Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that pursues its investment objective primarily by investing, under normal circumstances, in special purpose acquisition companies ( SPACs) that Ryan Heritage, LLP, the Funds investment sub- adviser (the Sub-Adviser), believes will generate net realized capital gains in excess of the income derived from bank certificates of deposit with similar maturities. A SPAC (also known as a blank check company) is an investment vehicle with no commercial operations that is designed to raise capital via an initial public offering (IPO) for the purpose of engaging in a merger, acquisition, reorganization, or similar business combination (a Combination) with one or more operating companies to be identified subsequent to the SPACs IPO. SPACs are often … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that pursues its investment objective primarily by investing, under normal circumstances, in special purpose acquisition companies ( SPACs) that Ryan Heritage, LLP, the Funds investment sub- adviser (the Sub-Adviser), believes will generate net realized capital gains in excess of the income derived from bank certificates of deposit with similar maturities. A SPAC (also known as a blank check company) is an investment vehicle with no commercial operations that is designed to raise capital via an initial public offering (IPO) for the purpose of engaging in a merger, acquisition, reorganization, or similar business combination (a Combination) with one or more operating companies to be identified subsequent to the SPACs IPO. SPACs are often used as a vehicle to transition a company from private to publicly traded as an alternative to a more traditional direct IPO by a private company. Unless and until Combination is completed, a SPAC generally places a minimum of the total amount of cash raised in the IPO in a trust account that invests such cash in U.S. government securities or money market funds. A SPAC sponsor generally has 24 months (or less) to find an acquisition target, secure shareholder approval, and complete the Combination. Prior to consummation of a Combination, the SPACs shares trade in the market at prices that may be below or above the per share value of the trust account. If a Combination is not consummated within the allowed time span, the SPAC is automatically liquidated and the cash value, after any applicable taxes, fees, and administrative expenses, of the SPAC trust is distributed to shareholders. If a Combination is proposed, shareholders can (1) continue to hold onto their shares (which then bear the risks associated with all equity securities) or (2) redeem their shares for the pro rata value of the cash value of the trust. The Sub-Adviser believes SPACs offer upside potential when sold after an attractive Combination announcement, coupled with one or more redemption options, such as when the Fund is permitted to exit a SPAC prior to the completion of a Combination without loss of the principal it invested in the SPAC, thus providing a true asymmetric risk/reward profile for investors . Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in Pre-Combination SPACs, together with the warrants or rights issued in connection with the IPO of Pre-Combination SPACs. A warrant or right is a security that allows its holder to purchase a specified amount of common stock at a specified price for a specified time. The Fund may maintain during a temporary period, which could be for a short period or a longer period lasting several years or more , of abnormal conditions, a significant portion of its total assets in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to, high quality, U.S. short-term debt securities and money market instruments. The Sub- Adviser will invest in such short-term cash positions to the extent the Sub-Adviser is unable to find sufficient investments meeting its criteria and when the Sub-Adviser believes the purchase of additional equity securities would not further the investment objective of the Fund during such periods of time. The criteria for temporarily investing in cash equivalents is a lack of current investments that the Sub-Adviser believes will generate net realized capital gains in excess of the income derived from bank certificates of deposit with similar maturities. Additionally, to respond to adverse market, economic, political or other conditions, which may persist for short or long periods of time, the Fund may invest up to 100% of its assets in the types of high quality, U.S. short-term debt securities and money market instruments described above. If the market advances during periods when the Fund is holding a large cash position, the Fund may not participate in the positive performance as much as it would have if it had been more fully invested in securities. During the temporary periods mentioned in the paragraph above, the Sub-Adviser believes that an additional amount of liquidity in the Fund is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Fund holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the 1940 Act). 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