Strategy. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by allocating its investments among a combination of (i) U.S. equity securities of large-cap companies that are listed on The Nasdaq Stock Market or ETFs that seek to replicate the performance of an investment in such large-cap companies (the Equity Allocation), (ii) directly in, or in ETFs that hold, long-duration U.S. Treasury securities (the Fixed Income Allocation), and (iii) short-term U.S. Treasury bills, money market funds, and cash and/or cash equivalents (the Cash Equivalents). The Fund considers a large-cap company to be one that has a market capitalization of $5 billion or more, measures at the time of purchase. In making investment decisions for the … Show more… The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by allocating its investments among a combination of (i) U.S. equity securities of large-cap companies that are listed on The Nasdaq Stock Market or ETFs that seek to replicate the performance of an investment in such large-cap companies (the Equity Allocation), (ii) directly in, or in ETFs that hold, long-duration U.S. Treasury securities (the Fixed Income Allocation), and (iii) short-term U.S. Treasury bills, money market funds, and cash and/or cash equivalents (the Cash Equivalents). The Fund considers a large-cap company to be one that has a market capitalization of $5 billion or more, measures at the time of purchase. In making investment decisions for the Fund, STF Management LP (the Adviser), the Funds investment adviser, utilizes a proprietary, tactical unconstrained growth model (the TUG Model). The TUG Model combines both quantitative and qualitative analysis factors, but is primarily quantitative in nature. The quantitative factors underlying the TUG Model include, but are not limited to, asset class ( i.e. , equity and fixed income) and market volatility, as well as rates of change in both asset class price action ( i.e. , the price movement of securities in a particular asset class over time) and market volatility. The TUG Model is based on signals that are derived from a proprietary algorithm that tracks market price action across equities, fixed income, and commodities, to include rates of change in correlation and volatility. In response to shifts in price action, market volatility, and correlation of the two primary asset classes based on the TUG Model, the Adviser will adjust the Funds portfolio allocations between the Equity Allocation and the Fixed Income Allocation and thereby seek to proactively adapt to current market conditions. The TUG Model provides the opportunity to take advantage of both equity bull and bear markets through the use of strategic long equity positions in addition to long Treasury and money market positions. In seeking to capitalize on the noncorrelative relationship between equities and fixed income securities, the TUG Model will assess which asset class provides the best opportunity for growth in light of prevailing market conditions. For example, when the equity markets become indecisive, the TUG Model seeks to both protect and benefit the Fund from the periodic reversals in equities by allocating assets to bond and/or Cash Equivalents. The TUG Model monitors several moving averages of various lengths to measure underlying trends within the universe of large-cap companies listed on The Nasdaq Stock Market. Multiple buy and sell signals are incorporated into the TUG Model to take advantage of evolving market conditions. As a result, the TUG Model generates unique signals in both bullish and bearish markets, as the market tends to behave differently depending on the trend. A partial allocation to Treasury bonds may be made when the equity signal is not at full strength. The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies. 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. While the Funds exposure to sectors may change over time, as of December 31, 2025, the Fund had significant exposure to companies in the Electronic Components & Semiconductors Sector. Show less