Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any) in, or derives at least 80% of its income from, municipal bonds. Municipal bonds are securities exempt from regular federal income tax and are generally issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund may indirectly and directly invest in issuers located in U.S. territories, commonwealths, possessions or protectorates. The Fund?s adviser, Counterpoint Funds, LLC (the ?Adviser?), uses a proprietary quantitative model that seeks to identify trends in the high-yield municipal bond market. ? The Fund invests in mutual funds, passively and actively managed ETFs, and closed-end funds (collectively, ?Bond … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any) in, or derives at least 80% of its income from, municipal bonds. Municipal bonds are securities exempt from regular federal income tax and are generally issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund may indirectly and directly invest in issuers located in U.S. territories, commonwealths, possessions or protectorates. The Fund?s adviser, Counterpoint Funds, LLC (the ?Adviser?), uses a proprietary quantitative model that seeks to identify trends in the high-yield municipal bond market. ? The Fund invests in mutual funds, passively and actively managed ETFs, and closed-end funds (collectively, ?Bond Funds?) that invest primarily in high-yield municipal bonds, otherwise known as ?junk bonds,? when the model indicates the high-yield municipal bond market is stable or trending upwards. ? The Fund invests in Bond Funds that invest primarily in investment grade municipal bonds when the model indicates the high-yield municipal bond market is trending downwards. By tactically allocating the Fund?s investments, the Adviser seeks to reduce the Fund?s exposure to declines in the high-yield municipal bond market, attempting to limit downside portfolio volatility. To hedge against or replicate interest rate exposure, the Fund may also invest in U.S. treasury futures. The Fund may also invest in municipal securities directly, and may invest, without limitation, in securities, the income from which may subject you to the federal alternative minimum tax. The Fund may invest in debt securities of any credit quality or maturity. The Fund is not constrained in the range of maturities or geographical diversification it may assume from acquired fund holdings. The Fund may invest up to 100% of its assets in below investment grade securities, including bonds that hold securities that are in default. Show less