Strategy. The Funds Investment Strategy The Fund is an actively managed exchange-traded fund (ETF) that under normal conditions, invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of bonds of varying maturities. The Funds 80% investment policy is non-fundamental and may be changed upon 60 days notice to shareholders. For purposes of this 80% Policy, the Fund will invest in a wide range of bonds, including agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), collateralized mortgage obligations (CMOs), collateralized bond obligations (CBOs), asset-backed securities (ABS), including securities or securitizations backed by assets such as credit card receivables, student loans, automobile loans, and residential … Show more… The Funds Investment Strategy The Fund is an actively managed exchange-traded fund (ETF) that under normal conditions, invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of bonds of varying maturities. The Funds 80% investment policy is non-fundamental and may be changed upon 60 days notice to shareholders. For purposes of this 80% Policy, the Fund will invest in a wide range of bonds, including agency and non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), collateralized mortgage obligations (CMOs), collateralized bond obligations (CBOs), asset-backed securities (ABS), including securities or securitizations backed by assets such as credit card receivables, student loans, automobile loans, and residential and commercial real estate, and other debt securitizations (collectively, Structured Products), mortgage loans, secured and unsecured consumer loans, commercial loans and pools of such loans (collectively, Loans), corporate debt, including bank-issued subordinated debt (which includes subordinated debt issued by community banks), municipal securities, U.S. Treasury and U.S. government agency securities, and derivative instruments that invest substantially all of their assets in, are linked to, or otherwise provide investment exposure to, bonds. The Fund will concentrate its investments in agency and non-agency RMBS and CMBS and mortgage loans (Mortgage Related Instruments). This means that, under normal circumstances, the Fund will invest more than 25% of its assets in Mortgage Related Instruments (measured at the time of purchase). The Fund will not concentrate its investments in any other group of industries. The Funds policy to concentrate its investments in Mortgage Related Instruments is fundamental and may not be changed without shareholder approval. The Fund may invest, without limitation, in bonds of any quality and maturity. The fixed income instruments in which the Fund invests may include those of issuers from the United States and other countries, without limitation. The Funds investments in foreign debt securities will typically be denominated in U.S. dollars. The Funds average portfolio duration is expected to vary from two to nine years. Duration is a measure of the Funds price sensitivity to changes in yields or 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 one year, and interest rates increase (or, conversely, decrease) by 2%, the portfolio would decline (or increase, respectively) in value by approximately 2%. However, duration may not accurately reflect the true interest rate sensitivity of instruments held by the Fund and, therefore, the Funds exposure to changes in interest rates. The Fund may invest up to 30% of its assets in high yield securities (junk bonds). High yield securities will be rated BB+ or lower by Standard & Poors (S&P) or will be of an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization. If a bond is unrated, Angel Oak Capital Advisors, LLC (Angel Oak), a sub-adviser to the Fund, may determine whether it is of comparable quality and therefore eligible for the Funds investment. The Fund may invest up to 15% of its net assets in investments that are deemed to be illiquid, which may include private placements, certain Rule 144A securities (which are subject to resale restrictions), and securities of issuers that are bankrupt or in default. The Fund may invest up to 20% of its net assets in Bitcoin structured products, as defined by Strive Asset Management, LLC (Strive). These Bitcoin structured products include, but are not limited to, convertible bonds and preferred stocks issued by companies that own bitcoin or bitcoin-linked financial instruments in their corporate treasury (Bitcoin Corporate Treasury Companies). The Fund may invest in other investment companies, including closed-end investment companies and open-end investment companies, which may operate as traditional mutual funds, ETFs or business development companies (BDCs). In pursuing its investment objective or for hedging purposes, the Fund may utilize borrowing and may also invest, without limitation, in derivatives instruments such as options, futures contracts, or swap agreements or in mortgage-backed securities (TBAs). These derivatives may be traded over the counter or on an exchange and may be used for speculative purposes, currency hedging, duration management or to pursue the Funds investment objective. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets. The Fund may also invest in repurchase agreements and borrow through reverse repurchase agreements. 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. Empowered Funds, LLC, dba EA Advisers (the Adviser), serves as the investment adviser to the Fund. The Adviser oversees the day-to-day affairs of the Fund and supervises the Funds sub-advisers. As a sub-adviser to the Fund, Strive is responsible for determining the Funds sector allocations and target duration. The Funds allocation of its assets into various asset classes within its investment strategy will depend on the views of Strive as to the best value relative to what is currently presented in the marketplace. Strives portfolio management determinations will be based on market conditions, fundamentals, technicals, interest rate and total return scenario analysis, monetary and fiscal conditions, FOMC outlook, macroeconomics, market liquidity, and geopolitical risks with a goal of maximizing risk-adjusted returns without regard to any non-pecuniary factors. Angel Oak is also a sub-adviser to the Fund. Angel Oak is responsible for implementing the majority of Strives sector allocations and duration target by selecting investments and executing Fund transactions in accordance with such sector allocations and duration target, subject to the investment objective, policies and limitations of the Fund. Angel Oak and Strive are referred to herein as the Sub-Advisers. Angel Oaks investment decisions are made based on fundamental research and analysis to identify issuers with the ability to improve their credit profile over time with attractive valuations, resulting in both income and potential capital appreciation. In selecting investments, including Structured Products, Angel Oak may consider maturity, yield and ratings information and opportunities for price appreciation among other criteria. Angel Oak also analyzes a variety of factors when selecting investments for the Fund, such as collateral quality, credit support, structure and market conditions. Angel Oak attempts to diversify risks that arise from position sizes, geography, ratings, duration, deal structure and collateral values. Angel Oak seeks to limit risk of principal by targeting assets that it considers undervalued. Show less