Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by principally investing in short-term, investment-grade debt instruments. The Fund seeks to typically maintain an average portfolio duration of two years or less. Duration is a measure used to determine the sensitivity of a securitys price to changes in interest rates. Duration incorporates a securitys yield, coupon, final maturity, call and put features, and prepayment exposure into one measure, with a higher duration indicating greater sensitivity to interest rates. For example, if a portfolio has a duration of two years, and interest rates increase (fall) by 1%, the portfolio would decline (increase) in value by approximately 2%. In addition to seeking to manage duration, … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by principally investing in short-term, investment-grade debt instruments. The Fund seeks to typically maintain an average portfolio duration of two years or less. Duration is a measure used to determine the sensitivity of a securitys price to changes in interest rates. Duration incorporates a securitys yield, coupon, final maturity, call and put features, and prepayment exposure into one measure, with a higher duration indicating greater sensitivity to interest rates. For example, if a portfolio has a duration of two years, and interest rates increase (fall) by 1%, the portfolio would decline (increase) in value by approximately 2%. In addition to seeking to manage duration, SanJac Alpha LP (SanJac or the Adviser), the Funds investment adviser, considers the following factors when selecting investments and constructing the Funds portfolio: credit quality, liquidity and interest rate sensitivity. The Adviser seeks to mitigate interest rate fluctuations and credit risk while optimizing liquidity for the Fund. In order the implement this strategy, the Fund focuses on (a) aggregate portfolio duration, with a targeted average portfolio duration of two years or less, and (b) U.S. government and investment-grade debt instruments. The Fund principally invests in investment-grade and U.S. government instruments to minimize credit risk, but may invest in non-investment grade securities, such as high yield or junk bonds, as part of its principal investment strategy. The Fund typically invests less than 5% of its investable assets in such non-investment grade securities, although the Fund may hold higher amounts of such securities from time to time. In addition, the Fund typically invests less than 5% of its investable assets in unrated securities. With respect to the Funds investments in U.S. government-issued and investment grade debt, there are no targets or limits on the mix among such securities. The term investable assets refers to the Funds net assets plus any borrowings for investment purposes. The Fund may invest in a variety of fixed income instruments with a fixed or floating (variable) interest rate. The Funds investments may include investment-grade U.S. corporate and government debt obligations (including securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities) and corporate debt issued by mortgage real estate investment trusts. The Funds investments may also include cash and cash equivalents, commercial paper, money market instruments and taxable or tax-exempt municipal securities. The Fund may also invest in repurchase agreements collateralized by U.S. government securities, including mortgage-backed securities. Investment-grade debt securities are those rated Baa3 or BBB- or better by Moodys Investors Service, Inc. (Moodys) or S&P Global Ratings (S&P), each of which is a nationally recognized statistical ratings organization. The Fund may also invest in unrated securities, in which case the Adviser may internally assign ratings to certain of those securities, after assessing their credit quality. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. Show less