Strategy. The Fund is an actively managed exchange-traded fund (ETF) whose investment objective is to seek long-term capital appreciation. The Fund seeks to achieve its objective by investing in a mix of equity securities (e.g. common and preferred stock) of small, medium, and large companies and fixed-income securities such as government or corporate bonds issued by a variety of entities. These fixed-income securities may have varying maturities (e.g. short-term, intermediate or long-term) and credit qualities (e.g. investment grade or below investment grade). The Fund may invest directly in equity or fixed-income securities or utilize other ETFs that primarily invest in equities or fixed-income securities (or hold derivative instruments providing similar exposure) to achieve the desired exposure. The Fund may invest in … Show more… The Fund is an actively managed exchange-traded fund (ETF) whose investment objective is to seek long-term capital appreciation. The Fund seeks to achieve its objective by investing in a mix of equity securities (e.g. common and preferred stock) of small, medium, and large companies and fixed-income securities such as government or corporate bonds issued by a variety of entities. These fixed-income securities may have varying maturities (e.g. short-term, intermediate or long-term) and credit qualities (e.g. investment grade or below investment grade). The Fund may invest directly in equity or fixed-income securities or utilize other ETFs that primarily invest in equities or fixed-income securities (or hold derivative instruments providing similar exposure) to achieve the desired exposure. The Fund may invest in other ETFs managed by the Adviser and invest significantly in other ETFs. The Fund uses both a bottom-up approach to selecting investments, focusing on the analysis of individual securities as well as a top-down approach to manage the overall portfolio characteristics and risks. The bottom-up research approach for equity positions is driven by the Advisers fundamental research on individual securities. For fixed income, the Advisers research approach focuses primarily on, but not limited to, the risk return trade off across credit, spreads, duration, and asset class exposures. Bottom-up exposures are then assessed relative to top-down characteristics of the Funds entire portfolio. Additionally, based on the Advisers assessment of available market opportunities in equity and fixed income, the Adviser may shift the allocation between equities and fixed income to maximize long-term capital appreciation. The Adviser has discretion to determine how the portfolios assets are allocated with the goal of being flexible to a wide variety of market conditions while pursuing the Funds investment objective. The Funds asset mix is expected to consist of a combination of equity and fixed-income securities (including ETFs providing similar exposure), however, the Adviser reserves the right to invest all of the Funds assets in any one asset class depending upon market conditions. At the discretion of the Adviser, the Fund may invest its assets in cash and cash equivalents, or money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions and to retain flexibility in paying expenses, which may result in the Fund not achieving its investment objective. The Adviser has engaged Exchange Traded Concepts, LLC (ETC or the Sub-Adviser) as sub-adviser to provide trading services as well as proxy voting and other non-portfolio management services to the Fund. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the 1940 Act), 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