell 3000. The market capitalizations within the Russell 1000 will vary, but as of June 25, 2025, they ranged from approximately $1.5 billion to $3.8 trillion. The Funds equity investments generally will consist of equity investments with a focus on dividend-paying companies in defensive sectors and/or that operate what the Adviser believes to be recession resistant business models. The Fund will invest in companies that are established and mature, market leaders, with a strong financial foundation, offer the potential for reduced volatility, offer high liquidity and have a track record of strong shareholder stewardship and the ability to grow their dividends over time. The Funds equity investments may not be equally weighted from time to time as the Fund navigates various market conditions and the Adviser manages various risks. Not all screening criteria must be met in order for a security to be included in the Fund. The Advisers screening criteria relating to the Funds equity holdings may include, but are not limited to: a consistent and increasing dividend track record and existing dividend policy that the Adviser deems sustainable for continued increases; moderate to low demand elasticity for the products and services that the business offers; below average volatility in revenue and earnings relative to the broader market; high revenue and earnings visibility, (for example, substantial recurring revenues with high switching costs); lower sensitivity to fluctuations in the business cycle. The Funds equity investments will be focused in what the Adviser believes to be, although there is no guarantee, recession resistant sectors of the U.S. economy and/or companies that operate what the Adviser believes to be recession resistant business models. As of the date of this Prospectus, such sectors currently include communication services, consumer food, consumer staples, industrials, information technology, healthcare, and utilities. The amount of the Funds assets invested at any given time in a particular sector will vary based on market conditions. Under certain circumstances, the Fund may be over-weighted in one or more sectors if the Adviser believes that different weightings are appropriate or because of market appreciation. The Adviser may also invest outside of sectors considered to be recession resistant if the Adviser deems a business model in a different sector is recession resistant and pays an attractive dividend. The Adviser generally uses a top-down approach when deciding asset and sector allocations for the Fund, and a bottom-up approach when deciding the individual companies in which the Fund will invest. The Adviser will evaluate which industries and sectors exhibit favorable characteristics in the current and forecasted economic environments when constructing the portfolio structure. The Funds portfolio components will be reviewed by the Adviser on a case-by-case basis to determine any changes to individual portfolio components and/or weights with the aim of enhancing the value of the Funds assets. With respect to the fixed income investments, the Fund will primarily be invested in corporate bonds and Government bonds indirectly through ETFs that provide balanced U.S. bond market exposure, as selected by the Adviser. The Fund will invest in fixed income ETFs with credit quality, duration, and yields based on what the Adviser determines is appropriate for the current economic environment. The underlying investment companies in which the Fund invests may invest in securities of any maturity or quality, including securities rated below investment grade (often referred to as high yield or junk bonds) securities. The Fund may invest in underlying investment companies that utilize various types of derivatives, including options, interest rate swaps, forward and futures contracts, and total return swap contracts, for hedging or risk management purposes, such as attempting to minimize interest rate risk exposure, or to increase income or gains. The Fund will typically invest a substantial portion of the Funds investments in securities of issuers with a range of credit ratings. The Fund may invest up to 20% of its net assets in high yield securities. The Adviser expects to keep the Funds portfolios fully invested in the markets. The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers than diversified exchange-traded funds. The Funds sub-adviser, Vident Asset Management (the Sub-Adviser) will purchase or sell securities to implement the Advisers investment selections at a time determined appropriate by the Sub-Adviser and in accordance with, but not necessarily in the identical amounts as provided with the Advisers investment selections. Show less