Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks current income and long term capital appreciation. The Funds strategy involves two components: (1) investing, directly or indirectly, in a portfolio of equity securities included in the S&P 100 Index (the Index Strategy); and (2) seeking to generate options premiums through an options portfolio (the Options Strategies). Primarily through the Funds Options Strategies, the Fund seeks to achieve an annual distribution target of 15%. While the Fund is actively managed, its Index Strategy invests directly or indirectly, in a portfolio of equity securities contained in the S&P 100 Index (the Index) and generally seeks to track the composition and performance of the Index and its Options Strategies use options … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks current income and long term capital appreciation. The Funds strategy involves two components: (1) investing, directly or indirectly, in a portfolio of equity securities included in the S&P 100 Index (the Index Strategy); and (2) seeking to generate options premiums through an options portfolio (the Options Strategies). Primarily through the Funds Options Strategies, the Fund seeks to achieve an annual distribution target of 15%. While the Fund is actively managed, its Index Strategy invests directly or indirectly, in a portfolio of equity securities contained in the S&P 100 Index (the Index) and generally seeks to track the composition and performance of the Index and its Options Strategies use options strategies applied to certain or all of the same portfolio of equity securities included in the Index (Underlying Securities). The Funds investment sub-adviser, VistaShares, LLC (VistaShares), uses investment discretion when implementing the Funds Options Strategies, as well as with respect to the Funds Index Strategy: (i) to determine whether, in VistaShares judgement, it is more favorable to the Fund for it to invest directly in Underlying Securities, in an ETF that tracks the Index, or synthetically (using options and swaps) in Underlying Securities: and (ii) to reallocate the Funds portfolio holdings among Underlying Securities more frequently than the Index is rebalanced, when VistaShares believes doing so is in the Funds interest; and (iii) to the extent required for the Funds portfolio to comply with relevant regulatory requirements, invest in certain Underlying Securities in different proportions than they are currently weighted in the Index. In addition, the Fund will maintain an allocation to cash and/or U.S. Treasuries. The Funds strategies are overseen by the Adviser and VistaShares. Index Strategy The Fund invests directly or indirectly in the Underlying Securities that make up the Index. The Index is constructed by S&P Dow Jones Indices LLC (the Index Provider) using a rules-based methodology to tracks the performance of the 100 largest companies in the S&P 500 Index that have listed options. Index Overview: The Indexs initial universe consists of the publicly listed equity securities included in the S&P 500 Index. The initial universe is then screened using the following criteria: A. 100 Largest Companies in the S&P 500 Index with Listed Options : In general, the 100 largest companies (by market capitalization) that are constituents in the S&P 500 Index and that have publicly listed options are included in the S&P 100 Index, however sector balance is also considered when constructing the Index. B. Sector Balance : Inclusion in the S&P 100 Index is at the discretion of the S&P Index Committee, a committee of full-time professionals employed by the Index Provider, which also considers sector balance before finalizing Index constituents. Companies that meet the foregoing screens are included in the Index. The Index is generally expected to be comprised of 100 constituents; however, the specific number of constituents included in the Index at any time may vary. The Index is reconstituted annually, after the close of the third Friday in June (each a Selection Day), using a reference date of the last business day of May (reconstitution means the Index is updated with new eligible companies based on current data). The Index is rebalanced quarterly on the third Friday of March, June, September, and December using a reference date of the Wednesday prior to the second Friday of March, June, September, and December (rebalancing means the weights of the companies in the Index are adjusted). The determination date for regular adjustments takes place on the first Friday of the rebalancing month. On each Selection Day, Index constituents are generally weighted according to their market capitalization. The Index is owned, calculated, administered, and disseminated by the Index Provider. The Index Provider is not affiliated with the Fund, the Adviser, or VistaShares. Direct/Synthetic Investments : The Fund will invest in the Underlying Securities either directly or indirectly (synthetically) using options and swaps (as described below). The Fund may utilize listed options to achieve synthetic exposure to the Funds portfolio securities. The Fund primarily employs short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Securities, offering immediate intrinsic value). These options allow the Fund to synthetically replicate the performance of Underlying Securities without direct ownership. The Fund may also utilize other option strategies to achieve similar synthetic exposure, including purchasing call options and selling put options with identical strike prices. These derivatives strategies enable the Fund to respond flexibly to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. For additional details about the Funds use of options, please refer to the section of the Prospectus entitled Additional Information About the Fund. In addition to options, the Fund may enter into swap agreements with financial institutions. These swap agreements are designed to synthetically replicate the performance of the securities in the Funds portfolio. The agreements will have specified durations, which will typically coincide with the Indexs reconstitution periods, but may range from one day to more than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) based on the performance of a particular securitys share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or swapped between the parties is calculated with respect to a notional amounta predetermined dollar value representing the Underlying Security that the Fund seeks to replicate synthetically. Option Strategies Seeking Premiums The Fund employs various options strategies focused on generating premiums. Generally speaking, the Fund sells (writes) options option premiums on certain or all of its Underlying Securities, the Index, and/or ETFs that track or provide economic exposure to the Index, receiving premiums from counterparties that pay for the right to buy or sell at a set price. These premiums are an important driver of the Funds distributions, with the Fund aiming to achieve an annual distribution target of 15%. Premium levels are influenced by market conditions, particularly volatility, and the Adviser may adjust the Funds options strategies depending on the outlook for the Underlying Securities. While option selling may provide premium opportunities, it may also limit upside gains or increase downside risk. The options strategy most frequently utilized by the Fund is called a covered call spread, which is a type of selling credit spread. The Fund uses covered call spreads to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. See the prospectus section titled Additional Information About the Funds for a list of the options strategies that the Fund may utilize, together with a description of each options strategy. Distributions may include a significant portion classified as return of capital (ROC). ROC generally represents a return of a shareholders invested capital rather than traditional income such as dividends or interest. For additional information about options, please see the section in the Funds Prospectus titled Additional Information About the Funds. Collateral In addition, the Fund will hold cash and/or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Funds derivatives transactions and contributing to the Funds income generation. Fund Attributes Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in a combination of equity securities included in the Index or derivatives instruments that provide exposure to those securities. For purposes of compliance with this investment policy, derivative instruments will be valued at their notional value. To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of the date of this Prospectus, the Index is not currently concentrated in any industry or group of related industries. The Funds U.S.-listed equity securities may include securities of foreign issuers listed in the U.S. via American Depositary Receipts (ADRs). Show less